The Gallery Partnership Limited - Accounts to registrar (filleted) - small 18.2
The Gallery Partnership Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 28th February 2018 |
| for |
| The Gallery Partnership Limited |
| The Gallery Partnership Limited (Registered number: 03276127) |
| Contents of the Financial Statements |
| for the Year Ended 28th February 2018 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| The Gallery Partnership Limited |
| Company Information |
| for the Year Ended 28th February 2018 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Unit 3 Cedar Court |
| 1 Royal Oak Yard |
| London |
| SE1 3GA |
| The Gallery Partnership Limited (Registered number: 03276127) |
| Balance Sheet |
| 28th February 2018 |
| 2018 | 2017 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks | 6 |
| Debtors | 7 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 10 |
| Retained earnings | 11 |
| SHAREHOLDERS' FUNDS |
| The director acknowledges his 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. |
| The Gallery Partnership Limited (Registered number: 03276127) |
| Balance Sheet - continued |
| 28th February 2018 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the director on |
| The Gallery Partnership Limited (Registered number: 03276127) |
| Notes to the Financial Statements |
| for the Year Ended 28th February 2018 |
| 1. | STATUTORY INFORMATION |
| The Gallery Partnership Limited is a |
| company's registered number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
| value added tax and other sales taxes. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
| less any accumulated amortisation and any accumulated impairment losses. |
| Intangible assets |
| Depreciation is provided at the following rates in order to write off each asset over its estimated useful life: |
| Research and development - 33 1/3% on reducing balance |
| Licences -20% on a straight line basis. |
| Tangible fixed assets |
| Computer equipment | - |
| Stocks |
| Work in progress is valued at the lower of cost and net realisable value. |
| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in |
| bringing stocks to their present location and condition. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
| the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
| substantively enacted by the balance sheet date. |
| The Gallery Partnership Limited (Registered number: 03276127) |
| Notes to the Financial Statements - continued |
| for the Year Ended 28th February 2018 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
| sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
| those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
| have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
| timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
| will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Patents |
| and | Development |
| licences | costs | Totals |
| £ | £ | £ |
| COST |
| At 1st March 2017 |
| Additions |
| At 28th February 2018 |
| AMORTISATION |
| At 1st March 2017 |
| Amortisation for year |
| At 28th February 2018 |
| NET BOOK VALUE |
| At 28th February 2018 |
| At 28th February 2017 |
| The Gallery Partnership Limited (Registered number: 03276127) |
| Notes to the Financial Statements - continued |
| for the Year Ended 28th February 2018 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| and | Computer |
| fittings | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1st March 2017 |
| and 28th February 2018 |
| DEPRECIATION |
| At 1st March 2017 |
| Charge for year |
| At 28th February 2018 |
| NET BOOK VALUE |
| At 28th February 2018 |
| At 28th February 2017 |
| 6. | STOCKS |
| 2018 | 2017 |
| £ | £ |
| Work-in-progress |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Trade debtors |
| Prepayments and accrued income |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Bank loans and overdrafts (see note 9) |
| Trade creditors |
| Corporation tax |
| Social security and other taxes |
| Pension liability | 1,489 | 3,553 |
| VAT | 43,613 | 37,936 |
| Other creditors |
| Credit Card | 5,518 | 4,864 |
| Directors' current accounts | 15,210 | 8,365 |
| Accruals and deferred income |
| The Gallery Partnership Limited (Registered number: 03276127) |
| Notes to the Financial Statements - continued |
| for the Year Ended 28th February 2018 |
| 9. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2018 | 2017 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank overdrafts |
| 10. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2018 | 2017 |
| value: | £ | £ |
| Ordinary | £1 | 2 | 2 |
| 11. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1st March 2017 |
| Profit for the year |
| Dividends | ( |
) |
| At 28th February 2018 |