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Registration number: 10127569

Hetzler Gallery London Limited

Unaudited Financial Statements

for the Year Ended 30 April 2024

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Hetzler Gallery London Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Unaudited Financial Statements

3 to 7

 

Hetzler Gallery London Limited

Company Information

Director

M E F Hetzler

Registered office

1st Floor
41 Dover Street
London
W1S 4NS

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Hetzler Gallery London Limited

Statement of Financial Position as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

57,446

37,086

Current assets

 

Stocks

5

445,295

12,536

Debtors

6

827,639

872,580

Cash at bank and in hand

 

663,225

1,318,514

 

1,936,159

2,203,630

Creditors: Amounts falling due within one year

7

(1,184,119)

(1,299,072)

Net current assets

 

752,040

904,558

Net assets

 

809,486

941,644

Capital and reserves

 

Called up share capital

200

200

Retained earnings

809,286

941,444

Shareholders' funds

 

809,486

941,644

For the financial year ending 30 April 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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

Approved and authorised by the director on 18 November 2024
 

.........................................

M E F Hetzler

Director

Company registration number: 10127569

 

Hetzler Gallery London Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1st Floor
41 Dover Street
London
W1S 4NS

The principal activity of the company is that of the operation of an art gallery.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.

Going concern

The company had net assets at 30 April 2024 of £809,486 including cash at bank of £663,225.

The director does not believe that current economic conditions will have a material effect on the company.

After making enquiries and taking into account the above, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly the director continues to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of consultancy services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue from the sale of artwork at the point of legal transfer of ownership to the customer. Consultancy income is recognised evenly over the period in which services are delivered.

 

Hetzler Gallery London Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives as follows:

Asset class

Depreciation method and rate

Leasehold Improvements

33% straight-line

Fittings & Equipment

33% straight-line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Hetzler Gallery London Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company during the year, was 10 (2023 - 8).

 

Hetzler Gallery London Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Leasehold Improvements
£

Fittings & Equipment
 £

Total
£

Cost or valuation

At 1 May 2023

175,360

67,223

242,583

Additions

27,706

25,634

53,340

Disposals

(10,125)

-

(10,125)

At 30 April 2024

192,941

92,857

285,798

Depreciation

At 1 May 2023

160,299

45,198

205,497

Charge for the year

12,169

15,322

27,491

Eliminated on disposal

(4,636)

-

(4,636)

At 30 April 2024

167,832

60,520

228,352

Carrying amount

At 30 April 2024

25,109

32,337

57,446

At 30 April 2023

15,061

22,025

37,086

5

Stocks

2024
£

2023
£

Stock

445,295

12,536

6

Debtors

2024
£

2023
£

Trade debtors

429,668

250,256

Other debtors

397,971

622,324

827,639

872,580

Other debtors includes an amount of £84,000 (2023 - £10,920) recoverable in greater than one year.

 

Hetzler Gallery London Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Trade creditors

648,572

423,887

Taxation and social security

18,130

-

Accruals and deferred income

467,974

799,374

Other creditors

49,443

75,811

1,184,119

1,299,072

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the statement of financial position is £1,624,792 (2023 - £367,876).

9

Transactions with Directors

At 30 April 2024 an amount of £11,087 was due from the director (2023: £929). Advances of £15,040 and repayments of £5,000 were made during the year. Interest of £118 (2023: £nil) has been charged on overdrawn balances at 2.25% per annum. There are no set terms.