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Company Registration No. SC539615 (Scotland)
ISLAND BLUE GALLERY LIMITED Unaudited accounts for the year ended 31 July 2023
ISLAND BLUE GALLERY LIMITED Unaudited accounts Contents
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ISLAND BLUE GALLERY LIMITED Company Information for the year ended 31 July 2023
Director
MARTIN DOUGLAS GUPPY
Company Number
SC539615 (Scotland)
Registered Office
UNIT 2 BALISCATE TOBERMORY ISLE OF MULL PA75 6QA SCOTLAND
Accountants
Brand Jamieson & Co Ltd 2 Victoria Place Rutherglen Glasgow G73 2JP
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ISLAND BLUE GALLERY LIMITED Statement of financial position as at 31 July 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
11,289 
13,281 
Current assets
Inventories
16,088 
10,190 
Debtors
10,424 
12,194 
Cash at bank and in hand
605 
1,263 
27,117 
23,647 
Creditors: amounts falling due within one year
(25,789)
(23,979)
Net current assets/(liabilities)
1,328 
(332)
Total assets less current liabilities
12,617 
12,949 
Creditors: amounts falling due after more than one year
(5,893)
(6,976)
Net assets
6,724 
5,973 
Capital and reserves
Called up share capital
1 
1 
Profit and loss account
6,723 
5,972 
Shareholders' funds
6,724 
5,973 
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 19 September 2023 and were signed on its behalf by
MARTIN DOUGLAS GUPPY Director Company Registration No. SC539615
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ISLAND BLUE GALLERY LIMITED Notes to the Accounts for the year ended 31 July 2023
1
Statutory information
ISLAND BLUE GALLERY LIMITED is a private company, limited by shares, registered in Scotland, registration number SC539615. The registered office is UNIT 2 BALISCATE, TOBERMORY, ISLE OF MULL, PA75 6QA, SCOTLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% reducing balance.
Fixtures & fittings
15% reducing balance
4
Tangible fixed assets
Plant & machinery 
Fixtures & fittings 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 August 2022
7,105 
11,011 
18,116 
At 31 July 2023
7,105 
11,011 
18,116 
Depreciation
At 1 August 2022
3,184 
1,651 
4,835 
Charge for the year
588 
1,404 
1,992 
At 31 July 2023
3,772 
3,055 
6,827 
Net book value
At 31 July 2023
3,333 
7,956 
11,289 
At 31 July 2022
3,921 
9,360 
13,281 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due after more than one year
Amounts due from group undertakings etc.
10,424 
12,194 
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ISLAND BLUE GALLERY LIMITED Notes to the Accounts for the year ended 31 July 2023
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
2,200 
2,200 
VAT
1,835 
1,094 
Trade creditors
9,250 
10,102 
Taxes and social security
1,629 
- 
Other creditors
7,092 
8,767 
Loans from directors
2,513 
172 
Accruals
1,270 
1,644 
25,789 
23,979 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
5,893 
6,976 
8
Transactions with related parties
During the year no dividend ( 2022 £ nil ) was paid to the director.
9
Controlling party
The controlling party is the director , Martin Douglas Guppy.
10
Average number of employees
During the year the average number of employees was 3 (2022: 3).
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