Caseware UK (AP4) 2022.0.179 2022.0.179 2022-10-312022-10-31trueart galleryfalse2021-11-013834trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09604183 2021-11-01 2022-10-31 09604183 2020-11-01 2021-10-31 09604183 2022-10-31 09604183 2021-10-31 09604183 2020-11-01 09604183 c:Director1 2021-11-01 2022-10-31 09604183 d:Buildings d:ShortLeaseholdAssets 2021-11-01 2022-10-31 09604183 d:Buildings d:ShortLeaseholdAssets 2022-10-31 09604183 d:Buildings d:ShortLeaseholdAssets 2021-10-31 09604183 d:MotorVehicles 2021-11-01 2022-10-31 09604183 d:MotorVehicles 2022-10-31 09604183 d:MotorVehicles 2021-10-31 09604183 d:MotorVehicles d:OwnedOrFreeholdAssets 2021-11-01 2022-10-31 09604183 d:FurnitureFittings 2021-11-01 2022-10-31 09604183 d:FurnitureFittings 2022-10-31 09604183 d:FurnitureFittings 2021-10-31 09604183 d:FurnitureFittings d:OwnedOrFreeholdAssets 2021-11-01 2022-10-31 09604183 d:ComputerEquipment 2021-11-01 2022-10-31 09604183 d:ComputerEquipment 2022-10-31 09604183 d:ComputerEquipment 2021-10-31 09604183 d:ComputerEquipment d:OwnedOrFreeholdAssets 2021-11-01 2022-10-31 09604183 d:OwnedOrFreeholdAssets 2021-11-01 2022-10-31 09604183 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-10-31 09604183 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-10-31 09604183 d:ComputerSoftware 2022-10-31 09604183 d:ComputerSoftware 2021-10-31 09604183 d:CurrentFinancialInstruments 2022-10-31 09604183 d:CurrentFinancialInstruments 2021-10-31 09604183 d:Non-currentFinancialInstruments 2022-10-31 09604183 d:Non-currentFinancialInstruments 2021-10-31 09604183 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 09604183 d:CurrentFinancialInstruments d:WithinOneYear 2021-10-31 09604183 d:Non-currentFinancialInstruments d:AfterOneYear 2022-10-31 09604183 d:Non-currentFinancialInstruments d:AfterOneYear 2021-10-31 09604183 d:ShareCapital 2022-10-31 09604183 d:ShareCapital 2021-10-31 09604183 d:RetainedEarningsAccumulatedLosses 2022-10-31 09604183 d:RetainedEarningsAccumulatedLosses 2021-10-31 09604183 c:OrdinaryShareClass1 2021-11-01 2022-10-31 09604183 c:OrdinaryShareClass1 2022-10-31 09604183 c:OrdinaryShareClass1 2021-10-31 09604183 c:FRS102 2021-11-01 2022-10-31 09604183 c:AuditExempt-NoAccountantsReport 2021-11-01 2022-10-31 09604183 c:FullAccounts 2021-11-01 2022-10-31 09604183 c:PrivateLimitedCompanyLtd 2021-11-01 2022-10-31 09604183 d:WithinOneYear 2022-10-31 09604183 d:WithinOneYear 2021-10-31 09604183 d:BetweenOneFiveYears 2022-10-31 09604183 d:BetweenOneFiveYears 2021-10-31 09604183 d:AcceleratedTaxDepreciationDeferredTax 2022-10-31 09604183 d:AcceleratedTaxDepreciationDeferredTax 2021-10-31 09604183 d:TaxLossesCarry-forwardsDeferredTax 2022-10-31 09604183 d:TaxLossesCarry-forwardsDeferredTax 2021-10-31 09604183 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2021-11-01 2022-10-31 09604183 d:ComputerSoftware d:ExternallyAcquiredIntangibleAssets 2021-11-01 2022-10-31 09604183 2 2021-11-01 2022-10-31 09604183 6 2021-11-01 2022-10-31 09604183 d:ExternallyAcquiredIntangibleAssets 2021-11-01 2022-10-31 09604183 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2021-11-01 2022-10-31 09604183 d:ComputerSoftware d:OwnedIntangibleAssets 2021-11-01 2022-10-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 09604183














MADDOX GALLERY LIMITED

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

 
MADDOX GALLERY LIMITED
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 10


 
MADDOX GALLERY LIMITED
REGISTERED NUMBER:09604183

BALANCE SHEET
AS AT 31 OCTOBER 2022

2022
2021
Note
£
£

Fixed assets
  

Intangible assets
 4 
65,594
96,761

Tangible assets
 5 
232,504
260,489

Investments
 6 
-
4,101

  
298,098
361,351

Current assets
  

Stocks
 7 
249,283
43,520

Debtors: amounts falling due within one year
 8 
879,640
3,068,099

Cash at bank and in hand
 9 
3,653,911
8,080,446

  
4,782,834
11,192,065

Creditors: amounts falling due within one year
 10 
(4,924,152)
(10,779,677)

Net current (liabilities)/assets
  
 
 
(141,318)
 
 
412,388

Total assets less current liabilities
  
156,780
773,739

Creditors: amounts falling due after more than one year
 11 
-
(587,429)

Provisions for liabilities
  

Deferred tax
 12 
(35,745)
(30,936)

  
 
 
(35,745)
 
 
(30,936)

Net assets
  
121,035
155,374


Capital and reserves
  

Called up share capital 
 13 
100
100

Profit and loss account
  
120,935
155,274

  
121,035
155,374


1

 
MADDOX GALLERY LIMITED
REGISTERED NUMBER:09604183
    
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2022

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




J C Russo
Director

Date: 27 October 2023

The notes on pages 3 to 10 form part of these financial statements.

