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REGISTERED NUMBER: SC375985 (Scotland)




















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

FOR

THE GALLERY DESIGN (SCOTLAND) LIMITED

THE GALLERY DESIGN (SCOTLAND) LIMITED (REGISTERED NUMBER: SC375985)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


THE GALLERY DESIGN (SCOTLAND) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023







DIRECTOR: Mr Liam Boyle





SECRETARY: Mr John Malone





REGISTERED OFFICE: 165 Main Street
Wishaw
Lanarkshire
ML2 7AU





REGISTERED NUMBER: SC375985 (Scotland)





ACCOUNTANTS: Feely & Company, Chartered Accountants
165 Main Street
Wishaw
Lanarkshire
ML2 7AU

THE GALLERY DESIGN (SCOTLAND) LIMITED (REGISTERED NUMBER: SC375985)

BALANCE SHEET
30 JUNE 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 11,277 13,853

CURRENT ASSETS
Stocks 41,085 28,466
Debtors 5 24,883 22,151
Cash at bank 96,270 143,897
162,238 194,514
CREDITORS
Amounts falling due within one year 6 113,563 136,161
NET CURRENT ASSETS 48,675 58,353
TOTAL ASSETS LESS CURRENT LIABILITIES 59,952 72,206

CREDITORS
Amounts falling due after more than one year 7 19,167 29,167
NET ASSETS 40,785 43,039

CAPITAL AND RESERVES
Called up share capital 300 300
Retained earnings 40,485 42,739
SHAREHOLDERS' FUNDS 40,785 43,039

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 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 31 January 2024 and were signed by:





Mr Liam Boyle - Director


THE GALLERY DESIGN (SCOTLAND) LIMITED (REGISTERED NUMBER: SC375985)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1. STATUTORY INFORMATION

The Gallery Design (Scotland) Limited 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
Turnover represents net sales of goods and services, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

At each balance sheet date, the company reviews the carrying amount of the tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date but only in those instances where the amount is deemed to be significant.

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.

Basic financial instruments
Basic financial instruments, including short term trade and other debtors due to be settled within one year, are accounted for at their transaction price.
Trade and other debtors are reviewed for impairment (e.g. bad debts) at the end of each accounting period.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 7 ) .

THE GALLERY DESIGN (SCOTLAND) LIMITED (REGISTERED NUMBER: SC375985)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 July 2022 96,652
Additions 1,183
At 30 June 2023 97,835
DEPRECIATION
At 1 July 2022 82,799
Charge for year 3,759
At 30 June 2023 86,558
NET BOOK VALUE
At 30 June 2023 11,277
At 30 June 2022 13,853

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 21,995 22,151
Other debtors 2,888 -
24,883 22,151

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 20,281 32,560
Taxation and social security 8,975 24,937
Other creditors 74,307 68,664
113,563 136,161

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 19,167 29,167