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COMPANY REGISTRATION NUMBER: SC476747
Arusha Gallery Ltd
Filleted Unaudited Financial Statements
31 March 2023
Arusha Gallery Ltd
Financial Statements
Year ended 31 March 2023
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
Arusha Gallery Ltd
Officers and Professional Advisers
The board of directors
Mr G Bargery
Ms B King
Registered office
Building 1
9 Haymarket Square
Edinburgh
EH3 8RY
Accountants
Charles Burrows & Co
Chartered Accountants
7 Palmerston Place
Edinburgh
EH12 5AH
Arusha Gallery Ltd
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
7,777
4,063
Current assets
Stocks
128,735
86,676
Debtors
6
279,684
177,360
Cash at bank and in hand
18,776
61,012
----------
----------
427,195
325,048
Creditors: amounts falling due within one year
7
509,608
424,131
----------
----------
Net current liabilities
82,413
99,083
---------
---------
Total assets less current liabilities
( 74,636)
( 95,020)
Creditors: amounts falling due after more than one year
8
21,667
31,667
---------
----------
Net liabilities
( 96,303)
( 126,687)
---------
----------
Arusha Gallery Ltd
Statement of Financial Position (continued)
31 March 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
9
100
100
Profit and loss account
( 96,403)
( 126,787)
---------
----------
Shareholders deficit
( 96,303)
( 126,687)
---------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 17 October 2023 , and are signed on behalf of the board by:
Mr G Bargery
Director
Company registration number: SC476747
Arusha Gallery Ltd
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Building 1, 9 Haymarket Square, Edinburgh, EH3 8RY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts have been prepared on a going concern basis since the director and shareholder has confirmed he will support the company.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Office equipment
-
25% reducing balance
Tenant's improvements
-
10% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2022: 7 ).
5. Tangible assets
Equipment
Tenant's improve- ments
Total
£
£
£
Cost
At 1 April 2022
13,183
13,183
Additions
3,485
2,650
6,135
---------
-------
---------
At 31 March 2023
16,668
2,650
19,318
---------
-------
---------
Depreciation
At 1 April 2022
9,120
9,120
Charge for the year
1,891
530
2,421
---------
-------
---------
At 31 March 2023
11,011
530
11,541
---------
-------
---------
Carrying amount
At 31 March 2023
5,657
2,120
7,777
---------
-------
---------
At 31 March 2022
4,063
4,063
---------
-------
---------
6. Debtors
2023
2022
£
£
Trade debtors
112,388
45,348
Prepayments and accrued income
9,852
4,167
Directors loan account
102,938
99,873
Other debtors
54,506
27,972
----------
----------
279,684
177,360
----------
----------
The overdrawn director's' current account has no specific terms for repayment
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
472,937
379,491
Accruals and deferred income
6,155
14,205
Corporation tax
1,034
2,128
Social security and other taxes
19,482
18,307
----------
----------
509,608
424,131
----------
----------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
21,667
31,667
---------
---------
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Later than 1 year and not later than 5 years
430,833
52,083
----------
---------
11. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr G Bargery
99,873
3,065
102,938
---------
-------
----------
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr G Bargery
93,324
6,549
99,873
---------
-------
---------
12. Related party transactions
The company was under the control of Mr Bargery throughout the current period. Mr Bargery is the managing director.