Company registration number 01865160 (England and Wales)
SLADMORE GALLERY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
SLADMORE GALLERY LIMITED
COMPANY INFORMATION
Directors
Mr E F Horswell
N M Gallwey
Company number
01865160
Registered office
57 Jermyn Street
London
SW1Y 6LX
Auditor
Hilton Consulting Limited
Canalot Studios, Studio 133
222 Kensal Road
London
W10 5BN
SLADMORE GALLERY LIMITED
CONTENTS
Page
Strategic report
3
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
4 - 5
Statement of comprehensive income
6
Balance sheet
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 18
SLADMORE GALLERY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024
- 1 -
The directors present their annual report and financial statements for the year ended 31 May 2024.
Principal activities
The principal activity of the company continued to be that of dealing in antiques and work of art.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr E F Horswell
N M Gallwey
Auditor
In accordance with the company's articles, a resolution proposing that Hilton Consulting Limited be reappointed as auditor of the company will be put at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr E F Horswell
Director
29 May 2025
SLADMORE GALLERY LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
The directors are responsible for preparing the annual 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). 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 then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent; and
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.
SLADMORE GALLERY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
The directors present the strategic report for the year ended 31 May 2024.
Review of the business
We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.
As one of the foremost sculpture dealers, the company continues to deal in 19th & 20th Century and Contemporary fine quality animalier and figurative sculptures.
The company's activities are organized into the following divisions:
Sales of 19th century bronzes
Sales of 20th century bronzes
Sales of Contemporary bronzes
We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover, gross margin and return on capital employed. Our turnover is divided as follows:
Sales of 19th century bronzes | | |
Sales of 20th century bronzes | | |
Sales of contemporary bronzes | | |
| | |
Overall operating profit was £556,376 (2023: loss of £224,756) and profit before tax was £428,230 (2023: loss of £245,331).
Return on capital employed was 10.37% (2023: -4.45%). Return on capital employed is calculated as operating profit/loss before interest and tax divided by capital employed, which constitutes total assets less current liabilities, less investments, less cash, plus overdrafts and other short term borrowings.
Whilst many businesses in our sector and of our size struggled to perform well, our sales grew significantly despite that the business environment was extremely challenging. As we are subject to consumer spending patterns and consumers' overall level of disposal income within the worldwide economy, uncertainty surrounding trade tariffs and ongoing conflicts in Ukraine and the Middle East continue to affect us.
With these risks and uncertainties in mind, we are aware that any plans for the future development of the business may be subject to unforeseen events outside of our control.
Mr E F Horswell
Director
29 May 2025
SLADMORE GALLERY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SLADMORE GALLERY LIMITED
- 4 -
Opinion
I have audited the financial statements of Sladmore Gallery Limited (the 'company') for the year ended 31 May 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 May 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
I conducted my audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. My responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. I am independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and I have fulfilled my other ethical responsibilities in accordance with these requirements. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.
Conclusions relating to going concern
I have nothing to report in respect of the following matters in relation to which the ISAs (UK) require me to report to you where:
- the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
- the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and my Report of the Auditor thereon.
My opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in my report, I do not express any form of assurance conclusion thereon.
In connection with my audit of the financial statements, my responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or my knowledge obtained in the audit or otherwise appears to be materially misstated. If I identify such material inconsistencies or apparent material misstatements, I am required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work I have performed, I conclude that there is a material misstatement of this other information, I am required to report that fact. I have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In my opinion, based on the work undertaken in the course of my audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
SLADMORE GALLERY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SLADMORE GALLERY LIMITED (CONTINUED)
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, I have not identified material misstatements in the strategic report and the directors' report. I have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires me to report to you if, in my opinion:
adequate accounting records have not been kept, or returns adequate for my audit have not been received from branches not visited by me; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
I have not received all the information and explanations I require for my audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
My objective was to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes my opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of my responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of my auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. My audit work has been undertaken so that I might state to the company's members those matters I am required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the company's members as a body, for my audit work, for this report, or for the opinions I have formed.
