GALLERY2C LIMITED
GALLERY2C LIMITED
Company No:
GALLERY2C LIMITED
Unaudited Financial Statements
For the financial year ended 31 January 2024
Pages for filing with the registrar
For the financial year ended 31 January 2024
Pages for filing with the registrar
Unaudited Financial Statements
Contents
BALANCE SHEET
BALANCE SHEET (continued)
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 3 |
|
|
|
Tangible assets | 4 |
|
|
|
49,402 | 62,036 | |||
Current assets | ||||
Stocks |
|
|
||
Debtors | 5 |
|
|
|
Cash at bank and in hand |
|
|
||
185,273 | 50,716 | |||
Creditors: amounts falling due within one year | 6 | (
|
(
|
|
Net current liabilities | (12,575) | (20,319) | ||
Total assets less current liabilities | 36,827 | 41,717 | ||
Creditors: amounts falling due after more than one year | 7 | (
|
(
|
|
Net assets |
|
|
||
Capital and reserves | ||||
Called-up share capital | 8 |
|
|
|
Profit and loss account |
|
|
||
Total shareholders' funds |
|
|
Directors' responsibilities:
-
The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476; -
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; and -
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.
The financial statements of Gallery2c Limited (registered number:
Mr S Whitehead
Director |
NOTES TO THE FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
1. Accounting policies
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
General information and basis of accounting
Gallery2c Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 28b Station Road, Shirehampton, Bristol, BS11 9TU, England, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Turnover
Taxation
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.
Intangible assets
Goodwill |
|
Tangible fixed assets
Plant and machinery |
|
Computer equipment |
|
Impairment of assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
Stocks
Financial instruments
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Provisions
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
2. Employees
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
|
|
3. Intangible assets
Goodwill | Total | ||
£ | £ | ||
Cost | |||
At 01 February 2023 |
|
|
|
At 31 January 2024 |
|
|
|
Accumulated amortisation | |||
At 01 February 2023 |
|
|
|
Charge for the financial year |
|
|
|
At 31 January 2024 |
|
|
|
Net book value | |||
At 31 January 2024 |
|
|
|
At 31 January 2023 |
|
|
4. Tangible assets
Plant and machinery | Computer equipment | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 February 2023 |
|
|
|
||
At 31 January 2024 |
|
|
|
||
Accumulated depreciation | |||||
At 01 February 2023 |
|
|
|
||
Charge for the financial year |
|
|
|
||
At 31 January 2024 |
|
|
|
||
Net book value | |||||
At 31 January 2024 |
|
|
|
||
At 31 January 2023 |
|
|
|
5. Debtors
2024 | 2023 | ||
£ | £ | ||
Trade debtors |
|
|
|
Amounts owed by directors |
|
|
|
Other debtors |
|
|
|
|
|
6. Creditors: amounts falling due within one year
2024 | 2023 | ||
£ | £ | ||
Bank loans and overdrafts |
|
|
|
Trade creditors |
|
|
|
Amounts owed to directors |
|
|
|
Accruals and deferred income |
|
|
|
Taxation and social security |
|
|
|
Other creditors |
|
|
|
|
|
7. Creditors: amounts falling due after more than one year
2024 | 2023 | ||
£ | £ | ||
Bank loans |
|
|
9. Called-up share capital
2024 | 2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
|
|
|
10. Related party transactions
Transactions with the entity's directors
2024 | 2023 | ||
£ | £ | ||
Opening Balance | 8,344 | 25,498 | |
Advances | 81,719 | 80,753 | |
Repayments | (93,338) | (97,907) | |
0 | 0 | ||
Closing balance | (3,275) | 8,344 | |
0 | 0 |
Interest has been charged at the official rate.