IRIS Accounts Production v24.2.0.383 04599077 Board of Directors 1.7.23 30.6.24 30.6.24 0 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh045990772023-06-30045990772024-06-30045990772023-07-012024-06-30045990772022-06-30045990772022-07-012023-06-30045990772023-06-3004599077ns15:EnglandWales2023-07-012024-06-3004599077ns14:PoundSterling2023-07-012024-06-3004599077ns10:Director12023-07-012024-06-3004599077ns10:PrivateLimitedCompanyLtd2023-07-012024-06-3004599077ns10:SmallEntities2023-07-012024-06-3004599077ns10:AuditExempt-NoAccountantsReport2023-07-012024-06-3004599077ns10:SmallCompaniesRegimeForDirectorsReport2023-07-012024-06-3004599077ns10:SmallCompaniesRegimeForAccounts2023-07-012024-06-3004599077ns10:FullAccounts2023-07-012024-06-3004599077ns10:Director22023-07-012024-06-3004599077ns10:Director32023-07-012024-06-3004599077ns10:CompanySecretary12023-07-012024-06-3004599077ns10:RegisteredOffice2023-07-012024-06-3004599077ns5:CurrentFinancialInstruments2024-06-3004599077ns5:CurrentFinancialInstruments2023-06-3004599077ns5:ShareCapital2024-06-3004599077ns5:ShareCapital2023-06-3004599077ns5:RetainedEarningsAccumulatedLosses2024-06-3004599077ns5:RetainedEarningsAccumulatedLosses2023-06-3004599077ns5:PlantMachinery2023-07-012024-06-3004599077ns5:MotorVehicles2023-07-012024-06-3004599077ns5:ComputerEquipment2023-07-012024-06-3004599077ns5:PlantMachinery2023-06-3004599077ns5:MotorVehicles2023-06-3004599077ns5:ComputerEquipment2023-06-3004599077ns5:PlantMachinery2024-06-3004599077ns5:MotorVehicles2024-06-3004599077ns5:ComputerEquipment2024-06-3004599077ns5:PlantMachinery2023-06-3004599077ns5:MotorVehicles2023-06-3004599077ns5:ComputerEquipment2023-06-3004599077ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-06-3004599077ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-06-30
REGISTERED NUMBER: 04599077 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

FOR

GALLERY FURNITURE SYSTEMS LTD.

GALLERY FURNITURE SYSTEMS LTD. (REGISTERED NUMBER: 04599077)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GALLERY FURNITURE SYSTEMS LTD.

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: N Tilling
Mrs J E Tilling
M A P Veevers





SECRETARY: Mrs J E Tilling





REGISTERED OFFICE: 2 Upperton Gardens
Eastbourne
East Sussex
BN21 2AH





REGISTERED NUMBER: 04599077 (England and Wales)





ACCOUNTANTS: Xeinadin
2 Upperton Gardens
Eastbourne
East Sussex
BN21 2AH

GALLERY FURNITURE SYSTEMS LTD. (REGISTERED NUMBER: 04599077)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 77,753 105,993

CURRENT ASSETS
Stocks 75,425 67,425
Debtors 5 45,615 112,571
Cash at bank 265,649 175,659
386,689 355,655
CREDITORS
Amounts falling due within one year 6 250,047 381,041
NET CURRENT ASSETS/(LIABILITIES) 136,642 (25,386 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

214,395

80,607

PROVISIONS FOR LIABILITIES 19,345 19,345
NET ASSETS 195,050 61,262

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings 194,850 61,062
SHAREHOLDERS' FUNDS 195,050 61,262

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

GALLERY FURNITURE SYSTEMS LTD. (REGISTERED NUMBER: 04599077)

BALANCE SHEET - continued
30 JUNE 2024


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 August 2024 and were signed on its behalf by:





N Tilling - Director


GALLERY FURNITURE SYSTEMS LTD. (REGISTERED NUMBER: 04599077)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

Gallery Furniture Systems 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.

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.
Plant and machinery - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - Straight line over 3 years

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

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 NIL (2023 - 18 ).

GALLERY FURNITURE SYSTEMS LTD. (REGISTERED NUMBER: 04599077)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 July 2023 581,712 61,250 6,852 649,814
Disposals (171,660 ) - - (171,660 )
At 30 June 2024 410,052 61,250 6,852 478,154
DEPRECIATION
At 1 July 2023 498,813 38,156 6,852 543,821
Charge for year 15,108 5,773 - 20,881
Eliminated on disposal (164,301 ) - - (164,301 )
At 30 June 2024 349,620 43,929 6,852 400,401
NET BOOK VALUE
At 30 June 2024 60,432 17,321 - 77,753
At 30 June 2023 82,899 23,094 - 105,993

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 6,117 61,287
Amounts owed by group undertakings - 92
Prepayments 39,498 51,192
45,615 112,571

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 72,609 169,773
Tax 99,489 122,719
VAT 53,939 70,709
Accrued expenses 24,010 17,840
250,047 381,041