Silverfin false 30/03/2023 01/04/2022 30/03/2023 David Charles Phelps 15/06/2010 18 March 2024 The principal activity of the Company during the financial period was that of art dealers and framers. 07284859 2023-03-30 07284859 bus:Director1 2023-03-30 07284859 2022-03-31 07284859 core:CurrentFinancialInstruments 2023-03-30 07284859 core:CurrentFinancialInstruments 2022-03-31 07284859 core:Non-currentFinancialInstruments 2023-03-30 07284859 core:Non-currentFinancialInstruments 2022-03-31 07284859 core:ShareCapital 2023-03-30 07284859 core:ShareCapital 2022-03-31 07284859 core:RetainedEarningsAccumulatedLosses 2023-03-30 07284859 core:RetainedEarningsAccumulatedLosses 2022-03-31 07284859 core:LeaseholdImprovements 2022-03-31 07284859 core:FurnitureFittings 2022-03-31 07284859 core:OfficeEquipment 2022-03-31 07284859 core:LeaseholdImprovements 2023-03-30 07284859 core:FurnitureFittings 2023-03-30 07284859 core:OfficeEquipment 2023-03-30 07284859 core:ImmediateParent core:CurrentFinancialInstruments 2023-03-30 07284859 core:ImmediateParent core:CurrentFinancialInstruments 2022-03-31 07284859 2021-09-29 07284859 bus:OrdinaryShareClass1 2023-03-30 07284859 2022-04-01 2023-03-30 07284859 bus:FullAccounts 2022-04-01 2023-03-30 07284859 bus:SmallEntities 2022-04-01 2023-03-30 07284859 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-30 07284859 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-30 07284859 bus:Director1 2022-04-01 2023-03-30 07284859 core:LeaseholdImprovements core:TopRangeValue 2022-04-01 2023-03-30 07284859 core:FurnitureFittings 2022-04-01 2023-03-30 07284859 core:OfficeEquipment core:TopRangeValue 2022-04-01 2023-03-30 07284859 2021-09-30 2022-03-31 07284859 core:LeaseholdImprovements 2022-04-01 2023-03-30 07284859 core:OfficeEquipment 2022-04-01 2023-03-30 07284859 core:Non-currentFinancialInstruments 2022-04-01 2023-03-30 07284859 bus:OrdinaryShareClass1 2022-04-01 2023-03-30 07284859 bus:OrdinaryShareClass1 2021-09-30 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 07284859 (England and Wales)

TRITON GALLERIES (DARTMOUTH) LIMITED

Unaudited Financial Statements
For the financial period from 01 April 2022 to 30 March 2023
Pages for filing with the registrar

TRITON GALLERIES (DARTMOUTH) LIMITED

Unaudited Financial Statements

For the financial period from 01 April 2022 to 30 March 2023

Contents

TRITON GALLERIES (DARTMOUTH) LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 March 2023
TRITON GALLERIES (DARTMOUTH) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 March 2023
Note 30.03.2023 31.03.2022
£ £
Fixed assets
Tangible assets 3 3,565 4,456
3,565 4,456
Current assets
Debtors 4 189,005 215,534
Cash at bank and in hand 5 5,852 0
194,857 215,534
Creditors: amounts falling due within one year 6 ( 21,329) ( 33,633)
Net current assets 173,528 181,901
Total assets less current liabilities 177,093 186,357
Creditors: amounts falling due after more than one year 7 ( 21,511) ( 31,877)
Provision for liabilities 8 ( 770) ( 962)
Net assets 154,812 153,518
Capital and reserves
Called-up share capital 9 100 100
Profit and loss account 154,712 153,418
Total shareholder's funds 154,812 153,518

For the financial period ending 30 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Triton Galleries (Dartmouth) Limited (registered number: 07284859) were approved and authorised for issue by the Director on 18 March 2024. They were signed on its behalf by:

David Charles Phelps
Director
TRITON GALLERIES (DARTMOUTH) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 April 2022 to 30 March 2023
TRITON GALLERIES (DARTMOUTH) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 April 2022 to 30 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Triton Galleries (Dartmouth) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Century House, Nicholson Road, Torquay, TQ2 7TD, England, United Kingdom. The principal place of business is 7 Foss Street, Dartmouth, TQ6 9DW.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

Reporting period length

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 5 years straight line
Fixtures and fittings 20 % reducing balance
Office equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

Period from
01.04.2022 to
30.03.2023
Period from
30.09.2021 to
31.03.2022
Number Number
Monthly average number of persons employed by the Company during the period, including the director 2 2

3. Tangible assets

Leasehold improve-
ments
Fixtures and fittings Office equipment Total
£ £ £ £
Cost
At 01 April 2022 20,270 57,051 1,241 78,562
At 30 March 2023 20,270 57,051 1,241 78,562
Accumulated depreciation
At 01 April 2022 20,270 52,595 1,241 74,106
Charge for the financial period 0 891 0 891
At 30 March 2023 20,270 53,486 1,241 74,997
Net book value
At 30 March 2023 0 3,565 0 3,565
At 31 March 2022 0 4,456 0 4,456

4. Debtors

30.03.2023 31.03.2022
£ £
Amounts owed by Parent undertakings 108,383 156,200
Prepayments 0 13,739
Other debtors 80,622 45,595
189,005 215,534

5. Cash and cash equivalents

30.03.2023 31.03.2022
£ £
Cash at bank and in hand 5,852 0
Less: Bank overdrafts 0 ( 20,227)
5,852 (20,227)

6. Creditors: amounts falling due within one year

30.03.2023 31.03.2022
£ £
Bank loans and overdrafts 10,155 30,113
Trade creditors 2,584 2,675
Accruals 4,202 566
Other taxation and social security 4,388 279
21,329 33,633

7. Creditors: amounts falling due after more than one year

30.03.2023 31.03.2022
£ £
Bank loans 21,511 31,877

There are no amounts included above in respect of which any security has been given by the small entity.

8. Deferred tax

30.03.2023 31.03.2022
£ £
At the beginning of financial period ( 962) ( 1,069)
Credited to the Statement of Income and Retained Earnings 192 107
At the end of financial period ( 770) ( 962)

9. Called-up share capital

30.03.2023 31.03.2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

10. Related party transactions

Transactions with owners holding a participating interest in the entity

30.03.2023 31.03.2022
£ £
Surridge Galleries (Taunton) Limited, a company under common control, debtor 4,416 11,416
Surridge Galleries Limited, a company under common control, debtor 76,206 28,406