Registration number:
Robertsons Picture Gallery Limited
for the Year Ended 31 July 2024
Robertsons Picture Gallery Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Robertsons Picture Gallery Limited
Company Information
Directors |
Mrs S Robertson Mr G Robertson |
Registered office |
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Accountants |
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Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Robertsons Picture Gallery Limited
for the Year Ended 31 July 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Robertsons Picture Gallery Limited for the year ended 31 July 2024 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of The Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance.
This report is made solely to you, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial information of Robertsons Picture Gallery Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of The Institute of Chartered Accountants of Scotland as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company for our work or for this report.
It is your duty to ensure that Robertsons Picture Gallery Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Robertsons Picture Gallery Limited. You consider that Robertsons Picture Gallery Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Robertsons Picture Gallery Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Chartered Accountants
Kirkcaldy
Fife
KY1 1HB
Robertsons Picture Gallery Limited
(Registration number: SC455464)
Balance Sheet as at 31 July 2024
Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
- |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net (liabilities)/assets |
( |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
(2,567) |
998 |
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Shareholders' (deficit)/funds |
(2,467) |
1,098 |
For the financial 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.
Directors' responsibilities:
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
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Robertsons Picture Gallery Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024
General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
UK
The principal place of business is:
Eastfield Business Park
H3 Newark Road South
Glenrothes
Fife
KY7 4NS
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The presentation currency is sterling.
Going concern
At the balance sheet date the company had net liabilities of £2,467 (2023 net assets of £1,098). The directors have confirmed their continued support for the company and based on this these financial statements have been prepared on a going concern basis.
Turnover
Turnover represents net invoiced sales of goods and services provided during the year.
Government grants
Grants that are received in respect of expenditure incurred by the entity are recognised in profit and loss in the period when the grant becomes receivable. No grants were received in 2023 nor 2022.
Insurance income
Insurance monies are included as income in the profit and loss account on receipt.
Tax
Taxation for the year comprises corporation tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current and deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Robertsons Picture Gallery Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.
Tangible assets
Tangible assets are stated at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is charged so as to write off the cost less residual value of the asset over its useful life at the following rates:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
20% per annum on the straight line basis |
Office equipment |
25% per annum on the straight line basis |
Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
Goodwill
Goodwill represents the amount paid in connection with the acquisition of the business trading as Robertsons Picture Gallery and is being amortised evenly over its estimated life of 10 years.
Trade debtors
Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.
Stock
Stock is stated at the lower of cost and net realisable value and comprises artwork and mouldings for resale.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.
The interest element of these obligations is charged to the profit and loss account over the relevant period on a straight line basis. The capital element of the future payments is treated as a liability.
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
Robertsons Picture Gallery Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024
Defined contribution pension obligation
The company operates a defined contribution plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Other operating income |
2024 |
2023 |
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£ |
£ |
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Insurance claims |
- |
2,029 |
Taxation |
The tax charge/(credit) on the profit/(loss) for the year was as follows: |
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2024 |
2023 |
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£ |
£ |
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UK corporation tax |
- |
(1,268) |
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Tax on profit |
- |
(1,268) |
Robertsons Picture Gallery Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 August 2023 |
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At 31 July 2024 |
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Amortisation |
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At 1 August 2023 |
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Amortisation charge |
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At 31 July 2024 |
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Carrying amount |
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At 31 July 2024 |
- |
- |
At 31 July 2023 |
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Tangible assets |
Fixtures and fittings |
Office equipment |
Total |
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Cost |
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At 1 August 2023 |
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At 31 July 2024 |
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Depreciation |
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At 1 August 2023 |
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Charge for the year |
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- |
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At 31 July 2024 |
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Carrying amount |
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At 31 July 2024 |
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- |
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At 31 July 2023 |
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- |
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Debtors |
Current |
2024 |
2023 |
Other debtors |
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Included in other debtors are loan balances of £17,655 (2023 £12,655) due from related companies, comprising £16,000 (2023 £11,000) due from Robertson Art Group Limited and £1,655 (2023 £1,655) due from The Art Cafe at Robertsons Limited. The loans are interest free and repayable on demand. Further details of related parties are provided at note 10.
Robertsons Picture Gallery Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024
Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Other creditors include a loan balance of £9,650 (2023 £4,900) due to Robertson Fine Art Limited. The loan is interest free and repayable on demand. Further details of related parties are provided at note 10.
Related party transactions |
In 2022 the company's shares were acquired by Robertson Art Group Limited, whose shareholders and directors, Mr G Robertson and Mrs S Robertson, are also directors of Robertsons Picture Gallery Limited and The Art Cafe at Robertsons Limited. Mr G Robertson is also the director of Robertson Fine Art Limited.