Silverfin false 30/03/2023 01/04/2022 30/03/2023 David Charles Phelps 20/02/2009 18 March 2024 The principal activity of the Company during the financial period was that of art dealers and framers. 06825341 2023-03-30 06825341 bus:Director1 2023-03-30 06825341 2022-03-31 06825341 core:CurrentFinancialInstruments 2023-03-30 06825341 core:CurrentFinancialInstruments 2022-03-31 06825341 core:Non-currentFinancialInstruments 2023-03-30 06825341 core:Non-currentFinancialInstruments 2022-03-31 06825341 core:ShareCapital 2023-03-30 06825341 core:ShareCapital 2022-03-31 06825341 core:RetainedEarningsAccumulatedLosses 2023-03-30 06825341 core:RetainedEarningsAccumulatedLosses 2022-03-31 06825341 core:Goodwill 2022-03-31 06825341 core:Goodwill 2023-03-30 06825341 core:LeaseholdImprovements 2022-03-31 06825341 core:Vehicles 2022-03-31 06825341 core:FurnitureFittings 2022-03-31 06825341 core:LeaseholdImprovements 2023-03-30 06825341 core:Vehicles 2023-03-30 06825341 core:FurnitureFittings 2023-03-30 06825341 core:CostValuation 2022-03-31 06825341 core:CostValuation 2023-03-30 06825341 core:ProvisionsForImpairmentInvestments 2022-03-31 06825341 core:ProvisionsForImpairmentInvestments 2023-03-30 06825341 core:SubsidiariesWithMaterialNon-controllingInterests core:CurrentFinancialInstruments 2023-03-30 06825341 core:SubsidiariesWithMaterialNon-controllingInterests core:CurrentFinancialInstruments 2022-03-31 06825341 core:CurrentFinancialInstruments core:Secured 2023-03-30 06825341 bus:OrdinaryShareClass1 2023-03-30 06825341 bus:OrdinaryShareClass2 2023-03-30 06825341 2022-04-01 2023-03-30 06825341 bus:FullAccounts 2022-04-01 2023-03-30 06825341 bus:SmallEntities 2022-04-01 2023-03-30 06825341 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-30 06825341 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-30 06825341 bus:Director1 2022-04-01 2023-03-30 06825341 core:Goodwill core:TopRangeValue 2022-04-01 2023-03-30 06825341 core:Goodwill 2022-04-01 2023-03-30 06825341 core:LeaseholdImprovements core:TopRangeValue 2022-04-01 2023-03-30 06825341 core:Vehicles 2022-04-01 2023-03-30 06825341 core:FurnitureFittings 2022-04-01 2023-03-30 06825341 2021-09-30 2022-03-31 06825341 core:LeaseholdImprovements 2022-04-01 2023-03-30 06825341 core:CurrentFinancialInstruments 2022-04-01 2023-03-30 06825341 core:Non-currentFinancialInstruments 2022-04-01 2023-03-30 06825341 bus:OrdinaryShareClass1 2022-04-01 2023-03-30 06825341 bus:OrdinaryShareClass1 2021-09-30 2022-03-31 06825341 bus:OrdinaryShareClass2 2022-04-01 2023-03-30 06825341 bus:OrdinaryShareClass2 2021-09-30 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 06825341 (England and Wales)

TRITON GALLERIES (DEVON) LIMITED

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

TRITON GALLERIES (DEVON) LIMITED

Unaudited Financial Statements

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

Contents

TRITON GALLERIES (DEVON) LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 March 2023
TRITON GALLERIES (DEVON) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 March 2023
Note 30.03.2023 31.03.2022
£ £
Fixed assets
Tangible assets 4 7,860 9,848
Investments 5 200 200
8,060 10,048
Current assets
Stocks 125,000 215,000
Debtors 6 253,219 217,846
Cash at bank and in hand 7 2,146 280
380,365 433,126
Creditors: amounts falling due within one year 8 ( 543,720) ( 643,160)
Net current liabilities (163,355) (210,034)
Total assets less current liabilities (155,295) (199,986)
Creditors: amounts falling due after more than one year 9 ( 21,511) ( 31,778)
Net liabilities ( 176,806) ( 231,764)
Capital and reserves
Called-up share capital 10 1,100 1,100
Profit and loss account ( 177,906 ) ( 232,864 )
Total shareholders' deficit ( 176,806) ( 231,764)

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 (Devon) Limited (registered number: 06825341) 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 (DEVON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 April 2022 to 30 March 2023
TRITON GALLERIES (DEVON) 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 (Devon) 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 26 Torwood Street, Torquay, TQ1 1EB.

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.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

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.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial period. Differences between contributions payable in the financial period and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life of 10 years.

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
Vehicles 25 % reducing balance
Fixtures and fittings 20 % reducing balance

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

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 7 5

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2022 180,000 180,000
At 30 March 2023 180,000 180,000
Accumulated amortisation
At 01 April 2022 180,000 180,000
At 30 March 2023 180,000 180,000
Net book value
At 30 March 2023 0 0
At 31 March 2022 0 0

4. Tangible assets

Leasehold improve-
ments
Vehicles Fixtures and fittings Total
£ £ £ £
Cost
At 01 April 2022 86,829 15,000 115,163 216,992
At 30 March 2023 86,829 15,000 115,163 216,992
Accumulated depreciation
At 01 April 2022 86,829 14,654 105,661 207,144
Charge for the financial period 0 87 1,901 1,988
At 30 March 2023 86,829 14,741 107,562 209,132
Net book value
At 30 March 2023 0 259 7,601 7,860
At 31 March 2022 0 346 9,502 9,848

5. Fixed asset investments

Investments in subsidiaries

30.03.2023
£
Cost
At 01 April 2022 90,100
At 30 March 2023 90,100
Provisions for impairment
At 01 April 2022 89,900
At 30 March 2023 89,900
Carrying value at 30 March 2023 200
Carrying value at 31 March 2022 200

6. Debtors

30.03.2023 31.03.2022
£ £
Amounts owed by own subsidiaries 38,899 38,899
Amounts owed by director 0 84,568
Other debtors 214,320 94,379
253,219 217,846

7. Cash and cash equivalents

30.03.2023 31.03.2022
£ £
Cash at bank and in hand 2,146 280
Less: Bank overdrafts ( 8,621) ( 116,801)
(6,475) (116,521)

8. Creditors: amounts falling due within one year

30.03.2023 31.03.2022
£ £
Bank loans and overdrafts (secured) 18,776 126,689
Trade creditors 39,764 14,871
Amounts owed to own subsidiaries 108,383 156,200
Amounts owed to director 96,192 0
Accruals 18,230 16,440
Taxation and social security 97,633 177,155
Other creditors 164,742 151,805
543,720 643,160

Bank loans and overdrafts are secured by way of a fixed and floating charge against the company's assets.

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

30.03.2023 31.03.2022
£ £
Bank loans (secured) 21,511 31,778

Bank loans and overdrafts are secured by way of a fixed and floating charge against the company's assets

10. Called-up share capital

30.03.2023 31.03.2022
£ £
Allotted, called-up and fully-paid
550 Ordinary A shares of £ 1.00 each 550 550
550 Ordinary B shares of £ 1.00 each 550 550
1,100 1,100

11. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

30.03.2023 31.03.2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 3,502 790

12. 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, creditor (154,735) (142,579)
Surridge Galleries Limited, a company under common control, debtor 214,320 76,565

Transactions with the entity's director

30.03.2023 31.03.2022
£ £
Amounts owed to the director (2022: owed by the director) (96,192) 84,568

Interest is charged at 2% on overdrawn amounts and there are no fixed repayment terms.