The Little Red Gallery (Lincoln) Limited

THE LITTLE RED GALLERY (LINCOLN) LIMITED - Company Information

2022-04-012023-03-312023-03-31false08455827The Little Red Gallery (Lincoln) 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Registered Number
08455827
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2023

The Little Red Gallery (Lincoln) Limited

Company Information
for the year from 1 April 2022 to 31 March 2023


Director	Venn, Hazel Marie


Registered Address	8 Bailgate
	Lincoln
	LN1 3AE


Registered Number	08455827 (England and Wales)

The Little Red Gallery (Lincoln) Limited

Balance Sheet as at
31 March 2023

	Notes	2023		2022
		£	£	£	£
Fixed assets
Tangible assets	5		1,378		14,316
			1,378		14,316
Current assets
Stocks		27,475		27,694
Debtors		7,699		1,753
Cash at bank and on hand		63,928		91,946
		99,102		121,393
Creditors amounts falling due within one year		(84,999)		(86,016)
Net current assets (liabilities)			14,103		35,377
Total assets less current liabilities			15,481		49,693
Creditors amounts falling due after one year			(35,974)		(65,189)
Provisions for liabilities			(1,282)		(2,720)
Net assets			(21,775)		(18,216)
Capital and reserves
Called up share capital			100		100
Profit and loss account			(21,875)		(18,316)
Shareholders' funds			(21,775)		(18,216)

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The directors have chosen to not file a copy of the company’s profit and loss account.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).

The financial statements were approved and authorised for issue by the Director on 27 December 2023, and are signed on its behalf by:

Venn, Hazel Marie
Director
Registered Company No. 08455827

The Little Red Gallery (Lincoln) Limited

Notes to the Financial Statements
for the year ended 31 March 2023

1.	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	Compliance with applicable reporting framework
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

3.	Accounting policies

	Property, plant and equipment policy
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

	Stocks policy
	Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).

	Revenue recognition policy
	Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Revenue recognition policy

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Deferred tax policy
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax policy

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Foreign currency translation and operations policy
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation and operations policy

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Employee benefits policy
	Contributions to defined contribution plans are expensed in the period to which they relate.

4.	Employee information


		2023		2022
	Average number of employees during the year	3		3

5.	Property, plant and equipment

		Total
		£
	Cost or valuation
	At 01 April 22	48,734
	Additions	(35,805)
	At 31 March 23	12,929
	Depreciation and impairment
	At 01 April 22	34,418
	Charge for year	406
	On disposals	(23,273)
	At 31 March 23	11,551
	Net book value
	At 31 March 23	1,378
	At 31 March 22	14,316