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Registered number: 03203503
OFFER WATERMAN FINE ART LIMITED
DIRECTOR'S REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2015
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OFFER WATERMAN FINE ART LIMITED
COMPANY INFORMATION
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Chartered Accountants & Statutory Auditors
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OFFER WATERMAN FINE ART LIMITED
CONTENTS
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Independent auditors' report
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Notes to the financial statements
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OFFER WATERMAN FINE ART LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MAY 2015
The director presents his report and the audited financial statements for the year ended 31 May 2015.
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The profit for the year, after taxation, amounted to £1,099,821 (2014 - £838,632).
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Interim dividends amounting to £278,000 were paid during the year. The director recommends payment of a final dividend.
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The director who served during the year was:
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Director's responsibilities statement
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The director is responsible for preparing the strategic report, the director's report and the financial statements in accordance with applicable law and regulations.
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Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
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·select suitable accounting policies and then apply them consistently;
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·make judgments and accounting estimates that are reasonable and prudent;
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·prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
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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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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The company has no financial instruments except for cash, trade debtors, bank loans and trade creditors all arising in the normal course of business.
The main financial risks to which the company is exposed include liquidity risk, cash flow risk, exchange rate risk and credit risk. These risks are managed by ensuring sufficient liquidity is available to meet the foreseeable needs of the company.
Page 1
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OFFER WATERMAN FINE ART LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MAY 2015
Disclosure of information to auditors
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The director at the time when this director's report is approved has confirmed that:
·so far as he is aware, there is no relevant audit information of which the company's auditors are unaware, and
·he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.
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This report was approved by the board on 31 March 2016 and signed on its behalf.
Page 2
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OFFER WATERMAN FINE ART LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2015
Business review
The director is satisfied with the performance of the company for the year and the growth achieved and hopes to improve upon this in the forthcoming year.
The company has a proven track record of profitability and continues to be successful in identifying trading opportunities at the top end of the market. The strategy therefore is to continue focus on this area, with an emphasis on comprehensive research for potential stock acquisitions. However, due to the nature of the art business, it is extremely difficult to predict future sales, but the director expects sales for the forthcoming financial year and the performance of the business to be at a similar level as the year under review.
Principal risks and uncertainties
The key business risks affecting the company are considered to be the general economic climate aligned with current trends relating to the popularity of individual artists. The company manages these risks through an ongoing process of monitoring and researching both the general economy, the market and demand for works of art.
Financial key performance indicators
The director does not consider, in the context of the art market, that there are any consistent key performance indicators which would be truly indicative of the company's underlying performance.
This report was approved by the board on 31 March 2016 and signed on its behalf.
Page 3
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OFFER WATERMAN FINE ART LIMITED
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF OFFER WATERMAN FINE ART LIMITED
We have audited the financial statements of Offer Waterman Fine Art Limited for the year ended 31 May 2015, set out on pages 6 to 18. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
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.
Respective responsibilities of director and auditors
As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the director; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the strategic report and the director's report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.
Opinion on financial statements
In our opinion the financial statements:
·give a true and fair view of the state of the company's affairs as at 31 May 2015 and of its profit for the year then ended;
·have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
·have been prepared in accordance with the requirements of the Companies Act 2006.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements.
Page 4
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OFFER WATERMAN FINE ART LIMITED
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF OFFER WATERMAN FINE ART LIMITED
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
·adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
·the financial statements are not in agreement with the accounting records and returns; or
·certain disclosures of director's remuneration specified by law are not made; or
·we have not received all the information and explanations we require for our audit.
Anthony Pins (senior statutory auditor)
for and on behalf of
Nyman Libson Paul
Chartered Accountants
Statutory Auditors
Regina House
124 Finchley Road
London
NW3 5JS
31 March 2016
Page 5
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OFFER WATERMAN FINE ART LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MAY 2015
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Income from other fixed asset investments
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Profit/(loss) on disposal of investments
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Interest receivable and similar income
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Amounts written off investments
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Interest payable and similar charges
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PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION
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Tax on profit on ordinary activities
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PROFIT FOR THE FINANCIAL YEAR
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All amounts relate to continuing operations.
There were no recognised gains and losses for 2015 or 2014 other than those included in the profit and loss account.
The notes on pages 9 to 18 form part of these financial statements.
Page 6
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OFFER WATERMAN FINE ART LIMITED
REGISTERED NUMBER: 03203503
BALANCE SHEET
AS AT 31 MAY 2015
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CREDITORS: amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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PROVISIONS FOR LIABILITIES
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The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 March 2016.
