Company Registration No. 06969514 (England and Wales)
Balman Gallery Limited
Unaudited accounts
for the year ended 31 July 2024
Balman Gallery Limited
Unaudited accounts
Contents
Balman Gallery Limited
Statement of financial position
as at 31 July 2024
Cash at bank and in hand
215
576
Creditors: amounts falling due within one year
(59,470)
(68,988)
Net current liabilities
(44,519)
(50,833)
Net liabilities
(44,519)
(50,833)
Called up share capital
100
100
Profit and loss account
(44,619)
(50,933)
Shareholders' funds
(44,519)
(50,833)
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 29 March 2025 and were signed on its behalf by
A T Balman
Director
Company Registration No. 06969514
Balman Gallery Limited
Notes to the Accounts
for the year ended 31 July 2024
Balman Gallery Limited is a private company, limited by shares, registered in England and Wales, registration number 06969514. The registered office is Appletreewick, Brigwood, Haydon Bridge, Hexham, Northumberland, NE47 6EX, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
At 31 July 2024 the liabilities of the company exceeded assets by £44,519. The accounts have been prepared on a going concern basis because the company director A T Balman controls Riverside Operations Limited which has agreed to defer repayment of a loan totalling £34,877 at 31 July 2024. The director has agreed to defer repayment of his loan totalling £23,273 at 31 July 2024.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the
timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Amounts falling due within one year
Balman Gallery Limited
Notes to the Accounts
for the year ended 31 July 2024
5
Creditors: amounts falling due within one year
2024
2023
Other creditors
34,877
46,877
Loans from directors
23,273
20,518
6
Transactions with related parties
At 31 July 2024 the company owed £23,273 (2023 £20,518) to the director. The loan is interest free and is repayable more than one year from the balance sheet date
7
Average number of employees
During the year the average number of employees was 1 (2023: 1).