Silverfin false false 30/04/2024 01/05/2023 30/04/2024 Mr J V Easton 05/04/2013 31 January 2025 The principal activity of the Company during the financial year was retail sale in commercial art galleries. 08475087 2024-04-30 08475087 bus:Director1 2024-04-30 08475087 2023-04-30 08475087 core:CurrentFinancialInstruments 2024-04-30 08475087 core:CurrentFinancialInstruments 2023-04-30 08475087 core:Non-currentFinancialInstruments 2024-04-30 08475087 core:Non-currentFinancialInstruments 2023-04-30 08475087 core:ShareCapital 2024-04-30 08475087 core:ShareCapital 2023-04-30 08475087 core:RetainedEarningsAccumulatedLosses 2024-04-30 08475087 core:RetainedEarningsAccumulatedLosses 2023-04-30 08475087 core:Goodwill 2023-04-30 08475087 core:Goodwill 2024-04-30 08475087 core:LandBuildings 2023-04-30 08475087 core:Vehicles 2023-04-30 08475087 core:FurnitureFittings 2023-04-30 08475087 core:OtherPropertyPlantEquipment 2023-04-30 08475087 core:LandBuildings 2024-04-30 08475087 core:Vehicles 2024-04-30 08475087 core:FurnitureFittings 2024-04-30 08475087 core:OtherPropertyPlantEquipment 2024-04-30 08475087 core:WithinOneYear 2024-04-30 08475087 core:WithinOneYear 2023-04-30 08475087 core:BetweenOneFiveYears 2024-04-30 08475087 core:BetweenOneFiveYears 2023-04-30 08475087 core:MoreThanFiveYears 2024-04-30 08475087 core:MoreThanFiveYears 2023-04-30 08475087 2023-05-01 2024-04-30 08475087 bus:FilletedAccounts 2023-05-01 2024-04-30 08475087 bus:SmallEntities 2023-05-01 2024-04-30 08475087 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 08475087 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 08475087 bus:Director1 2023-05-01 2024-04-30 08475087 core:Goodwill core:TopRangeValue 2023-05-01 2024-04-30 08475087 core:Vehicles core:TopRangeValue 2023-05-01 2024-04-30 08475087 core:FurnitureFittings core:TopRangeValue 2023-05-01 2024-04-30 08475087 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-05-01 2024-04-30 08475087 2022-05-01 2023-04-30 08475087 core:LandBuildings 2023-05-01 2024-04-30 08475087 core:Vehicles 2023-05-01 2024-04-30 08475087 core:FurnitureFittings 2023-05-01 2024-04-30 08475087 core:OtherPropertyPlantEquipment 2023-05-01 2024-04-30 08475087 core:CurrentFinancialInstruments 2023-05-01 2024-04-30 08475087 core:Non-currentFinancialInstruments 2023-05-01 2024-04-30 iso4217:GBP xbrli:pure

Company No: 08475087 (England and Wales)

THE DRANG GALLERY LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

THE DRANG GALLERY LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

THE DRANG GALLERY LIMITED

BALANCE SHEET

As at 30 April 2024
THE DRANG GALLERY LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 30,488 44,048
30,488 44,048
Current assets
Stocks 5 612,837 619,208
Debtors 6 448,422 429,304
Cash at bank and in hand 54,629 278,969
1,115,888 1,327,481
Creditors: amounts falling due within one year 7 ( 454,233) ( 459,134)
Net current assets 661,655 868,347
Total assets less current liabilities 692,143 912,395
Creditors: amounts falling due after more than one year 8 ( 40,225) ( 116,419)
Provision for liabilities ( 4,302) ( 7,435)
Net assets 647,616 788,541
Capital and reserves
Called-up share capital 100 100
Profit and loss account 647,516 788,441
Total shareholders' funds 647,616 788,541

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of The Drang Gallery Limited (registered number: 08475087) were approved and authorised for issue by the Director on 31 January 2025. They were signed on its behalf by:

Mr J V Easton
Director
THE DRANG GALLERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
THE DRANG GALLERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

The Drang Gallery Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Acorn Cottage, Penrose, St Ervan, PL27 7TB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover comprises of the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
- The amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- specific criteria have been met for each of the company's activities.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Land and buildings depreciated over the life of the lease
Vehicles 4 years straight line
Fixtures and fittings 8 years straight line
Other property, plant and equipment 8 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 13 7

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 May 2023 50,000 50,000
At 30 April 2024 50,000 50,000
Accumulated amortisation
At 01 May 2023 50,000 50,000
At 30 April 2024 50,000 50,000
Net book value
At 30 April 2024 0 0
At 30 April 2023 0 0

4. Tangible assets

Land and buildings Vehicles Fixtures and fittings Other property, plant
and equipment
Total
£ £ £ £ £
Cost
At 01 May 2023 56,812 45,183 58,689 8,205 168,889
Additions 1,799 0 2,502 0 4,301
At 30 April 2024 58,611 45,183 61,191 8,205 173,190
Accumulated depreciation
At 01 May 2023 40,275 34,539 41,822 8,205 124,841
Charge for the financial year 4,009 5,322 8,530 0 17,861
At 30 April 2024 44,284 39,861 50,352 8,205 142,702
Net book value
At 30 April 2024 14,327 5,322 10,839 0 30,488
At 30 April 2023 16,537 10,644 16,867 0 44,048

5. Stocks

2024 2023
£ £
Stocks 612,837 619,208

6. Debtors

2024 2023
£ £
Other debtors 448,422 429,304

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 5,481 5,481
Trade creditors 74,055 72,224
Taxation and social security 132,018 150,295
Obligations under finance leases and hire purchase contracts (secured) 4,258 4,258
Other creditors 238,421 226,876
454,233 459,134

The hire purchase liabilities above are secured on the assets to which they relate.

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 2,406 8,198
Other loans 34,046 99,641
Obligations under finance leases and hire purchase contracts (secured) 3,773 8,580
40,225 116,419

The hire purchase liabilities above are secured on the assets to which they relate.

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 76,000 76,000
between one and five years 138,000 168,000
after five years 414,000 460,000
628,000 704,000

The total amounts of financial commitments not included in the balance sheet is £628,000 (2023 - £704,000). The commitments relate to the lease of 3 premises.

10. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Balance brought forward 182,734 (81,523)
Advances to director 178,720 271,912
Repayments by director (187,499) (7,655)
Balance carried forward 173,955 182,734

Mr J V Easton has a loan repayable on demand. Interest is charged on this loan at a rate of 2.25%. At the end of the year there was an amount of £173,955 (2023 - £182,734) due to the company.