REGISTERED NUMBER: |
Fine Art Management Services Limited |
Financial Statements |
for the Year Ended 31 December 2022 |
REGISTERED NUMBER: |
Fine Art Management Services Limited |
Financial Statements |
for the Year Ended 31 December 2022 |
Fine Art Management Services Limited (Registered number: 04312853) |
Contents of the Financial Statements |
for the year ended 31 December 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Fine Art Management Services Limited |
Company Information |
for the year ended 31 December 2022 |
Directors: |
Registered office: |
Registered number: |
Fine Art Management Services Limited (Registered number: 04312853) |
Balance Sheet |
31 December 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 4 |
Tangible assets | 5 |
Current assets |
Debtors | 6 |
Cash in hand |
Creditors |
Amounts falling due within one year | 7 |
Net current assets |
Total assets less current liabilities |
Capital and reserves |
Called up share capital |
Retained earnings | 8 |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Fine Art Management Services Limited (Registered number: 04312853) |
Notes to the Financial Statements |
for the year ended 31 December 2022 |
1. | Statutory information |
Fine Art Management Services Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Going concern |
The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. |
Turnover |
Turnover represents amounts receivable for services provided in the year and is stated net of VAT. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at fair value. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Artwork | - |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors, creditors, loans from the bank and other third parties, loans to related parties, and investment in ordinary shares. |
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Fine Art Management Services Limited (Registered number: 04312853) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2022 |
3. | Employees and directors |
The average number of employees during the year was |
4. | Intangible fixed assets |
Computer |
software |
£ |
Cost or valuation |
Additions |
Revaluations |
At 31 December 2022 |
Net book value |
At 31 December 2022 |
Cost or valuation at 31 December 2022 is represented by: |
Computer |
software |
£ |
Valuation in 2022 | 175 |
Cost | 2,303 |
2,478 |
5. | Tangible fixed assets |
Fixtures |
Plant and | and |
machinery | fittings | Artwork | Totals |
£ | £ | £ | £ |
Cost |
At 1 January 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 December 2022 |
Depreciation |
At 1 January 2022 |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 December 2022 |
Net book value |
At 31 December 2022 |
At 31 December 2021 |
Fine Art Management Services Limited (Registered number: 04312853) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2022 |
6. | Debtors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
7. | Creditors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
8. | Reserves |
Retained |
earnings |
£ |
At 1 January 2022 |
Deficit for the year | ( |
) |
At 31 December 2022 |
9. | Ultimate controlling party |
The ultimate parent company is Fine Art Management Limited, a company registered in Grand Cayman |