2023-05-012024-04-302024-04-30false07570488CORNWALL ART GALLERIES 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CORNWALL ART GALLERIES LIMITED

Registered Number
07570488
(England and Wales)

Unaudited Financial Statements for the Year ended
30 April 2024

CORNWALL ART GALLERIES LIMITED
Company Information
for the year from 1 May 2023 to 30 April 2024

Director

TREVORROW, Natalie Emma

Registered Address

11a Kimberley Park Road
Falmouth
TR11 2DA

Registered Number

07570488 (England and Wales)
CORNWALL ART GALLERIES LIMITED
Balance Sheet as at
30 April 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets327,14029,325
27,14029,325
Current assets
Stocks458,87440,973
Debtors52,8913,099
Current asset investments650,00050,000
Cash at bank and on hand46,25634,740
158,021128,812
Creditors amounts falling due within one year7(69,732)(59,039)
Net current assets (liabilities)88,28969,773
Total assets less current liabilities115,42999,098
Creditors amounts falling due after one year8(4,565)(11,566)
Provisions for liabilities10(5,157)(5,572)
Net assets105,70781,960
Capital and reserves
Called up share capital1010
Profit and loss account105,69781,950
Shareholders' funds105,70781,960
The financial statements were approved and authorised for issue by the Director on 6 August 2024, and are signed on its behalf by:
TREVORROW, Natalie Emma
Director
Registered Company No. 07570488
CORNWALL ART GALLERIES LIMITED
Notes to the Financial Statements
for the year ended 30 April 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)Straight line (years)
Land and buildings-4
Plant and machinery-5
Fixtures and fittings-5
Vehicles10-
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

20242023
Average number of employees during the year44
3.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Total

£££££
Cost or valuation
At 01 May 232,4131,57030,88311,29346,159
Additions-1,538--1,538
At 30 April 242,4133,10830,88311,29347,697
Depreciation and impairment
At 01 May 232,4131,1183,08810,21516,834
Charge for year-6222,7793223,723
At 30 April 242,4131,7405,86710,53720,557
Net book value
At 30 April 24-1,36825,01675627,140
At 30 April 23-45227,7951,07829,325
4.Stocks

2024

2023

££
Other stocks58,87440,973
Total58,87440,973
5.Debtors: amounts due within one year

2024

2023

££
Prepayments and accrued income2,8913,099
Total2,8913,099
6.Current asset investments
7.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables9,8098,809
Bank borrowings and overdrafts4,1014,101
Taxation and social security17,2796,866
Finance lease and HP contracts3,0009,000
Other creditors32,81027,619
Accrued liabilities and deferred income2,7332,644
Total69,73259,039
8.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts4,5658,566
Other creditors-3,000
Total4,56511,566
9.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts-3,000
10.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)5,1575,572
Total5,1575,572