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Registered number: 04537781
The Design Gallery Limited
Financial Statements
For The Year Ended 30 September 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 04537781
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 248 568
248 568
CURRENT ASSETS
Stocks 5 62,855 67,929
Debtors 6 38,923 29,930
Cash at bank and in hand 388 1,683
102,166 99,542
Creditors: Amounts Falling Due Within One Year 7 (60,075 ) (54,575 )
NET CURRENT ASSETS (LIABILITIES) 42,091 44,967
TOTAL ASSETS LESS CURRENT LIABILITIES 42,339 45,535
Creditors: Amounts Falling Due After More Than One Year 8 (33,239 ) (36,241 )
NET ASSETS 9,100 9,294
CAPITAL AND RESERVES
Called up share capital 9 100 100
Revaluation reserve - 6,677
Profit and Loss Account 9,000 2,517
SHAREHOLDERS' FUNDS 9,100 9,294
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For the year ending 30 September 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 directors acknowledge their 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs C Masters
Director
Mr J E Masters
Director
17 June 2025
The notes on pages 3 to 7 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
The Design Gallery Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04537781 . The registered office is Yew Tree House, Lewes Road, Forest Row, East Sussex, RH18 5AA.
The Company's principal activity continues to be that of the retail of antiques.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Lease 7% straight line
Plant & Machinery 25% Reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% straight line
Computer Equipment 25% straight line
2.4. Stocks and Work in Progress
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.
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.
2.5. Cash and Cash Equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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2.6. Financial Instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
2.7. Interest Receivable
Interest income is recognised in profit or loss using the effective interest method.
2.8. Interest Payable
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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2.9. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.10. Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
2.11. Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
2.12. Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Land & Buildings Plant & Machinery etc. Total
£ £ £
Cost
As at 1 October 2023 20,001 73,451 93,452
As at 30 September 2024 20,001 73,451 93,452
Depreciation
As at 1 October 2023 20,001 72,883 92,884
Provided during the period - 320 320
As at 30 September 2024 20,001 73,203 93,204
Net Book Value
As at 30 September 2024 - 248 248
As at 1 October 2023 - 568 568
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5. Stocks
2024 2023
£ £
Stock 62,855 67,929
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 2,665 -
Amounts owed by participating interests 15,848 7,078
Other debtors 20,410 22,852
38,923 29,930
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 6,698 12,707
Bank loans and overdrafts 29,516 29,918
Other creditors 21,961 7,700
Taxation and social security 1,900 4,250
60,075 54,575
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 33,239 36,241
Of the creditors falling due after more than one year the following amounts are due after more than five years.
2024 2023
£ £
Bank loans 7,506 12,907
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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10. Directors Advances, Credits and Guarantees
Included in other debtors due within one year is a loan to the directors, Mr J E Masters and Mrs C Masters amounting to £11,069 (2023 - £19,322).
The loan was repaid within 9 months of the year end.
11. Related Party Disclosures
The directors, Mr J E Masters and Mrs C Masters are also directors and majority shareholders in Period Designs Limited, a UK registered company.
At the year end an amount of £15,848 (2023 - £7,078) included in other debtors due within one year, was due from Period Designs Limited.
12. Controlling Parties
The Company was controlled throughout the current and previous period by its directors, Mr J E Masters and Mrs C Masters, by virtue of the fact that between them they own all of the Company's ordinary issued share capital.
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