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REGISTERED NUMBER: 09882592 (England and Wales)

















Unaudited Financial Statements

For The Year Ended 30 November 2023

for

Apollo Galleries Ltd

Apollo Galleries Ltd (Registered number: 09882592)

Contents of the Financial Statements
For The Year Ended 30 November 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Apollo Galleries Ltd

Company Information
For The Year Ended 30 November 2023







DIRECTOR: I Bonchev





REGISTERED OFFICE: 10-12 Mulberry Green
Old Harlow
Essex
CM17 0ET





REGISTERED NUMBER: 09882592 (England and Wales)





ACCOUNTANTS: Giess Wallis Crisp LLP
10-12 Mulberry Green
Old Harlow
Essex
CM17 0ET

Apollo Galleries Ltd (Registered number: 09882592)

Statement of Financial Position
30 November 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 8,912 11,893
8,912 11,893

CURRENT ASSETS
Stocks 6 729,200 1,116,233
Debtors 7 10,125 6,445
Cash at bank and in hand 52,682 110,429
792,007 1,233,107
CREDITORS
Amounts falling due within one year 8 492,469 594,899
NET CURRENT ASSETS 299,538 638,208
TOTAL ASSETS LESS CURRENT
LIABILITIES

308,450

650,101

CREDITORS
Amounts falling due after more than one
year

9

(15,862

)

(25,587

)

PROVISIONS FOR LIABILITIES 11 (2,228 ) (2,276 )
NET ASSETS 290,360 622,238

CAPITAL AND RESERVES
Called up share capital 12 100 100
Retained earnings 290,260 622,138
SHAREHOLDERS' FUNDS 290,360 622,238

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company 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 relating to financial statements, so far as applicable to the company.

Apollo Galleries Ltd (Registered number: 09882592)

Statement of Financial Position - continued
30 November 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 August 2024 and were signed by:





I Bonchev - Director


Apollo Galleries Ltd (Registered number: 09882592)

Notes to the Financial Statements
For The Year Ended 30 November 2023


1. STATUTORY INFORMATION

Apollo Galleries Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on ·an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

There are no estimates and assumptions which have had a significant risk of causing a material adjustment to the carrying amount of assets and liabilities

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill costing £10,000 has been fully amortised.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 - 33% on cost
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Apollo Galleries Ltd (Registered number: 09882592)

Notes to the Financial Statements - continued
For The Year Ended 30 November 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11:'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues ' of FRS 102 to all of its financial instruments

The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities such as trade debtors and creditors.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors
Short terms debtors are measured at transaction price, less any impairment.

Cash and cash equivalents
Cash is represented by current accounts, cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Short term creditors are measured at the transaction price.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 11 ) .

Apollo Galleries Ltd (Registered number: 09882592)

Notes to the Financial Statements - continued
For The Year Ended 30 November 2023


4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 December 2022
and 30 November 2023 10,000
AMORTISATION
At 1 December 2022
and 30 November 2023 10,000
NET BOOK VALUE
At 30 November 2023 -
At 30 November 2022 -

5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 December 2022 53,180 16,892 70,072
Additions 6,527 2,651 9,178
At 30 November 2023 59,707 19,543 79,250
DEPRECIATION
At 1 December 2022 46,137 12,042 58,179
Charge for year 8,388 3,771 12,159
At 30 November 2023 54,525 15,813 70,338
NET BOOK VALUE
At 30 November 2023 5,182 3,730 8,912
At 30 November 2022 7,043 4,850 11,893

6. STOCKS
2023 2022
£    £   
Stocks 729,200 1,116,233

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Prepayments and accrued income 10,125 6,445

Apollo Galleries Ltd (Registered number: 09882592)

Notes to the Financial Statements - continued
For The Year Ended 30 November 2023


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 10) 10,780 10,934
Amounts owed to group undertakings 450,416 494,620
Tax - 65,506
Social security and other taxes 6,535 3,524
VAT 6,330 1,215
Directors' current accounts 3,699 3,699
Accrued expenses 14,709 15,401
492,469 594,899

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans (see note 10) 15,862 25,587

10. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 10,780 10,934

Amounts falling due between one and two years:
Bank loans - 1-2 years 15,862 21,868

Amounts falling due between two and five years:
Bank loans - 2-5 years - 3,719

11. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 2,228 2,276

Deferred
tax
£   
Balance at 1 December 2022 2,276
Credit to Statement of Income and Retained Earnings during year (48 )
Balance at 30 November 2023 2,228

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

Apollo Galleries Ltd (Registered number: 09882592)

Notes to the Financial Statements - continued
For The Year Ended 30 November 2023


13. ULTIMATE CONTROLLING PARTY

The controlling party is Pax Romana Holdings Ltd..