Company No: 07413516 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	D Breuer-Weil
	S E Breuer-Weil

REGISTERED OFFICE	22 Chancery Lane
	London
	WC2A 1LS
	United Kingdom

COMPANY NUMBER

07413516 (England and Wales)

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	3	3,501		3,274
		3,501		3,274
Current assets
Stocks		3,447,061		3,937,979
Debtors	4	179,187		168,487
Cash at bank and in hand		631,383		376,502
		4,257,631		4,482,968
Creditors: amounts falling due within one year	5	( 3,062,323)		( 3,454,860)
Net current assets		1,195,308		1,028,108
Total assets less current liabilities		1,198,809		1,031,382
Net assets		1,198,809		1,031,382
Capital and reserves
Called-up share capital		2		2
Profit and loss account		1,198,807		1,031,380
Total shareholders' funds		1,198,809		1,031,382

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of GALERIE B.WEIL LIMITED (registered number: 07413516) were approved and authorised for issue by the Board of Directors on 30 September 2025. They were signed on its behalf by:

S E Breuer-Weil Director

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

GALERIE B.WEIL 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 22 Chancery Lane, London, WC2A 1LS, United Kingdom.

The principal place of business is: 42 Brook Street, London, W1K 5DB.

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

The financial statements have been prepared 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 have been prepared under the historical cost convention. The financial statements are presented in Sterling which is the functional currency of the company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover represents the invoiced amount of goods sold and services provided in respect of fine art transactions stated exclusive of value added tax.

Income from sales of works of art is recognised at the date when the risks and rewards of ownership of the item transfer to the purchaser, which is when the works have been delivered or collected by the customer. Commission income is recognised when the company is entitled to receipt as a result of the completion of a deal.

Taxation

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

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

Deferred tax
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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 or reducing balance basis over its expected useful life, as follows:

Plant and machinery	5 years straight line
Fixtures and fittings	3 years straight line
Office equipment	3 years straight line
Computer equipment	3 years straight line

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.

Stocks

Stocks are stated at the lower of cost and net realisable value. Write downs of stock are taken to the profit and loss account when there is evidence of impairment in value. The value of stock is reviewed by the directors annually.

Trade and other debtors

Trade and other debtors are initially recognised at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade and other creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer the settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer the settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade and other creditors are initially recognised at the transaction price and subsequently measured at amortised cost using the effective interest rate method.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Ordinary share capital

The ordinary share capital of the company is presented as equity.

Dividends

Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the company during the year, including directors	3		3

3. Tangible assets

	Plant and machinery		Fixtures and fittings		Office equipment		Computer equipment		Total
	£		£		£		£		£
Cost
At 01 January 2024	71,530		14,348		17,659		4,647		108,184
Additions	0		0		0		2,665		2,665
At 31 December 2024	71,530		14,348		17,659		7,312		110,849
Accumulated depreciation
At 01 January 2024	71,530		14,348		16,734		2,298		104,910
Charge for the financial year	0		0		925		1,513		2,438
At 31 December 2024	71,530		14,348		17,659		3,811		107,348
Net book value
At 31 December 2024	0		0		0		3,501		3,501
At 31 December 2023	0		0		925		2,349		3,274

4. Debtors

	2024		2023
	£		£
Trade debtors	7,766		8,693
Other debtors	171,421		159,794
	179,187		168,487

5. Creditors: amounts falling due within one year

	2024		2023
	£		£
Trade creditors	2,741		2,462
Taxation and social security	69,848		7,156
Other creditors	2,989,734		3,445,242
	3,062,323		3,454,860

6. Related party transactions

DSBW Holdings Limited, a company in which the directors have a controlling interest.

DSBW Holdings Limited provided funding of £nil (2023 - £nil) during the year and £456,075 (2023 - 490,239) was repaid. At the balance sheet date the amount due to DSBW Holdings Limited was £2,812,370 (2023 - £3,268,445). The loan is interest free and repayable on demand. DSBW Holdings Limited has also provided a guarantee in respect of the company's financial overdraft facility via a first legal charge over the Land and Buildings of DSBW Holdings Limited.