4 false false false false false false false false false false true false false false false false false No description of principal activity 2023-06-01 Sage Accounts Production Advanced 2024 - FRS102_2024 20,730 16,648 1,020 17,668 3,062 4,082 xbrli:pure xbrli:shares iso4217:GBP SC341136 2023-06-01 2024-05-31 SC341136 2024-05-31 SC341136 2023-05-31 SC341136 2022-06-01 2023-05-31 SC341136 2023-05-31 SC341136 2022-05-31 SC341136 core:PlantMachinery 2023-06-01 2024-05-31 SC341136 bus:Director1 2023-06-01 2024-05-31 SC341136 bus:Director2 2023-06-01 2024-05-31 SC341136 core:PlantMachinery 2023-05-31 SC341136 core:PlantMachinery 2024-05-31 SC341136 core:WithinOneYear 2024-05-31 SC341136 core:WithinOneYear 2023-05-31 SC341136 core:AfterOneYear 2023-05-31 SC341136 core:ShareCapital 2024-05-31 SC341136 core:ShareCapital 2023-05-31 SC341136 core:RetainedEarningsAccumulatedLosses 2024-05-31 SC341136 core:RetainedEarningsAccumulatedLosses 2023-05-31 SC341136 core:PlantMachinery 2023-05-31 SC341136 bus:Director1 2022-05-31 SC341136 bus:Director1 2023-05-31 SC341136 bus:Director1 2022-06-01 2023-05-31 SC341136 bus:SmallEntities 2023-06-01 2024-05-31 SC341136 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 SC341136 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 SC341136 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 SC341136 bus:FullAccounts 2023-06-01 2024-05-31
COMPANY REGISTRATION NUMBER: SC341136
gallery i ltd
Filleted Unaudited Financial Statements
31 May 2024
gallery i ltd
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
3,062
4,082
Current assets
Stocks
43,614
46,585
Debtors
5
30,758
80,070
Cash at bank and in hand
19,680
19,857
--------
---------
94,052
146,512
Creditors: amounts falling due within one year
6
24,939
48,408
--------
---------
Net current assets
69,113
98,104
--------
---------
Total assets less current liabilities
72,175
102,186
Creditors: amounts falling due after more than one year
7
40,150
--------
---------
Net assets
72,175
62,036
--------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
72,173
62,034
--------
--------
Shareholders funds
72,175
62,036
--------
--------
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 income statement has not been delivered.
For the year ending 31 May 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 .
gallery i ltd
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 14 February 2025 , and are signed on behalf of the board by:
Mr M Gask
Miss K Curson
Director
Director
Company registration number: SC341136
gallery i ltd
Notes to the Financial Statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is St George's, Folla Rule, Rothienorman, Inverurie, AB51 8UN.
2. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
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
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
-
25% reducing balance
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.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
4. Tangible assets
Plant and machinery
Total
£
£
Cost
At 1 June 2023 and 31 May 2024
20,730
20,730
--------
--------
Depreciation
At 1 June 2023
16,648
16,648
Charge for the year
1,020
1,020
--------
--------
At 31 May 2024
17,668
17,668
--------
--------
Carrying amount
At 31 May 2024
3,062
3,062
--------
--------
At 31 May 2023
4,082
4,082
--------
--------
5. Debtors
2024
2023
£
£
Trade debtors
10,778
10,778
Other debtors
19,980
69,292
--------
--------
30,758
80,070
--------
--------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
1,250
Trade creditors
11,404
19,291
Corporation tax
3,321
4,360
Social security and other taxes
8,540
7,335
Accruals
1,674
1,572
Bank loans
14,600
--------
--------
24,939
48,408
--------
--------
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
40,150
----
--------
8. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Amounts repaid
Balance outstanding
£
£
£
Mr M Gask
----
----
----
2023
Balance brought forward
Amounts repaid
Balance outstanding
£
£
£
Mr M Gask
83,089
( 32,674)
50,415
--------
--------
--------
9. Related party transactions
The premises rented by the company are owned jointly by the directors. Rent of £5,000 was paid in the year to the directors by the company (2023- £30,000).