Caseware UK (AP4) 2024.0.164 2024.0.164 2024-07-312024-07-31falsetruefalse2023-07-11The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false1Artistic creation 14995159 2023-07-10 14995159 2023-07-11 2024-07-31 14995159 2022-07-11 2023-07-10 14995159 2024-07-31 14995159 c:Director1 2023-07-11 2024-07-31 14995159 d:CurrentFinancialInstruments 2024-07-31 14995159 d:CurrentFinancialInstruments d:WithinOneYear 2024-07-31 14995159 d:ShareCapital 2024-07-31 14995159 d:RetainedEarningsAccumulatedLosses 2024-07-31 14995159 c:FRS102 2023-07-11 2024-07-31 14995159 c:AuditExempt-NoAccountantsReport 2023-07-11 2024-07-31 14995159 c:FullAccounts 2023-07-11 2024-07-31 14995159 c:PrivateLimitedCompanyLtd 2023-07-11 2024-07-31 14995159 2 2023-07-11 2024-07-31 14995159 e:PoundSterling 2023-07-11 2024-07-31 iso4217:GBP xbrli:pure

Registered number: 14995159









THE ONENESS GALLERY LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 JULY 2024

 
THE ONENESS GALLERY LIMITED
REGISTERED NUMBER: 14995159

BALANCE SHEET
AS AT 31 JULY 2024

2024
                                                                                                             Note
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
8,060

Cash at bank and in hand
 5 
24,976

  
33,036

Creditors: amounts falling due within one year
 6 
(32,441)

Net current assets
  
 
 
595

Total assets less current liabilities
  
595

  

Net assets
  
595


Capital and reserves
  

Called up share capital 
  
1

Profit and loss account
  
594

  
595


The directors consider 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 period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their 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 26 March 2025.




CKM Chan
Director

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 
THE ONENESS GALLERY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

The Oneness Gallery Limited ("the Company") is a private limited company by shares, incorporated in England and Wales.
The address of its registered office is Studio 7, 2/F, 102 Rookery Court Ruckholt Road, London, England, E10 5FA.
The prinicpal activity of the company from the date of incorporation on 11 July 2023 was that of an Art Gallery.

2.Accounting policies

 
2.1

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:

 
2.2

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.

Page 2

 
THE ONENESS GALLERY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.3

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

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

 
2.5

Taxation

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.


 
2.6

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.

 
2.7

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.

 
2.8

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 3

 
THE ONENESS GALLERY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.9

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortise cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured initially and subsequently, at the discounted amount of the cash or other consideration expected to be paid or received.


 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the period was 1.


4.


Debtors

2024
£


Other debtors
8,060

8,060



5.


Cash and cash equivalents

2024
£

Cash at bank and in hand
24,976

24,976


Page 4

 
THE ONENESS GALLERY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

6.


Creditors: Amounts falling due within one year

2024
£

Trade creditors
10,785

Corporation tax
2,150

Other creditors
15,848

Accruals and deferred income
3,658

32,441



7.


Related party transactions

Included within other creditors is an amount due to the director of £15,848 .

 
Page 5