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Company No: 12987998 (England and Wales)

JC GALLERY LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

JC GALLERY LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

JC GALLERY LIMITED

BALANCE SHEET

As at 31 December 2023
JC GALLERY LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 72,743 90,084
72,743 90,084
Current assets
Stocks 4 295,543 230,968
Debtors 5 68,065 67,064
Cash at bank and in hand 50,620 6,830
414,228 304,862
Creditors: amounts falling due within one year 6 ( 1,349,563) ( 822,592)
Net current liabilities (935,335) (517,730)
Total assets less current liabilities (862,592) (427,646)
Net liabilities ( 862,592) ( 427,646)
Capital and reserves
Called-up share capital 100 100
Profit and loss account ( 862,692 ) ( 427,746 )
Total shareholder's deficit ( 862,592) ( 427,646)

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

Directors' responsibilities:

The financial statements of JC Gallery Limited (registered number: 12987998) were approved and authorised for issue by the Board of Directors on 17 April 2024. They were signed on its behalf by:

J C Ward
Director
JC GALLERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
JC GALLERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

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

General information and basis of accounting

JC Gallery Ltd (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 10 Norwich Street, London, EC4A 1BD, United Kingdom.

The financial statements have been prepared under the historical cost convention, 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

Whilst the directors acknowledge the Company has net liabilities and made a loss of £434,946 in the year, they note this is in line with their expectations given the gallery is in its early years of trading. The directors confirm that the loan supporting the business will not be recalled within at least 12 months from the date of signing the financial statements unless the Company has the funds to repay. The directors note additional funds will continue to be provided as and when is needed until the Company becomes cash generative, with funds being provided both during the year the financial statements are being prepared for and post year end as required.

Based on this, the directors have 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.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

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, with revenue being recognised on delivery.

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 Balance Sheet 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 valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property 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 3 years straight line
Office equipment 3 years straight line
Computer equipment 3 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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
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.

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 and other directly attributable costs. 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.

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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Leasehold improve-
ments
Office equipment Computer equipment Total
£ £ £ £
Cost
At 01 January 2023 106,980 6,410 10,328 123,718
At 31 December 2023 106,980 6,410 10,328 123,718
Accumulated depreciation
At 01 January 2023 25,254 4,396 3,984 33,634
Charge for the financial year 12,406 2,014 2,921 17,341
At 31 December 2023 37,660 6,410 6,905 50,975
Net book value
At 31 December 2023 69,320 0 3,423 72,743
At 31 December 2022 81,726 2,014 6,344 90,084

4. Stocks

2023 2022
£ £
Stocks 295,543 230,968

5. Debtors

2023 2022
£ £
Trade debtors 0 1,455
Other taxation and social security 12,465 677
Other debtors 55,600 64,932
68,065 67,064

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 14,263 1,722
Other creditors 1,335,300 820,870
1,349,563 822,592

7. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 82,500 75,000

8. Related party transactions

Remuneration was paid to the directors of £105,000 (2022: £105,000). The directors are the only key management personnel of the Company.

At 31 December 2023, £1,329,880 (2022: £817,370) was owed to one of the directors. The loan is interest free, repayable on demand and unsecured.

9. Ultimate controlling party

The ultimate controlling party is C D Devos Ward by virtue of their 100% shareholding.