| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 December 2024 |
| for |
| Crystal Galleries Limited |
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 December 2024 |
| for |
| Crystal Galleries Limited |
| Crystal Galleries Limited (Registered number: 01691214) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Crystal Galleries Limited |
| Company Information |
| for the Year Ended 31 December 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 3 Kingfisher Court |
| Bowesfield Park |
| Stockton on Tees |
| TS18 3EX |
| Crystal Galleries Limited (Registered number: 01691214) |
| Balance Sheet |
| 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 12 |
| Revaluation reserve | 13 |
| 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. |
| Crystal Galleries Limited (Registered number: 01691214) |
| Balance Sheet - continued |
| 31 December 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Crystal Galleries Limited (Registered number: 01691214) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2024 |
| 1. | STATUTORY INFORMATION |
| Crystal Galleries Limited is a |
| 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. |
| 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. |
| Website development costs are being amortised evenly over their estimated useful life of 5 years. |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life, or if held under a finance lease, over the lease term, whichever is shorter. |
| Improvements to property -20% on cost |
| Plant and machinery - 25% on reducing balance |
| Fixtures and fittings - 25% on reducing balance |
| Motor vehicles - 25% on reducing balance |
| Land and buildings are not depreciated and are shown at fair value. |
| Government grants |
| Grants are recognised at the fair value of the amount received. Grants are recognised using the accruals model. |
| 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. |
| Crystal Galleries Limited (Registered number: 01691214) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over the estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability. |
| Rentals paid under operating leases are charged to the profit and loss account 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. |
| Debtors and creditors receivable/payable within one year |
| 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 income statement in other administrative expenses. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| Crystal Galleries Limited (Registered number: 01691214) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 4. | INTANGIBLE FIXED ASSETS |
| Other |
| intangible |
| Goodwill | assets | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2024 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 December 2024 |
| AMORTISATION |
| At 1 January 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 5. | TANGIBLE FIXED ASSETS |
| Improvements |
| Freehold | to | Plant and |
| property | property | machinery |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 January 2024 |
| Additions |
| Disposals | ( |
) |
| Revaluations |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| Crystal Galleries Limited (Registered number: 01691214) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 5. | TANGIBLE FIXED ASSETS - continued |
| Fixtures |
| and | Motor | Computer |
| fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| COST OR VALUATION |
| At 1 January 2024 |
| Additions |
| Disposals | ( |
) | ( |
) |
| Revaluations |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| Cost or valuation at 31 December 2024 is represented by: |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| Valuation in 2021 | 309,713 | - | 309,713 |
| Valuation in 2024 | 50,000 | - | 50,000 |
| Cost | 225,287 | 878,616 | 1,103,903 |
| 585,000 | 878,616 | 1,463,616 |
| Crystal Galleries Limited (Registered number: 01691214) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 5. | TANGIBLE FIXED ASSETS - continued |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Fixtures |
| Plant and | and | Motor |
| machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ |
| COST OR VALUATION |
| At 1 January 2024 |
| Additions |
| Transfer to ownership | (166,665 | ) | - | (17,344 | ) | (184,009 | ) |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| Transfer to ownership | (143,679 | ) | - | (10,464 | ) | (154,143 | ) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts (see note 9) |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans |
| Hire purchase contracts (see note 9) |
| Crystal Galleries Limited (Registered number: 01691214) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 66,209 | 100,726 |
| 9. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 2024 | 2023 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Non-cancellable | operating leases |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Bank loans |
| Hire purchase contracts | 94,407 | 118,908 |
| Factoring account | 311,140 | 359,619 |
| The bank overdrafts, loans and the factoring account are secured by a charge over all the property or undertakings of the company. The hire purchase amounts are secured by the assets to which they relate. |
| 11. | PROVISIONS FOR LIABILITIES |
| 2024 | 2023 |
| £ | £ |
| Deferred taxation | 57,766 | 65,900 |
| Crystal Galleries Limited (Registered number: 01691214) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 11. | PROVISIONS FOR LIABILITIES - continued |
| Deferred |
| tax |
| £ |
| Balance at 1 January 2024 |
| Movement in year | (8,134 | ) |
| Balance at 31 December 2024 |
| 12. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary 1p | 1p | 100 | 100 |
| 13. | RESERVES |
| Revaluation |
| reserve |
| £ |
| At 1 January 2024 |
| Transfer of gain on land |
| and buildings revaluation | 50,000 |
| At 31 December 2024 |
| 14. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 31 December 2024 and 31 December 2023: |
| 2024 | 2023 |
| £ | £ |
| Balance outstanding at start of year | ( |
) |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| Balance outstanding at start of year | ( |
) |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| Interest has been charged on the above at the official HMRC beneficial loan arrangements rate. The above balances were repaid in full on 30th April 2025. |
| Crystal Galleries Limited (Registered number: 01691214) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 15. | POST BALANCE SHEET EVENTS |
| A dividend of £200,000 was declared on 30th April 2025. |