Blue Wing Gallery Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03814141 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

FOR

BLUE WING GALLERY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr S Harper

Mrs B Harper

REGISTERED OFFICE:

Blue Wing House

Heron Way

Newham

TRURO

Cornwall

TR1 2XN

REGISTERED NUMBER:

03814141 (England and Wales)

ACCOUNTANTS:

Lang Bennetts

The Old Carriage Works

Moresk Road

TRURO

Cornwall

TR1 1DG

FIXED ASSETS

Tangible assets

5

55,497

82,802

CURRENT ASSETS

Stocks

319,818

400,600

Debtors

6

42,053

23,077

Cash at bank and in hand

95,073

37,281

456,944

460,958

CREDITORS

Amounts falling due within one year

7

152,496

137,249

NET CURRENT ASSETS

304,448

323,709

TOTAL ASSETS LESS CURRENT LIABILITIES

359,945

406,511

CREDITORS

Amounts falling due after more than one year

8

(40,833

)

-

PROVISIONS FOR LIABILITIES

-

(1,915

)

NET ASSETS

319,112

404,596

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

319,012

404,496

SHAREHOLDERS' FUNDS

319,112

404,596

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 August 2021 and were signed on its behalf by:

Mr S Harper - Director

Mrs B Harper - Director

1.	STATUTORY INFORMATION

Blue Wing Gallery Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

Over the lease term

Photographic equipment

-

25% on reducing balance

Furniture and fixtures

-

25% on reducing balance

Workshop tools & equipment

-

25% on reducing balance

Office equipment

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

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

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The company operates a defined benefit pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period during which they are paid. This is in line with the accounting disclosure permitted under FRS102 [1A].

The Directors have not disclosed the full assets and liabilities of the scheme as;

i) The costs of obtaining the necessary information to make the disclosure is not economic.

ii) In the opinion of the Directors, full disclosure of the scheme is not required in order to provide a True and Fair view of the company's finances at the balance sheet date.

Grants

Grants received relating to revenue expenditure are recognised in the profit and loss account when the related expenditure is incurred.

Grants received relating to fixed assets are released to the profit and loss account in accordance with the related depreciation policy of the asset.

Any grant received and not spent at the balance sheet date is carried forward as a deferred grant and included within creditors.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2020 - 18 ) .

5.	TANGIBLE FIXED ASSETS

Furniture

Short

Photographic

and

leasehold

equipment

fixtures

£

£

£

COST

At 1 April 2020

129,395

24,743

88,580

Additions

-

4,654

-

Disposals

(28,528

)

(9,167

)

-

At 31 March 2021

100,867

20,230

88,580

DEPRECIATION

At 1 April 2020

98,753

13,451

79,003

Charge for year

6,964

3,653

2,394

Eliminated on disposal

(26,201

)

(7,834

)

-

At 31 March 2021

79,516

9,270

81,397

NET BOOK VALUE

At 31 March 2021

21,351

10,960

7,183

At 31 March 2020

30,642

11,292

9,577

Workshop

tools &

Office

equipment

equipment

Totals

£

£

£

COST

At 1 April 2020

33,262

86,935

362,915

Additions

-

942

5,596

Disposals

-

(21,363

)

(59,058

)

At 31 March 2021

33,262

66,514

309,453

DEPRECIATION

At 1 April 2020

23,140

65,766

280,113

Charge for year

2,530

11,316

26,857

Eliminated on disposal

-

(18,979

)

(53,014

)

At 31 March 2021

25,670

58,103

253,956

NET BOOK VALUE

At 31 March 2021

7,592

8,411

55,497

At 31 March 2020

10,122

21,169

82,802

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Other debtors

42,053

23,077

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

9,167

5,555

Trade creditors

2,097

15,688

Amounts owed to group undertakings

2,281

1,734

Taxation and social security

662

3,555

Other creditors

138,289

110,717

152,496

137,249

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

40,833

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans - 5 years +

833

-

9.	ULTIMATE CONTROLLING PARTY

The company is owned by Harper Group Enterprises Limited.

The ultimate controlling party is Mr S and Mrs B Harper, who control Harper Group Enterprises Limited.