REGISTERED NUMBER: |
Cabinet Gallery Ltd |
Director's Report and |
Unaudited Financial Statements |
for the Year Ended 31 March 2023 |
REGISTERED NUMBER: |
Cabinet Gallery Ltd |
Director's Report and |
Unaudited Financial Statements |
for the Year Ended 31 March 2023 |
Cabinet Gallery Ltd (Registered number: 03668654) |
Contents of the Financial Statements |
for the year ended 31 March 2023 |
Page |
Company Information | 1 |
Director's Report | 2 |
Chartered Accountants' Report | 3 |
Income Statement | 4 |
Balance Sheet | 5 |
Notes to the Financial Statements | 7 |
Cabinet Gallery Ltd |
Company Information |
for the year ended 31 March 2023 |
Director: |
Secretary: |
Registered office: |
Registered number: |
Accountants: |
New Derwent House |
69-73 Theobalds Road |
London |
WC1X 8TA |
Cabinet Gallery Ltd (Registered number: 03668654) |
Director's Report |
for the year ended 31 March 2023 |
The director presents his report with the financial statements of the company for the year ended 31 March 2023. |
Principal activity |
The principal activity of the company in the year under review was that of an art gallery. |
Director |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
On behalf of the board: |
Chartered Accountants' Report to the Director |
on the Unaudited Financial Statements of |
Cabinet Gallery Ltd |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Cabinet Gallery Ltd for the year ended 31 March 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the director of Cabinet Gallery Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Cabinet Gallery Ltd and state those matters that we have agreed to state to the director of Cabinet Gallery Ltd in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cabinet Gallery Ltd and its director for our work or for this report. |
It is your duty to ensure that Cabinet Gallery Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Cabinet Gallery Ltd. You consider that Cabinet Gallery Ltd is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Cabinet Gallery Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
New Derwent House |
69-73 Theobalds Road |
London |
WC1X 8TA |
Date: ............................................. |
Cabinet Gallery Ltd (Registered number: 03668654) |
Income Statement |
for the year ended 31 March 2023 |
2023 | 2022 |
Notes | £ | £ |
Turnover |
Cost of sales | ( |
) | ( |
) |
Gross profit |
Administrative expenses | ( |
) | ( |
) |
(34,733 | ) | 425,171 |
Other operating income |
Operating (loss)/profit | ( |
) |
Interest receivable and similar income |
(32,213 | ) | 482,304 |
Interest payable and similar expenses | ( |
) | ( |
) |
(Loss)/profit before taxation | 4 | ( |
) |
Tax on (loss)/profit | 5 | ( |
) | ( |
) |
(Loss)/profit for the financial year | ( |
) |
Cabinet Gallery Ltd (Registered number: 03668654) |
Balance Sheet |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 6 |
Current assets |
Stocks |
Debtors | 7 |
Cash at bank |
Creditors |
Amounts falling due within one year | 8 |
Net current (liabilities)/assets | ( |
) |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
9 |
Net assets |
Capital and reserves |
Called up share capital | 11 |
Retained earnings | 12 |
Shareholders' funds |
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. |
Cabinet Gallery Ltd (Registered number: 03668654) |
Balance Sheet - continued |
31 March 2023 |
The financial statements were approved by the director and authorised for issue on |
Cabinet Gallery Ltd (Registered number: 03668654) |
Notes to the Financial Statements |
for the year ended 31 March 2023 |
1. | Statutory information |
Cabinet Gallery Ltd is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover represents amounts receivable for goods provided in the year and is stated net of VAT. |
Tangible fixed assets |
Short leasehold | - |
Fixtures and fittings | - |
Motor vehicles | - |
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. |
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. |
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. |
Going concern |
The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. |
3. | Employees and directors |
The average number of employees during the year was |
Cabinet Gallery Ltd (Registered number: 03668654) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
4. | (Loss)/profit before taxation |
The loss (2022 - profit) is stated after charging: |
2023 | 2022 |
£ | £ |
Depreciation - owned assets |
5. | Taxation |
Analysis of the tax charge |
The tax charge on the loss for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax |
Tax on (loss)/profit |
6. | Tangible fixed assets |
Fixtures |
Short | Long | and | Motor |
leasehold | leasehold | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
Cost |
At 1 April 2022 |
Additions |
At 31 March 2023 |
Depreciation |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
Net book value |
At 31 March 2023 |
At 31 March 2022 |
7. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Cabinet Gallery Ltd (Registered number: 03668654) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
8. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
9. | Creditors: amounts falling due after more than one year |
2023 | 2022 |
£ | £ |
Bank loans |
Other creditors |
Amounts falling due in more than five years: |
Repayable by instalments |
Other loans more 5yrs instal | 295,777 | 337,421 |
10. | Secured debts |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Other loans | 354,578 | 396,220 |
The loan is secured by way of a fixed and floating charge on all the property of the company. |
11. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
Cabinet Gallery Ltd (Registered number: 03668654) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
12. | Reserves |
Retained |
earnings |
£ |
At 1 April 2022 |
Deficit for the year | ( |
) |
Dividends | ( |
) |
At 31 March 2023 |
13. | Contingent liabilities |
Cabinet Gallery Ltd has a debenture over the leasehold property. |