REGISTERED NUMBER: 09742934 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

KINGSWEAR GALLERY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

W H Owen

Mrs N Owen

K W Owen

A H Owen

REGISTERED OFFICE:

25 Kingswear Parade

Leeds

West Yorkshire

LS15 8LJ

REGISTERED NUMBER:

09742934 (England and Wales)

ACCOUNTANTS:

David Threlfall

Windermere

Ellershaw Road

Conisbrough

Doncaster

South Yorkshire

DN12 2ET

FIXED ASSETS

Tangible assets

4

25,447

27,838

CURRENT ASSETS

Stocks

1,105

1,653

Cash at bank and in hand

42,423

52,264

43,528

53,917

CREDITORS

Amounts falling due within one year

5

16,325

16,460

NET CURRENT ASSETS

27,203

37,457

TOTAL ASSETS LESS CURRENT LIABILITIES

52,650

65,295

CREDITORS

Amounts falling due after more than one year

6

1,667

5,667

NET ASSETS

50,983

59,628

CAPITAL AND RESERVES

Called up share capital

101

101

Retained earnings

7

50,882

59,527

SHAREHOLDERS' FUNDS

50,983

59,628

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 September 2025 and were signed on its behalf by:

W H Owen - Director

1.	STATUTORY INFORMATION

Kingswear Gallery Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance, 15% on reducing balance and not provided

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2024

and 31 December 2024

46,657

DEPRECIATION

At 1 January 2024

18,819

Charge for year

2,391

At 31 December 2024

21,210

NET BOOK VALUE

At 31 December 2024

25,447

At 31 December 2023

27,838

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

4,000

4,000

Trade creditors

1

-

Taxation and social security

7,773

7,338

Other creditors

4,551

5,122

16,325

16,460

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

1,667

5,667

7.

RESERVES

Retained

earnings

£

At 1 January 2024

59,527

Profit for the year

4,655

Dividends

(13,300

)

At 31 December 2024

50,882