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Registered number:
FOR THE YEAR ENDED 31 OCTOBER 2025
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IVOR BRAKA LIMITED
COMPANY INFORMATION
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IVOR BRAKA LIMITED
CONTENTS
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IVOR BRAKA LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2025
The director presents his strategic report for the year ended 31 October 2025.
The principal activity of the group is fine art dealing in international markets and that of a public house providing food, drink and accommodation.
The Group’s financial performance for the year and financial position as at 31 October 2025 are shown on pages 10 to 14 of these financial statements. The results for the year are reported on the basis that all operations undertaken during the year under review are continuing.
The financial performance and financial position of the Company is considered by the directors to be satisfactory given the general economic climate. Movements in turnover and gross profit cannot be considered to be representative of a trend or a result of change in the manner in which the Company operates. The fluctuating nature of stocks, both in availability and demand,as well as the changing requirements of clients makes it impossible to predict expected turnover and gross profit; however, taking into account actual market and economic activity during the reporting period, the directors are pleased with the reported results for the year. Looking ahead post 31 October 2025, the directors remain confident of continued positive financial performance, market growth and long term success as the Company continues to report strong profits. Competition in the art market has and continues to be intense. Given that a principal obstacle of any art dealer is the procurement of art for sale, whether be as agent or as principal, continued investment in the business has enabled the Company to build upon its proven track record of profitability and its ongoing success in identifying and following through to completion, trading opportunities at the upper echelon of the art market. The strategy of the directors for the future is to continue to focus on: - Continued growth of the Company's online presence; - Development of new, and maintenance of existing, trading relationships; - Ensuring a consistent delivery of a high level of quality and added value to its customers and suppliers; - Building upon the Company's portfolio of art stocks and trades through an emphasis on the importance of comprehensive research of the market including trends and key events; and - Evaluation and targeting of works by artists that are either newly emerging onto the scene or re-emerging after a period of absence.
Financial key performance indicators
Given the straightforward and individual nature of the business, the directors consider turnover, gross and operating profit, net asset position and cash flow as the relevant financial key performance indicators sufficient to ensure an appropriate understanding to the true underlying financial performance and position of the Company. Details of these financial key performance indicators for the current and preceding financial reporting periods can be found on pages 14 to 19 of these financial statements.
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IVOR BRAKA LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
Other key performance indicators
The directors do not consider, in the context of the art market, that there are any consistent non-financial key performance indicators which would assist in ensuring a sufficient understanding of the Company's underlying performance not already determinable from information available elsewhere.
The main uncertainties lie with the principal art business activity and the public house businesses as detailed in the going concern accounting policy.
The director has identified his own mortality as a significant risk as the business relies on the knowledge and expertise of its director to carry out the principal art business activity. The impact of the declining economy and its influence on energy prices has also been assessed as a significant risk due to the effect this has on the demand for non-essential purchases, such as fine art. The group's debt level has also been identified as a significant risk as increases in Bank of England interest rate could increase the risk of the group being unable to meet its liabilities as they fall due.
This report was approved by the board and signed on its behalf.
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IVOR BRAKA LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 OCTOBER 2025
The director presents his report and the financial statements for the year ended 31 October 2025.
The director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £246,964 (2024 - loss £859,660).
Dividends paid by the Company for the year amounted to £40,000 (2024 - £Nil).
The director who served during the year was:
The directors are not expecting to make any significant changes in the nature of the business in the near future
and will continue to explore opportunities, where they may present themselves, to grow organically.
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IVOR BRAKA LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
Objectives and policies
The group's principal financial instruments include financial assets and liabilities such as trade debtors and trade creditors which arise directly from operations. Price risk, credit risk, liquidity risk and interest rate risk Foreign currency risk: The group's principal foreign currency exposure arises from trading with entities in other countries. It maintains certain foreign currency denominated bank accounts/overdrafts to limit its exposure to the foreign currency risk. Credit risk: Receivable balances are monitored on an ongoing basis and provision is made for doubtful debts where necessary. Liquidity risk: The group manages its cash and borrowing requirements via an overdraft facility which ensures the group has sufficient liquid resources to meet the operating needs of the business. Interest rate risk: The group is exposed to cash flow interest risk on its bank overdraft.
There have been no significant events affecting the Group since the year end.
The auditors, Nyman Libson Paul LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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IVOR BRAKA LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IVOR BRAKA LIMITED
We have audited the financial statements of Ivor Braka Limited (the 'Company') for the year ended 31 October 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
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IVOR BRAKA LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IVOR BRAKA LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Director's Report.