Benjamin Jack Warren (Senior Statutory Auditor)
For and on behalf of Hilton Consulting Limited, Statutory Auditor
Chartered Accountants
Canalot Studios, Studio 133
222 Kensal Road
London
W10 5BN
29 May 2025
SLADMORE GALLERY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
2024
2023
Notes
£
£
Turnover
17,407,391
11,425,498
Cost of sales
(14,531,840)
(10,080,223)
Gross profit
2,875,551
1,345,275
Distribution costs
(191,071)
(214,310)
Administrative expenses
(2,128,104)
(1,355,721)
Operating profit/(loss)
556,376
(224,756)
Interest receivable and similar income
19,969
78
Interest payable and similar expenses
(148,115)
(20,653)
Profit/(loss) before taxation
428,230
(245,331)
Tax on profit/(loss)
5
(118,689)
36,246
Profit/(loss) for the financial year
309,541
(209,085)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
SLADMORE GALLERY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
2024
2023
£
£
Profit/(loss) for the year
309,541
(209,085)
Other comprehensive income
-
-
Total comprehensive income for the year
309,541
(209,085)
SLADMORE GALLERY LIMITED
BALANCE SHEET
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
7
17,368
14,781
Current assets
Stocks
8
6,475,005
7,728,609
Debtors
9
1,549,809
1,174,758
Cash at bank and in hand
53,387
7,745
8,078,201
8,911,112
Creditors: amounts falling due within one year
10
(2,732,358)
(3,872,223)
Net current assets
5,345,843
5,038,889
Net assets
5,363,211
5,053,670
Capital and reserves
Called up share capital
11
10,000
10,000
Profit and loss reserves
12
5,353,211
5,043,670
Total equity
5,363,211
5,053,670
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 29 May 2025 and are signed on its behalf by:
Mr E F Horswell
Director
Company registration number 01865160 (England and Wales)
SLADMORE GALLERY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
- 9 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 June 2022
10,000
5,252,755
5,262,755
Year ended 31 May 2023:
Loss and total comprehensive income
-
(209,085)
(209,085)
Balance at 31 May 2023
10,000
5,043,670
5,053,670
Year ended 31 May 2024:
Profit and total comprehensive income
-
309,541
309,541
Balance at 31 May 2024
10,000
5,353,211
5,363,211
SLADMORE GALLERY LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2024
- 10 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
18
2,367,541
(952,961)
Interest paid
(148,115)
(20,653)
Income taxes paid
(322,964)
Net cash inflow/(outflow) from operating activities
2,219,426
(1,296,578)
Investing activities
Purchase of tangible fixed assets
(5,998)
(7,883)
Receipts arising from loans made
(793,636)
(254,188)
Interest received
19,969
78
Net cash used in investing activities
(779,665)
(261,993)
Net increase/(decrease) in cash and cash equivalents
1,439,761
(1,558,571)
Cash and cash equivalents at beginning of year
(2,039,913)
(481,340)
Cash and cash equivalents at end of year
(600,151)
(2,039,913)
Relating to:
Cash at bank and in hand
53,387
7,745
Bank overdrafts included in creditors payable within one year
(653,538)
(2,047,658)
SLADMORE GALLERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 11 -
1
Accounting policies
Company information
Sladmore Gallery Limited is a private company limited by shares incorporated in England and Wales. The registered office is 57 Jermyn Street, London, SW1Y 6LX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised for the sale of goods when the Company has transferred the significant risks and rewards of ownership. It is probable that the economic benefit will flow to the Company and the revenue and associated costs can be reliably measured.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and any other sales taxes.
1.3
Intangible fixed assets - goodwill
Goodwill, being the amount paid in connection with the acquisition of the business, is being amortisation evenly over its useful economic life of four years.
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
not provided
Leasehold improvements
20% on reducing balance
Plant and equipment
20% on reducing balances
Fixtures and fittings
20% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell after making allowances for obsolete and slow moving stock.
1.6
Financial instruments
SLADMORE GALLERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 12 -
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
SLADMORE GALLERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 13 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
12,600
15,500
For other services
All other non-audit services
5,000
5,000
3
Directors' remuneration
2024
2023
£
£
Remuneration paid to directors
343,021
178,750
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).
