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Registration number: 05591367

Houldsworth Gallery Limited

Unaudited Financial Statements

for the Year Ended 31 October 2024

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Houldsworth Gallery Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Houldsworth Gallery Limited

Company Information

Director

P C Radford

Registered office

6 Heddon Street
London
W1B 4BT

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Houldsworth Gallery Limited

Statement of Financial Position as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

18,369

23,329

Current assets

 

Stocks

5

1,447,720

1,098,494

Debtors

6

671,836

807,152

Cash at bank and in hand

 

426,629

440,065

 

2,546,185

2,345,711

Creditors: Amounts falling due within one year

7

(754,897)

(1,146,406)

Net current assets

 

1,791,288

1,199,305

Total assets less current liabilities

 

1,809,657

1,222,634

Creditors: Amounts falling due after more than one year

7

(4,889)

(12,713)

Provisions for liabilities

(4,203)

(5,142)

Net assets

 

1,800,565

1,204,779

Capital and reserves

 

Called up share capital

26,135

26,135

Share premium reserve

733,835

733,835

Retained earnings

1,040,595

444,809

Shareholders' funds

 

1,800,565

1,204,779

For the financial year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

 

Houldsworth Gallery Limited

Statement of Financial Position as at 31 October 2024

Approved and authorised by the director on 8 May 2025
 

.........................................

P C Radford

Director

Company registration number: 05591367

 

Houldsworth Gallery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
6 Heddon Street
London
W1B 4BT

The principal activity of the company is that of the operation of a commercial art gallery.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

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.

Going concern

The company made a profit for the year ended 31 October 2024 and had net assets at the date of £1,800,565, including cash at bank of £426,629.

The director has considered the current economic conditions and the director's view is that this will have little impact on the company, which has continued to trade profitability subsequent to the year end.

After making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue from the sale of artwork at the point of legal transfer of ownership to the customer.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Houldsworth Gallery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture and fixtures

Straight line over 4 years

Computer equipment

Straight line over 4 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Houldsworth Gallery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Defined contribution pension obligation

A defined contribution plan is a pension 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.

3

Staff numbers

The average number of persons employed by the company during the year, was 7 (2023 - 7).

4

Tangible assets

Furniture and fixtures
 £

Computer equipment
£

Total
£

Cost or valuation

At 1 November 2023

18,697

31,077

49,774

Additions

699

2,332

3,031

At 31 October 2024

19,396

33,409

52,805

Depreciation

At 1 November 2023

9,009

17,436

26,445

Charge for the year

1,545

6,446

7,991

At 31 October 2024

10,554

23,882

34,436

Carrying amount

At 31 October 2024

8,842

9,527

18,369

At 31 October 2023

9,688

13,641

23,329

5

Stocks

2024
£

2023
£

Goods for resale

1,447,720

1,098,494

6

Debtors

2024
£

2023
£

Trade debtors

518,321

483,613

Other debtors

153,515

323,539

671,836

807,152

Other debtors includes an amount of £38,824 (2023: £Nil) recoverable in greater than one year.

 

Houldsworth Gallery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Bank loans and overdrafts

8

8,283

8,519

Trade creditors

 

428,617

742,703

Taxation and social security

 

198,991

29,472

Other creditors

 

119,006

365,712

 

754,897

1,146,406

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Loans and borrowings

8

4,889

12,713

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank loan

8,283

8,519

2024
£

2023
£

Non-current loans and borrowings

Bank loan

4,889

12,713

The bank loan is secured by a fixed and floating charge over the over the assets and undertakings of the company.

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments under operating leases not included in the statement of financial position is £280,394 (2023 - £19,333).

10

Transactions with directors

At 31 October 2024 an amount of £26,533 (2023: £149,990) was due from the director. During the year there were advances of £67,324 and repayments of £193,704. Interest of £2,923 (2023: £3,130) has been charged at 2.25% per annum. There are no agreed terms.