IRIS Accounts Production v23.3.1.45 02914566 Board of Directors 1.4.22 31.3.23 31.3.23 false true false false true false Ordinary 0.20000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh029145662022-03-31029145662023-03-31029145662022-04-012023-03-31029145662021-03-31029145662021-04-012022-03-31029145662022-03-3102914566ns10:Originalns15:EnglandWales2022-04-012023-03-3102914566ns14:PoundSterlingns10:Original2022-04-012023-03-3102914566ns10:Originalns10:Director12022-04-012023-03-3102914566ns10:Original2022-04-012023-03-3102914566ns10:Original2023-03-3102914566ns10:Originalns10:PrivateLimitedCompanyLtd2022-04-012023-03-3102914566ns10:Originalns10:SmallEntities2022-04-012023-03-3102914566ns10:Originalns10:AuditExempt-NoAccountantsReport2022-04-012023-03-3102914566ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-04-012023-03-3102914566ns10:SmallCompaniesRegimeForAccountsns10:Original2022-04-012023-03-3102914566ns10:Originalns10:FullAccounts2022-04-012023-03-3102914566ns10:Originalns10:OrdinaryShareClass12022-04-012023-03-3102914566ns10:Originalns10:Director22022-04-012023-03-3102914566ns10:Originalns10:Director32022-04-012023-03-3102914566ns10:CompanySecretary1ns10:Original2022-04-012023-03-3102914566ns10:Originalns10:RegisteredOffice2022-04-012023-03-3102914566ns10:Original2022-03-3102914566ns10:Originalns5:CurrentFinancialInstruments2023-03-3102914566ns10:Originalns5:CurrentFinancialInstruments2022-03-3102914566ns5:ShareCapitalns10:Original2023-03-3102914566ns5:ShareCapitalns10:Original2022-03-3102914566ns10:Originalns5:CapitalRedemptionReserve2023-03-3102914566ns10:Originalns5:CapitalRedemptionReserve2022-03-3102914566ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-03-3102914566ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-03-3102914566ns10:Originalns5:LeaseholdImprovements2022-04-012023-03-3102914566ns10:Originalns5:PlantMachinery2022-04-012023-03-3102914566ns10:Originalns5:FurnitureFittings2022-04-012023-03-3102914566ns10:Originalns5:ComputerEquipment2022-04-012023-03-3102914566ns10:Original2021-04-012022-03-3102914566ns10:Originalns5:LeaseholdImprovements2022-03-3102914566ns10:Originalns5:PlantMachinery2022-03-3102914566ns10:Originalns5:FurnitureFittings2022-03-3102914566ns10:Originalns5:ComputerEquipment2022-03-3102914566ns10:Original2022-03-3102914566ns10:Originalns5:LeaseholdImprovements2023-03-3102914566ns10:Originalns5:PlantMachinery2023-03-3102914566ns10:Originalns5:FurnitureFittings2023-03-3102914566ns10:Originalns5:ComputerEquipment2023-03-3102914566ns10:Originalns5:LeaseholdImprovements2022-03-3102914566ns10:Originalns5:PlantMachinery2022-03-3102914566ns10:Originalns5:FurnitureFittings2022-03-3102914566ns10:Originalns5:ComputerEquipment2022-03-3102914566ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3102914566ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-03-3102914566ns10:Originalns5:WithinOneYear2023-03-3102914566ns10:Originalns5:WithinOneYear2022-03-3102914566ns5:BetweenOneFiveYearsns10:Original2023-03-3102914566ns5:BetweenOneFiveYearsns10:Original2022-03-3102914566ns10:Originalns5:MoreThanFiveYears2023-03-3102914566ns10:Originalns5:MoreThanFiveYears2022-03-3102914566ns10:Originalns5:AllPeriods2023-03-3102914566ns10:Originalns5:AllPeriods2022-03-3102914566ns10:Originalns5:DeferredTaxation2022-03-3102914566ns10:Originalns5:DeferredTaxation2022-04-012023-03-3102914566ns10:Originalns5:DeferredTaxation2023-03-3102914566ns10:Originalns10:OrdinaryShareClass12023-03-31
REGISTERED NUMBER: 02914566 (England and Wales)



UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

GROSVENOR GALLERY (FINE ARTS) LIMITED

GROSVENOR GALLERY (FINE ARTS) LIMITED (REGISTERED NUMBER: 02914566)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GROSVENOR GALLERY (FINE ARTS) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: C M Macklin
C Moore
Ms K Khanna





SECRETARY: Ms K Khanna





REGISTERED OFFICE: Beckwith Barn
Warren Estate
Lordship Road
Writtle
Essex
CM1 3WT





REGISTERED NUMBER: 02914566 (England and Wales)





ACCOUNTANTS: Lucentum Business Services Ltd
Beckwith Barn
Warren Estate
Lordship Road
Chelmsford
Essex
CM1 3WT

GROSVENOR GALLERY (FINE ARTS) LIMITED (REGISTERED NUMBER: 02914566)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 27,566 32,075

CURRENT ASSETS
Stocks 6 8,921,619 3,938,122
Debtors 7 571,786 272,653
Cash at bank and in hand 8 1,020,789 877,896
10,514,194 5,088,671
CREDITORS
Amounts falling due within one year 9 10,040,391 4,725,695
NET CURRENT ASSETS 473,803 362,976
TOTAL ASSETS LESS CURRENT
LIABILITIES

501,369

395,051

PROVISIONS FOR LIABILITIES 13 4,810 5,433
NET ASSETS 496,559 389,618

CAPITAL AND RESERVES
Called up share capital 14 20 20
Capital redemption reserve 80 80
Retained earnings 496,459 389,518
SHAREHOLDERS' FUNDS 496,559 389,618

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

GROSVENOR GALLERY (FINE ARTS) LIMITED (REGISTERED NUMBER: 02914566)

BALANCE SHEET - continued
31 MARCH 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 7 March 2024 and were signed on its behalf by:





C M Macklin - Director


GROSVENOR GALLERY (FINE ARTS) LIMITED (REGISTERED NUMBER: 02914566)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Grosvenor Gallery (Fine Arts) 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.

