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CABINET GALLERY LTD |
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Financial Statements |
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for the Year Ended 31 March 2021 |
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CABINET GALLERY LTD |
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Financial Statements |
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for the Year Ended 31 March 2021 |
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CABINET GALLERY LTD (REGISTERED NUMBER: 03668654) |
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Contents of the Financial Statements |
for the year ended 31 March 2021 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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CABINET GALLERY LTD |
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Company Information |
for the year ended 31 March 2021 |
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Director: |
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Secretary: |
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Registered office: |
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Registered number: |
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Accountants: |
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Chartered Accountants |
New Derwent House |
69-73 Theobalds Road |
London |
WC1X 8TA |
CABINET GALLERY LTD (REGISTERED NUMBER: 03668654) |
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Balance Sheet |
31 March 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
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Current assets |
Stocks |
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Debtors | 5 |
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Cash at bank |
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Creditors |
Amounts falling due within one year | 6 |
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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 |
7 |
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Net assets |
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Capital and reserves |
Called up share capital |
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Retained earnings |
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The director acknowledges his 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. |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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CABINET GALLERY LTD (REGISTERED NUMBER: 03668654) |
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Notes to the Financial Statements |
for the year ended 31 March 2021 |
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1. | Statutory information |
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Cabinet Gallery Ltd is a
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2. | Accounting policies |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents amounts receivable for goods provided in the year and is stated net of VAT. |
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Tangible fixed assets |
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Short leasehold | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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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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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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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. |
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Going concern |
Following the emergence and spread of the coronavirus (COVID-19) as well as its financial effects on |
business's worldwide the directors have considered its effects on the business of the company and believe there are sufficient funds available for the business to continue as a going concern. |
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3. | Employees and directors |
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The average number of employees during the year was
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CABINET GALLERY LTD (REGISTERED NUMBER: 03668654) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2021 |
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4. | Tangible fixed assets |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
Cost |
At 1 April 2020 |
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Additions |
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At 31 March 2021 |
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Depreciation |
At 1 April 2020 |
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Charge for year |
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At 31 March 2021 |
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Net book value |
At 31 March 2021 |
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At 31 March 2020 |
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5. | Debtors: amounts falling due within one year |
2021 | 2020 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | Creditors: amounts falling due within one year |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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7. | Creditors: amounts falling due after more than one year |
2021 | 2020 |
£ | £ |
Other creditors |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Other loans more 5yrs instal | 377,206 | 399,138 |
CABINET GALLERY LTD (REGISTERED NUMBER: 03668654) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2021 |
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8. | Secured debts |
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The following secured debts are included within creditors: |
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2021 | 2020 |
£ | £ |
Other loans | 609,006 | 457,938 |
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The loan is secured by way of a fixed and floating charge on all the property of the company. |
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9. | Contingent liabilities |
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Cabinet Gallery Ltd has a debenture over the leasehold property. |
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10. | Related party transactions |
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A J Wheatley |
Director |
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2021 | 2020 |
£ | £ |
Amount due to related party at the balance sheet date | 5,130 | 2,993 |
Amounts written off during the year | - | 13,825 |
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M Mcgeown |
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Shareholder |
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The loan to M Mcgeown was writen off after the year end . |
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2021 | 2020 |
£ | £ |
Amount due from related party at the balance sheet date | 50,165 | 32,366 |
Amounts written off during the year | 36,562 | 29,582 |