Caseware UK (AP4) 2023.0.135 2023.0.135 2024-07-312024-07-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-08-01falseNo description of principal activity2041falsetruefalse 05756576 2023-08-01 2024-07-31 05756576 2022-08-01 2023-07-31 05756576 2024-07-31 05756576 2023-07-31 05756576 c:Director1 2023-08-01 2024-07-31 05756576 d:Buildings d:LongLeaseholdAssets 2023-08-01 2024-07-31 05756576 d:Buildings d:LongLeaseholdAssets 2024-07-31 05756576 d:Buildings d:LongLeaseholdAssets 2023-07-31 05756576 d:PlantMachinery 2023-08-01 2024-07-31 05756576 d:PlantMachinery 2024-07-31 05756576 d:PlantMachinery 2023-07-31 05756576 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 05756576 d:MotorVehicles 2023-08-01 2024-07-31 05756576 d:MotorVehicles 2024-07-31 05756576 d:MotorVehicles 2023-07-31 05756576 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 05756576 d:FurnitureFittings 2023-08-01 2024-07-31 05756576 d:FurnitureFittings 2024-07-31 05756576 d:FurnitureFittings 2023-07-31 05756576 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 05756576 d:OtherPropertyPlantEquipment 2023-08-01 2024-07-31 05756576 d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 05756576 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-07-31 05756576 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-07-31 05756576 d:Goodwill 2024-07-31 05756576 d:Goodwill 2023-07-31 05756576 d:CurrentFinancialInstruments 2024-07-31 05756576 d:CurrentFinancialInstruments 2023-07-31 05756576 d:Non-currentFinancialInstruments 2024-07-31 05756576 d:Non-currentFinancialInstruments 2023-07-31 05756576 d:CurrentFinancialInstruments d:WithinOneYear 2024-07-31 05756576 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 05756576 d:Non-currentFinancialInstruments d:AfterOneYear 2024-07-31 05756576 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-31 05756576 d:ShareCapital 2024-07-31 05756576 d:ShareCapital 2023-07-31 05756576 d:RetainedEarningsAccumulatedLosses 2024-07-31 05756576 d:RetainedEarningsAccumulatedLosses 2023-07-31 05756576 c:FRS102 2023-08-01 2024-07-31 05756576 c:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 05756576 c:FullAccounts 2023-08-01 2024-07-31 05756576 c:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 05756576 d:WithinOneYear 2024-07-31 05756576 d:WithinOneYear 2023-07-31 05756576 d:BetweenOneFiveYears 2024-07-31 05756576 d:BetweenOneFiveYears 2023-07-31 05756576 d:MoreThanFiveYears 2024-07-31 05756576 d:MoreThanFiveYears 2023-07-31 05756576 d:HirePurchaseContracts d:WithinOneYear 2024-07-31 05756576 d:HirePurchaseContracts d:WithinOneYear 2023-07-31 05756576 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-07-31 05756576 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-07-31 05756576 d:AcceleratedTaxDepreciationDeferredTax 2024-07-31 05756576 d:AcceleratedTaxDepreciationDeferredTax 2023-07-31 05756576 2 2023-08-01 2024-07-31 05756576 d:Goodwill d:OwnedIntangibleAssets 2023-08-01 2024-07-31 05756576 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-08-01 2024-07-31 05756576 e:PoundSterling 2023-08-01 2024-07-31 iso4217:GBP xbrli:pure

Registered number: 05756576










LA GALLERIA FURNITURE LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2024

 
LA GALLERIA FURNITURE LIMITED
REGISTERED NUMBER: 05756576

BALANCE SHEET
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
4,592
5,317

Tangible assets
 5 
140,521
187,779

  
145,113
193,096

Current assets
  

Stocks
  
941,718
952,010

Debtors: amounts falling due within one year
 6 
199,320
253,994

Cash at bank and in hand
 7 
359,163
482,951

  
1,500,201
1,688,955

Creditors: amounts falling due within one year
 8 
(962,535)
(1,101,801)

Net current assets
  
 
 
537,666
 
 
587,154

Total assets less current liabilities
  
682,779
780,250

Creditors: amounts falling due after more than one year
 9 
(36,242)
(42,822)

Provisions for liabilities
  

Deferred tax
 11 
(25,519)
(34,314)

  
 
 
(25,519)
 
 
(34,314)

Net assets
  
621,018
703,114


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
620,918
703,014

  
621,018
703,114

Page 1

 
LA GALLERIA FURNITURE LIMITED
REGISTERED NUMBER: 05756576

BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 February 2025.




