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Company Registration No. SC539615 (Scotland)
ISLAND BLUE GALLERY LIMITED Unaudited accounts for the year ended 31 July 2024
ISLAND BLUE GALLERY LIMITED Unaudited accounts Contents
Page
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ISLAND BLUE GALLERY LIMITED Company Information for the year ended 31 July 2024
Director
MARTIN DOUGLAS GUPPY
Company Number
SC539615 (Scotland)
Registered Office
UNIT 2 BALISCATE TOBERMORY ISLE OF MULL PA75 6QA SCOTLAND
Accountants
brand jamieson co 2 Victoria Place Rutherglen Glasgow G73 2JP
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ISLAND BLUE GALLERY LIMITED Statement of financial position as at 31 July 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
10,137 
11,289 
Current assets
Inventories
9,518 
16,088 
Debtors
10,424 
10,424 
Cash at bank and in hand
860 
605 
20,802 
27,117 
Creditors: amounts falling due within one year
(40,995)
(25,789)
Net current (liabilities)/assets
(20,193)
1,328 
Total assets less current liabilities
(10,056)
12,617 
Creditors: amounts falling due after more than one year
(3,132)
(5,893)
Net (liabilities)/assets
(13,188)
6,724 
Capital and reserves
Called up share capital
1 
1 
Profit and loss account
(13,189)
6,723 
Shareholders' funds
(13,188)
6,724 
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 18 April 2025 and were signed on its behalf by
MARTIN DOUGLAS GUPPY Director Company Registration No. SC539615
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ISLAND BLUE GALLERY LIMITED Notes to the Accounts for the year ended 31 July 2024
1
Statutory information
ISLAND BLUE GALLERY LIMITED is a private company, limited by shares, registered in Scotland, registration number SC539615. The registered office is UNIT 2 BALISCATE, TOBERMORY, ISLE OF MULL, PA75 6QA, SCOTLAND.
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% reducing balance.
Fixtures & fittings
15% reducing balance
4
Tangible fixed assets
Plant & machinery 
Fixtures & fittings 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 August 2023
7,105 
11,011 
18,116 
Additions
636 
- 
636 
At 31 July 2024
7,741 
11,011 
18,752 
Depreciation
At 1 August 2023
3,772 
3,055 
6,827 
Charge for the year
595 
1,193 
1,788 
At 31 July 2024
4,367 
4,248 
8,615 
Net book value
At 31 July 2024
3,374 
6,763 
10,137 
At 31 July 2023
3,333 
7,956 
11,289 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due after more than one year
Amounts due from group undertakings etc.
10,424 
10,424 
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ISLAND BLUE GALLERY LIMITED Notes to the Accounts for the year ended 31 July 2024
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
2,500 
2,200 
VAT
2,977 
1,835 
Trade creditors
20,215 
9,250 
Taxes and social security
- 
1,629 
Other creditors
12,430 
7,092 
Loans from directors
1,578 
2,513 
Accruals
1,295 
1,270 
40,995 
25,789 
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
3,132 
5,893 
8
Transactions with related parties
During the year no dividend ( 2023 £ nil ) was paid to the director.
9
Controlling party
The controlling party is the director , Martin Douglas Guppy.
10
Average number of employees
During the year the average number of employees was 4 (2023: 3).
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