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IVOR BRAKA LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IVOR BRAKA LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We identify and assess the risks of material misstatement within the financial statements, whether due to fraud or error, by designing and performing audit procedures responsive to those risks and obtaining sufficient and appropriate evidence to provide a basis for our opinion. In identifying and assessing risks of material misstatement, we have considered the following: - the nature of the industry and sector in which the Company operates; - the control environment and business performance of the Company; - the organisational structure and management of the group of which the Company is an undertaking of; - the Company's accountancy function and the use of third party service organisations as part of it; - results of our enquiries of management about their own identification and assessment of the risks of irregularities; - any matters we identified having obtained and reviewed the Company’s documentation of their policies and procedures relating to identifying, evaluating and complying with laws and regulations and detecting and responding to the risks of fraud; - whether the directors were aware of any instances of non-compliance or of actual, suspected or alleged fraud; - the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and those matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. Given the relatively simple business model of the Company with comparatively few unexpected fluctuations in the reported financial performance and position, such that any unexpected items would be specifically investigated as part of audit work; our assessment of the susceptibility of the Company's financial statements to material misstatement, including how fraud may transpire, is considered to be low. As is common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override (i.e. posting of unusual journals and complex transactions). We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on those areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience and through discussion with the directors and other management (as required by auditing standards). The potential effect of these laws and regulations on the financial statements varies considerably. Firstly, the Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Secondly, the Company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation.
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IVOR BRAKA LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IVOR BRAKA LIMITED (CONTINUED)
The key laws and regulations we considered in this context included the Company’s ongoing compliance with the UK Companies Act and current UK employment and tax legislation and the following most likely to have such an effect given the nature of the Company's activities: anti-trust compliance, anti-bribery and corruption, data privacy, anti-money laundering, artist rights, title ownership and cross-border transactions and movement of goods.
We communicated those relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected somematerial misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. Auditing standards limit the required audit procedures to identify non-compliance with laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach. In addition, as with any audit, the risk of non-detection of a material misstatement resulting from fraud is greater than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
124 Finchley Road
NW3 5JS
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IVOR BRAKA LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2025
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IVOR BRAKA LIMITED
REGISTERED NUMBER: 01840837
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 19 to 38 form part of these financial statements.
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IVOR BRAKA LIMITED
REGISTERED NUMBER: 01840837
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2025
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IVOR BRAKA LIMITED
REGISTERED NUMBER: 01840837
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 19 to 38 form part of these financial statements.
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IVOR BRAKA LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2025
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IVOR BRAKA LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
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IVOR BRAKA LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2025
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IVOR BRAKA LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
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IVOR BRAKA LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2025
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IVOR BRAKA LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
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IVOR BRAKA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
Ivor Braka Limited is a private company limited by shares incorporated in England and Wales. The registered office is 124 Finchley Road, London, NW3 5JS.
Details of the company's trading activity is contained in the Strategic Report.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
The company shows net assets at the balance sheet date of £15,013,943 (2024: £14,806,979). After reviewing the company's existing funding facilities, forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
In making their assessment of going concern, the directors have considered information for a period of at least twelve months from the date the financial statements were authorised for issue.
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IVOR BRAKA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Income from the sale of works of art is recognised at the date when the risks and rewards of ownership of the item transfer to the purchaser. Commission income is recognised when the company is entitled to receipt as a result of the completion of a deal. Turnover relating to food and drink is recognised on the date in which the food and drink is provided to customers. Turnover relating to accommodation is recognised on an accruals basis. Deposits paid in advance of room bookings are recorded as deferred income unless the services to which they relate have been provided by the balance sheet date, in which case they are included in turnover. Interest receivable is recognised on an accruals basis.
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IVOR BRAKA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
2.Accounting policies (continued)
Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.
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IVOR BRAKA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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IVOR BRAKA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The group only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Investments in non-derivative instruments that are equity to the issuer are measured: • at fair value with changes recognised in the consolidated statement of comprehensive income if the shares are publicly traded or their fair value can otherwise be measured reliably; • at cost less impairment for all other investments
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IVOR BRAKA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
assumptions that affect the amounts reported for assets and liabilities as at the reporting dates as well as the amounts reported for revenues and expenses during the year. The resulting accounting estimates will, by definition, seldom equal the related actual results. The following are the company's key sources of estimation uncertainty: Stock Valuation Stock is valued at the lower of cost and net realisable value. Where works by artists have fallen short of auction estimates or have failed to sell, it may indicate that a write down of stock value is due. A key estimation is to make a judgement of net realisable value based on current market conditions. The carrying amount is £22,280,169 (2024- £22,618,985)
Analysis of turnover by country of destination:
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IVOR BRAKA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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IVOR BRAKA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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IVOR BRAKA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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IVOR BRAKA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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