REGISTERED NUMBER: |
REPORT OF THE MEMBERS AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
FOR |
SEVENTEEN GALLERY LLP |
REGISTERED NUMBER: |
REPORT OF THE MEMBERS AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
FOR |
SEVENTEEN GALLERY LLP |
SEVENTEEN GALLERY LLP (REGISTERED NUMBER: OC389280) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 October 2023 |
Page |
General Information | 1 |
Report of the Members | 2 |
Chartered Certified Accountants' Report | 3 |
Abridged Income Statement | 4 |
Abridged Balance Sheet | 5 |
Notes to the Financial Statements | 7 |
SEVENTEEN GALLERY LLP |
GENERAL INFORMATION |
for the year ended 31 October 2023 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
19-20 Bourne Court |
Southend Road |
Woodford Green |
Essex |
IG8 8HD |
SEVENTEEN GALLERY LLP (REGISTERED NUMBER: OC389280) |
REPORT OF THE MEMBERS |
for the year ended 31 October 2023 |
The members present their report with the financial statements of the LLP for the year ended 31 October 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the LLP in the year under review was that of operation of arts facilities. |
DESIGNATED MEMBERS |
The designated members during the year under review were: |
RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
The loss for the year before members' remuneration and profit shares was £51,973 (2022 - £17,735 profit). |
MEMBERS' INTERESTS |
Members' drawings policy |
The LLP has a conservative drawings policy, which is subject to the requirements of the business and of regulatory requirements. |
Members remuneration |
The members have determined their remuneration with regard to the performance of the LLP and this is reviewed annually. |
Members' capital policy |
Capital injected by members is intended to be on a long term basis and will not be withdrawn unless it is surplus to the requirements of the business. Any loan accounts are intended to be working capital repayable as appropriate to the needs of the LLP. |
ON BEHALF OF THE MEMBERS: |
............................................................................... |
Date: ............................................. |
CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE MEMBERS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
SEVENTEEN GALLERY LLP |
In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the financial statements of Seventeen Gallery LLP for the year ended 31 October 2023 which comprise the Abridged Income Statement, Abridged Balance Sheet and the related notes from the LLP's accounting records and from information and explanations you have given us. |
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook. |
This report is made solely to the members of Seventeen Gallery LLP, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Seventeen Gallery LLP and state those matters that we have agreed to state to the members of Seventeen Gallery LLP, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and its members, as a body, for our work or for this report. |
It is your duty to ensure that Seventeen Gallery LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Seventeen Gallery LLP. You consider that Seventeen Gallery LLP is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Seventeen Gallery LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Chartered Certified Accountants |
19-20 Bourne Court |
Southend Road |
Woodford Green |
Essex |
IG8 8HD |
SEVENTEEN GALLERY LLP (REGISTERED NUMBER: OC389280) |
ABRIDGED INCOME STATEMENT |
for the year ended 31 October 2023 |
2023 | 2022 |
Notes | £ | £ |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
OPERATING (LOSS)/PROFIT | 4 | ( |
) |
Interest receivable and similar income |
(48,270 | ) | 19,352 |
Interest payable and similar expenses | ( |
) | ( |
) |
(LOSS)/PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES |
(51,973 |
) |
17,735 |
(LOSS)/PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES |
(51,973 |
) |
17,735 |
Members' remuneration charged as an expense | 6 | (70,000 | ) | - |
(LOSS)/PROFIT FOR THE FINANCIAL YEAR AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
( |
) |
SEVENTEEN GALLERY LLP (REGISTERED NUMBER: OC389280) |
ABRIDGED BALANCE SHEET |
31 October 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 7 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
- |
42,177 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
8 |
- |
42,177 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 8 | - | 42,177 |
Amounts due from members | (90,433 | ) | (17,687 | ) |
(90,433 | ) | 24,490 |
The members acknowledge their responsibilities for: |
(a) | ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the LLP 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 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP. |
SEVENTEEN GALLERY LLP (REGISTERED NUMBER: OC389280) |
ABRIDGED BALANCE SHEET - continued |
31 October 2023 |
The financial statements were approved by the members of the LLP and authorised for issue on |
SEVENTEEN GALLERY LLP (REGISTERED NUMBER: OC389280) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 October 2023 |
1. | STATUTORY INFORMATION |
Seventeen Gallery LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The accounts have been prepared on the going concern basis as the members are of the opinion that the company will meet its liabilities as and when due, due to the continued support of the members. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Fixtures and fittings | - |
Office equipment | - |
Loans and borrowings |
Loans and borrowings are initially recognised at the transaction price including transactions costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment |
Short term debtors and creditors |
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was |
4. | OPERATING (LOSS)/PROFIT |
The operating loss (2022 - operating profit) is stated after charging: |
2023 | 2022 |
£ | £ |
Depreciation - owned assets |
5. | EXCEPTIONAL ITEMS |
2023 | 2022 |
£ | £ |
Inter-company loan written off | - | 1,100 |
SEVENTEEN GALLERY LLP (REGISTERED NUMBER: OC389280) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2023 |
In the previous year, intercompany balance of £1,100 to Seventeen Gallery Partnership has been written off on cessation of the partnership as of 31.10.2013. |
6. | INFORMATION IN RELATION TO MEMBERS |
2023 | 2022 |
£ | £ |
Members' remuneration charged as an expense |
Partners' salaries | 70,000 | - |
7. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 November 2022 |
and 31 October 2023 |
DEPRECIATION |
At 1 November 2022 |
Charge for year |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
8. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
Loans and other debts due to members are unsecured. |