Registered number
07408285
Hanmi Gallery Limited
Filleted Accounts
31 December 2024
Hanmi Gallery Limited
Registered number: 07408285
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,776,705 1,784,297
Current assets
Stocks 557,138 557,138
Debtors 4 4,394 544
Cash at bank and in hand 1,090 1,278
562,622 558,960
Creditors: amounts falling due within one year 5 (4,602) (1,925,516)
Net current assets/(liabilities) 558,020 (1,366,556)
Total assets less current liabilities 2,334,725 417,741
Creditors: amounts falling due after more than one year 6 (1,953,762) -
Net assets 380,963 417,741
Capital and reserves
Called up share capital 1,225,000 1,225,000
Profit and loss account (844,037) (807,259)
Shareholder's funds 380,963 417,741
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
H S Kwak
Director
Approved by the board on 20 May 2025
Hanmi Gallery Limited
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold building No depreciation
Plant and machinery 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and building Plant and machinery etc Total
£ £ £
Cost
At 1 January 2024 1,777,152 158,690 1,935,842
At 31 December 2024 1,777,152 158,690 1,935,842
Depreciation
At 1 January 2024 23,221 128,324 151,545
Charge for the year - 7,592 7,592
At 31 December 2024 23,221 135,916 159,137
Net book value
At 31 December 2024 1,753,931 22,774 1,776,705
At 31 December 2023 1,753,931 30,366 1,784,297
4 Debtors 2024 2023
£ £
Other debtors 4,394 544
5 Creditors: amounts falling due within one year 2024 2023
£ £
Other creditors 4,602 1,925,516
6 Creditors: amounts falling due after one year 2024 2023
£ £
Other creditors 1,953,762 -
7 Other information
Hanmi Gallery Limited is a private company limited by shares and incorporated in England. Its registered office is:
30 Maple Street
London
W1T 6HA
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