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COMPANY REGISTRATION NUMBER: 03266393
Sarah Myerscough Gallery Ltd
Filleted Unaudited Financial Statements
31 January 2024
Sarah Myerscough Gallery Ltd
Financial Statements
Year ended 31 January 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Sarah Myerscough Gallery Ltd
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
39,162
5,510
Current assets
Stocks
83,567
52,609
Debtors
6
1,286,176
549,309
Cash at bank and in hand
192,535
494,774
------------
------------
1,562,278
1,096,692
Creditors: amounts falling due within one year
7
1,168,239
892,135
------------
------------
Net current assets
394,039
204,557
---------
---------
Total assets less current liabilities
433,201
210,067
Creditors: amounts falling due after more than one year
8
14,141
24,257
---------
---------
Net assets
419,060
185,810
---------
---------
Capital and reserves
Called up share capital
160
160
Share premium account
149,960
149,960
Profit and loss account
268,940
35,690
---------
---------
Shareholders funds
419,060
185,810
---------
---------
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 January 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 year 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 .
Sarah Myerscough Gallery Ltd
Statement of Financial Position (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 31 January 2025 , and are signed on behalf of the board by:
Mrs S C Myerscough
Director
Company registration number: 03266393
Sarah Myerscough Gallery Ltd
Notes to the Financial Statements
Year ended 31 January 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 18 Balderton Street, London, W1K 6TG, England.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property
-
5% straight line
Plant and machinery
-
25% reducing balance
Equipment
-
33% straight line
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.
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
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2023: 7 ).
5. Tangible assets
Long leasehold property
Plant and machinery
Equipment
Total
£
£
£
£
Cost
At 1 February 2023
61,752
4,775
66,527
Additions
30,565
925
9,336
40,826
--------
--------
--------
---------
At 31 January 2024
30,565
62,677
14,111
107,353
--------
--------
--------
---------
Depreciation
At 1 February 2023
58,605
2,412
61,017
Charge for the year
1,528
1,018
4,628
7,174
--------
--------
--------
---------
At 31 January 2024
1,528
59,623
7,040
68,191
--------
--------
--------
---------
Carrying amount
At 31 January 2024
29,037
3,054
7,071
39,162
--------
--------
--------
---------
At 31 January 2023
3,147
2,363
5,510
--------
--------
--------
---------
6. Debtors
2024
2023
£
£
Trade debtors
638,767
316,649
Other debtors
647,409
232,660
------------
---------
1,286,176
549,309
------------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,115
9,843
Trade creditors
186,089
400,741
Corporation tax
76,779
44,891
Social security and other taxes
8,058
Other creditors
895,256
428,602
------------
---------
1,168,239
892,135
------------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
14,141
24,257
--------
--------
9. Directors' advances, credits and guarantees
During the year, a director was advanced £3,081 (2023: £2,147) and made repayments of £21,492 (2023: £nil). Interest of £459 (2023: £377) was charged on the overdrawn balance. At the balance sheet date the director owed the company £2,904 (2023: £20,856).