REGISTERED NUMBER: 07077412 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 August 2024

for

Guitar Galleries Limited

Page

Balance Sheet

1

FIXED ASSETS

48

3,970

CURRENT ASSETS

87,076

109,283

PREPAYMENTS AND ACCRUED INCOME

4,967

-

CREDITORS

Amounts falling due within one year

(64,899

)

(67,213

)

NET CURRENT ASSETS

27,144

42,070

TOTAL ASSETS LESS CURRENT LIABILITIES

27,192

46,040

CREDITORS

Amounts falling due after more than one year

(534,765

)

(395,940

)

ACCRUALS AND DEFERRED INCOME

(7,873

)

(8,622

)

NET LIABILITIES

(515,446

)

(358,522

)

CAPITAL AND RESERVES

(515,446

)

(358,522

)

NOTES TO THE FINANCIAL STATEMENTS

1.	STATUTORY INFORMATION

Guitar Galleries Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

07077412

Registered office:

Unit 7 Flemingate

Guitar Galleries

Beverley

East Riding

HU17 ONQ

2.	GOING CONCERN

The financial statements are prepared on the going concern basis which assumes that the company will continue to trade. However, the validity of the going concern basis is dependent upon the support of the creditors and the director. Should the company be unable to continue trading, adjustments would have to be made to reduce that value of the assets to their recoverable amounts, to provide for any further liabilities which might arise, and to reclassify fixed assets as currents assets and long term liabilities as current liabilities.

3.	AVERAGE NUMBER OF EMPLOYEES

The average number of employees during the year was 3 (2023 - 3 ) .

4.	OFF-BALANCE SHEET ARRANGEMENTS

2024

2023

£

£

Within one year

30,082

30,082

Between two and five years

90,246

120,328

More than five years

-

-

120,328

150,410

4.	PRIOR YEAR ADJUSTMENT

Whilst preparing the financial statements for the year ended 31 August 2024, it was noted that for the year ended 31 August 2023 the current assets were overstated by £153,311, creditors: amounts falling due within one year were understated by £33,716 and creditors: amounts falling due after more than one year were overstated by £219,421. This has been corrected by way of a prior year adjustment and the comparatives have been altered accordingly.

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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 in accordance with the micro-entity provisions and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 27 July 2026 and were signed on its behalf by:

G H Bushby - Director