Caseware UK (AP4) 2024.0.164 2024.0.164 2024-10-312024-10-312023-11-01truefalsefalseThe principal activity of the company continued to be that of an art gallery and art advisory.4546trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09604183 2023-11-01 2024-10-31 09604183 2022-11-01 2023-10-31 09604183 2024-10-31 09604183 2023-10-31 09604183 2022-11-01 09604183 c:Director2 2023-11-01 2024-10-31 09604183 d:Buildings d:ShortLeaseholdAssets 2023-11-01 2024-10-31 09604183 d:Buildings d:ShortLeaseholdAssets 2024-10-31 09604183 d:Buildings d:ShortLeaseholdAssets 2023-10-31 09604183 d:MotorVehicles 2023-11-01 2024-10-31 09604183 d:MotorVehicles 2024-10-31 09604183 d:MotorVehicles 2023-10-31 09604183 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 09604183 d:FurnitureFittings 2023-11-01 2024-10-31 09604183 d:FurnitureFittings 2024-10-31 09604183 d:FurnitureFittings 2023-10-31 09604183 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 09604183 d:ComputerEquipment 2023-11-01 2024-10-31 09604183 d:ComputerEquipment 2024-10-31 09604183 d:ComputerEquipment 2023-10-31 09604183 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 09604183 d:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 09604183 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-10-31 09604183 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-10-31 09604183 d:Goodwill 2024-10-31 09604183 d:Goodwill 2023-10-31 09604183 d:ComputerSoftware 2024-10-31 09604183 d:ComputerSoftware 2023-10-31 09604183 d:CurrentFinancialInstruments 2024-10-31 09604183 d:CurrentFinancialInstruments 2023-10-31 09604183 d:CurrentFinancialInstruments d:WithinOneYear 2024-10-31 09604183 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 09604183 d:ShareCapital 2024-10-31 09604183 d:ShareCapital 2023-10-31 09604183 d:RetainedEarningsAccumulatedLosses 2024-10-31 09604183 d:RetainedEarningsAccumulatedLosses 2023-10-31 09604183 c:OrdinaryShareClass1 2023-11-01 2024-10-31 09604183 c:OrdinaryShareClass1 2024-10-31 09604183 c:OrdinaryShareClass1 2023-10-31 09604183 c:FRS102 2023-11-01 2024-10-31 09604183 c:AuditExempt-NoAccountantsReport 2023-11-01 2024-10-31 09604183 c:FullAccounts 2023-11-01 2024-10-31 09604183 c:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 09604183 d:WithinOneYear 2024-10-31 09604183 d:WithinOneYear 2023-10-31 09604183 d:BetweenOneFiveYears 2024-10-31 09604183 d:BetweenOneFiveYears 2023-10-31 09604183 d:AcceleratedTaxDepreciationDeferredTax 2024-10-31 09604183 d:AcceleratedTaxDepreciationDeferredTax 2023-10-31 09604183 d:TaxLossesCarry-forwardsDeferredTax 2024-10-31 09604183 d:TaxLossesCarry-forwardsDeferredTax 2023-10-31 09604183 d:RetirementBenefitObligationsDeferredTax 2024-10-31 09604183 d:RetirementBenefitObligationsDeferredTax 2023-10-31 09604183 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2023-11-01 2024-10-31 09604183 d:Goodwill d:ExternallyAcquiredIntangibleAssets 2023-11-01 2024-10-31 09604183 d:ComputerSoftware d:ExternallyAcquiredIntangibleAssets 2023-11-01 2024-10-31 09604183 2 2023-11-01 2024-10-31 09604183 d:ExternallyAcquiredIntangibleAssets 2023-11-01 2024-10-31 09604183 d:Goodwill d:OwnedIntangibleAssets 2023-11-01 2024-10-31 09604183 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-11-01 2024-10-31 09604183 d:ComputerSoftware d:OwnedIntangibleAssets 2023-11-01 2024-10-31 09604183 e:PoundSterling 2023-11-01 2024-10-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 09604183





 




MADDOX GALLERY LIMITED

 

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024

 
MADDOX GALLERY LIMITED
REGISTERED NUMBER:09604183

BALANCE SHEET
AS AT 31 OCTOBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
505,727
20,721

Tangible assets
 5 
56,092
113,481

  
561,819
134,202

Current assets
  

Stocks
 7 
49,405
20,988

Debtors: amounts falling due within one year
 8 
1,178,754
1,229,768

Cash at bank and in hand
 9 
889,391
890,673

  
2,117,550
2,141,429

Creditors: amounts falling due within one year
 10 
(3,766,765)
(2,958,138)