The notes on pages 9 to 18 form part of these financial statements.
Page 7
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OFFER WATERMAN FINE ART LIMITED
CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MAY 2015
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Net cash flow from operating activities
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Returns on investments and servicing of finance
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Capital expenditure and financial investment
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CASH OUTFLOW BEFORE MANAGEMENT OF LIQUID RESOURCES
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Management of liquid resources
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DECREASE IN CASH IN THE YEAR
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RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS/DEBT
FOR THE YEAR ENDED 31 MAY 2015
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Decrease in cash in the year
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Cash inflow from increase in liquid resources
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CHANGE IN NET DEBT RESULTING FROM CASH FLOWS
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MOVEMENT IN NET DEBT IN THE YEAR
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The notes on pages 9 to 18 form part of these financial statements.
Page 8
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OFFER WATERMAN FINE ART LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2015
1.ACCOUNTING POLICIES
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention and in accordance with applicable accounting standards.
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Turnover comprises revenue recognised by the company in respect of fine art, wines and related services supplied during the year, exclusive of Value Added Tax and trade discounts.
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Tangible fixed assets and depreciation
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Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
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S/Term Leasehold Property
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over the terms of the lease
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25% on written down value
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33% on written down value
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Assets in the course of construction will not be depreciated until they are brought into use.
Borrowing costs attributable to the acquisition or construction of an asset that necessarily takes a substantial period of time to prepare for its intended use or sale are capitalised as part of the asset cost. All other borrowing costs are expensed as incurred. Borrowing costs consist of interest and other costs, including arrangement fees, that the company incurs in connection with the borrowing of funds.
Specific borrowing costs are capitalised as incurred. General borrowing costs are capitalised at a weighted average interest rate against the total expenditure incurred.
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Rentals under operating leases are charged to the profit and loss account on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.
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Stocks are valued at lower of cost and net realisable value.
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The company makes contributions to the personal pension schemes of certain employees and the pension charge represents the amounts payable by the company to the fund in respect of the year.
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Page 9
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OFFER WATERMAN FINE ART LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2015
1.ACCOUNTING POLICIES (continued)
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Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
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A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are discounted.
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Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange gains and losses are recognised in the profit and loss account.
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2.TURNOVER
An analysis of turnover by class of business is as follows:
All turnover arose within the United Kingdom.
Page 10
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OFFER WATERMAN FINE ART LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2015
3.OPERATING PROFIT
The operating profit is stated after charging/(crediting):
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Depreciation of tangible fixed assets:
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Auditors' remuneration - non-audit
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4.STAFF COSTS
Staff costs, including director's remuneration, were as follows:
The average monthly number of employees, including the director, during the year was as follows:
Page 11
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OFFER WATERMAN FINE ART LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2015
5.DIRECTOR'S REMUNERATION
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Company pension contributions to defined contribution pension schemes
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During the year retirement benefits were accruing to 1 director (2014 - 1) in respect of defined contribution pension schemes.
6.INTEREST PAYABLE
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On bank loans and overdrafts
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7.TAXATION
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Analysis of tax charge in the year
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Current tax (see note below)
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UK corporation tax charge on profit for the year
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Adjustments in respect of prior periods
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Deferred tax (see note 12)
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Origination and reversal of timing differences
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Tax on profit on ordinary activities
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Page 12
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OFFER WATERMAN FINE ART LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2015
7.TAXATION (continued)
Factors affecting tax charge for the year
The tax assessed for the year is lower than (2014 - lower than) the standard rate of corporation tax in the UK of 20.83% (2014 - 22.67%). The differences are explained below:
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Profit on ordinary activities before tax
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Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 20.83% (2014 - 22.67%)
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Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
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Capital allowances for year in excess of depreciation
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Adjustments to tax charge in respect of prior periods
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Changes in provisions leading to an increase (decrease) in the tax charge
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Other differences leading to an increase (decrease) in the tax charge
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Current tax charge for the year (see note above)
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8.TANGIBLE FIXED ASSETS
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S/Term Leasehold Property
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Assets under construction
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Page 13
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OFFER WATERMAN FINE ART LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2015
8.TANGIBLE FIXED ASSETS (continued)
During the year, finance costs capitalised against against tangible fixed assets amounted to £39,380 (2014: £nil).
