Proud Brighton Galleries Limited - Accounts to registrar (filleted) - small 18.2

Proud Brighton Galleries Limited - Accounts to registrar (filleted) - small 18.2

PROUD BRIGHTON GALLERIES LIMITED - Company Information

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REGISTERED NUMBER: 07270900 (England and Wales)















Financial Statements for the Year Ended 30 September 2019

for

Proud Brighton Galleries Limited
Proud Brighton Galleries Limited (Registered number: 07270900)






Contents of the Financial Statements
for the Year Ended 30 September 2019




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Proud Brighton Galleries Limited

Company Information
for the Year Ended 30 September 2019







DIRECTOR: A E W Proud





REGISTERED OFFICE: 32 John Adam Street
London
WC2N 6BP





REGISTERED NUMBER: 07270900 (England and Wales)





ACCOUNTANTS: Grunberg & Co Limited
Chartered Accountants
5 Technology Park
Colindeep Lane
Colindale
London
NW9 6BX
Page 1
Proud Brighton Galleries Limited (Registered number: 07270900)

Statement of Financial Position
30 September 2019

2019 2018
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 302,000 302,000

CREDITORS
Amounts falling due within one year 5 115,656 94,974
NET CURRENT LIABILITIES (115,656 ) (94,974 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
186,344
207,026

CREDITORS
Amounts falling due after more than one
year
6
167,947
196,890
NET ASSETS 18,397 10,136

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 18,396 10,135
SHAREHOLDERS' FUNDS 18,397 10,136

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2019 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 September 2020 and were signed
by:





A E W Proud - Director


The notes form part of these financial statements

Page 2
Proud Brighton Galleries Limited (Registered number: 07270900)

Notes to the Financial Statements
for the Year Ended 30 September 2019

1. STATUTORY INFORMATION

Proud Brighton Galleries Limited is a private company, limited by shares , registered in England and Wales. The
company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

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

Turnover
Turnover represents rent receivable from the freehold property. Turnover is recognised in the period to which it
relates.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided

Financial instruments
Debtors
Short term debtors are measured at transaction price, less any impairment.

Creditors
Short term creditors are measured at transaction price.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the
statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the
timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they
will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Going concern
The accounts have been prepared on a going concern basis, since in the opinion of the director, it is appropriate
to assume that the company will receive the continued support of its director for a period in excess of twelve
months from the date of approval of these financial statements.

Page 3 continued...
Proud Brighton Galleries Limited (Registered number: 07270900)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2019

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2018 - NIL).

4. TANGIBLE FIXED ASSETS
Freehold
property
£   
COST
At 1 October 2018
and 30 September 2019 302,000
NET BOOK VALUE
At 30 September 2019 302,000
At 30 September 2018 302,000

The freehold property was revalued by the directors on an open market basis on 30 September 2013. The
directors believe that this valuation has remained unchanged as at 30 September 2019.

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2019 2018
£    £   
Corporation tax 1,938 2,398
Other creditors 17,491 17,491
Amounts due to related
companies 71,974 65,617
Directors' current accounts 2,635 2,000
Accrued expenses 21,618 7,468
115,656 94,974

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2019 2018
£    £   
Other creditors 167,947 196,890

7. RELATED PARTY DISCLOSURES

On the 3 December 2012, a loan amounting to £297,244 was advanced to the company by PP2 Limited, a
company controlled by Christopher Proud, the brother of the director, A E W Proud, and is included in other
creditors. Interest is chargeable on the loan at the rate of 10% per annum. The balance outstanding as at 30
September 2019 including accrued interest was £102,502.

During the year under review, on normal commercial terms, the company charged rent of £25,000 (2018:
£25,000) to related companies.

As at 30 September 2019, the company owed £71,974 (2018: £65,617) to related companies.

The company has given security by way of a fixed charge over its freehold property to Barclays Bank PLC, in
respect of a funding facility provided to Proud Publishing Limited, a company in which A E W Proud is a
director and controlling shareholder.

Page 4