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REGISTERED NUMBER: SC634294 (Scotland)















Unaudited Financial Statements for the Year Ended 30 June 2023

for

The Glasgow Academy Of Fine Art Ltd

The Glasgow Academy Of Fine Art Ltd (Registered number: SC634294)






Contents of the Financial Statements
for the Year Ended 30 June 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


The Glasgow Academy Of Fine Art Ltd

Company Information
for the Year Ended 30 June 2023







DIRECTOR: L Craigmile





REGISTERED OFFICE: 20 Belmont Avenue
Ayr
KA7 2JN





REGISTERED NUMBER: SC634294 (Scotland)





ACCOUNTANTS: Clements
Chartered Accountants
39 St Vincent Place
Glasgow
G1 2ER

The Glasgow Academy Of Fine Art Ltd (Registered number: SC634294)

Balance Sheet
30 June 2023

30.6.23 30.6.22
as restated
Notes £    £   
CURRENT ASSETS
Stocks 8,491 4,495
Debtors 4 3,111 581
Cash at bank 24,362 6,166
35,964 11,242
CREDITORS
Amounts falling due within one year 5 26,675 22,546
NET CURRENT ASSETS/(LIABILITIES) 9,289 (11,304 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,289

(11,304

)

CREDITORS
Amounts falling due after more than one
year

6

2,784

-
NET ASSETS/(LIABILITIES) 6,505 (11,304 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 6,405 (11,404 )
6,505 (11,304 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

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 Glasgow Academy Of Fine Art Ltd (Registered number: SC634294)

Balance Sheet - continued
30 June 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 and authorised for issue on 9 November 2023 and were signed by:





L Craigmile - Director


The Glasgow Academy Of Fine Art Ltd (Registered number: SC634294)

Notes to the Financial Statements
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

The Glasgow Academy Of Fine Art Ltd is a private company, limited by shares , registered in Scotland. The 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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
The turnover shown in the profit and loss account represents revenue recognised by the company in respect of fees charged during the period. Revenue is recognised when the company has the right to receive it.

Stocks
Stocks are valued at the lower of cost and selling price less costs to complete and sell.

Financial instruments
The company only has basic financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Taxation
Taxation for the year comprises current and deferred tax.

The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

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 2 (2022 - 2 ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
as restated
£    £   
Other debtors 3,111 581

The Glasgow Academy Of Fine Art Ltd (Registered number: SC634294)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
as restated
£    £   
Bank loans and overdrafts 4,116 -
Trade creditors 10,598 7,003
Taxation and social security 2,094 3,736
Other creditors 9,867 11,807
26,675 22,546

Included in other creditors is the director's current account which is unsecured, interest free and repayable on demand.

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.6.23 30.6.22
as restated
£    £   
Bank loans 2,784 -

7. RELATED PARTY DISCLOSURES

During the year, total dividends of £2,000 were paid to the director .