The rate at which finance costs were capitalised were as follows:
 
·Specific loan arrangement fees - in full as incurred
·Specific loan interest - 3.0%
·General loan arrangement fees - 1.5%
·General loan interest - 0.5%
The aggregate amount of finance costs included in the cost of tangible fixed assets as at 31 May 2015 was £39,380 (2014: £nil).
The aggregate amount of finance costs released to the profit and loss account during the year and included in the depreciation charge for the year was £nil (2014: £nil).
9.STOCKS
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Finished goods and goods for resale
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10.DEBTORS
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Prepayments and accrued income
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Included in other debtors are deposits held, amounting to £216,000 (2014: £nil), which are secured, by way of a deed, under a fixed charge.
Page 14
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OFFER WATERMAN FINE ART LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2015
11.CREDITORS:
Amounts falling due within one year
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Bank loans and overdrafts
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Accruals and deferred income
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Included in creditors are bank loans for £1,958,473 (2014: £1,050,000) and bank overdraft facilities of £252,269 (2014: £349,150) which are secured by a fixed and floating charge over all present and future assets of the company, including a first legal charge over leasehold property acquired during the year, a personal guarantee limited to £500,000 given by Offer Waterman and by a £1,000,000 first legal charge over Offer Waterman's personal assets.
 
12.DEFERRED TAXATION
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Charge for/(released during) year (P&L)
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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13.SHARE CAPITAL
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Authorised, allotted, called up and fully paid
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1,000 Ordinary shares of £1 each
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Page 15
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OFFER WATERMAN FINE ART LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2015
14.RESERVES
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Profit for the financial year
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Dividends: Equity capital
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15.RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS
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Opening shareholders' funds
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Profit for the financial year
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Closing shareholders' funds
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16.DIVIDENDS
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Dividends paid on equity capital
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17.CAPITAL COMMITMENTS
At 31 May 2015 the company had capital commitments as follows:
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Contracted for but not provided in these financial statements
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The company entered in to a contractual agreement towards the undertaking of substantial building redevelopment and refurbishment works, including the construction of a new gallery, at premises' acquired under leasehold during the year. Costs contracted for and accounted for as at the balance sheet date are included in note 8 under assets under construction.
Page 16
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OFFER WATERMAN FINE ART LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2015
18.PENSION COMMITMENTS
The company makes contributions to the personal pension schemes of the director and its employees. The assets of the schemes are held separately from those of the company in independently administered funds. The pension cost charge represents contributions payable by the company to the fund. The contributions made during the year amounted to £40,000 (2014 - £80,000). At the balance sheet date contributions amounting to £nil (2014: £nil) were outstanding.
19.OPERATING LEASE COMMITMENTS
At 31 May 2015 the company had annual commitments under non-cancellable operating leases as follows:
20.NET CASH FLOW FROM OPERATING ACTIVITIES
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Depreciation of tangible fixed assets
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(Decrease)/increase in creditors
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Net cash outflow from operating activities
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21.ANALYSIS OF CASH FLOWS FOR HEADINGS NETTED IN CASH FLOW STATEMENT
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Returns on investments and servicing of finance
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Interest and capitalised finance arrangement fees paid
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Net cash (outflow)/inflow from returns on investments and servicing of finance
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Page 17
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OFFER WATERMAN FINE ART LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2015
21.ANALYSIS OF CASH FLOWS FOR HEADINGS NETTED IN CASH FLOW STATEMENT (continued)
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Capital expenditure and financial investment
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Purchase of tangible fixed assets
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Management of liquid resources
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Purchase of short term listed investments
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Sale of short term listed investments
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Net cash inflow from management of liquid resources
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22.ANALYSIS OF CHANGES IN NET DEBT
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Bank loans and overdrafts
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23.CONTROLLING PARTY
The company was under the control of its director, Offer Waterman, throughout the year.
24.RELATED PARTY TRANSACTIONS
During the year the company was invoiced rent of £103,200 (2014: £100,562) by and purchased stocks to the value of £24,000 (2014: £nil) from Offer Waterman, the sole director of the company.
Dividends of £166,800 (2014: £250,000) were distributed by the company to Offer Waterman during the year.
In addition to the above, Offer Waterman maintained a loan account with the company. The loan account is unsecured and repayable on demand. Interest at 3.25% was charged by the company on amounts overdrawn and during the year interest of £1,468 (2014: £nil) was payable by Offer Waterman. At the balance sheet date £100,498 (2014: £195,456) was owed by the company to Offer Waterman.
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