Registered number
03908175
Vail Galleries Ltd
Unaudited Filleted Accounts
31 January 2023
Vail Galleries Ltd
Registered number: 03908175
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 1,011 1,000
Current assets
Stocks 42,575 50,455
Debtors 5 150,957 170,954
Cash at bank and in hand 70,323 109,080
263,855 330,489
Creditors: amounts falling due within one year 6 (17,046) (45,979)
Net current assets 246,809 284,510
Total assets less current liabilities 247,820 285,510
Creditors: amounts falling due after more than one year 7 (38,722) (41,667)
Net assets 209,098 243,843
Capital and reserves
Called up share capital 90 90
Capital redemption reserve 8 10 10
Profit and loss account 208,998 243,743
Shareholder's funds 209,098 243,843
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S G Bland
Director
Approved by the board on 20 October 2023
Vail Galleries Ltd
Notes to the Accounts
for the year ended 31 January 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. 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.
2 Grants received
Income from grants is recognised using the accrual model and recognised in the profit or loss on receipt.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures and fittings 15% straight line
Computer equipment 25% straight line
Vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
3 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
4 Tangible fixed assets
Fixtures and Fittings Computer equipment Vehicles Total
£ £ £ £
Cost
At 1 February 2022 48,976 13,673 999 63,648
Additions 169 416 - 585
At 31 January 2023 49,145 14,089 999 64,233
Depreciation
At 1 February 2022 48,887 12,794 967 62,648
Charge for the year 82 484 8 574
At 31 January 2023 48,969 13,278 975 63,222
Net book value
At 31 January 2023 176 811 24 1,011
At 31 January 2022 89 879 32 1,000
5 Debtors 2023 2022
£ £
Trade debtors 48,863 59,274
Director Loan 53,024 63,549
Prepayments 805 761
Other debtors 48,265 47,370
150,957 170,954
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 2,945 5,556
Trade creditors 7,806 5,945
Taxation and social security costs 2,140 29,304
Pension 63 63
Other creditors 4,092 5,111
17,046 45,979
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 38,722 41,667
8 Capital redemption reserve 2023 2022
£ £
At 1 February 2022 10 10
At 31 January 2023 10 10
9 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
S G Bland
[Loan 1] 63,549 12,486 (23,011) 53,024
63,549 12,486 (23,011) 53,024
10 Related party transactions
S G Bland -Dividends were paid during both this and the previous year to Mr Bland. Included in debtors was a loan, payable on demand, to Mr Bland. Interest was charged on this loan at the official HMRC rate in both this and the previous year.


Dekkel Fine Art Publishing Ltd -Mr S Bland is the managing director and only shareholder of Dekkel Fine Art Publishing Ltd. Trading took place between the two companies. Total purchases accrued from Dekkel Fine Art Ltd for prints during the year was £11,000 (2022: £9,375). Commission charges from Vail Galleries Ltd to Dekkel Fine Art Publishing Ltd were £938 (2022: £1,350). There were also managment/print storage fees from Vail Galleries to Dekkel Fine Art Ltd of £6,000 (2022: £6,000). The balance in trade debtors at the end of the year for Dekkel Fine Art Publishing Ltd was £45,616 (2022: £49,679).

JQ Flooring and Interiors Ltd -Mr S Bland was a director and shareholder of JQ Flooring and interiors Ltd. In the previous year the balancce of the loan (£13,866) to JQ Flooring and Interiors Ltd was written off.

Kangen Centre Ltd - Mr S Bland is a director and shareholder of Kangen Centre Ltd. Included in Other Debtors is a loan to Kangen Centre Ltd payable on demand of £21,212 (2022: 14,711).
11 Controlling party
The company was under the control of Mr S Bland throughout the curent and previous year. Mr S Bland is the managing director and holds all the shares.
12 Other information
Vail Galleries Ltd is a private company limited by shares and incorporated in England. Its registered office is:
The Barn
173 Church Road
Northfield
Birmingham
B31 2LX
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