| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE PERIOD 1 MAY 2023 TO 31 MAY 2024 |
| FOR |
| GROVE COLLECTIVE LTD |
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE PERIOD 1 MAY 2023 TO 31 MAY 2024 |
| FOR |
| GROVE COLLECTIVE LTD |
| GROVE COLLECTIVE LTD (REGISTERED NUMBER: 13328874) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE PERIOD 1 MAY 2023 TO 31 MAY 2024 |
| Page |
| Balance Sheet | 1 |
| Notes to the Financial Statements | 2 |
| GROVE COLLECTIVE LTD (REGISTERED NUMBER: 13328874) |
| BALANCE SHEET |
| 31 MAY 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| GROVE COLLECTIVE LTD (REGISTERED NUMBER: 13328874) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE PERIOD 1 MAY 2023 TO 31 MAY 2024 |
| 1. | STATUTORY INFORMATION |
| Grove Collective Ltd is a |
| Registered number: |
| Registered office: |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Turnover represents commission received in respect for agency services provided to artists. Agency services include the arrangement, marketing, shipping and delivery of artist works. |
| Turnover is recognised at the point when sale of the art work has been completed. |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life. |
| Fixtures and fittings - 20% on cost |
| Computer equipment - 25% on cost |
| Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Financial instruments |
| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
| Going concern |
| The directors made the decision to cease the current trade at the reporting date. Subsequent to the reporting date the company's trade activity will be from rental income. The Financial Statements have been prepared under a going concern basis, as the directors have confirmed they will continue to support the company so it may meet its financial obligations as they fall due. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the period was NIL (2023 - NIL). |
| GROVE COLLECTIVE LTD (REGISTERED NUMBER: 13328874) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 1 MAY 2023 TO 31 MAY 2024 |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| and | Computer |
| fittings | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 May 2023 |
| and 31 May 2024 |
| DEPRECIATION |
| At 1 May 2023 |
| Charge for period |
| At 31 May 2024 |
| NET BOOK VALUE |
| At 31 May 2024 |
| At 30 April 2023 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| VAT |
| Prepayments |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| VAT | - | 711 |
| Directors' current accounts | 193,661 | 182,332 |
| Accruals and deferred income |
| 7. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| During the year, M Wagner increased her loan to the company. As at 31/05/2024., the company owed her £4,168 (2023: £1,968). This balance represented the maximum amount outstanding during the year and the loan is interest free and repayable on demand. |
| During the year, J Barnes increased his loan to the company. As at 31/05/2024., the company owed him £189,492 (2023: £180,634). This balance represented the maximum amount outstanding during the year and the loan is interest free and repayable on demand. |