JC Gallery Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 12987998

JC Gallery Limited

Filleted Unaudited Financial Statements

31 December 2024

JC Gallery Limited

Financial Statements

Year ended 31 December 2024

Contents	Page

Director's report	1

Report to the director on the preparation of the unaudited statutory financial statements	2

Statement of financial position	3

Notes to the financial statements	5

JC Gallery Limited

Director's Report

Year ended 31 December 2024

The director presents his report and the unaudited financial statements of the company for the year ended 31 December 2024 .

Directors

The directors who served the company during the year were as follows:

J C Ward
C D Devos Ward	(Resigned 30 December 2024)

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 4 September 2025 and signed on behalf of the board by:

J C Ward
Director

Registered office:

Bourne House

475 Godstone Road

Whyteleafe

Surrey

CR3 0BL

JC Gallery Limited

Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of JC Gallery Limited

Year ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of JC Gallery Limited for the year ended 31 December 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.

BAILHACHE LINTON LLP Accountants

Bourne House 475 Godstone Road Whyteleafe Surrey CR3 0BL

4 September 2025

JC Gallery Limited

Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	5	36,117	72,743

Current assets

Stocks		280,136	295,543
Debtors	6	70,303	68,065
Cash at bank and in hand		10,428	50,620
		---------	---------
		360,867	414,228

Creditors: amounts falling due within one year	7	642,379	1,349,563
		---------	------------
Net current liabilities		281,512	935,335
		---------	---------
Total assets less current liabilities		( 245,395)	( 862,592)
		---------	---------
Net liabilities		( 245,395)	( 862,592)
		---------	---------

Capital and reserves

Called up share capital	8	200	100
Share premium account		1,014,992	–
Profit and loss account		( 1,260,587)	( 862,692)
		------------	---------
Shareholder deficit		( 245,395)	( 862,592)
		------------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

JC Gallery Limited

Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 4 September 2025 , and are signed on behalf of the board by:

J C Ward
Director

Company registration number: 12987998

JC Gallery Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Bourne House, 475 Godstone Road, Whyteleafe, Surrey, CR3 0BL.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

While the director acknowledges the Company has net liabilities and made a loss in the year, they note this is in line with their expectations given the gallery is in its early years of trading. The director confirms that the loan supporting the business will not be recalled within at least 12 months from the date of signing the financial statements unless the Company has the funds to repay. The director notes additional funds will continue to be provided as and when is needed until the Company becomes cash generative, with funds being provided both during the year the financial statement are being prepared for and post year end as required. Based on this, the director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold improvements	-	3 - 5 years straight line
Plant and machinery	-	3 years straight line
Equipment	-	3 years straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).

5. Tangible assets

	Leasehold improvements	Computer equipment	Office equipment	Total
	£	£	£	£
Cost
At 1 January 2024 and 31 December 2024	106,980	10,328	6,410	123,718
	---------	--------	-------	---------
Depreciation
At 1 January 2024	37,660	6,905	6,410	50,975
Charge for the year	34,885	1,741	–	36,626
	---------	--------	-------	---------
At 31 December 2024	72,545	8,646	6,410	87,601
	---------	--------	-------	---------
Carrying amount
At 31 December 2024	34,435	1,682	–	36,117
	---------	--------	-------	---------
At 31 December 2023	69,320	3,423	–	72,743
	---------	--------	-------	---------

6. Debtors

	2024	2023
	£	£
Trade debtors	516	–
Other debtors	69,787	68,065
	--------	--------
	70,303	68,065
	--------	--------

7. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	6,443	14,263
Social security and other taxes	9,731	–
Other creditors	626,205	1,335,300
	---------	------------
	642,379	1,349,563
	---------	------------

8. Called up share capital

Authorised share capital

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 1 each	200	200	100	100
	----	----	----	----

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 1 each	200	200	100	100
	----	----	----	----

Share movements

	No.	£

Ordinary

At 1 January 2024	100	100
Issue of shares	100	100
	----	----
At 31 December 2024	200	200
	----	----

9. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2024	2023
	£	£
Not later than 1 year	110,000	85,000
	---------	--------

10. Related party transactions

At 31 December 2024, £622,137 (2023: £1,329,880) was owed to the director. The loan is interest free, repayable on demand and unsecured.

11. Controlling party

The ultimate controlling party was C D Devos Ward to 30 December 2024 by virtue of their 100% shareholding. This was transferred in full to J C Ward on this date who then became the ultimate controlling party.