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FINANCIAL STATEMENTS |
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FOR THE PERIOD 1 FEBRUARY 2019 TO 31 JULY 2020 |
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CCA Galleries Limited |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE PERIOD 1 FEBRUARY 2019 TO 31 JULY 2020 |
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FOR |
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CCA Galleries Limited |
CCA Galleries Limited (Registered number: 02710748) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Period 1 February 2019 to 31 July 2020 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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CCA Galleries Limited |
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COMPANY INFORMATION |
for the Period 1 February 2019 to 31 July 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditors and Chartered Accountants |
Units SCF 1 & 2 |
Western International Market |
Hayes Road |
Southall |
Middlesex |
UB2 5XJ |
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SOLICITORS: |
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6 Bishopsmead Parade |
East Horsley |
Surrey |
KT24 6SR |
CCA Galleries Limited (Registered number: 02710748) |
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STATEMENT OF FINANCIAL POSITION |
31 July 2020 |
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31.7.20 | 31.1.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Stocks |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Fair value reserve | 10 |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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CCA Galleries Limited (Registered number: 02710748) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Period 1 February 2019 to 31 July 2020 |
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1. | STATUTORY INFORMATION |
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CCA Galleries Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Preparation of consolidated financial statements |
The financial statements contain information about CCA Galleries Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Trevellyan Developments Limited, . |
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Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. these estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Capitalised revenue expenditure | - |
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Computer equipment | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Office equipment | - |
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Fixtures and fittings includes solar panels which have been treated as long life fixtures & fittings assets which are being depreciated over 25 years (equivalent to 4% straight line) |
CCA Galleries Limited (Registered number: 02710748) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 1 February 2019 to 31 July 2020 |
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3. | ACCOUNTING POLICIES - continued |
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Government grants |
Government grants are recognised at the the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the the conditions attaching them and the grants will be received. |
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Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contribution payable are charged to the profit and loss account. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the period was
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CCA Galleries Limited (Registered number: 02710748) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 1 February 2019 to 31 July 2020 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 February 2019 |
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Additions |
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Revaluations |
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At 31 July 2020 |
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DEPRECIATION |
At 1 February 2019 |
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Charge for period |
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At 31 July 2020 |
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NET BOOK VALUE |
At 31 July 2020 |
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At 31 January 2019 |
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Cost or valuation at 31 July 2020 is represented by: |
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Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
Valuation in 2016 | 228,058 | - | 228,058 |
Valuation in 2017 | (14,897 | ) | - | (14,897 | ) |
Valuation in 2018 | 217,962 | - | 217,962 |
Valuation in 2019 | 1,270,092 | - | 1,270,092 |
Valuation in 2020 | 387,533 | - | 387,533 |
Cost | 1,965,335 | 488,349 | 2,453,684 |
4,054,083 | 488,349 | 4,542,432 |
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If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
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31.7.20 | 31.1.19 |
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Cost | 1,965,334 | 1,951,849 |
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Value of land in freehold land and buildings | 626,500 | 626,500 |
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Freehold land and buildings were valued on an open market basis on 31 January 2019 by Stiles Harold Williams Partnership LLP (SHWP). During the period under review the company created additional studios for independent lettings from within the space occupied by CCA's existing print making operations at Worton Hall, Isleworth. Applying the same valuation principals as those adopted by SHWP the directors consider a valuation uplift of £387,533 to be justifiable. |
CCA Galleries Limited (Registered number: 02710748) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 1 February 2019 to 31 July 2020 |
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6. | FIXED ASSET INVESTMENTS |
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31.7.20 | 31.1.19 |
£ | £ |
Shares in group undertakings |
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Participating interests |
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Other investments not loans |
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Additional information is as follows: |
Interest |
Shares in | in other |
group | participating |
undertakings | interests | Totals |
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COST |
At 1 February 2019 |
and 31 July 2020 |
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34,000 | 34,100 |
NET BOOK VALUE |
At 31 July 2020 |
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34,000 | 34,100 |
At 31 January 2019 |
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34,000 | 34,100 |
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Investments (neither listed nor unlisted) were as follows: |
31.7.20 | 31.1.19 |
£ | £ |
Investment in Art Works & Art Hotel | 1,799,975 | 1,129,490 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.20 | 31.1.19 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.20 | 31.1.19 |
£ | £ |
Bank loans and overdrafts |
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Payments on account |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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CCA Galleries Limited (Registered number: 02710748) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 1 February 2019 to 31 July 2020 |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
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The bank loans and overdrafts are secured by way of a fixed and floating charge over the company's assets and there is a composite guarantee by Trevellyan Developments Limited and its subsidiaries. |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.7.20 | 31.1.19 |
£ | £ |
Bank loans |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 560,958 | 663,947 |
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10. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 February 2019 |
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Revaluation | 333,193 |
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At 31 July 2020 |
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11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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12. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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13. | ULTIMATE CONTROLLING PARTY |
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The controlling party is Trevellyan Developments Limited. |
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The ultimate controlling party is
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14. | UNUSED COMMITED BANK FACILITIES |
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At 31st July 2020 the company had access to the group's unused bank facilities amounting to £5,592,806 under facilities which are cross guaranteed between the holding company and fellow subsidiaries. In addition, group cash balances at 31st July 2020 totalled £641,925. |