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BROOKS SMITH GALLERY LTD

Registered Number
07406755
(England and Wales)

Unaudited Financial Statements for the Year ended
31 October 2024

BROOKS SMITH GALLERY LTD
Company Information
for the year from 1 November 2023 to 31 October 2024

Directors

BROOKS, Susan Antonia
SMITH, Richard Neil

Registered Address

Lauderdale Devizes Road
Box
Corsham
SN13 8EF

Registered Number

07406755 (England and Wales)
BROOKS SMITH GALLERY LTD
Balance Sheet as at
31 October 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets37,3098,992
7,3098,992
Current assets
Stocks48,0004,500
Debtors2281,461
Cash at bank and on hand40597
8,2686,558
Creditors amounts falling due within one year5(38,776)(28,246)
Net current assets (liabilities)(30,508)(21,688)
Total assets less current liabilities(23,199)(12,696)
Creditors amounts falling due after one year6(8,101)(9,055)
Net assets(31,300)(21,751)
Capital and reserves
Profit and loss account(31,300)(21,751)
Shareholders' funds(31,300)(21,751)
The financial statements were approved and authorised for issue by the Board of Directors on 13 March 2025, and are signed on its behalf by:
BROOKS, Susan Antonia
Director
SMITH, Richard Neil
Director

Registered Company No. 07406755
BROOKS SMITH GALLERY LTD
Notes to the Financial Statements
for the year ended 31 October 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Finance costs
Finance costs charged to the profit or loss include interest expense calculated using the effective interest method from FRS 102:11, finance charges on finance leases, and exchange differences on foreign currency borrowings where these are treated as an adjustment to interest costs.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Plant and machinery18-
Fixtures and fittings15-
Office Equipment-3
Stocks and work in progress
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2.Average number of employees

20242023
Average number of employees during the year00
3.Tangible fixed assets

Plant & machinery

Fixtures & fittings

Office Equipment

Total

££££
Cost or valuation
At 01 November 231,5408,27110,36420,175
Additions-312-312
At 31 October 241,5408,58310,36420,487
Depreciation and impairment
At 01 November 23303,9337,22011,183
Charge for year2735681,1551,996
Revaluation surplus--(1)(1)
At 31 October 243034,5018,37413,178
Net book value
At 31 October 241,2374,0821,9907,309
At 31 October 231,5104,3383,1448,992
4.Stocks
Increase in Stock held

2024

2023

££
Finished goods8,0004,500
Total8,0004,500
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables3711,954
Bank borrowings and overdrafts1,559-
Taxation and social security-257
Other creditors36,48125,541
Accrued liabilities and deferred income365494
Total38,77628,246
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
6.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts8,1019,055
Total8,1019,055