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REGISTERED NUMBER: 03276127 (England and Wales)















Unaudited Financial Statements for the Year Ended 28 February 2023

for

The Gallery Partnership Limited

The Gallery Partnership Limited (Registered number: 03276127)






Contents of the Financial Statements
for the Year Ended 28 February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


The Gallery Partnership Limited

Company Information
for the Year Ended 28 February 2023







DIRECTORS: Mr M P A Kemp
Mr O S T Grig





SECRETARY: Elan Secretaries Limited





REGISTERED OFFICE: Unit 3 Cedar Court
1 Royal Oak Yard
London
SE1 3GA





REGISTERED NUMBER: 03276127 (England and Wales)





ACCOUNTANTS: ElanTax.com
Unit 3 Cedar Court
1 Royal Oak Yard
London
SE1 3GA

The Gallery Partnership Limited (Registered number: 03276127)

Balance Sheet
28 February 2023

28.2.23 28.2.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 445,516 403,234
Tangible assets 5 16,153 17,781
461,669 421,015

CURRENT ASSETS
Stocks 6 24,838 24,011
Debtors 7 149,292 139,430
Cash at bank 12,893 143,943
187,023 307,384
CREDITORS
Amounts falling due within one year 8 361,538 376,079
NET CURRENT LIABILITIES (174,515 ) (68,695 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

287,154

352,320

CREDITORS
Amounts falling due after more than one
year

9

(76,707

)

(106,941

)

PROVISIONS FOR LIABILITIES (3,393 ) (3,378 )
NET ASSETS 207,054 242,001

CAPITAL AND RESERVES
Called up share capital 11 2 2
Retained earnings 12 207,052 241,999
SHAREHOLDERS' FUNDS 207,054 242,001

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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
28 February 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 Board of Directors and authorised for issue on 28 November 2023 and were signed on its behalf by:





Mr M P A Kemp - Director


The Gallery Partnership Limited (Registered number: 03276127)

Notes to the Financial Statements
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

The Gallery Partnership Limited is a private company, limited by shares , registered in England and Wales. 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
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.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Development costs are being amortised evenly over their estimated useful life of three years.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 25% on reducing balance

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 28 February 2023

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 17 (2022 - 17 ) .

4. INTANGIBLE FIXED ASSETS
Patents
and Development
licences costs Totals
£    £    £   
COST
At 1 March 2022 405,292 1,271,132 1,676,424
Additions - 232,507 232,507
At 28 February 2023 405,292 1,503,639 1,908,931
AMORTISATION
At 1 March 2022 312,419 960,771 1,273,190
Amortisation for year 9,287 180,938 190,225
At 28 February 2023 321,706 1,141,709 1,463,415
NET BOOK VALUE
At 28 February 2023 83,586 361,930 445,516
At 28 February 2022 92,873 310,361 403,234

The Gallery Partnership Limited (Registered number: 03276127)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 March 2022 42,566 112,943 155,509
Additions 2,246 1,511 3,757
At 28 February 2023 44,812 114,454 159,266
DEPRECIATION
At 1 March 2022 38,353 99,375 137,728
Charge for year 1,615 3,770 5,385
At 28 February 2023 39,968 103,145 143,113
NET BOOK VALUE
At 28 February 2023 4,844 11,309 16,153
At 28 February 2022 4,213 13,568 17,781

6. STOCKS
28.2.23 28.2.22
£    £   
Work-in-progress 24,838 24,011

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Trade debtors 107,621 98,927
Other debtors 39,311 39,558
Prepayments and accrued income 2,360 945
149,292 139,430

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Bank loans and overdrafts (see note 10) 21,101 22,561
Trade creditors 43,352 47,493
Corporation tax 519 16,574
Social security and other taxes 12,597 16,268
Net wages (500 ) (513 )
Pension liability 3,387 21,788
VAT 49,601 40,015
Other creditors 56,812 56,812
Credit Card 2,517 4,035
Directors' current accounts 45,657 45,657
Accruals and deferred income 126,495 105,389
361,538 376,079

The Gallery Partnership Limited (Registered number: 03276127)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
28.2.23 28.2.22
£    £   
Bank loans (see note 10) 76,707 106,941

10. LOANS

An analysis of the maturity of loans is given below:

28.2.23 28.2.22
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 21,101 22,561

Amounts falling due between two and five years:
Bank loans - 2-5 years 76,707 106,941

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 28.2.23 28.2.22
value: £    £   
2 Ordinary £1 2 2

12. RESERVES
Retained
earnings
£   

At 1 March 2022 241,999
Deficit for the year (8,631 )
Dividends (26,316 )
At 28 February 2023 207,052