BrightAccountsProduction v1.0.0 v1.0.0 2023-04-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The principal activity of the company is that of artistic creation. 3 June 2024 4 4 NI630034 2024-03-31 NI630034 2023-03-31 NI630034 2022-03-31 NI630034 2023-04-01 2024-03-31 NI630034 2022-04-01 2023-03-31 NI630034 uk-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 NI630034 uk-curr:PoundSterling 2023-04-01 2024-03-31 NI630034 uk-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 NI630034 uk-bus:FullAccounts 2023-04-01 2024-03-31 NI630034 uk-bus:Director1 2023-04-01 2024-03-31 NI630034 uk-bus:Director2 2023-04-01 2024-03-31 NI630034 uk-bus:RegisteredOffice 2023-04-01 2024-03-31 NI630034 uk-bus:Agent1 2023-04-01 2024-03-31 NI630034 uk-core:ShareCapital 2024-03-31 NI630034 uk-core:ShareCapital 2023-03-31 NI630034 uk-core:RetainedEarningsAccumulatedLosses 2024-03-31 NI630034 uk-core:RetainedEarningsAccumulatedLosses 2023-03-31 NI630034 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-03-31 NI630034 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-03-31 NI630034 uk-bus:FRS102 2023-04-01 2024-03-31 NI630034 uk-core:Goodwill 2023-04-01 2024-03-31 NI630034 uk-core:LandBuildings 2023-04-01 2024-03-31 NI630034 uk-core:Land 2023-04-01 2024-03-31 NI630034 uk-core:PlantMachinery 2023-04-01 2024-03-31 NI630034 uk-core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 NI630034 uk-core:MotorVehicles 2023-04-01 2024-03-31 NI630034 uk-core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 NI630034 uk-core:Goodwill 2023-03-31 NI630034 uk-core:Goodwill 2024-03-31 NI630034 uk-core:CurrentFinancialInstruments 2024-03-31 NI630034 uk-core:CurrentFinancialInstruments 2023-03-31 NI630034 uk-core:WithinOneYear 2024-03-31 NI630034 uk-core:WithinOneYear 2023-03-31 NI630034 uk-core:AfterOneYear 2024-03-31 NI630034 uk-core:AfterOneYear 2023-03-31 NI630034 uk-core:BetweenTwoFiveYears 2024-03-31 NI630034 uk-core:BetweenTwoFiveYears 2023-03-31 NI630034 2023-04-01 2024-03-31 NI630034 uk-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 xbrli:pure iso4217:GBP xbrli:shares
Company Registration Number: NI630034
 
 
Keith Drury Art Ltd
 
Directors' Report and Unaudited Financial Statements
 
for the financial year ended 31 March 2024



Keith Drury Art Ltd
DIRECTORS AND OTHER INFORMATION

 
Directors Mr. Keith Drury
Mrs. Deborah Drury
 
 
Company Registration Number NI630034
 
 
Registered Office and Business Address 32 Belmont Road
Belfast
BT4 2AN
 
 
Accountants Muldoon & Co
16 Mount Charles
Belfast
BT7 1NZ
Northern Ireland
 
 
Bankers Ulster Bank
  2-8 Market Street
  Downpatrick
  Co.Down
  BT30 6BU
  Northern Ireland



Keith Drury Art Ltd
DIRECTORS' REPORT
for the financial year ended 31 March 2024

 
The directors present their report and the unaudited financial statements for the financial year ended 31 March 2024.
 
Principal Activity
The principal activity of the company is that of artistic creation.
     
Directors
The directors who served during the financial year are as follows:
     
Mr. Keith Drury
Mrs. Deborah Drury
   
     
Statement of Directors' Responsibilities
     
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
     
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A (Small Entities). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:
- select suitable accounting policies and apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
     
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
     
Special provisions relating to small companies
The above report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
     
     
On behalf of the board
     
     
     
___________________________
Mr. Keith Drury
Director
     
     
     
___________________________
Mrs. Deborah Drury
Director
     
3 June 2024



Keith Drury Art Ltd
Company Registration Number: NI630034
BALANCE SHEET
as at 31 March 2024

2024 2023
Notes £ £
 
Fixed Assets
Tangible assets 5 63,758 118,156
───────── ─────────
 
Current Assets
Stocks 6 6,000 6,000
Debtors 7 138,855 82,246
Cash and cash equivalents 258,569 302,482
───────── ─────────
403,424 390,728
───────── ─────────
Creditors: amounts falling due within one year 8 (63,356) (49,453)
───────── ─────────
Net Current Assets 340,068 341,275
───────── ─────────
Total Assets less Current Liabilities 403,826 459,431
 
Creditors:
amounts falling due after more than one year 9 (27,395) (37,210)
───────── ─────────
Net Assets 376,431 422,221
═════════ ═════════
 
Capital and Reserves
Called up share capital 100 100
Retained earnings 376,331 422,121
───────── ─────────
Equity attributable to owners of the company 376,431 422,221
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
The company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account.
           