Net current liabilities
  
 
 
(1,649,215)
 
 
(816,709)

Total assets less current liabilities
  
(1,087,396)
(682,507)

  

Net liabilities
  
(1,087,396)
(682,507)


Capital and reserves
  

Called up share capital 
 12 
100
100

Profit and loss account
  
(1,087,496)
(682,607)

  
(1,087,396)
(682,507)


1

 
MADDOX GALLERY LIMITED
REGISTERED NUMBER:09604183
    
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2024

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: 




N Sharp
Director

Date: 24 July 2025

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 2024

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 and art advisory.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis as the shareholders
have confirmed they will continue to provide necessary funding in order for the company to
maintain operations and meet liabilities in full for at least the next 12 months. On this basis, the
shareholders are satisfied that the financial statements should be prepared on a going concern
basis.

 
2.3

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.

 
2.4

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.

3

 
MADDOX GALLERY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.5

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.

 
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 or loss 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 or loss 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 income 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.


4

 
MADDOX GALLERY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.9

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Profit and loss account over its useful economic life (3 years)

 
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

 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.

 
2.12

 Debtors

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

 
2.13

 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. 

5

 
MADDOX GALLERY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.14

 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.

6

 
MADDOX GALLERY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.15

  Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks.


3.


Employees

The average monthly number of employees, including directors, during the year was 45 (2023 - 46).


4.


Intangible assets




Website development
Computer software
Goodwill
Total

£
£
£
£



Cost


At 1 November 2023
31,100
126,094
-
157,194


Additions
-
-
586,000
586,000



At 31 October 2024

31,100
126,094
586,000
743,194



Amortisation


At 1 November 2023
31,100
105,373
-
136,473


Charge for the year
-
19,605
81,389
100,994



At 31 October 2024

31,100
124,978
81,389
237,467



Net book value



At 31 October 2024
-
1,116
504,611
505,727



At 31 October 2023
-
20,721
-
20,721



7

 
MADDOX GALLERY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

5.


Tangible fixed assets





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

£
£
£
£
£



Cost


At 1 November 2023
457,995
72,110
108,213
46,200
684,518


Additions
-
-
19,611
11,335
30,946



At 31 October 2024

457,995
72,110
127,824
57,535
715,464



Depreciation


At 1 November 2023
436,600
48,071
61,599
24,767
571,037


Charge for the year
19,963
24,039
29,840
14,493
88,335



At 31 October 2024

456,563
72,110
91,439
39,260
659,372



Net book value



At 31 October 2024
1,432
-
36,385
18,275
56,092



At 31 October 2023
21,395
24,039
46,614
21,433
113,481


6.


Fixed asset investments





Investment in subsidiary company

£



Cost or valuation


At 1 November 2023
390,438



At 31 October 2024

390,438



Impairment


At 1 November 2023
390,438



At 31 October 2024

390,438



Net book value



At 31 October 2024
-



At 31 October 2023
-

8

 
MADDOX GALLERY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

7.


Stocks

2024
2023
£
£

Artwork for sale
49,405
20,988



8.


Debtors

2024
2023
£
£


Trade debtors
295,021
304,212

Other debtors
559,291
619,532

Prepayments
324,442
306,024

1,178,754
1,229,768



9.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
889,391
890,673



10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
1,142,473
935,947

Other taxation and social security
826,957
384,732

Other creditors
472,831
579,080

Accruals
1,324,504
1,058,379

3,766,765
2,958,138



11.


Deferred taxation




2023


£






At beginning of year
(35,745)


Charged to profit or loss
35,745



At end of year
-

9

 
MADDOX GALLERY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
 
11.Deferred taxation (continued)

The deferred tax asset is made up as follows:

2024
2023
£
£


Accelerated capital allowances
-
(7,745)

Short term timing differences
-
2,127

Losses and other deductions
-
5,618

-
-


12.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,000 (2023 - 1,000) Ordinary shares of £0.10each
100
100



13.


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 £52,471 (2023 - £38,347). Included in other creditors at the year end there is an amount payable of £8,584 (2023 - £8,507).


14.


Commitments under operating leases

At 31 October 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
686,683
620,966

Later than 1 year and not later than 5 years
306,300
1,117,591

992,983
1,738,557


15.


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.

 
10