Gallery 88 Ltd

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

Registered number: 03220745

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		1,606,765		1,609,341

			1,606,765		1,609,341
CURRENT ASSETS
Debtors	5	52,994		56,674
Cash at bank and in hand		576,805		609,784

		629,799		666,458
Creditors: Amounts Falling Due Within One Year	6	(28,377 )		(31,009 )

NET CURRENT ASSETS (LIABILITIES)			601,422		635,449

TOTAL ASSETS LESS CURRENT LIABILITIES			2,208,187		2,244,790

PROVISIONS FOR LIABILITIES
Deferred Taxation	7		(6,186 )		(13,141 )

NET ASSETS			2,202,001		2,231,649

CAPITAL AND RESERVES
Called up share capital	8		100		100
Profit and Loss Account			2,201,901		2,231,549

SHAREHOLDERS' FUNDS			2,202,001		2,231,649

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Gallery 88 Ltd

Balance Sheet (continued)

As At 31 March 2025

For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mrs Rosemary Withenshaw

Director

02/12/2025

The notes on pages 3 to 5 form part of these financial statements.

1. General Information

Gallery 88 Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 03220745 . The registered office is Castle Hill Farm Oast, Tonbridge, Kent, TN11 0QG.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling , which is the functional currency of the company.

Monetary a mounts 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.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	25% reducing balance
Motor Vehicles	25% reducing balance
Fixtures & Fittings	25% reducing balance
Computer Equipment	25% reducing balance

2.4. Investment Properties

All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.

2.5. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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.

...CONTINUED

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Gallery 88 Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.5. Taxation - continued

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 3 (2024: 4)

4. Tangible Assets

	Investment Properties	Plant & Machinery	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£	£
Cost or Valuation
As at 1 April 2024	1,600,144	25,191	586	7,854	1,633,775
Additions	-	-	421	-	421
Disposals	-	-	-	(2,498 )	(2,498 )

As at 31 March 2025	1,600,144	25,191	1,007	5,356	1,631,698

Depreciation
As at 1 April 2024	-	19,564	586	4,284	24,434
Provided during the period	-	1,406	105	695	2,206
Disposals	-	-	-	(1,707 )	(1,707 )

As at 31 March 2025	-	20,970	691	3,272	24,933

Net Book Value
As at 31 March 2025	1,600,144	4,221	316	2,084	1,606,765

As at 1 April 2024	1,600,144	5,627	-	3,570	1,609,341

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Gallery 88 Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

Investment property comprises freehold buildings. An independent valuation has not been carried out in the current or previous year but the fair value of the investment property has been determined by the Directors. The valuation was made on an open market basis by reference to market evidence of transaction prices for similar properties.

If investment properties held by the company were stated on an historical cost basis rather than fair value basis the amounts as at 31st March 2024 would be £1,522,760 (2023:£1,522,760).

5. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	2,994	6,674
Due after more than one year
Other debtors	50,000	50,000

	52,994	56,674

6. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	1	-
Corporation tax	-	3,764
Other taxes and social security	701	550
VAT	-	4,374
Other creditors	5,000	5,000
Accruals and deferred income	3,500	5,317
Directors' loan accounts	19,175	12,004

	28,377	31,009

7. Deferred Taxation

The provision for deferred tax is made up as follows:

	2025	2024
	£	£
Other timing differences	6,186	13,141

8. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	100	100

9. Reserves

Other reserves comprises the fair value reserve on investment properties and the balance as at 31 March 2025 was £65,991 (2024: £65,991).

The fair value reserve represents the change in the fair value of investment properties and the deferred tax provided on these fair value changes if applicable.

10. Related Party Transactions

During the year, the company was under joint control of its directors. At 31 March 2025, amounts due from the company to the directors were £21,503 (2024: £12,004) this amount is included within creditors. There are no set repayment terms and no interest is being charged on the loans.

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