Caseware UK (AP4) 2023.0.135 2023.0.135 2023-01-01false11truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04750207 2023-01-01 2023-12-31 04750207 2021-09-01 2022-12-31 04750207 2023-12-31 04750207 2022-12-31 04750207 2021-09-01 04750207 c:Director1 2023-01-01 2023-12-31 04750207 d:FurnitureFittings 2023-01-01 2023-12-31 04750207 d:FurnitureFittings 2023-12-31 04750207 d:FurnitureFittings 2022-12-31 04750207 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04750207 d:OfficeEquipment 2023-01-01 2023-12-31 04750207 d:OfficeEquipment 2023-12-31 04750207 d:OfficeEquipment 2022-12-31 04750207 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04750207 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04750207 d:CurrentFinancialInstruments 2023-12-31 04750207 d:CurrentFinancialInstruments 2022-12-31 04750207 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 04750207 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 04750207 d:ShareCapital 2023-12-31 04750207 d:ShareCapital 2022-12-31 04750207 d:RetainedEarningsAccumulatedLosses 2023-12-31 04750207 d:RetainedEarningsAccumulatedLosses 2022-12-31 04750207 c:FRS102 2023-01-01 2023-12-31 04750207 c:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 04750207 c:FullAccounts 2023-01-01 2023-12-31 04750207 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04750207 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 04750207 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 04750207 d:OtherDeferredTax 2023-12-31 04750207 d:OtherDeferredTax 2022-12-31 04750207 2 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 04750207










Merville Galleries Limited








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 31 December 2023

 
Merville Galleries Limited
 
  
Chartered accountants' report to the director on the preparation of the unaudited statutory financial statements of Merville Galleries Limited for the year ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Merville Galleries Limited for the year ended 31 December 2023 which comprise the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the director of Merville Galleries Limited in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Merville Galleries Limited  and state those matters that we have agreed to state to the director of Merville Galleries Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Merville Galleries Limited and its director for our work or for this report. 

It is your duty to ensure that Merville Galleries Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Merville Galleries Limited. You consider that Merville Galleries Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Merville Galleries Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
Chartered Accountants
9 Donnington Park
85 Birdham Road
Chichester
West Sussex
PO20 7AJ
2 February 2024
Page 1

 
Merville Galleries Limited
Registered number: 04750207

Balance sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
769
1,335

  
769
1,335

Current assets
  

Stocks
  
33,921
51,071

Debtors: amounts falling due within one year
 5 
1,985
4,879

Cash at bank and in hand
  
2,013
4,703

  
37,919
60,653

Creditors: amounts falling due within one year
 6 
(18,295)
(39,061)

Net current assets
  
 
 
19,624
 
 
21,592

Total assets less current liabilities
  
20,393
22,927

  

Net assets
  
20,393
22,927


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
20,392
22,926

  
20,393
22,927


Page 2

 
Merville Galleries Limited
Registered number: 04750207

Balance sheet (continued)
As at 31 December 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Sir T H Lighton
Director
Date: 2 February 2024

The notes on pages 4 to 8 form part of these financial statements.

Page 3

 
Merville Galleries Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

1.


General information

The Company is a private company limited by share capital incorporated in England and Wales (Registered number: (04750207). 
The address of the registered office and principal place of business is Church House, Stopham, Pulborough, West Sussex, RH20 1EG.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
Merville Galleries Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
33%
Office equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 5

 
Merville Galleries Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).

Page 6

 
Merville Galleries Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

4.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost


At 1 January 2023
3,989
2,289
6,278



At 31 December 2023

3,989
2,289
6,278



Depreciation


At 1 January 2023
3,989
954
4,943


Charge for the year on owned assets
-
566
566



At 31 December 2023

3,989
1,520
5,509



Net book value



At 31 December 2023
-
769
769



At 31 December 2022
-
1,335
1,335


5.


Debtors

2023
2022
£
£


Other debtors
-
3,324

Prepayments and accrued income
492
611

Deferred taxation
1,493
944

1,985
4,879



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
225
6,545

Other taxation and social security
40
1,406

Other creditors
15,750
28,850

Accruals and deferred income
2,280
2,260

18,295
39,061


Page 7

 
Merville Galleries Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

7.


Deferred taxation




2023
2022


£

£






At beginning of year
944
-


Charged to profit or loss
549
944



At end of year
1,493
944

The deferred tax asset is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(192)
(334)

Losses and other deductions
1,685
1,278

1,493
944


Page 8