................................................
L Cox
Director

The notes on pages 3 to 10 form part of these financial statements.
Page 2

 
LA GALLERIA FURNITURE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.Accounting policies

 
1.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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.

The following principal accounting policies have been applied:

 
1.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
1.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 3

 
LA GALLERIA FURNITURE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.Accounting policies (continued)

 
1.4

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
1.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
1.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
1.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
1.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
LA GALLERIA FURNITURE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.Accounting policies (continued)

 
1.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
1.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
1.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Page 5

 
LA GALLERIA FURNITURE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.Accounting policies (continued)


1.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.

Depreciation is provided on the following basis:

Long-term leasehold property
-
Over the length of the lease
Plant and machinery
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Other fixed assets
-
Over 10 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
1.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
1.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
1.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
1.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
LA GALLERIA FURNITURE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.Accounting policies (continued)

 
1.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


2.


General information

La Galleria Furniture is a private limited company incorporated in England and Wales. The registered office of the company is Scandanvia House, 48-50 Stadium Way, Stadium Trading Estate, Benfleet, Essex, SS7 3NZ.


3.


Employees

The average monthly number of employees, including directors, during the year was 20 (2023 - 41).


4.


Intangible assets




Website
Goodwill
Total

£
£
£



Cost


At 1 August 2023
7,250
10,004
17,254



At 31 July 2024

7,250
10,004
17,254



Amortisation


At 1 August 2023
1,933
10,004
11,937


Charge for the year on owned assets
725
-
725



At 31 July 2024

2,658
10,004
12,662



Net book value



At 31 July 2024
4,592
-
4,592



At 31 July 2023
5,317
-
5,317



Page 7

 
LA GALLERIA FURNITURE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

5.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 August 2023
17,725
78,882
166,411
189,704
452,722


Additions
-
-
-
623
623


Disposals
-
(7,875)
-
-
(7,875)



At 31 July 2024

17,725
71,007
166,411
190,327
445,470



Depreciation


At 1 August 2023
16,721
55,156
55,750
137,317
264,944


Charge for the year on owned assets
1,004
4,743
27,665
13,181
46,593


Disposals
-
(6,588)
-
-
(6,588)



At 31 July 2024

17,725
53,311
83,415
150,498
304,949



Net book value



At 31 July 2024
-
17,696
82,996
39,829
140,521



At 31 July 2023
1,004
23,726
110,662
52,387
187,779


6.


Debtors

2024
2023
£
£


Trade debtors
1,533
68,260

Other debtors
160,770
143,990

Prepayments and accrued income
37,017
41,744

199,320
253,994


Page 8

 
LA GALLERIA FURNITURE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
359,163
482,951

359,163
482,951



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
519,568
546,309

Corporation tax
-
47,372

Other taxation and social security
85,791
128,118

Obligations under finance lease and hire purchase contracts
6,579
5,298

Other creditors
350,597
374,704

962,535
1,101,801



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
36,242
42,822

36,242
42,822



10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
6,579
5,298

Between 1-5 years
36,242
42,821

42,821
48,119


11.


Deferred taxation

Page 9

 
LA GALLERIA FURNITURE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
 
11.Deferred taxation (continued)




2024


£






At beginning of year
(34,314)


Charged to profit or loss
8,795



At end of year
(25,519)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(25,519)
(34,314)

(25,519)
(34,314)


12.


Pension commitments

The company contributes to money purchase pension schemes in respect of certain employees. The schemes and their assets are held by independent managers. The pension charge represents contributions payable by the company and amounted to £6,648 (2023 : £14,421).


13.


Commitments under operating leases

At 31 July 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
117,000
117,000

Later than 1 year and not later than 5 years
468,000
468,000

Later than 5 years
165,750
282,750

750,750
867,750


Page 10