0 0 GP Gallery Limited 12217664 false 2024-01-01 2024-12-31 2024-12-31 The principal activity of the company is the operation of art facilities. Digita Accounts Production Advanced 6.30.9574.0 true true 12217664 2024-01-01 2024-12-31 12217664 2024-12-31 12217664 core:RetainedEarningsAccumulatedLosses 2024-12-31 12217664 core:ShareCapital 2024-12-31 12217664 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 12217664 core:Non-currentFinancialInstruments 2024-12-31 12217664 core:Non-currentFinancialInstruments core:AfterOneYear 2024-12-31 12217664 bus:SmallEntities 2024-01-01 2024-12-31 12217664 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 12217664 bus:FilletedAccounts 2024-01-01 2024-12-31 12217664 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 12217664 bus:RegisteredOffice 2024-01-01 2024-12-31 12217664 bus:Director1 2024-01-01 2024-12-31 12217664 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 12217664 countries:England 2024-01-01 2024-12-31 12217664 2023-01-01 2023-12-31 12217664 2023-12-31 12217664 core:RetainedEarningsAccumulatedLosses core:PreviouslyStatedAmount 2023-12-31 12217664 core:ShareCapital core:PreviouslyStatedAmount 2023-12-31 12217664 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 12217664 core:CurrentFinancialInstruments core:WithinOneYear core:PreviouslyStatedAmount 2023-12-31 12217664 core:Non-currentFinancialInstruments 2023-12-31 12217664 core:Non-currentFinancialInstruments core:AfterOneYear core:PreviouslyStatedAmount 2023-12-31 12217664 core:PreviouslyStatedAmount 2023-12-31 xbrli:pure iso4217:GBP

Registration number: 12217664

GP Gallery Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

GP Gallery Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 4

 

GP Gallery Limited

(Registration number: 12217664)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Current assets

 

Stock

4

409,624

415,348

Debtors

5

-

35,364

Cash at bank and in hand

 

28

28

 

409,652

450,740

Creditors: Amounts falling due within one year

6

(16,812)

(12,460)

Total assets less current liabilities

 

392,840

438,280

Creditors: Amounts falling due after more than one year

6

(440,884)

(476,248)

Net liabilities

 

(48,044)

(37,968)

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(48,144)

(38,068)

Shareholders' deficit

 

(48,044)

(37,968)

For the financial year ending 31 December 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 his 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 15 May 2025
 

.........................................
Alan Campbell
Director

 

GP Gallery Limited

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

1

General information

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

The address of its registered office is:
C/O Turcan Connell
12 Stanhope Gate
London
W1K 1AW

These financial statements were authorised for issue by the director on 15 May 2025.

2

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 except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis. The company relies on the continued support of the director.

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 when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

GP Gallery Limited

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

Stock

Stock is stated at the lower of cost and estimated selling price.

At each reporting date, stock is 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.

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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 profit and loss account 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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2023 - 0).

4

Stock

2024
£

2023
£

Other inventories

409,624

415,348

5

Debtors

Current

2024
£

2023
£

Other debtors

-

35,364

 

-

35,364

 

GP Gallery Limited

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

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Other creditors

1,428

1,800

Directors loan

15,384

10,660

16,812

12,460

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

320,944

320,944

Related party creditor

 

119,940

155,304

 

440,884

476,248

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

320,944

320,944

8

Related party transactions

Included in creditors falling due after more than one year is an amount of £320,944 (2023 - £320,944) due to the director. This amount is interest free and repayable on demand.

Also included in creditors falling due after more than one year is an amount of £119,940 (2023 - £155,304) due to Alfie Holdings Limited, the parent company of GP Gallery Limited.