Dolphin Gallery Limited - Period Ending 2023-04-30

Dolphin Gallery Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 6

Dolphin Gallery Limited

(Registration number: 06564350)
Balance Sheet as at 30 April 2023

	Note	2023 £	2022 £
Fixed assets
Intangible assets	4	63,331	74,674
Tangible assets	5	24,181	16,762
		87,512	91,436
Current assets
Stocks		31,204	23,998
Debtors	6	424	339
Cash at bank and in hand		55,175	69,666
		86,803	94,003
Creditors: Amounts falling due within one year	7	(150,763)	(152,789)
Net current liabilities		(63,960)	(58,786)
Net assets		23,552	32,650
Capital and reserves
Called up share capital	8	1	1
Retained earnings		23,551	32,649
Shareholders' funds		23,552	32,650

Dolphin Gallery Limited

(Registration number: 06564350)
Balance Sheet as at 30 April 2023 (continued)

For the financial year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 11 January 2024
 

......................................... R E Corlett Director

Dolphin Gallery Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
23-34 Market Place
Wantage
Oxfordshire
OX12 8AE

These financial statements were authorised for issue by the director on 11 January 2024.

2	Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

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

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.

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

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

Dolphin Gallery Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

2	Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Leasehold improvements	10% straight line
Plant and machinery	25% straight line
Fixtures and fittings	25% straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Amortisation	10% straight line

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.

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
 

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2022 - 5).

Dolphin Gallery Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 May 2022	113,429	113,429
At 30 April 2023	113,429	113,429
Amortisation
At 1 May 2022	38,755	38,755
Amortisation charge	11,343	11,343
At 30 April 2023	50,098	50,098
Carrying amount
At 30 April 2023	63,331	63,331
At 30 April 2022	74,674	74,674

5	Tangible assets

	Leasehold Improvements £	Fixtures and fittings £	Plant and machinery £	Total £
Cost or valuation
At 1 May 2022	15,717	8,256	7,410	31,383
Additions	12,019	968	-	12,987
At 30 April 2023	27,736	9,224	7,410	44,370
Depreciation
At 1 May 2022	3,972	5,916	4,733	14,621
Charge for the year	2,114	1,601	1,853	5,568
At 30 April 2023	6,086	7,517	6,586	20,189
Carrying amount
At 30 April 2023	21,650	1,707	824	24,181
At 30 April 2022	11,745	2,340	2,677	16,762

Dolphin Gallery Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

6

Debtors

	2023 £	2022 £
Prepayments	424	339
	424	339

7

Creditors

Creditors: amounts falling due within one year

	2023 £	2022 £
Due within one year
Trade creditors	55	55
Taxation and social security	16,113	18,488
Accruals and deferred income	2,036	1,999
Other creditors	132,559	132,247
	150,763	152,789

Other creditors includes a balance of £132,559 (2022 - £132,247) due to the director, Mr R Corlett.

8	Share capital

Allotted, called up and fully paid shares

	2023		2022
	No.	£	No.	£
Ordinary shares of £1 each	1	1	1	1