Brighton Gallery Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 07270900 (England and Wales)

Abbreviated Accounts for the Year Ended 30 September 2016

for

Brighton Gallery Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

A E W Proud

REGISTERED OFFICE:

10-14 Accommodation Road

Golders Green

London

NW11 8ED

REGISTERED NUMBER:

07270900 (England and Wales)

ACCOUNTANTS:

Grunberg & Co Limited

Chartered Accountants

10-14 Accommodation Road

Golders Green

London

NW11 8ED

FIXED ASSETS

Tangible assets

2

302,000

CURRENT ASSETS

Debtors

1

CREDITORS

Amounts falling due within one year

160,726

115,343

NET CURRENT LIABILITIES

(160,725

)

(115,342

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

141,275

186,658

CREDITORS

Amounts falling due after more than one year

149,447

203,969

NET LIABILITIES

(8,172

)

(17,311

)

CAPITAL AND RESERVES

Called up share capital

3

1

Profit and loss account

(8,173

)

(17,312

)

SHAREHOLDERS' FUNDS

(8,172

)

(17,311

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2016 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 29 June 2017 and were signed by:

A E W Proud - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the Financial

Reporting Standard for Smaller Entities (effective January 2015).

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

Deferred tax

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

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.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 October 2015

and 30 September 2016

302,000

NET BOOK VALUE

At 30 September 2016

302,000

At 30 September 2015

302,000

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

1

Ordinary

£1

1

4.	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 2016 including accrued

interest was £142,851.

During the year under review, on normal commercial terms, the company charged rent of £25,000 (2015: £25,000) to Proud

Publishing Limited, a company in which A E W Proud is a director and controlling shareholder.

As at 30 September 2016, the company owed £62,553 (2015: £59,281) to Proud Publishing Limited.

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.