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COMPANY REGISTRATION NUMBER: 05879516
THE GALLERY AT 41 (CORFE) LIMITED
Unaudited Financial Statements
31 October 2024
THE GALLERY AT 41 (CORFE) LIMITED
Financial Statements
Period from 1 August 2023 to 31 October 2024
Contents
Page
Directors' report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
4
THE GALLERY AT 41 (CORFE) LIMITED
Directors' Report
Period from 1 August 2023 to 31 October 2024
The directors present their report and the unaudited financial statements of the company for the period ended 31 October 2024 .
Directors
The directors who served the company during the period were as follows:
C J Clarke
S A Clarke
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 24 December 2024 and signed on behalf of the board by:
C J Clarke
S A Clarke
Director
Director
Registered office:
c/o The Accounting Centre
First Floor
736 High Road
North Finchley
London
N12 9QD
THE GALLERY AT 41 (CORFE) LIMITED
Statement of Income and Retained Earnings
Period from 1 August 2023 to 31 October 2024
Period from
1 Aug 23 to
Year to
31 Oct 24
31 Jul 23
Note
£
£
Turnover
14,092
30,299
Cost of sales
9,582
13,550
--------
--------
Gross profit
4,510
16,749
Administrative expenses
3,939
5,884
-------
--------
Operating profit
571
10,865
Other interest receivable and similar income
1,729
471
-------
--------
Profit before taxation
4
2,300
11,336
Tax on profit
437
2,154
-------
--------
Profit for the financial period and total comprehensive income
1,863
9,182
-------
--------
Dividends paid and payable
5
( 1,250)
( 2,500)
Retained earnings at the start of the period
134,452
127,770
---------
---------
Retained earnings at the end of the period
135,065
134,452
---------
---------
All the activities of the company are from continuing operations.
THE GALLERY AT 41 (CORFE) LIMITED
Statement of Financial Position
31 October 2024
31 Oct 24
31 Jul 23
Note
£
£
£
Fixed assets
Tangible assets
6
1
Current assets
Stocks
922
Debtors
7
602
93
Cash at bank and in hand
136,839
137,444
---------
---------
137,441
138,459
Creditors: amounts falling due within one year
8
2,276
3,908
---------
---------
Net current assets
135,165
134,551
---------
---------
Total assets less current liabilities
135,165
134,552
---------
---------
Net assets
135,165
134,552
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
9
135,065
134,452
---------
---------
Shareholders funds
135,165
134,552
---------
---------
These financial statements have been prepared 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'.
For the period ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 24 December 2024 , and are signed on behalf of the board by:
C J Clarke
S A Clarke
Director
Director
Company registration number: 05879516
THE GALLERY AT 41 (CORFE) LIMITED
Notes to the Financial Statements
Period from 1 August 2023 to 31 October 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is c/o The Accounting Centre, First Floor, 736 High Road, North Finchley, London, N12 9QD.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. 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.
Revenue recognition
Turnover represents the commission receivable together with direct sales in the ordinary course of business for services provided. Turnover is wholly attributable to the one principal activity of the company, namely an Art Gallery which was carried out solely in the United Kingdom.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Profit before taxation
Profit before taxation is stated after charging:
Period from
1 Aug 23 to
Year to
31 Oct 24
31 Jul 23
£
£
Depreciation of tangible assets
1
----
----
5. Dividends
31 Oct 24
31 Jul 23
£
£
Dividends paid during the period (excluding those for which a liability existed at the end of the prior period )
1,250
2,500
-------
-------
6. Tangible assets
Fixtures and fittings
Total
£
£
Cost
At 1 August 2023
801
801
Disposals
( 801)
( 801)
----
----
At 31 October 2024
----
----
Depreciation
At 1 August 2023
800
800
Charge for the period
1
1
Disposals
( 801)
( 801)
----
----
At 31 October 2024
----
----
Carrying amount
At 31 October 2024
----
----
At 31 July 2023
1
1
----
----
7. Debtors
31 Oct 24
31 Jul 23
£
£
Other debtors
602
93
----
----
8. Creditors: amounts falling due within one year
31 Oct 24
31 Jul 23
£
£
Accruals and deferred income
1,839
1,754
Corporation tax
437
2,154
-------
-------
2,276
3,908
-------
-------
9. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
10. Directors' advances, credits and guarantees
Directors owed to the company £488 (£0.00: 2023) at the reporting date. The balance is shown within note 7 as other debtors.
11. Controlling party
The company was under the control of the directors throughout the current year.