2

 
MADDOX GALLERY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022

1.


General information

Maddox Gallery Limited is a private company, limited by shares, registered in England and Wales, registration number 09604183. The registered office address is Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE and the trading address is 9 Maddox Street, London, W1S 2QE.
The principal activity of the company continued to be that of an art gallery.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is pound sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit and loss account except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.3

Turnover

Turnover from the art gallery is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover from management fees to related companies is recognised at the point at which the service is provided.

 
2.4

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit and loss account on a straight-line basis over the lease term.

3

 
MADDOX GALLERY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022

2.Accounting policies (continued)

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Profit and loss accounts in the same period as the related expenditure. Grants received in respect of Covid Job Retention scheme and grants from the council are included in other operating income.

 
2.6

Interest income

Interest income is recognised in profit and loss account using the effective interest method.

 
2.7

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit and loss account except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

4

 
MADDOX GALLERY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022

2.Accounting policies (continued)

 
2.10

 Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
Over the lease term
Motor vehicles
-
33%
Fixtures and fittings
-
33%
Computer equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit and loss account.

 
2.11

 Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

 Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit and loss account.

 
2.13

 Debtors

Short-term debtors are measured at transaction price, less any impairment. 

 
2.14

 Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.15

 Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

5

 
MADDOX GALLERY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022

2.Accounting policies (continued)

 
2.16

 Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.


3.


Employees

The average monthly number of employees, including director, during the year was 38 (2021 - 34).


4.


Intangible assets




Website development
Computer software
Total

£
£
£



Cost


At 1 November 2021
31,100
105,979
137,079


Additions
-
20,115
20,115



At 31 October 2022

31,100
126,094
157,194



Amortisation


At 1 November 2021
17,490
22,827
40,317


Charge for the year on owned assets
10,367
40,916
51,283



At 31 October 2022

27,857
63,743
91,600



Net book value



At 31 October 2022
3,243
62,351
65,594



At 31 October 2021
13,610
83,151
96,761



6

 
MADDOX GALLERY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022

5.


Tangible fixed assets





Short-term leasehold property
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost


At 1 November 2021
457,995
11,367
38,296
14,052
521,710


Additions
-
72,110
-
-
72,110


Disposals
-
(11,367)
-
-
(11,367)



At 31 October 2022

457,995
72,110
38,296
14,052
582,453



Depreciation


At 1 November 2021
221,783
11,367
19,936
8,135
261,221


Charge for the year on owned assets
58,609
24,037
12,765
4,684
100,095


Disposals
-
(11,367)
-
-
(11,367)



At 31 October 2022

280,392
24,037
32,701
12,819
349,949



Net book value



At 31 October 2022
177,603
48,073
5,595
1,233
232,504



At 31 October 2021
236,212
-
18,360
5,917
260,489

7

 
MADDOX GALLERY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022

6.


Fixed asset investments





Investment in subsidiary company

£



Cost or valuation


At 1 November 2021
390,438



At 31 October 2022

390,438



Impairment


At 1 November 2021
386,337


Charge for the period
4,101



At 31 October 2022

390,438



Net book value



At 31 October 2022
-



At 31 October 2021
4,101


7.


Stocks

2022
2021
£
£

Artwork for sale
249,283
43,520



8.


Debtors

2022
2021
£
£


Trade debtors
411,781
1,554,465

Amounts owed by group undertakings
-
281,212

Other debtors
248,751
1,141,584

Prepayments
219,108
90,838

879,640
3,068,099


8

 
MADDOX GALLERY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022

9.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
3,653,911
8,080,446



10.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
1,545,972
6,499,294

Corporation tax
103,497
381,043

Other taxation and social security
61,243
525,987

Other creditors
1,341,603
2,565,065

Accruals
1,871,837
808,288

4,924,152
10,779,677



11.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Other creditors
-
587,429



12.


Deferred taxation




2022
2021


£

£






At beginning of year
(30,936)
(10,317)


Charged to profit or loss
(4,809)
(20,619)



At end of year
(35,745)
(30,936)

The provision for deferred taxation is made up as follows:

2022
2021
£
£


Accelerated capital allowances
(37,500)
(32,378)

Short term timing differences
1,755
1,442

(35,745)
(30,936)

9

 
MADDOX GALLERY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022

13.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



1,000 (2021 - 100) Ordinary shares of £0.10 (2021 - £1) each
100
100

On 30 November 2021, 100 ordinary shares of £1 each were subdivided into 1,000 ordinary shares of £0.10 each.


14.


Pension commitments

The company operates a defined contribution scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £40,591 (2021 - £38,256). Included in other creditors at the year end there is an amount payable of £7,021 (2021 - £5,768).


15.


Commitments under operating leases

At 31 October 2022 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2022
2021
£
£


Not later than 1 year
707,251
775,892

Later than 1 year and not later than 5 years
1,448,021
2,155,272

2,155,272
2,931,164


16.


Related party transactions

No disclosure has been made in respect of transactions with wholly owned group companies in accordance with FRS 102 Section 1A paragraph 1AC.35.
Included within other debtors at the year end is an aggregated amount due from companies under common control £73,808 (2021 - £4,920). The loan is interest free and repayable on demand.
Included within other creditors at the year end is an aggregated amount due to companies under common control £894,971 (2021 - £1,592,174). The loan is interest free and repayable on demand.

 
10