The functional and presentation currency of the financial statements is the Pound Sterling (£).

Amounts in these financial statements are rounded to the nearest Pound Sterling (£).

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Summary of significant accounting policies
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.

Significant judgements and estimates
In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying value of assets and liabilities. The directors' judgement, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made and are based on historical experience and other factors that considered to be applicable. Due to the inherent sensitivity involved in making judgements, estimates and assumptions, the actual results and outcomes may differ.

The estimates and underlying assumptions are reviewed on an ongoing basis. Any revisions to accounting estimates are recognised prospectively.

Stocks
The directors have made key assumptions regarding the realisable value of stock. The directors perform an annual review of stock to include provisions where deemed necessary. The realisable value is based on the director's assessment and experience of the industry.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods, net of returns, discounts and value added taxes.

The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met.

The company sells artwork, a sale is recognised at the point of sale to the customer.

Other income includes rental charges which are recognised over the period invoiced.

GROSVENOR GALLERY (FINE ARTS) LIMITED (REGISTERED NUMBER: 02914566)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Improvements to property - Over the period of the lease
Library - 10% on cost
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% Straight line

Tangible assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses. Depreciation of a tangible fixed assets begins when it is in the location and condition necessary available for the use intended.

Tangible fixed asset depreciation is included in administrative expenses in the income statement.

Stocks
Stock is valued at the lower of cost and net realisable value. Cost is determined by the actual amount paid for the stock, net of value added tax. Net realisable value represents estimated selling price less costs to complete and sell. Provisions are made for slow moving, obsolete or damaged stock where the net realisable value is less than cost.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

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.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the month end date of the transaction. Exchange differences are taken into account in arriving at the operating result.

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.

GROSVENOR GALLERY (FINE ARTS) LIMITED (REGISTERED NUMBER: 02914566)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

3. ACCOUNTING POLICIES - continued

Leasing commitments
Rentals payable under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like intangible assets and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

Inventories are also assessed for impairment at each reporting date. The carrying amount of each item of inventory, or group of similar items, is compared with its selling price less costs to complete and sell. If an item of inventory or group of similar items is impaired, its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 4 ) .

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Computer
property Library fittings equipment Totals
£    £    £    £    £   
COST
At 1 April 2022 45,577 25,650 5,424 9,786 86,437
Additions - - - 903 903
At 31 March 2023 45,577 25,650 5,424 10,689 87,340
DEPRECIATION
At 1 April 2022 18,105 25,650 4,101 6,506 54,362
Charge for year 3,943 - 330 1,139 5,412
At 31 March 2023 22,048 25,650 4,431 7,645 59,774
NET BOOK VALUE
At 31 March 2023 23,529 - 993 3,044 27,566
At 31 March 2022 27,472 - 1,323 3,280 32,075

GROSVENOR GALLERY (FINE ARTS) LIMITED (REGISTERED NUMBER: 02914566)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

6. STOCKS
2023 2022
£    £   
Stocks 8,921,619 3,938,122

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 332,477 186,358
Other debtors 239,309 86,295
571,786 272,653

8. CASH AT BANK AND IN HAND
2023 2022
£    £   
Current account 350,330 26,914
Savings account - 160
Euro account 35,709 124,374
Dollar account 632,290 724,508
Foreign exchange account 675 -
Cash in hand 1,785 1,940
1,020,789 877,896

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 10) 21 -
Trade creditors 1,134,843 919,179
Taxation and social security 39,731 16,440
Other creditors 8,865,796 3,790,076
10,040,391 4,725,695

10. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 21 -

GROSVENOR GALLERY (FINE ARTS) LIMITED (REGISTERED NUMBER: 02914566)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

11. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 64,000 64,000
Between one and five years 256,000 256,000
In more than five years 48,000 112,000
368,000 432,000

Lease payments in the year were £84,833 (2022: £48,549).

12. SECURED DEBTS

A debenture from The Co-Operative Bank PLC containing a fixed and floating charge and dated 12 March 2021 over the undertaking of all property and assets present and future.

13. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 4,810 5,433

Deferred
tax
£   
Balance at 1 April 2022 5,433
Provided during year (623 )
Change in rate
Balance at 31 March 2023 4,810

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £0.20 20 20

15. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separate from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund.Contributions payable to the fund at the year end by the company and included in other creditors are £1,030 (2022: £908).

20232022
££

Contributions payable by the company for the year4,8603,273

GROSVENOR GALLERY (FINE ARTS) LIMITED (REGISTERED NUMBER: 02914566)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

16. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included within other creditors at the balance sheet date is an amount of £142,589 (2022: £198,322) due to the directors of the company. The directors loan accounts are not interest bearing.

17. ULTIMATE CONTROLLING PARTY

The company is ultimately controlled by its shareholders, C M Macklin and C Moore, by virtue of them each holding 50% of the issued share capital of the company.