Company registration number 01164474 (England and Wales)
JILL GEORGE GALLERY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
JILL GEORGE GALLERY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
JILL GEORGE GALLERY LIMITED (REGISTERED NUMBER: 01164474)
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Stocks
8,268
8,268
Debtors
4
125,129
125,523
Cash at bank and in hand
3,215
5,776
136,612
139,567
Creditors: amounts falling due within one year
5
(123,963)
(114,025)
Net current assets
12,649
25,542
Creditors: amounts falling due after more than one year
6
(8,656)
(16,706)
Net assets
3,993
8,836
Capital and reserves
Called up share capital
7
65,000
65,000
Profit and loss reserves
(61,007)
(56,164)
Total equity
3,993
8,836
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 8 August 2024
Ms J George
Director
JILL GEORGE GALLERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Jill George Gallery Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4th Floor, 399-401 Strand, London, United Kingdom, WC2R 0LT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
15% on cost
Computer equipment
33% on cost
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.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
JILL GEORGE GALLERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
3
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
1,187
3,141
4,328
Depreciation and impairment
At 1 January 2023 and 31 December 2023
1,187
3,141
4,328
Carrying amount
At 31 December 2023
At 31 December 2022
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
123,028
124,057
Other debtors
2,101
1,466
125,129
125,523
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
17,206
3,158
Trade creditors
28,893
39,197
Taxation and social security
1,244
2,584
Other creditors
76,620
69,086
123,963
114,025
JILL GEORGE GALLERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
8,656
12,706
Other creditors
4,000
8,656
16,706
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
38,000
38,000
38,000
38,000
Ordinary B of £1 each
27,000
27,000
27,000
27,000
65,000
65,000
65,000
65,000
The holders of Ordinary A shares shall be entitled to receive notice of and to attend any General Meeting of the Company and shall be entitled to one vote for every share held.
The holders of Ordinary B shares shall be entitled to receive notice of and to attend any General Meeting of the company and shall not be entitled to any voting rights.
The Ordinary A and Ordinary B shares shall rank pari passu in respect of dividends.
8
Financial commitments, guarantees and contingent liabilities
During 2020, the company borrowed £20,000 from its bankers for a bounce back loan. As part of its loan scheme the UK government has guaranteed the advance and will pay the interest and fees due for the first 12 months. As at the balance sheet date, the outstanding balance is £11,813.