SLADMORE GALLERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 14 -
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
General
9
8
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
696,590
522,359
Social security costs
74,594
35,598
Pension costs
184,339
34,492
955,523
592,449
5
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
118,689
Adjustments in respect of prior periods
(36,246)
Total current tax
118,689
(36,246)
The actual charge/(credit) for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit/(loss) before taxation
428,230
(245,331)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
107,058
(46,613)
Tax effect of expenses that are not deductible in determining taxable profit
13,289
11,604
Capital allowances in excess of depreciation
(1,658)
(1,237)
Taxation charge/(credit) for the year
118,689
(36,246)
SLADMORE GALLERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 15 -
6
Intangible fixed assets
Goodwill
£
Cost
At 1 June 2023 and 31 May 2024
99,999
Amortisation and impairment
At 1 June 2023 and 31 May 2024
99,999
Carrying amount
At 31 May 2024
At 31 May 2023
7
Tangible fixed assets
Leasehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
£
Cost
At 1 June 2023
1
4,917
21,438
167,662
194,018
Additions
2,748
3,250
5,998
At 31 May 2024
1
4,917
24,186
170,912
200,016
Depreciation and impairment
At 1 June 2023
4,379
7,196
167,662
179,237
Depreciation charged in the year
100
3,094
217
3,411
At 31 May 2024
4,479
10,290
167,879
182,648
Carrying amount
At 31 May 2024
1
438
13,896
3,033
17,368
At 31 May 2023
1
538
14,242
14,781
8
Stocks
2024
2023
£
£
Finished goods
6,475,005
7,728,609
SLADMORE GALLERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 16 -
9
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
364,127
598,766
Corporation tax recoverable
36,246
Other debtors
969,204
333,814
Prepayments and accrued income
216,478
205,932
1,549,809
1,174,758
10
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
653,538
2,047,658
Trade creditors
633,787
597,761
Corporation tax
82,443
Other taxation and social security
2
10,059
Deferred income
44,762
Other creditors
8,456
8,537
Accruals and deferred income
1,354,132
1,163,446
2,732,358
3,872,223
11
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
4,000
4,000
4,000
4,000
Ordinary B of £1 each
6,000
6,000
6,000
6,000
10,000
10,000
10,000
10,000
Ordinary A shares rank pari passu to ordinary B shares. There are no restrictions on the distribution
of dividends and the repayment of capital.
12
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
5,043,670
5,252,755
Adjusted balance
5,043,670
5,252,755
Profit/(loss) for the year
309,541
(209,085)
At the end of the year
5,353,211
5,043,670
SLADMORE GALLERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 17 -
13
Operating lease commitments
As lessee
Rentals payable under operating leases:
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Total commitments
987,093
987,095
14
Related party transactions
At the balance sheet date the company was owed £9,690 (2023: £199,280) from related companies in which N Gallwey and E Horswell are either directors and/or shareholders.
15
Directors' transactions
The directors' loan below was repaid within nine months of the balance sheet date.
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Closing balance
£
£
£
£
Loan
2.50
24,541
774,024
19,612
818,177
24,541
774,024
19,612
818,177
16
Parent company
The ultimate controlling party is E. Horswell, a director and 100% shareholder.
17
Analysis of changes in net debt
1 June 2023
Cash flows
31 May 2024
£
£
£
Cash at bank and in hand
7,745
45,642
53,387
Bank overdrafts
(2,047,658)
1,394,120
(653,538)
(2,039,913)
1,439,762
(600,151)
SLADMORE GALLERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 18 -
18
Cash generated from/(absorbed by) operations
2024
2023
£
£
Profit/(loss) for the year after tax
309,541
(245,331)
Adjustments for:
Taxation charged
118,689
-
Finance costs
148,115
20,653
Investment income
(19,969)
(78)
Depreciation and impairment of tangible fixed assets
3,410
3,478
Movements in working capital:
Decrease/(increase) in stocks
1,253,604
(1,295,502)
Decrease/(increase) in debtors
382,339
(304,731)
Increase in creditors
216,574
878,856
Decrease in deferred income
(44,762)
(10,306)
Cash generated from/(absorbed by) operations
2,367,541
(952,961)
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