Registration number:
Michael Hoppen Gallery Ltd
for the Year Ended 31 July 2023
Michael Hoppen Gallery Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Michael Hoppen Gallery Ltd
Company Information
Directors |
Mr M S Hoppen Ms A S Hoppen |
Registered office |
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Accountants |
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Michael Hoppen Gallery Ltd
(Registration number: 03790682)
Balance Sheet as at 31 July 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Other financial assets |
690,801 |
684,335 |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
1,113 |
1,113 |
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Capital redemption reserve |
7 |
7 |
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Retained earnings |
7,719,684 |
7,279,820 |
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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:
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• |
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
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Michael Hoppen Gallery Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 August 2022 |
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At 31 July 2023 |
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Depreciation |
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At 1 August 2022 |
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Charge for the year |
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At 31 July 2023 |
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Carrying amount |
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At 31 July 2023 |
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At 31 July 2022 |
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Michael Hoppen Gallery Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023
Other financial assets (current and non-current) |
Financial assets at fair value through profit and loss |
Total |
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Current financial assets |
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Valuation |
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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 |
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At 31 July 2023 |
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690,801 |
Stocks |
2023 |
2022 |
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Finished goods and goods for resale |
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Debtors |
Current |
2023 |
2022 |
Trade debtors |
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Prepayments |
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Other debtors |
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Michael Hoppen Gallery Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023
Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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1,000 |
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1,000 |
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1 |
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1 |
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28 |
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28 |
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28 |
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28 |
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28 |
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28 |
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28 |
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28 |
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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 |
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Not later than one year |
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Later than one year and not later than five years |
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Later than five years |
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Related party transactions |
At the year end, the director, Mr M S Hoppen owed £459,448 (2022: £459,448) to the company.