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REGISTERED NUMBER: OC389280 (England and Wales)












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: Mr N J Letchford
Mr D R Hoyland





REGISTERED OFFICE: 270-276 Kingsland Road
London
E8 4DG





REGISTERED NUMBER: OC389280 (England and Wales)





ACCOUNTANTS: Raffingers LLP
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:

Mr N J Letchford
Mr D R Hoyland

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Capital injected by members is intended to be on a long term basis and will not be withdrawn unless it is surplus to the requirements of the business.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:




...............................................................................
Mr N J Letchford - Designated member


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.






Raffingers LLP
Chartered Certified Accountants
19-20 Bourne Court
Southend Road
Woodford Green
Essex
IG8 8HD


26 July 2024

SEVENTEEN GALLERY LLP (REGISTERED NUMBER: OC389280)

ABRIDGED INCOME STATEMENT
for the year ended 31 October 2023

2023 2022
Notes £    £   

GROSS PROFIT 49,790 86,702

Administrative expenses (98,095 ) (67,353 )
OPERATING (LOSS)/PROFIT 4 (48,305 ) 19,349

Interest receivable and similar income 35 3
(48,270 ) 19,352

Interest payable and similar expenses (3,703 ) (1,617 )
(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


(121,973


)


17,735

SEVENTEEN GALLERY LLP (REGISTERED NUMBER: OC389280)

ABRIDGED BALANCE SHEET
31 October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 7 707 943

CURRENT ASSETS
Debtors 125,644 100,606
Cash at bank 56,246 83,027
181,890 183,633
CREDITORS
Amounts falling due within one year 158,430 108,196
NET CURRENT ASSETS 23,460 75,437
TOTAL ASSETS LESS CURRENT
LIABILITIES

24,167

76,380

CREDITORS
Amounts falling due after more than one year 24,167 34,203
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 LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 October 2023.

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 have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 October 2023 in accordance with Section 444(2A) of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

The financial statements were approved by the members of the LLP and authorised for issue on 26 July 2024 and were signed by:





Mr N J Letchford - Designated member

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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Office equipment - 25% on reducing balance

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 1 (2022 - NIL ) .

4. OPERATING (LOSS)/PROFIT

The operating loss (2022 - operating profit) is stated after charging:

2023 2022
£    £   
Depreciation - owned assets 236 314

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 3,377
DEPRECIATION
At 1 November 2022 2,434
Charge for year 236
At 31 October 2023 2,670
NET BOOK VALUE
At 31 October 2023 707
At 31 October 2022 943

8. LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members are unsecured.