Waverley Gallery Ltd


Directors	Alexander, Laura
	Alexander, Steven
	Tobin, Adrian Patrick
	Tobin, Jaclyn


Registered Address	144 Main Street
	Prestwick
	KA9 2RH


Registered Number	SC717241 (Scotland)

Balance Sheet as at
31 December 2024

	Notes	2024		2023
		£	£	£	£
Fixed assets
Intangible assets	3		21,500		24,500
Tangible assets	4		6,109		7,678
			27,609		32,178
Current assets
Stocks	5	15,989		22,000
Cash at bank and on hand		13,859		10,420
		29,848		32,420
Creditors amounts falling due within one year	6	(65,181)		(74,518)
Net current assets (liabilities)			(35,333)		(42,098)
Total assets less current liabilities			(7,724)		(9,920)
Net assets			(7,724)		(9,920)
Capital and reserves
Called up share capital			100		100
Profit and loss account			(7,824)		(10,020)
Shareholders' funds			(7,724)		(9,920)

The company was entitled to exemption from audit for this reporting period 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 in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Board of Directors on 29 April 2025, and are signed on its behalf by:

Tobin, Jaclyn
Director
Registered Company No. SC717241

Waverley Gallery Ltd

Notes to the Financial Statements
for the year ended 31 December 2024

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

	Revenue from sale of goods
	Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Revenue from sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Employee benefits
	Contributions to defined contribution plans are expensed in the period to which they relate.

	Intangible assets
	Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses, of which, amortisation is provided over 10 years.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:


	Reducing balance (%)	Straight line (years)
Plant and machinery	-	3
Fixtures and fittings	20	-
Office Equipment	-	3

	Stocks and work in progress
	Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).

2.	Average number of employees


		2024		2023
	Average number of employees during the year	3		2

3.	Intangible assets

	Goodwill	Total
	£	£
Cost or valuation
At 01 January 24	30,000	30,000
At 31 December 24	30,000	30,000
Amortisation and impairment
At 01 January 24	5,500	5,500
Charge for year	3,000	3,000
At 31 December 24	8,500	8,500
Net book value
At 31 December 24	21,500	21,500
At 31 December 23	24,500	24,500

4.	Tangible fixed assets

	Plant & machinery	Fixtures & fittings	Office Equipment	Total
	£	£	£	£
Cost or valuation
At 01 January 24	699	10,000	1,154	11,853
Additions	-	-	475	475
At 31 December 24	699	10,000	1,629	12,328
Depreciation and impairment
At 01 January 24	233	3,333	609	4,175
Charge for year	233	1,334	477	2,044
At 31 December 24	466	4,667	1,086	6,219
Net book value
At 31 December 24	233	5,333	543	6,109
At 31 December 23	466	6,667	545	7,678

5.	Stocks

	2024	2023
	£	£
Finished goods	15,989	22,000
Total	15,989	22,000

6.	Creditors: amounts due within one year

	2024	2023
	£	£
Trade creditors / trade payables	6,248	1,594
Bank borrowings and overdrafts	3,108	2,899
Taxation and social security	5,219	5,756
Other creditors	50,606	64,269
Total	65,181	74,518