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.
           
Approved by the Board and authorised for issue on 3 June 2024 and signed on its behalf by
           
           
           
________________________________          
Mr. Keith Drury          
Director          
           
           
           
________________________________
Mrs. Deborah Drury
Director
           



Keith Drury Art Ltd
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 March 2024

   
1. General Information
 
Keith Drury Art Ltd is a company limited by shares incorporated and registered in Northern Ireland. The registered number of the company is NI630034. The registered office of the company is 32 Belmont Road, Belfast, BT4 2AN which is also the principal place of business of the company. The nature of the company's operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the financial year ended 31 March 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Goodwill
Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible fixed assets when they were acquired. Purchased goodwill is capitalised in the Balance Sheet and amortised on a straight line basis over its economic useful life of 0 years, which is estimated to be the period during which benefits are expected to arise.  On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Land and buildings freehold - 25% Straight line
  Long leasehold property - 2% Straight line
  Plant and machinery - 20% Straight line
  Fixtures, fittings and equipment - 20% Straight line
  Motor vehicles - 20% Straight line
    -  
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Stocks
Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The company also operates a defined benefit pension scheme for its employees providing benefits based on final pensionable pay. The assets of this scheme are also held separately from those of the company, being invested with pension fund managers.
 
Taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including directors, during the financial year was 4, (2023 - 4).
 
  2024 2023
  Number Number
 
Employees 4 4
  ═════════ ═════════
       
4. Intangible assets
     
  Goodwill Total
  £ £
Cost
At 1 April 2023 75,000 75,000
  ───────── ─────────
 
At 31 March 2024 75,000 75,000
  ───────── ─────────
Amortisation
 
At 31 March 2024 75,000 75,000
  ───────── ─────────
Net book value
At 31 March 2024 - -
  ═════════ ═════════

                 
5. Tangible assets
  Land and Long Plant and Fixtures, Motor   Total
  buildings leasehold machinery fittings and vehicles    
  freehold property   equipment      
  £ £ £ £ £ £ £
Cost
At 1 April 2023 4,547 16,570 44,810 21,321 84,845 16,675 188,768
Additions - - - 881 - 75 956
Disposals - - - - (34,145) - (34,145)
  ───────── ───────── ───────── ───────── ───────── ───────── ─────────
At 31 March 2024 4,547 16,570 44,810 22,202 50,700 16,750 155,579
  ───────── ───────── ───────── ───────── ───────── ───────── ─────────
Depreciation
At 1 April 2023 4,547 993 38,468 10,674 4,242 11,688 70,612
Charge for the financial year - 331 3,326 4,329 15,831 4,790 28,607
On disposals - - - - (7,398) - (7,398)
  ───────── ───────── ───────── ───────── ───────── ───────── ─────────
At 31 March 2024 4,547 1,324 41,794 15,003 12,675 16,478 91,821
  ───────── ───────── ───────── ───────── ───────── ───────── ─────────
Net book value
At 31 March 2024 - 15,246 3,016 7,199 38,025 272 63,758
  ═════════ ═════════ ═════════ ═════════ ═════════ ═════════ ═════════
At 31 March 2023 - 15,577 6,342 10,647 80,603 4,987 118,156
  ═════════ ═════════ ═════════ ═════════ ═════════ ═════════ ═════════

       
6. Stocks 2024 2023
  £ £
 
Finished goods and goods for resale 6,000 6,000
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
7. Debtors 2024 2023
  £ £
 
Trade debtors 16,841 6,434
Other debtors - 2,578
Directors' current accounts (Note 10) 119,459 71,940
Prepayments and accrued income 2,555 1,294
  ───────── ─────────
  138,855 82,246
  ═════════ ═════════
       
8. Creditors 2024 2023
Amounts falling due within one year £ £
 
Trade creditors 2,206 452
Taxation 33,980 45,831
Accruals 27,170 3,170
  ───────── ─────────
  63,356 49,453
  ═════════ ═════════
       
9. Creditors 2024 2023
Amounts falling due after more than one year £ £
 
Bank loan 27,395 37,210
  ═════════ ═════════
 
Loans
Repayable between two and five years 27,395 37,210
  ═════════ ═════════
 
   
10. Directors' advances, credits and guarantees
 
During the year, the company made loans to the directors amounting to £119,459, which was repaid within 9 months of the year end.