Company registration number 08551635 (England and Wales)
GALLERY NINE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
GALLERY NINE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
GALLERY NINE LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
-
0
16
Current assets
Stocks
15,996
17,705
Debtors
4
532
-
0
Cash at bank and in hand
41,397
50,548
57,925
68,253
Creditors: amounts falling due within one year
5
(34,647)
(14,706)
Net current assets
23,278
53,547
Net assets
23,278
53,563
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
23,277
53,562
Total equity
23,278
53,563

For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The member has 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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 26 March 2025 and are signed on its behalf by:
Mrs Stacey Denholm
Director
Company registration number 08551635 (England and Wales)
GALLERY NINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information

Gallery Nine Limited is a private company limited by shares incorporated in England and Wales. The registered office is 584 Wellsway, Bath, Somerset, UK, BA2 2UE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Equipment
25% Reducing balance
1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

GALLERY NINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
2
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2023
378
Disposals
(378)
At 30 June 2024
-
0
Depreciation and impairment
At 1 July 2023
362
Eliminated in respect of disposals
(362)
At 30 June 2024
-
0
Carrying amount
At 30 June 2024
-
0
At 30 June 2023
16
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
532
-
0
GALLERY NINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
-
0
2,130
Corporation tax
-
0
1,155
Other taxation and social security
-
0
2,543
Other creditors
34,647
8,878
34,647
14,706
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