Registered number
03096172
The Gallery (Reigate) Limited
Filleted Accounts
31 October 2024
The Gallery (Reigate) Limited
Registered number: 03096172
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 350 438
Current assets
Stocks 12,620 18,370
Debtors 4 380 1,061
Cash at bank and in hand 84,955 84,225
97,955 103,656
Creditors: amounts falling due within one year 5 (94,614) (33,433)
Net current assets 3,341 70,223
Net assets 3,691 70,661
Capital and reserves
Called up share capital 1 1
Profit and loss account 3,690 70,660
Shareholder's funds 3,691 70,661
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 his 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.
J S Cohen
Director
Approved by the board on 16 July 2025
The Gallery (Reigate) Limited
Notes to the Accounts
for the year ended 31 October 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).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
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:
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Fixtures & Equipment
£
Cost
At 1 November 2023 15,464
At 31 October 2024 15,464
Depreciation
At 1 November 2023 15,026
Charge for the year 88
At 31 October 2024 15,114
Net book value
At 31 October 2024 350
At 31 October 2023 438
4 Debtors 2024 2023
£ £
Other debtors 380 1,061
5 Creditors: amounts falling due within one year 2024 2023
£ £
Other creditors 94,614 33,433
6 Related party transactions
J S Cohen is the director of the company and the balance due to him at the end of the year was £92,767(2023-£32,531).
7 Controlling party
The company is conrolled by J S Cohen by virtue of his shareholding.
8 Other information
The Gallery (Reigate) Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Tudors
Furze Hill
Kingswood
Surrey
KT20 6HB
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