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REGISTERED NUMBER: 06969514 (England and Wales)










BALMAN GALLERY LIMITED

Financial Statements

for the Year Ended 31 July 2023






BALMAN GALLERY LIMITED (Registered number: 06969514)






Contents of the Financial Statements
for the year ended 31 July 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


BALMAN GALLERY LIMITED

Company Information
for the year ended 31 July 2023







DIRECTOR: A T Balman





REGISTERED OFFICE: Appletreewick
Brigwood
Haydon Bridge
Northumberland
NE47 6EX





REGISTERED NUMBER: 06969514 (England and Wales)

BALMAN GALLERY LIMITED (Registered number: 06969514)

Statement of Financial Position
31 July 2023

31/7/23 31/7/22
Notes £    £   
CURRENT ASSETS
Stocks 17,500 19,700
Debtors 4 79 62
Cash at bank 576 -
18,155 19,762
CREDITORS
Amounts falling due within one year 5 48,470 52,329
NET CURRENT LIABILITIES (30,315 ) (32,567 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(30,315

)

(32,567

)

CREDITORS
Amounts falling due after more than one
year

6

20,518

10,435
NET LIABILITIES (50,833 ) (43,002 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (50,933 ) (43,102 )
SHAREHOLDERS' FUNDS (50,833 ) (43,002 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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 10 April 2024 and were signed by:




A T Balman - Director


BALMAN GALLERY LIMITED (Registered number: 06969514)

Notes to the Financial Statements
for the year ended 31 July 2023

1. STATUTORY INFORMATION

BALMAN GALLERY 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.

At 31 July 2023 the liabilities of the company exceeded assets by £50,833. The accounts have been prepared on a going concern basis because the company director A Balman controls Riverside Operations Limited which has agreed to defer repayment of a loan totalling £46,877 at 31 July 2023. The director has agreed to defer repayment of his loan totalling £20,518 at 31 July 2023.

Revenue recognition
Income comprises invoiced sales of goods and services.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/7/23 31/7/22
£    £   
Trade debtors 79 -
Other debtors - 62
79 62

BALMAN GALLERY LIMITED (Registered number: 06969514)

Notes to the Financial Statements - continued
for the year ended 31 July 2023

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/7/23 31/7/22
£    £   
Bank loans and overdrafts - 3,075
Other creditors 48,470 49,254
48,470 52,329

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/7/23 31/7/22
£    £   
Other creditors 20,518 10,435

7. RELATED PARTY DISCLOSURES

At 31 July 2023 the company owed £20,518 (2022 - £10,435) to the director. The loan is interest free and is repayable more than one year from the balance sheet date.