Company Registration No. 04639495 (England and Wales)
ALEXANDER DI CARCACI LIMITED
Unaudited financial statements
For the year ended 31 March 2019
Pages for filing with registrar
ALEXANDER DI CARCACI LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
ALEXANDER DI CARCACI LIMITED
BALANCE SHEET
As at 31 March 2019
31 March 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,122
2,095
Current assets
Stocks
1,712,963
1,695,884
Debtors
5
15,139
56,900
Cash at bank and in hand
16,459
8,912
1,744,561
1,761,696
Creditors: amounts falling due within one year
6
(837,197)
(851,044)
Net current assets
907,364
910,652
Total assets less current liabilities
908,486
912,747
Creditors: amounts falling due after more than one year
7
(1,271,000)
(1,291,500)
Provisions for liabilities
(148)
(148)
Net liabilities
(362,662)
(378,901)
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
(362,762)
(379,001)
Total equity
(362,662)
(378,901)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has 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 and signed by the director and authorised for issue on 17 December 2019
ALEXANDER DI CARCACI LIMITED
BALANCE SHEET (CONTINUED)
As at 31 March 2019
31 March 2019
- 2 -
Mr A di Carcaci
Director
Company Registration No. 04639495
ALEXANDER DI CARCACI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2019
- 3 -
1
Accounting policies
Company information
Alexander di Carcaci Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Connect House, 133-137 Alexandra Road, Wimbledon, London, SW19 7JY.
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 certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The director therefore continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers. Revenue is recognised on the completion of the sale of the artwork or the antique item.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, 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:
Fixtures, fittings & equipment
25% to 50% 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
.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
ALEXANDER DI CARCACI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2019
1
Accounting policies
(Continued)
- 4 -
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.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans 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.
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.7
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.
ALEXANDER DI CARCACI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2019
1
Accounting policies
(Continued)
- 5 -
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.
1.8
Leases
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.
1.9
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 are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2018 - 1).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2018 and 31 March 2019
100,000
Amortisation and impairment
At 1 April 2018 and 31 March 2019
100,000
Carrying amount
At 31 March 2019
-
At 31 March 2018
-
ALEXANDER DI CARCACI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2019
- 6 -
4
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 April 2018 and 31 March 2019
27,676
Depreciation and impairment
At 1 April 2018
25,582
Depreciation charged in the year
972
At 31 March 2019
26,554
Carrying amount
At 31 March 2019
1,122
At 31 March 2018
2,095
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
10,663
44,215
Other debtors
4,476
12,685
15,139
56,900
6
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
7,403
56,386
Taxation and social security
3,254
200
Other creditors
826,540
794,458
837,197
851,044
7
Creditors: amounts falling due after more than one year
2019
2018
£
£
Other creditors
1,271,000
1,291,500
ALEXANDER DI CARCACI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2019
- 7 -
8
Loans and overdrafts
2019
2018
£
£
Other loans
1,271,000
1,445,500
Payable within one year
-
154,000
Payable after one year
1,271,000
1,291,500
Other loans are secured on stock.
Alexander di Carcaci Limited Retirement and Death Benefits Scheme (RDBS)
(The director, Mr A di Carcaci, is a beneficiary of the scheme)
At 31 March 2019, the company had repaid the loans in full (2018: owing £154,000).
Mrs C Di Carcaci
(Spouse of the director, Mr A di Carcaci)
At the year end there was a loan repayable to Mrs C di Carcaci of £1,271,000 (original loan value £1,025,000). This is included under creditors due more than one year - other loans.
The loan is repayable on twelve month's notice being given and bears interest at 1% over base rate.The loan is guaranteed on the assets of Mr A Di Carcaci.
In accordance with the revised terms of the loan, effective from 6 February 2008, the amount to be repaid will be increased by a capital sum which shall be equal to the total capital advanced multiplied by the average percentage change in the FTSE 100 index and the National FT House Price index movements published in the month before the date of repayment. At 31 March 2019 the movement on these two indices showed, on average, an upward movement of 24% from those as at 6 February 2008, being an additional sum payable of £246,000 (2018: £266,500). If the loan was to be repaid at 31 March 2019 the amount due to Mrs C di Carcaci would have been £1,271,000 (2018 - £1,291,500). The accounts have been adjusted for this amount in accordance with FRS102 and the loan is shown in the accounts at fair value.
9
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
10
Operating lease commitments
Lessee
During the year, the company paid rents totalling £26,983 to third parties (2018: £23,460) and after an historical rent adjustment from prior years totalling £33,396, the amount shown in the accounts is £(6,413). As at 31 March 2019, the company was committed to pay annual leases of £23,460 (net of VAT).