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UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024

FOR

HAMPSHIRE GALLERY LIMITED

HAMPSHIRE GALLERY LIMITED (REGISTERED NUMBER: 04303380)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 October 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


HAMPSHIRE GALLERY LIMITED

COMPANY INFORMATION
For The Year Ended 31 October 2024







DIRECTOR: Mr S P Keyne





REGISTERED OFFICE: Unit 1, St Stephens Court
15 - 17 St Stephens Road
Bournemouth
Dorset
BH2 6LA





REGISTERED NUMBER: 04303380 (England and Wales)






HAMPSHIRE GALLERY LIMITED (REGISTERED NUMBER: 04303380)

BALANCE SHEET
31 October 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 425 500
425 500

CURRENT ASSETS
Stocks 6 109,723 95,474
Debtors 7 975 2,078
Cash at bank and in hand 95,723 126,878
206,421 224,430
CREDITORS
Amounts falling due within one year 8 18,508 33,835
NET CURRENT ASSETS 187,913 190,595
TOTAL ASSETS LESS CURRENT
LIABILITIES

188,338

191,095

PROVISIONS FOR LIABILITIES 81 95
NET ASSETS 188,257 191,000

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 188,157 190,900
SHAREHOLDERS' FUNDS 188,257 191,000

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2024 in accordance with Section 476 of the Companies Act 2006.

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.

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 director and authorised for issue on 16 January 2025 and were signed by:





Mr S P Keyne - Director


HAMPSHIRE GALLERY LIMITED (REGISTERED NUMBER: 04303380)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 October 2024

1. STATUTORY INFORMATION

Hampshire Gallery 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.

Goodwill
Goodwill has been amortised over its useful economic life.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
Computer equipment - 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.

Financial instruments
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.

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured as amortised cost using the effective interest rate method, less impairment.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

HAMPSHIRE GALLERY LIMITED (REGISTERED NUMBER: 04303380)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 October 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 November 2023
and 31 October 2024 20,000
AMORTISATION
At 1 November 2023
and 31 October 2024 20,000
NET BOOK VALUE
At 31 October 2024 -
At 31 October 2023 -

5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 November 2023
and 31 October 2024 1,415 2,040 3,455
DEPRECIATION
At 1 November 2023 1,362 1,593 2,955
Charge for year 8 67 75
At 31 October 2024 1,370 1,660 3,030
NET BOOK VALUE
At 31 October 2024 45 380 425
At 31 October 2023 53 447 500

6. STOCKS
2024 2023
£    £   
Stock of fine art and antiques 109,723 95,474

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 776 1,726
Other debtors 199 352
975 2,078

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 2,904 2,649
Other creditors 15,604 31,186
18,508 33,835

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100