Company No: 12178855 (England and Wales)

Contents

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

DIRECTORS	B Jones
	A Macdonald

REGISTERED OFFICE	Wey Court West
	Union Road
	Farnham
	Surrey
	GU9 7PT
	United Kingdom

COMPANY NUMBER

12178855 (England and Wales)

ACCOUNTANT	Shaw Gibbs Limited
	Wey Court West
	Union Road
	Farnham
	Surrey
	GU9 7PT

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	3	441,889		344,009
Investments	4	225,081		225,081
		666,970		569,090
Current assets
Stocks		391,021		188,677
Debtors
- due within one year	5	616,695		419,725
- due after more than one year	5	557,190		15,426
Cash at bank and in hand		357,998		2,209,673
		1,922,904		2,833,501
Creditors: amounts falling due within one year	6	( 2,507,478)		( 1,599,347)
Net current (liabilities)/assets		(584,574)		1,234,154
Total assets less current liabilities		82,396		1,803,244
Provision for liabilities	7, 8	( 126,911)		( 101,084)
Net (liabilities)/assets		( 44,515)		1,702,160
Capital and reserves
Called-up share capital		200		10
Profit and loss account		( 44,715 )		1,702,150
Total shareholders' (deficit)/funds		( 44,515)		1,702,160

For the financial year ending 31 August 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements of Pantheon Art Limited (registered number: 12178855) were approved and authorised for issue by the Board of Directors on 20 October 2025. They were signed on its behalf by:

B Jones 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

Pantheon Art 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 Wey Court West, Union Road, Farnham, Surrey, GU9 7PT, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and 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 are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The company is loss making and has net current liabilities of £44,515 (2023: net assets of £1,702,160) which may indicate that it is not a going concern. The directors have indicated their continued support for the company and thus the directors have adopted the going concern assumption in the preparation of these financial statements.

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 Statement of Income and Retained Earnings 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 is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
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.

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	25 % reducing balance
Vehicles	25 % reducing balance
Fixtures and fittings	25 % reducing balance
Computer equipment	25 % reducing balance
Other property, plant and equipment	25 % reducing balance

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

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.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Investments in subsidiaries are measured at cost less accumulated impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	7		3

3. Tangible assets

	Plant and machinery		Vehicles		Fixtures and fittings		Computer equipment		Other property, plant and equipment		Total
	£		£		£		£		£		£
Cost
At 01 September 2023	105,248		0		8,647		47,647		282,110		443,652
Additions	128,349		29,795		9,471		35,308		10,145		213,068
Disposals	( 25,250)		0		0		0		0		( 25,250)
At 31 August 2024	208,347		29,795		18,118		82,955		292,255		631,470
Accumulated depreciation
At 01 September 2023	44,995		0		3,207		15,376		36,065		99,643
Charge for the financial year	31,125		5,587		2,885		14,340		49,601		103,538
Disposals	( 13,600)		0		0		0		0		( 13,600)
At 31 August 2024	62,520		5,587		6,092		29,716		85,666		189,581
Net book value
At 31 August 2024	145,827		24,208		12,026		53,239		206,589		441,889
At 31 August 2023	60,253		0		5,440		32,271		246,045		344,009

4. Fixed asset investments

	2024		2023
	£		£
Subsidiary undertakings	81		81
Other investments and loans	225,000		225,000
	225,081		225,081

5. Debtors

	2024		2023
	£		£
Debtors: amounts falling due within one year
Trade debtors	14,262		22,858
Amounts owed by Group undertakings	234		234
Amounts owed by directors	0		291,722
Prepayments and accrued income	501,970		84,733
Other debtors	100,229		20,178
	616,695		419,725
Debtors: amounts falling due after more than one year
Amounts owed by Group undertakings	557,190		15,426

6. Creditors: amounts falling due within one year

	2024		2023
	£		£
Trade creditors	763,941		81,362
Amounts owed to Group undertakings	0		46,000
Amounts owed to directors	884,268		358,307
Accruals	306,111		3,000
Corporation tax	351,998		434,071
Other taxation and social security	111,538		629,331
Other creditors	89,622		47,276
	2,507,478		1,599,347

7. Provision for liabilities

	2024		2023
	£		£
Deferred tax	101,911		76,084
Other provisions	25,000		25,000
	126,911		101,084

The company has entered into a lease for a property. At the end of the lease the property is to be returned to its original state and the cost of this has been included as a provision.

8. Deferred tax

	2024		2023
	£		£
At the beginning of financial year	( 76,084)		( 22,629)
Charged to the Statement of Income and Retained Earnings	( 25,827)		( 53,455)
At the end of financial year	( 101,911)		( 76,084)

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2024		2023
	£		£
within one year	89,626		148,200
between one and five years	0		49,400
	89,626		197,600

10. Related party transactions

Transactions with the entity's directors

	2024		2023
	£		£
Amount owed by one of the directors' to the company which was repaid within 9 months of the year end	0		291,723