Company registration number 04586519 (England and Wales)
CONNOISSEUR INTERNATIONAL FINE ART LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
PAGES FOR FILING WITH REGISTRAR
CONNOISSEUR INTERNATIONAL FINE ART LTD
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
CONNOISSEUR INTERNATIONAL FINE ART LTD
BALANCE SHEET
AS AT
31 JANUARY 2022
31 January 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
66,768
86,977
Current assets
Debtors
4
457,994
371,857
Cash at bank and in hand
388,428
319,302
846,422
691,159
Creditors: amounts falling due within one year
5
(299,115)
(272,490)
Net current assets
547,307
418,669
Total assets less current liabilities
614,075
505,646
Creditors: amounts falling due after more than one year
6
(2,104)
(11,519)
Provisions for liabilities
(16,234)
(16,156)
Net assets
595,737
477,971
Capital and reserves
Called up share capital
7
200
200
Profit and loss reserves
595,537
477,771
Total equity
595,737
477,971
CONNOISSEUR INTERNATIONAL FINE ART LTD
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2022
31 January 2022
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 January 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 24 August 2022 and are signed on its behalf by:
Mr T Gotts
Mr J A Williams
Director
Director
Company Registration No. 04586519
CONNOISSEUR INTERNATIONAL FINE ART LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2022
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 February 2020
200
383,792
383,992
Year ended 31 January 2021:
Profit and total comprehensive income for the year
-
233,979
233,979
Dividends
-
(140,000)
(140,000)
Balance at 31 January 2021
200
477,771
477,971
Year ended 31 January 2022:
Profit and total comprehensive income for the year
-
377,766
377,766
Dividends
-
(260,000)
(260,000)
Balance at 31 January 2022
200
595,537
595,737
CONNOISSEUR INTERNATIONAL FINE ART LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
- 4 -
1
Accounting policies
Company information
Connoisseur International Fine Art Ltd is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Eastbourne House, 2 Saxbys Lane, Lingfield, Surrey, RH7 6DN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
Straight line over life of lease
Plant and machinery
20% straight line
Fixtures, fittings & equipment
20% to 33.3% straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
CONNOISSEUR INTERNATIONAL FINE ART LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
1
Accounting policies
(Continued)
- 5 -
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Recoverable amount is the higher of fair value less costs to sell and value in use
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset
in
prior years. A reversal of an impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks
.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets
The company only enters into basic financial instruments transactions that result in the recognition
of financial assets and liabilities
such as
trade and other accounts receivable and payable, loans to related parties and investments in
unlisted,
non-puttable ordinary
shares.
Financial assets measured at cost are assessed at the end of each
reporting period for objective evidence of impairment. If objective evidence of impairment is found,
an impairment loss is recognised in profit or loss.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
CONNOISSEUR INTERNATIONAL FINE ART LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
CONNOISSEUR INTERNATIONAL FINE ART LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
1
Accounting policies
(Continued)
- 7 -
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.12
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.13
Foreign exchange
Transactions in currencies other than
pounds sterling
are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 18 (2021 - 17).
2022
2021
Number
Number
Total
18
17
CONNOISSEUR INTERNATIONAL FINE ART LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
- 8 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 February 2021
5,784
376,348
382,132
Additions
2,327
2,327
At 31 January 2022
5,784
378,675
384,459
Depreciation and impairment
At 1 February 2021
5,784
289,371
295,155
Depreciation charged in the year
22,536
22,536
At 31 January 2022
5,784
311,907
317,691
Carrying amount
At 31 January 2022
66,768
66,768
At 31 January 2021
86,977
86,977
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
420,277
336,403
Other debtors
37,717
35,454
457,994
371,857
5
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
172,507
144,240
Corporation tax
93,538
60,434
Other taxation and social security
16,118
15,942
Other creditors
16,952
51,874
299,115
272,490
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Other creditors
2,104
11,519
CONNOISSEUR INTERNATIONAL FINE ART LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
- 9 -
7
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
200
200
200
200
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
177,430
228,171
9
Directors' transactions
Dividends totalling £260,000 (2021 - £140,000) were paid in the year in respect of shares held by the company's directors.
2022-01-31
2021-02-01
false
26 August 2022
CCH Software
CCH Accounts Production 2022.200
No description of principal activity
Tim Gotts
Jim Williams
James Lewis
Nick Terry
Simon Terry
Keith Stevens
Mr J D Lewis
04586519
2021-02-01
2022-01-31
04586519
2022-01-31
04586519
2021-01-31
04586519
core:LandBuildings
2022-01-31
04586519
core:OtherPropertyPlantEquipment
2022-01-31
04586519
core:LandBuildings
2021-01-31
04586519
core:OtherPropertyPlantEquipment
2021-01-31
04586519
core:CurrentFinancialInstruments
core:WithinOneYear
2022-01-31
04586519
core:CurrentFinancialInstruments
core:WithinOneYear
2021-01-31
04586519
core:CurrentFinancialInstruments
2022-01-31
04586519
core:CurrentFinancialInstruments
2021-01-31
04586519
core:Non-currentFinancialInstruments
2022-01-31
04586519
core:Non-currentFinancialInstruments
2021-01-31
04586519
core:ShareCapital
2022-01-31
04586519
core:ShareCapital
2021-01-31
04586519
core:RetainedEarningsAccumulatedLosses
2022-01-31
04586519
core:RetainedEarningsAccumulatedLosses
2021-01-31
04586519
core:ShareCapital
2020-01-31
04586519
core:RetainedEarningsAccumulatedLosses
2020-01-31
04586519
2020-01-31
04586519
bus:Director1
2021-02-01
2022-01-31
04586519
bus:Director2
2021-02-01
2022-01-31
04586519
core:RetainedEarningsAccumulatedLosses
2020-02-01
2021-01-31
04586519
2020-02-01
2021-01-31
04586519
core:RetainedEarningsAccumulatedLosses
2021-02-01
2022-01-31
04586519
core:LandBuildings
core:LongLeaseholdAssets
2021-02-01
2022-01-31
04586519
core:PlantMachinery
2021-02-01
2022-01-31
04586519
core:FurnitureFittings
2021-02-01
2022-01-31
04586519
core:MotorVehicles
2021-02-01
2022-01-31
04586519
core:LandBuildings
2021-01-31
04586519
core:OtherPropertyPlantEquipment
2021-01-31
04586519
2021-01-31
04586519
core:LandBuildings
2021-02-01
2022-01-31
04586519
core:OtherPropertyPlantEquipment
2021-02-01
2022-01-31
04586519
core:WithinOneYear
2022-01-31
04586519
core:WithinOneYear
2021-01-31
04586519
bus:PrivateLimitedCompanyLtd
2021-02-01
2022-01-31
04586519
bus:SmallCompaniesRegimeForAccounts
2021-02-01
2022-01-31
04586519
bus:FRS102
2021-02-01
2022-01-31
04586519
bus:AuditExemptWithAccountantsReport
2021-02-01
2022-01-31
04586519
bus:Director3
2021-02-01
2022-01-31
04586519
bus:Director4
2021-02-01
2022-01-31
04586519
bus:Director5
2021-02-01
2022-01-31
04586519
bus:Director6
2021-02-01
2022-01-31
04586519
bus:CompanySecretary1
2021-02-01
2022-01-31
04586519
bus:FullAccounts
2021-02-01
2022-01-31
xbrli:pure
xbrli:shares
iso4217:GBP