Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31Art gallery2023-01-01false11falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 04862511 2023-01-01 2023-12-31 04862511 2022-01-01 2022-12-31 04862511 2023-12-31 04862511 2022-12-31 04862511 c:Director1 2023-01-01 2023-12-31 04862511 d:Buildings 2023-01-01 2023-12-31 04862511 d:Buildings 2023-12-31 04862511 d:Buildings 2022-12-31 04862511 d:Buildings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04862511 d:FurnitureFittings 2023-01-01 2023-12-31 04862511 d:FurnitureFittings 2023-12-31 04862511 d:FurnitureFittings 2022-12-31 04862511 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04862511 d:OfficeEquipment 2023-01-01 2023-12-31 04862511 d:OfficeEquipment 2023-12-31 04862511 d:OfficeEquipment 2022-12-31 04862511 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04862511 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04862511 d:Goodwill 2023-01-01 2023-12-31 04862511 d:Goodwill 2023-12-31 04862511 d:Goodwill 2022-12-31 04862511 d:CurrentFinancialInstruments 2023-12-31 04862511 d:CurrentFinancialInstruments 2022-12-31 04862511 d:Non-currentFinancialInstruments 2023-12-31 04862511 d:Non-currentFinancialInstruments 2022-12-31 04862511 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 04862511 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 04862511 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 04862511 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 04862511 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 04862511 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 04862511 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 04862511 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 04862511 d:ShareCapital 2023-12-31 04862511 d:ShareCapital 2022-12-31 04862511 d:RetainedEarningsAccumulatedLosses 2023-12-31 04862511 d:RetainedEarningsAccumulatedLosses 2022-12-31 04862511 c:FRS102 2023-01-01 2023-12-31 04862511 c:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 04862511 c:FullAccounts 2023-01-01 2023-12-31 04862511 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04862511 d:Goodwill d:OwnedIntangibleAssets 2023-01-01 2023-12-31 04862511 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 04862511










THE GALLERY HOLT LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
THE GALLERY HOLT LTD
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THE GALLERY HOLT LTD
FOR THE YEAR ENDED 31 DECEMBER 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Gallery Holt Ltd for the year ended 31 December 2023 which comprise  the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the director of The Gallery Holt Ltd in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of The Gallery Holt Ltd and state those matters that we have agreed to state to the director of The Gallery Holt Ltd in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Gallery Holt Ltd and its director for our work or for this report. 

It is your duty to ensure that The Gallery Holt Ltd 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 profit of The Gallery Holt Ltd. You consider that The Gallery Holt Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of The Gallery Holt Ltd. 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.

  



MA Partners LLP
 
Chartered Accountants
  
12 Church Street
Cromer
Norfolk
NR27 9ER
18 September 2024
Page 1

 
THE GALLERY HOLT LTD
REGISTERED NUMBER: 04862511

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
-
627

Tangible assets
 5 
141,602
145,882

  
141,602
146,509

Current assets
  

Cash at bank and in hand
 6 
508
5,229

  
508
5,229

Creditors: amounts falling due within one year
 7 
(63,034)
(48,693)

Net current liabilities
  
 
 
(62,526)
 
 
(43,464)

Total assets less current liabilities
  
79,076
103,045

Creditors: amounts falling due after more than one year
 8 
(4,532)
(7,465)

  

Net assets
  
74,544
95,580


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
74,444
95,480

  
74,544
95,580


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 September 2024.
Page 2

 
THE GALLERY HOLT LTD
REGISTERED NUMBER: 04862511
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023


Adrian Hill
Director

The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
THE GALLERY HOLT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The Company is a United Kingdom company limited by shares.  It is both incorporated and domiciled in England and Wales.  The address of its registered office is 23 Lees Yard, Holt, Norfolk, NR25 6HS.
The company's principle activity is that of a art gallery.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 4

 
THE GALLERY HOLT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.7

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Income and Retained Earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 5

 
THE GALLERY HOLT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
2% straight line
Fixtures and fittings
-
25% reducing balance
Office equipment
-
33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Cash and cash equivalents

Cash is represented by 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.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets
Page 6

 
THE GALLERY HOLT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.11
Financial instruments (continued)


Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the
Page 7

 
THE GALLERY HOLT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.11
Financial instruments (continued)

payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).

Page 8

 
THE GALLERY HOLT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets




Goodwill

£



Cost


At 1 January 2023
18,800



At 31 December 2023

18,800



Amortisation


At 1 January 2023
18,173


Charge for the year on owned assets
627



At 31 December 2023

18,800



Net book value



At 31 December 2023
-



At 31 December 2022
627



Page 9

 
THE GALLERY HOLT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Freehold property
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
213,425
3,734
8,194
225,353



At 31 December 2023

213,425
3,734
8,194
225,353



Depreciation


At 1 January 2023
67,585
3,694
8,193
79,472


Charge for the year on owned assets
4,269
10
-
4,279



At 31 December 2023

71,854
3,704
8,193
83,751



Net book value



At 31 December 2023
141,571
30
1
141,602



At 31 December 2022
145,840
40
2
145,882


6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
508
5,229

508
5,229



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
2,935
2,862

Corporation tax
1,933
10,332

Other creditors
58,166
35,499

63,034
48,693


Page 10

 
THE GALLERY HOLT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
4,532
7,465

4,532
7,465



9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
2,935
2,862


2,935
2,862

Amounts falling due 1-2 years

Bank loans
3,009
2,935


3,009
2,935

Amounts falling due 2-5 years

Bank loans
1,523
4,530


1,523
4,530


7,467
10,327



10.


Related party transactions

The director is also a director and shareholder of Adrian Hill Fine Art Ltd.  During the year Adrian Hill Fine Art Ltd collected income on behalf of The Gallery Holt Ltd of £163,043 (2022 £127,266) and made payments on behalf of The Gallery Holt Ltd of £135,571 (2022 £63,613).  At the year end The Gallery Holt Ltd owed Adrian Hill Fine Art Ltd £55,603 (2022 £23,603).

 
Page 11