IRIS Accounts Production v24.1.4.33 03276127 Board of Directors 1.3.23 29.2.24 29.2.24 false true false false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh032761272023-02-28032761272024-02-29032761272023-03-012024-02-29032761272022-02-28032761272022-03-012023-02-28032761272023-02-2803276127ns15:EnglandWales2023-03-012024-02-2903276127ns14:PoundSterling2023-03-012024-02-2903276127ns10:Director12023-03-012024-02-2903276127ns10:PrivateLimitedCompanyLtd2023-03-012024-02-2903276127ns10:SmallEntities2023-03-012024-02-2903276127ns10:AuditExempt-NoAccountantsReport2023-03-012024-02-2903276127ns10:SmallCompaniesRegimeForDirectorsReport2023-03-012024-02-2903276127ns10:SmallCompaniesRegimeForAccounts2023-03-012024-02-2903276127ns10:FullAccounts2023-03-012024-02-290327612712023-03-012024-02-2903276127ns10:OrdinaryShareClass12023-03-012024-02-2903276127ns10:Director22023-03-012024-02-2903276127ns10:CompanySecretary12023-03-012024-02-2903276127ns10:RegisteredOffice2023-03-012024-02-2903276127ns5:CurrentFinancialInstruments2024-02-2903276127ns5:CurrentFinancialInstruments2023-02-2803276127ns5:Non-currentFinancialInstruments2024-02-2903276127ns5:Non-currentFinancialInstruments2023-02-2803276127ns5:ShareCapital2024-02-2903276127ns5:ShareCapital2023-02-2803276127ns5:RetainedEarningsAccumulatedLosses2024-02-2903276127ns5:RetainedEarningsAccumulatedLosses2023-02-2803276127ns5:IntangibleAssetsOtherThanGoodwill2023-03-012024-02-2903276127ns5:PatentsTrademarksLicencesConcessionsSimilar2023-03-012024-02-2903276127ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-03-012024-02-2903276127ns5:ComputerEquipment2023-03-012024-02-2903276127ns5:PatentsTrademarksLicencesConcessionsSimilar2023-02-2803276127ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-02-2803276127ns5:PatentsTrademarksLicencesConcessionsSimilar2024-02-2903276127ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2024-02-2903276127ns5:PatentsTrademarksLicencesConcessionsSimilar2023-02-2803276127ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-02-2803276127ns5:FurnitureFittings2023-02-2803276127ns5:ComputerEquipment2023-02-2803276127ns5:FurnitureFittings2023-03-012024-02-2903276127ns5:FurnitureFittings2024-02-2903276127ns5:ComputerEquipment2024-02-2903276127ns5:FurnitureFittings2023-02-2803276127ns5:ComputerEquipment2023-02-2803276127ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-02-2903276127ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-02-2803276127ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-02-2903276127ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-02-2803276127ns10:OrdinaryShareClass12024-02-2903276127ns5:RetainedEarningsAccumulatedLosses2023-02-2803276127ns5:RetainedEarningsAccumulatedLosses2023-03-012024-02-29
REGISTERED NUMBER: 03276127 (England and Wales)















Unaudited Financial Statements for the Year Ended 29 February 2024

for

The Gallery Partnership Limited

The Gallery Partnership Limited (Registered number: 03276127)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


The Gallery Partnership Limited

Company Information
for the Year Ended 29 February 2024







DIRECTORS: Mr M P A Kemp
Mr O S T Grig





SECRETARY: Elan Secretaries Limited





REGISTERED OFFICE: Unit 3 Cedar Court
1 Royal Oak Yard
London
SE1 3GA





REGISTERED NUMBER: 03276127 (England and Wales)





ACCOUNTANTS: ElanTax.com
Unit 3 Cedar Court
1 Royal Oak Yard
London
SE1 3GA

The Gallery Partnership Limited (Registered number: 03276127)

Balance Sheet
29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 439,642 445,516
Tangible assets 5 12,866 16,153
452,508 461,669

CURRENT ASSETS
Stocks 6 48,500 24,838
Debtors 7 110,249 149,292
Cash at bank 32,404 12,893
191,153 187,023
CREDITORS
Amounts falling due within one year 8 338,879 361,538
NET CURRENT LIABILITIES (147,726 ) (174,515 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

304,782

287,154

CREDITORS
Amounts falling due after more than one
year

9

(46,473

)

(76,707

)

PROVISIONS FOR LIABILITIES (2,445 ) (3,393 )
NET ASSETS 255,864 207,054

CAPITAL AND RESERVES
Called up share capital 11 2 2
Retained earnings 12 255,862 207,052
SHAREHOLDERS' FUNDS 255,864 207,054

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 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.

The Gallery Partnership Limited (Registered number: 03276127)

Balance Sheet - continued
29 February 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 28 November 2024 and were signed on its behalf by:





Mr M P A Kemp - Director


The Gallery Partnership Limited (Registered number: 03276127)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

The Gallery Partnership Limited 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.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Development costs are being amortised evenly over their estimated useful life of three years.

Intangible assets
Depreciation is provided at the following rates in order to write off each asset over its estimated useful life:

Research and development - 33 1/3% on reducing balance
Licences -20% on a straight line basis.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 25% on reducing balance

Stocks
Work in progress is valued at the lower of cost and net realisable value.

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.


The Gallery Partnership Limited (Registered number: 03276127)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued
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 18 (2023 - 17 ) .

4. INTANGIBLE FIXED ASSETS
Patents
and Development
licences costs Totals
£    £    £   
COST
At 1 March 2023 405,292 1,503,639 1,908,931
Additions - 184,665 184,665
At 29 February 2024 405,292 1,688,304 2,093,596
AMORTISATION
At 1 March 2023 321,706 1,141,709 1,463,415
Amortisation for year 8,359 182,180 190,539
At 29 February 2024 330,065 1,323,889 1,653,954
NET BOOK VALUE
At 29 February 2024 75,227 364,415 439,642
At 28 February 2023 83,586 361,930 445,516

The Gallery Partnership Limited (Registered number: 03276127)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 March 2023 44,812 114,454 159,266
Additions 375 627 1,002
At 29 February 2024 45,187 115,081 160,268
DEPRECIATION
At 1 March 2023 39,968 103,145 143,113
Charge for year 1,305 2,984 4,289
At 29 February 2024 41,273 106,129 147,402
NET BOOK VALUE
At 29 February 2024 3,914 8,952 12,866
At 28 February 2023 4,844 11,309 16,153

6. STOCKS
29.2.24 28.2.23
£    £   
Work-in-progress 48,500 24,838

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 73,384 107,621
Other debtors 33,811 39,311
Prepayments and accrued income 3,054 2,360
110,249 149,292

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans and overdrafts (see note 10) 10,073 21,101
Trade creditors 59,866 43,352
Corporation tax 11,837 519
Social security and other taxes 17,100 12,597
Net wages - (500 )
Pension liability 5,624 3,387
VAT 36,190 49,601
Other creditors 57,228 56,812
Credit Card 4,938 2,517
Directors' current accounts 45,657 45,657
Accruals and deferred income 90,366 126,495
338,879 361,538

The Gallery Partnership Limited (Registered number: 03276127)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans (see note 10) 46,473 76,707

10. LOANS

An analysis of the maturity of loans is given below:

29.2.24 28.2.23
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 10,073 21,101

Amounts falling due between two and five years:
Bank loans - 2-5 years 46,473 76,707

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 29.2.24 28.2.23
value: £    £   
2 Ordinary £1 2 2

12. RESERVES
Retained
earnings
£   

At 1 March 2023 207,052
Profit for the year 48,810
At 29 February 2024 255,862