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COMPANY REGISTRATION NUMBER: 6765400
SIMS REED GALLERY LIMITED
Filleted Unaudited Financial Statements
31 December 2023
SIMS REED GALLERY LIMITED
Chartered Certified Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of SIMS REED GALLERY LIMITED
Year ended 31 December 2023
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 31 December 2023, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
WHITEFIELD & CO Chartered Certified Accountants
8 Wolsey Mansions Main Avenue Moor Park Middlesex HA6 2HL
29 October 2024
SIMS REED GALLERY LIMITED
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
629
841
Current assets
Stocks
172,048
305,367
Debtors
6
498,132
470,467
Cash at bank and in hand
824
824
---------
---------
671,004
776,658
Creditors: amounts falling due within one year
7
493,071
497,458
---------
---------
Net current assets
177,933
279,200
---------
---------
Total assets less current liabilities
178,562
280,041
Creditors: amounts falling due after more than one year
8
93,465
Provisions
Taxation including deferred tax
119
159
---------
---------
Net assets
178,443
186,417
---------
---------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
177,443
185,417
---------
---------
Shareholders funds
178,443
186,417
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
SIMS REED GALLERY LIMITED
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 29 October 2024 , and are signed on behalf of the board by:
Mr Max Reed
Director
Company registration number: 6765400
SIMS REED GALLERY LIMITED
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 8 Wolsey Mansions, Main Avenue, Moor Park, Middlesex, HA6 2HL.
2. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
25% reducing balance
Fixtures & Fittings
-
15% reducing balance
Equipment
-
33% reducing balance
3. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 3 ).
4. Tax on loss
Major components of tax income
2023
2022
£
£
Deferred tax:
Origination and reversal of timing differences
( 40)
( 56)
----
----
Tax on loss
( 40)
( 56)
----
----
5. Tangible assets
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 January 2023 and 31 December 2023
7,880
820
5,172
13,872
-------
----
-------
--------
Depreciation
At 1 January 2023
7,435
655
4,941
13,031
Charge for the year
111
25
76
212
-------
----
-------
--------
At 31 December 2023
7,546
680
5,017
13,243
-------
----
-------
--------
Carrying amount
At 31 December 2023
334
140
155
629
-------
----
-------
--------
At 31 December 2022
445
165
231
841
-------
----
-------
--------
6. Debtors
2023
2022
£
£
Trade debtors
56,250
49,100
Other debtors
441,882
421,367
---------
---------
498,132
470,467
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
99,755
56,131
Trade creditors
336,909
377,756
Corporation tax
7,229
8,729
Social security and other taxes
12,141
15,780
Other creditors
37,037
39,062
---------
---------
493,071
497,458
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
93,465
----
--------
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
119
159
----
----