ACCOUNTS - Final Accounts

ACCOUNTS - Final Accounts

THE GALLERY OF EVERYTHING LIMITED - Company Information

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Caseware UK (AP4) 2020.0.247 2020.0.247 2020-12-312020-12-31true1No description of principal activity2020-01-01false1trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09810093 2020-01-01 2020-12-31 09810093 2018-08-01 2019-12-31 09810093 2020-12-31 09810093 2019-12-31 09810093 c:Director1 2020-01-01 2020-12-31 09810093 d:LeaseholdInvestmentProperty 2020-12-31 09810093 d:LeaseholdInvestmentProperty 2019-12-31 09810093 d:CurrentFinancialInstruments 2020-12-31 09810093 d:CurrentFinancialInstruments 2019-12-31 09810093 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 09810093 d:CurrentFinancialInstruments d:WithinOneYear 2019-12-31 09810093 d:ShareCapital 2020-12-31 09810093 d:ShareCapital 2019-12-31 09810093 d:RetainedEarningsAccumulatedLosses 2020-12-31 09810093 d:RetainedEarningsAccumulatedLosses 2019-12-31 09810093 c:OrdinaryShareClass1 2020-01-01 2020-12-31 09810093 c:OrdinaryShareClass1 2020-12-31 09810093 c:FRS102 2020-01-01 2020-12-31 09810093 c:AuditExempt-NoAccountantsReport 2020-01-01 2020-12-31 09810093 c:FullAccounts 2020-01-01 2020-12-31 09810093 c:PrivateLimitedCompanyLtd 2020-01-01 2020-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 09810093











THE GALLERY OF EVERYTHING LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
 
THE GALLERY OF EVERYTHING LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
 
1
Notes to the Financial Statements
 
 
2 - 5

 
THE GALLERY OF EVERYTHING LIMITED
REGISTERED NUMBER:09810093

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2020

2020
2019
Note
£
£

Fixed assets
  

Investment property
 4 
531,650
531,650

Current assets
  

Debtors: amounts falling due within one year
 5 
43,637
37,377

Cash at bank and in hand
  
-
2,097

  
43,637
39,474

Creditors: amounts falling due within one year
 6 
(736,368)
(728,807)

Net current liabilities
  
 
 
(692,731)
 
 
(689,333)

  

Net liabilities
  
(161,081)
(157,683)


Capital and reserves
  

Called up share capital 
 7 
1
1

Profit and loss account
  
(161,082)
(157,684)

  
(161,081)
(157,683)


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 September 2021.



T H Shutes
Director

Page 1
 
THE GALLERY OF EVERYTHING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020

1.


General information

The Gallery of Everything Limited is a limited liability company incorporated in England and Wales with its registered office at 3rd Floor, 20-22 Berkeley Square, London, W1J 6EQ and its trading address at 4 Chiltern Street, London, W1U 7PS.
The principal activity of the Company is that of property letting.
The functional and presentational currency of the Company is £ Sterling.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis which assumes the continued financial support of the beneficial shareholder. In the opinion of the director, the company will continue to receive such financial support as may be required to enable it to meet its liabilities for at least 12 months following approval of the financial statements and on this basis the director has prepared the financial statements on a going concern basis.
The director has considered the impact of the Covid-19 pandemic and the ongoing impact on the company's operations. Based on his current assessment of the situation and available financial resources, including government support, the director considers it appropriate to prepare the financial statements on a going concern basis. 

 
2.3

Investment property

Investment property is carried at fair value determined annually by the director and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.  

 
2.4

Debtors

Short term debtors are measured at the transaction price, less any impairment.

 
2.5

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from related parties. 

 
2.6

Creditors

Short term creditors are measured at the transaction price. 

Page 2
 
THE GALLERY OF EVERYTHING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020

2.Accounting policies (continued)

 
2.7

Government grants

Grants are accounted under the accruals model as permitted by FRS 102.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.8

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.

 
2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.


3.


Employees

The director was the only employee of the company during the current and preceding period.



4.


Investment property


Short term leasehold investment property

£



Valuation


At 1 January 2020
531,650



At 31 December 2020
531,650

The 2020 valuation was made by the director, on an open market value for existing use basis.





5.


Debtors

2020
2019
£
£

Page 3
 
THE GALLERY OF EVERYTHING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020

5.Debtors (continued)


Other debtors
37,843
30,125

Called up share capital not paid
1
1

Prepayments and accrued income
5,793
7,251

43,637
37,377



6.


Creditors: Amounts falling due within one year

2020
2019
£
£

Bank overdrafts
3,712
-

Other loans
550,000
550,000

Other creditors
180,156
176,157

Accruals and deferred income
2,500
2,650

736,368
728,807


Page 4
 
THE GALLERY OF EVERYTHING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020

7.


Share capital

2020
2019
£
£
Allotted, called up and partly paid



1 Ordinary share of £1
1
1


 
Page 5