REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
MILL HOUSE GALLERY LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
MILL HOUSE GALLERY LTD |
MILL HOUSE GALLERY LTD (REGISTERED NUMBER: 06865556) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 30 April 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
MILL HOUSE GALLERY LTD |
COMPANY INFORMATION |
for the Year Ended 30 April 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Douglas Bank House |
Wigan Lane |
Wigan |
Lancashire |
WN1 2TB |
MILL HOUSE GALLERY LTD (REGISTERED NUMBER: 06865556) |
STATEMENT OF FINANCIAL POSITION |
30 April 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
MILL HOUSE GALLERY LTD (REGISTERED NUMBER: 06865556) |
STATEMENT OF FINANCIAL POSITION - continued |
30 April 2024 |
The financial statements were approved by the director and authorised for issue on |
MILL HOUSE GALLERY LTD (REGISTERED NUMBER: 06865556) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 30 April 2024 |
1. | STATUTORY INFORMATION |
Mill House Gallery Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The principal accounting policies adopted in the preparation of the financial statements are set out below. |
The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. |
Turnover |
Turnover represents the net invoice value of goods sold, excluding value added tax. |
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the customer, which is usually at the point when the customer receives the goods. |
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. |
Tangible fixed assets |
Tangible fixed assets are stated at cost less accumulated depreciation. |
Depreciation is provided at the following rates in order to write off the costs less estimated residual value of |
each asset over its estimated useful life. |
Plant & machinery - 10% on reducing balance |
Fixtures & fittings - 15% on reducing balance |
Motor vehicles - 33% on cost |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
Debt instruments that are payable or receivable within one year, typically trade creditors, are measured initially and subsequently at the undiscounted amount of the cash that is expected to be paid or received. |
The company has elected to apply the provisions of FRS 102 Section 11 'Basic Financial Instruments' to all of its financial instruments. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date. |
MILL HOUSE GALLERY LTD (REGISTERED NUMBER: 06865556) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 April 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 statement of financial position 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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 |
AMORTISATION |
At 1 May 2023 |
and 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
Charge written back | (395 | ) |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
MILL HOUSE GALLERY LTD (REGISTERED NUMBER: 06865556) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 April 2024 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |