REGISTERED NUMBER: 13966711 (England and Wales)

PMAG (TRADING) LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

L Blais

D McWilliam

J D Mitchell

SECRETARY:

Dr S E Murfitt

REGISTERED OFFICE:

Petersfield Museum

St Peters Road

Petersfield

Hants

GU32 3HX

REGISTERED NUMBER:

13966711 (England and Wales)

ACCOUNTANTS:

Morris Crocker

Chartered Accountants

Station House

North Street

Havant

Hampshire

PO9 1QU

CURRENT ASSETS

Stocks

10,347

12,962

Debtors

4

423

-

Cash at bank

17,407

100

28,177

13,062

CREDITORS

Amounts falling due within one year

5

28,177

13,062

TOTAL ASSETS LESS CURRENT LIABILITIES

-

-

RESERVES

-

-

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each 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.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 August 2025 and were signed on its behalf by:

L Blais - Director

1.	STATUTORY INFORMATION

PMAG (Trading) Ltd is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

In preparing the financial statements of the company, the directors are required to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses.

After careful review, the directors confirm that there are no critical accounting judgements or key sources of estimation uncertainty that have had a material impact on the company’s financial statements for the year.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties and investments in non-puttable ordinary shares.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, deposits with banks and other short-term highly liquid investments and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowings or current liabilities.

Creditors and Provisions

Creditors and provisions are recognised when the company has a present obligation arising from a past event, where it is probable that a transfer of economic benefits will be required to settle the obligation, and the amount can be reliably estimated. Creditors and provisions are generally measured at their settlement amount, net of any trade discounts due.

Debtors

Trade and other debtors are recognised at the amount expected to be received, net of any trade discounts and allowances. Prepayments are valued at the amount prepaid, net of any trade discounts due.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.

EMPLOYEES

The average number of employees during the year was NIL (2024 - NIL).

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

423

-

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

1,655

-

Amounts owed to group undertakings

20,512

13,062

Other creditors

6,010

-

28,177

13,062

6.	RELATED PARTY DISCLOSURES

During the year, the entity engaged in the following transactions with its ultimate parent company, Petersfield Museum and Art Gallery:

Donation:

The entity made a donation of £21,670 to Petersfield Museum and Art Gallery. This donation has been recognized as an expense in the financial statements.

Creditors Balance:

As at the end of the reporting period, the entity had a creditors balance of £20,512 with Petersfield Museum and Art Gallery. This amount is included in the current liabilities of the financial statements.

Nature of the Related Party Relationship:

Petersfield Museum and Art Gallery is the ultimate parent company of the entity. Transactions with this related party are conducted under normal commercial terms unless otherwise stated.

7.	ULTIMATE CONTROLLING PARENT

The company is a wholly owned subsidiary of Petersfield Museum and Art Gallery, a registered charitable company incorporated in England and Wales.(Charity no:1108817) (Company no: 05370758)

Adress: Petersfield Museum, St. Peters Road,Petersfield, United Kingdom GU32 3HX.

8.	LIMITED BY GUARANTEE

The company is a private company limited by guarantee and does not have share capital. In the event of the company being wound up, each member's liability is limited to a maximum of £1, being the amount that each member undertakes to contribute to the assets of the company.