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Registration number: 03790682

Michael Hoppen Gallery Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Michael Hoppen Gallery Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Michael Hoppen Gallery Ltd

Company Information

Directors

Mr M S Hoppen

Ms A S Hoppen

Registered office

Unit 10 Pall Mall Deposit
124-128 Barlby Road
London
W10 6BL

Registered number

03790682

Accountants

Ripe LLP
Chartered Accountants9a Burroughs Gardens
London
NW4 4AU

 

Michael Hoppen Gallery Ltd

(Registration number: 03790682)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

13,975

15,727

Current assets

 

Stocks

7

2,420,104

2,560,227

Debtors

8

769,860

884,372

Other financial assets

6

748,768

690,801

Cash at bank and in hand

 

4,876,151

4,426,847

 

8,814,883

8,562,247

Creditors: Amounts falling due within one year

9

(893,947)

(856,309)

Net current assets

 

7,920,936

7,705,938

Total assets less current liabilities

 

7,934,911

7,721,665

Provisions for liabilities

(863)

(861)

Net assets

 

7,934,048

7,720,804

Capital and reserves

 

Called up share capital

10

1,113

1,113

Capital redemption reserve

7

7

Retained earnings

7,932,928

7,719,684

Shareholders' funds

 

7,934,048

7,720,804

 

Michael Hoppen Gallery Ltd

(Registration number: 03790682)
Balance Sheet as at 31 July 2024

For the financial year ending 31 July 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 January 2025 and signed on its behalf by:
 

.........................................
Mr M S Hoppen
Director

 

Michael Hoppen Gallery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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:
Unit 10 Pall Mall Deposit
124-128 Barlby Road
London
W10 6BL

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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, unless otherwise stated.

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 that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Sterling (£) and figures are shown to the nearest whole pound.

Revenue recognition

Revenue is recognised to the extent that the company obtains the right to consideration in exchange for the sale of goods. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

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.

Deferred Tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

 

Michael Hoppen Gallery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

in accordance with property

Improvement to property

10% on cost

Furniture, fittings and equipment

25% on reducing balance

Motor vehicles

25% on cost

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Provisions

A provision is recognised when there is a legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation.

Leases

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis or over the period of the lease.

 

Michael Hoppen Gallery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments

Classification
Current Financial assets
Current Financial assets are valued at fair value through profit and loss.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 8).

4

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

154,284

186,817

Deferred taxation

Arising from origination and reversal of timing differences

2

(843)

Tax expense in the income statement

154,286

185,974

 

Michael Hoppen Gallery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2023

183,526

183,526

Additions

2,917

2,917

At 31 July 2024

186,443

186,443

Depreciation

At 1 August 2023

167,799

167,799

Charge for the year

4,669

4,669

At 31 July 2024

172,468

172,468

Carrying amount

At 31 July 2024

13,975

13,975

At 31 July 2023

15,727

15,727

 

Michael Hoppen Gallery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

6

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Current financial assets

Valuation

At 1 August 2023

690,801

690,801

Additions

1,049,630

1,049,630

Fair value adjustments

49,623

49,623

Disposals

(798,105)

(798,105)

Transfers

(242,287)

(242,287)

Financial assets foreign exchange

(894)

(894)

At 31 July 2024

748,768

748,768

Carrying amount

At 31 July 2024

748,768

748,768

At 31 July 2023

690,801

690,801

7

Stocks

2024
£

2023
£

Finished goods and goods for resale

2,420,104

2,560,227

8

Debtors

Current

2024
£

2023
£

Trade debtors

200,584

259,789

Prepayments

1,842

5,649

Other debtors

567,434

618,934

 

769,860

884,372

 

Michael Hoppen Gallery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

9

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

196,284

73,284

Taxation and social security

182,114

218,568

Accruals and deferred income

509,110

558,403

Other creditors

6,439

6,054

893,947

856,309

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

Ordinary A shares (non-voting) of £1 each

1

1

1

1

Ordinary B shares (non-voting) of £1 each

28

28

28

28

Ordinary C shares (non-voting) of £1 each

28

28

28

28

Ordinary D shares (non-voting) of £1 each

28

28

28

28

Ordinary E shares (non-voting) of £1 each

28

28

28

28

1,113

1,113

1,113

1,113

11

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

 

Michael Hoppen Gallery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

2024
£

2023
£

Not later than one year

119,438

74,588

Later than one year and not later than five years

216,027

240,000

Later than five years

29,286

300,000

364,751

614,588

12

Related party transactions

At the year end, the director, Mr M S Hoppen owed £397,948 (2023: £459,448) to the company.