Sarah Myerscough Gallery Ltd Filleted accounts for Companies House (small and micro)

SARAH MYERSCOUGH GALLERY LTD - Company Information

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COMPANY REGISTRATION NUMBER: 03266393

Sarah Myerscough Gallery Ltd

Filleted Unaudited Financial Statements

31 January 2023

Sarah Myerscough Gallery Ltd

Financial Statements

Year ended 31 January 2023

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Sarah Myerscough Gallery Ltd

Statement of Financial Position

31 January 2023

	2023	2022
Note	£	£

Fixed assets

Tangible assets	5	5,510	5,092

Current assets

Stocks		52,609	31,000
Debtors	6	549,309	421,480
Cash at bank and in hand		494,774	310,108
		------------	---------
		1,096,692	762,588

Creditors: amounts falling due within one year	7	892,135	617,710
		------------	---------
Net current assets		204,557	144,878
		---------	---------
Total assets less current liabilities		210,067	149,970

Creditors: amounts falling due after more than one year	8	24,257	34,002
		---------	---------
Net assets		185,810	115,968
		---------	---------

Capital and reserves

Called up share capital	160	160
Share premium account	149,960	149,960
Profit and loss account	35,690	( 34,152)
	---------	---------
Shareholders funds	185,810	115,968
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Sarah Myerscough Gallery Ltd

Statement of Financial Position (continued)

31 January 2023

These financial statements were approved by the board of directors and authorised for issue on 31 October 2023 , and are signed on behalf of the board by:

Mrs S C Myerscough

Director

Company registration number: 03266393

Sarah Myerscough Gallery Ltd

Notes to the Financial Statements

Year ended 31 January 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 34 North Row, London, W1K 6DH, England.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	25% reducing balance
Equipment	-	33% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Government grants

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.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 7 (2022: 6 ).

5. Tangible assets

	Plant and machinery	Equipment	Total
	£	£	£
Cost
At 1 February 2022	61,237	2,231	63,468
Additions	515	2,544	3,059
	--------	-------	--------
At 31 January 2023	61,752	4,775	66,527
	--------	-------	--------
Depreciation
At 1 February 2022	57,556	820	58,376
Charge for the year	1,049	1,592	2,641
	--------	-------	--------
At 31 January 2023	58,605	2,412	61,017
	--------	-------	--------
Carrying amount
At 31 January 2023	3,147	2,363	5,510
	--------	-------	--------
At 31 January 2022	3,681	1,411	5,092
	--------	-------	--------

6. Debtors

	2023	2022
	£	£
Trade debtors	316,649	363,705
Other debtors	232,660	57,775
	---------	---------
	549,309	421,480
	---------	---------

7. Creditors: amounts falling due within one year

	2023	2022
	£	£
Bank loans and overdrafts	9,843	9,678
Trade creditors	400,741	180,403
Corporation tax	44,891	21,748
Social security and other taxes	8,058	11,159
Other creditors	428,602	394,722
	---------	---------
	892,135	617,710
	---------	---------

8. Creditors: amounts falling due after more than one year

	2023	2022
	£	£
Bank loans and overdrafts	24,257	34,002
	--------	--------

9. Directors' advances, credits and guarantees

During the year, a director was advanced £2,147 and made repayments of £nil. Interest of £377 was charged on the overdrawn balance. At the balance sheet date the company owed the director £20,856 (2022: £18,332).