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REGISTERED NUMBER: 03814141 (England and Wales)









UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 5 APRIL 2023 TO 31 MARCH 2024

FOR

BLUE WING GALLERY LIMITED

BLUE WING GALLERY LIMITED (REGISTERED NUMBER: 03814141)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 5 APRIL 2023 TO 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


BLUE WING GALLERY LIMITED

COMPANY INFORMATION
FOR THE PERIOD 5 APRIL 2023 TO 31 MARCH 2024







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: TC Group
The Old Carriage Works
Moresk Road
Truro
Cornwall
TR1 1DG

BLUE WING GALLERY LIMITED (REGISTERED NUMBER: 03814141)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 5 88,839 76,503

CURRENT ASSETS
Stocks 207,529 236,129
Debtors 6 26,055 23,803
Cash at bank and in hand 53,911 229,610
287,495 489,542
CREDITORS
Amounts falling due within one year 7 (197,473 ) (359,090 )
NET CURRENT ASSETS 90,022 130,452
TOTAL ASSETS LESS CURRENT
LIABILITIES

178,861

206,955

CREDITORS
Amounts falling due after more than one year 8 (12,624 ) (22,573 )
NET ASSETS 166,237 184,382

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 166,137 184,282
SHAREHOLDERS' FUNDS 166,237 184,382

BLUE WING GALLERY LIMITED (REGISTERED NUMBER: 03814141)

BALANCE SHEET - continued
31 MARCH 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2024 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 5 November 2024 and were signed on its behalf by:





Mr S Harper - Director


BLUE WING GALLERY LIMITED (REGISTERED NUMBER: 03814141)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 5 APRIL 2023 TO 31 MARCH 2024

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.

Revenue is recognised to turnover upon the delivery of goods to customers.

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 period 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 period 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.

BLUE WING GALLERY LIMITED (REGISTERED NUMBER: 03814141)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 5 APRIL 2023 TO 31 MARCH 2024

3. ACCOUNTING POLICIES - continued

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 period was 9 (2023 - 11 ) .

BLUE WING GALLERY LIMITED (REGISTERED NUMBER: 03814141)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 5 APRIL 2023 TO 31 MARCH 2024

5. TANGIBLE FIXED ASSETS
Furniture
Short Photographic and
leasehold equipment fixtures
£    £    £   
COST
At 5 April 2023 100,867 67,588 94,309
Additions - 37,485 -
At 31 March 2024 100,867 105,073 94,309
DEPRECIATION
At 5 April 2023 88,925 30,060 86,957
Charge for period 2,428 18,548 1,818
At 31 March 2024 91,353 48,608 88,775
NET BOOK VALUE
At 31 March 2024 9,514 56,465 5,534
At 4 April 2023 11,942 37,528 7,352

Workshop
tools & Office
equipment equipment Totals
£    £    £   
COST
At 5 April 2023 33,262 82,761 378,787
Additions - 3,336 40,821
At 31 March 2024 33,262 86,097 419,608
DEPRECIATION
At 5 April 2023 29,003 67,339 302,284
Charge for period 1,053 4,638 28,485
At 31 March 2024 30,056 71,977 330,769
NET BOOK VALUE
At 31 March 2024 3,206 14,120 88,839
At 4 April 2023 4,259 15,422 76,503

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 26,055 23,803

BLUE WING GALLERY LIMITED (REGISTERED NUMBER: 03814141)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 5 APRIL 2023 TO 31 MARCH 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 9,796 9,796
Trade creditors 2,137 12,586
Amounts owed to group undertakings 1,950 2,744
Taxation and social security 7,801 7,440
Other creditors 175,789 326,524
197,473 359,090

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 12,624 22,573

9. RELATED PARTY DISCLOSURES

The company introduced net funds of £150,507 into the company during the year. At 31 March 2024, the company owed the Directors £161,493.. (2023: £312,500.)

The loan to the company is free of interest and repayable on demand.

10. 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.