Gallery Gifts Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—4

Registered number: 01587046

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		6,921		9,982

			6,921		9,982
CURRENT ASSETS
Stocks	5	310,000		350,000
Debtors	6	4,158		3,767
Cash at bank and in hand		245,106		246,942

		559,264		600,709
Creditors: Amounts Falling Due Within One Year	7	(170,014 )		(208,683 )

NET CURRENT ASSETS (LIABILITIES)			389,250		392,026

TOTAL ASSETS LESS CURRENT LIABILITIES			396,171		402,008

NET ASSETS			396,171		402,008

CAPITAL AND RESERVES
Called up share capital	8		12,000		12,000
Profit and Loss Account			384,171		390,008

SHAREHOLDERS' FUNDS			396,171		402,008

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Gallery Gifts Limited

Balance Sheet (continued)

As At 31 March 2025

For the year ending 31 March 2025 the company was entitled to exemption from audit 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr Dilip Shah

Director

29/12/2025

The notes on pages 3 to 4 form part of these financial statements.

1. General Information

Gallery Gifts Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01587046 . The registered office is 45 Claremont Road, Harrow, HA3 7AU.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold	10% SL
Motor Vehicles	25% RB
Fixtures & Fittings	10% SL
Computer Equipment	25% RB

2.4. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 12 (2024: )

4. Tangible Assets

	Land & Property
	Leasehold	Motor Vehicles	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£	£
Cost
As at 1 April 2024	6,064	21,864	193,582	25,854	247,364

As at 31 March 2025	6,064	21,864	193,582	25,854	247,364

...CONTINUED

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Gallery Gifts Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

Depreciation
As at 1 April 2024	6,064	12,727	193,418	25,173	237,382
Provided during the period	-	2,282	98	681	3,061

As at 31 March 2025	6,064	15,009	193,516	25,854	240,443

Net Book Value
As at 31 March 2025	-	6,855	66	-	6,921

As at 1 April 2024	-	9,137	164	681	9,982

5. Stocks

	2025	2024
	£	£
Stock	310,000	350,000

6. Debtors

	2025	2024
	£	£
Due within one year
Other debtors	4,158	3,767

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	134,962	193,338
Other creditors	9,500	9,500
Taxation and social security	25,552	5,845

	170,014	208,683

8. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	12,000	12,000

9. Related Party Transactions

The company has entered into operating property lease agreements in respect of two properties owned by the directors and shareholders, under which the company paid rents amounting to £75,000 (2024: £75,000) during the year. During the year the company paid dividends amounting to £36,000 (2024: £36,000) in aggregate to the directors and their connected persons.

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