Silverfin false false 31/01/2024 01/02/2023 31/01/2024 A Gellatly 08/01/2001 18 October 2024 The principal activity of the Company during the financial year was editorial and writing work. 04137229 2024-01-31 04137229 bus:Director1 2024-01-31 04137229 2023-01-31 04137229 core:CurrentFinancialInstruments 2024-01-31 04137229 core:CurrentFinancialInstruments 2023-01-31 04137229 core:ShareCapital 2024-01-31 04137229 core:ShareCapital 2023-01-31 04137229 core:RetainedEarningsAccumulatedLosses 2024-01-31 04137229 core:RetainedEarningsAccumulatedLosses 2023-01-31 04137229 core:OtherPropertyPlantEquipment 2023-01-31 04137229 core:OtherPropertyPlantEquipment 2024-01-31 04137229 2023-02-01 2024-01-31 04137229 bus:FilletedAccounts 2023-02-01 2024-01-31 04137229 bus:SmallEntities 2023-02-01 2024-01-31 04137229 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 04137229 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 04137229 bus:Director1 2023-02-01 2024-01-31 04137229 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-02-01 2024-01-31 04137229 2022-02-01 2023-01-31 04137229 core:OtherPropertyPlantEquipment 2023-02-01 2024-01-31 iso4217:GBP xbrli:pure

Company No: 04137229 (England and Wales)

J K GALLERIES LTD

Unaudited Financial Statements
For the financial year ended 31 January 2024
Pages for filing with the registrar

J K GALLERIES LTD

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

J K GALLERIES LTD

BALANCE SHEET

As at 31 January 2024
J K GALLERIES LTD

BALANCE SHEET (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 280 560
280 560
Current assets
Debtors 4 9,226 11,110
Cash at bank and in hand 2,216 8,413
11,442 19,523
Creditors: amounts falling due within one year 5 ( 25,480) ( 25,989)
Net current liabilities (14,038) (6,466)
Total assets less current liabilities (13,758) (5,906)
Net liabilities ( 13,758) ( 5,906)
Capital and reserves
Called-up share capital 2 2
Profit and loss account ( 13,760 ) ( 5,908 )
Total shareholder's deficit ( 13,758) ( 5,906)

For the financial year ending 31 January 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of J K Galleries Ltd (registered number: 04137229) were approved and authorised for issue by the Director on 18 October 2024. They were signed on its behalf by:

A Gellatly
Director
J K GALLERIES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
J K GALLERIES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

J K Galleries Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Butlers Cottage Butlers Cottage, Adhurst St Mary, Sheet, Adhurst St Mary, Petersfield, GU31 5AD, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.
Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Plant and machinery etc. 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 February 2023 8,488 8,488
At 31 January 2024 8,488 8,488
Accumulated depreciation
At 01 February 2023 7,928 7,928
Charge for the financial year 280 280
At 31 January 2024 8,208 8,208
Net book value
At 31 January 2024 280 280
At 31 January 2023 560 560

4. Debtors

2024 2023
£ £
Corporation tax 1,338 1,283
Other debtors 7,888 9,827
9,226 11,110

5. Creditors: amounts falling due within one year

2024 2023
£ £
Other creditors 25,480 25,989