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Registration number: 03790682

Michael Hoppen Gallery Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Michael Hoppen Gallery Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Michael Hoppen Gallery Ltd

Company Information

Directors

Mr M S Hoppen

Ms A S Hoppen

Registered office

TPL 10 Pall Mall Deposit
124-128 Barlby Road
London
W10 6BL

Accountants

Ripe LLP
Chartered Accountants
9A Burroughs Gardens
London
NW4 4AU

 

Michael Hoppen Gallery Ltd

(Registration number: 03790682)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

15,727

20,881

Current assets

 

Stocks

6

2,560,227

2,293,888

Debtors

7

884,373

739,774

Other financial assets

5

690,801

684,335

Cash at bank and in hand

 

4,426,847

4,500,729

 

8,562,248

8,218,726

Creditors: Amounts falling due within one year

8

(856,310)

(956,963)

Net current assets

 

7,705,938

7,261,763

Total assets less current liabilities

 

7,721,665

7,282,644

Provisions for liabilities

(861)

(1,704)

Net assets

 

7,720,804

7,280,940

Capital and reserves

 

Called up share capital

9

1,113

1,113

Capital redemption reserve

7

7

Retained earnings

7,719,684

7,279,820

Shareholders' funds

 

7,720,804

7,280,940

For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Michael Hoppen Gallery Ltd

(Registration number: 03790682)
Balance Sheet as at 31 July 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 2 April 2024 and signed on its behalf by:
 

.........................................
Mr M S Hoppen
Director

   
     
 

Michael Hoppen Gallery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
TPL 10 Pall Mall Deposit
124-128 Barlby Road
London
W10 6BL

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Sterling (£) and figures are shown to the nearest whole pound.

Revenue recognition

Revenue is recognised to the extent that the company obtains the right to consideration in exchange for the sale of goods. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Government grants

Government grants in relation to expenditure are credited to profit and loss account when the expenditure is charged to profit and loss.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Michael Hoppen Gallery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

in accordance with property

Improvement to property

10% on cost

Furniture, fittings and equipment

25% on reducing balance

Motor vehicles

25% on cost

Investments

Investments in equity shares are valued at the fair value through profit and loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Michael Hoppen Gallery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Provisions

A provision is recognised when there is a legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation.

Leases

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis or over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2022 - 7).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2022

183,526

183,526

At 31 July 2023

183,526

183,526

Depreciation

At 1 August 2022

162,645

162,645

Charge for the year

5,154

5,154

At 31 July 2023

167,799

167,799

Carrying amount

At 31 July 2023

15,727

15,727

At 31 July 2022

20,881

20,881

 

Michael Hoppen Gallery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

5

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Current financial assets

Valuation

At 1 August 2022

684,335

684,335

Additions

255,687

255,687

Fair value adjustments

21,099

21,099

Disposals

(517,420)

(517,420)

Transfers

247,100

247,100

At 31 July 2023

690,801

690,801

Carrying amount

At 31 July 2023

690,801

690,801

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

2,560,227

2,293,888

7

Debtors

Current

2023
£

2022
£

Trade debtors

259,789

53,896

Prepayments

5,649

17,415

Other debtors

618,935

668,463

 

884,373

739,774

 

Michael Hoppen Gallery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

73,284

156,091

Taxation and social security

218,569

290,905

Accruals and deferred income

558,403

503,504

Other creditors

6,054

6,463

856,310

956,963

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

Ordinary A shares (non-voting) of £1 each

1

1

1

1

Ordinary B shares (non-voting) of £1 each

28

28

28

28

Ordinary C shares (non-voting) of £1 each

28

28

28

28

Ordinary D shares (non-voting) of £1 each

28

28

28

28

Ordinary E shares (non-voting) of £1 each

28

28

28

28

 

1,113

1,113

1,113

1,113

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

 

Michael Hoppen Gallery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

2023
£

2022
£

Not later than one year

74,588

49,952

Later than one year and not later than five years

240,000

14,588

Later than five years

300,000

-

614,588

64,540

11

Related party transactions

At the year end, the director, Mr M S Hoppen owed £459,448 (2022: £459,448) to the company.