Registered number
03908175
Vail Galleries Ltd
Filleted Accounts
31 January 2024
Vail Galleries Ltd
Registered number: 03908175
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,252 1,011
Current assets
Stocks 29,085 42,575
Debtors 4 103,171 150,957
Cash at bank and in hand 112,653 70,323
244,909 263,855
Creditors: amounts falling due within one year 5 (17,117) (17,046)
Net current assets 227,792 246,809
Total assets less current liabilities 229,044 247,820
Creditors: amounts falling due after more than one year 6 (35,830) (38,722)
Net assets 193,214 209,098
Capital and reserves
Called up share capital 90 90
Capital redemption reserve 7 10 10
Profit and loss account 193,114 208,998
Shareholder's funds 193,214 209,098
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 25 September 2024
Vail Galleries Ltd
Notes to the Accounts
for the year ended 31 January 2024
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.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Fixtures and Fittings Computer equipment Vehicles Total
£ £ £ £
Cost
At 1 February 2023 49,145 14,089 999 64,233
Additions 893 - - 893
At 31 January 2024 50,038 14,089 999 65,126
Depreciation
At 1 February 2023 48,969 13,278 975 63,222
Charge for the year 192 454 6 652
At 31 January 2024 49,161 13,732 981 63,874
Net book value
At 31 January 2024 877 357 18 1,252
At 31 January 2023 176 811 24 1,011
4 Debtors 2024 2023
£ £
Trade debtors 45,939 48,863
Director Loan 10,560 53,024
Prepayments 226 805
Other debtors 46,446 48,265
103,171 150,957
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 4,633 2,945
Trade creditors 2,161 7,806
Taxation and social security costs 7,815 2,140
Pension 63 63
Other creditors 2,445 4,092
17,117 17,046
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 35,830 38,722
7 Capital redemption reserve 2024 2023
£ £
At 1 February 2023 10 10
At 31 January 2024 10 10
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
S G Bland
[Loan 1] 53,024 3,612 (46,076) 10,560
53,024 3,612 (46,076) 10,560
9 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 £6,950 (2023: £11,000). Commission charges from Vail Galleries Ltd to Dekkel Fine Art Publishing Ltd were £1,173 (2023: £938). There were also management/print storage fees from Vail Galleries to Dekkel Fine Art Ltd of £6,000 (2023: £6,000). The balance in trade debtors at the end of the year for Dekkel Fine Art Publishing Ltd was £44,637 (2023: £45,616).

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 £16,223 (2023: 21,212).

Rockoptics.com Ltd - Mr S Bland is a director and shareholder of this company. Payment for prints and royalties of £3,689 were made during the year (2023: £1,600).
10 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.
11 Other information
Vail Galleries Ltd is a private company limited by shares and incorporated in England. Its registered office is:
108 Northwood Street
Birmingham
B3 1TH
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