REGISTERED NUMBER: NI040544 (Northern Ireland)

Unaudited Financial Statements for the Year Ended 31 March 2025

for

Spires Gallery Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr C F MacRory

REGISTERED OFFICE:

2 Brookmount Road

OMAGH

Co. Tyrone

BT78 5HZ

REGISTERED NUMBER:

NI040544 (Northern Ireland)

ACCOUNTANTS:

Gildernew & Co Ltd

Six Northland Row

DUNGANNON

Co. Tyrone

BT71 6AW

FIXED ASSETS

Tangible assets

4

329,163

333,736

CURRENT ASSETS

Stocks

139,493

95,537

Debtors

5

267,943

233,446

Cash at bank and in hand

474,721

475,503

882,157

804,486

CREDITORS

Amounts falling due within one year

6

275,125

252,095

NET CURRENT ASSETS

607,032

552,391

TOTAL ASSETS LESS CURRENT LIABILITIES

936,195

886,127

CREDITORS

Amounts falling due after more than one year

7

(1,540

)

(11,742

)

PROVISIONS FOR LIABILITIES

(76,462

)

(77,352

)

NET ASSETS

858,193

797,033

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

858,093

796,933

858,193

797,033

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 director acknowledges his 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 profit or loss 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 director and authorised for issue on 23 October 2025 and were signed by:

Mr C F MacRory - Director

1.	STATUTORY INFORMATION

Spires Gallery Ltd is a private company, limited by shares , registered in Northern Ireland. 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.

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

20% reducing balance

Stocks

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

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2024 - 16 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2024

1,275,717

Additions

66,080

At 31 March 2025

1,341,797

DEPRECIATION

At 1 April 2024

941,981

Charge for year

70,653

At 31 March 2025

1,012,634

NET BOOK VALUE

At 31 March 2025

329,163

At 31 March 2024

333,736

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade debtors

222,849

182,397

Other debtors

45,094

51,049

267,943

233,446

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Bank loans and overdrafts

10,654

10,654

Trade creditors

120,635

139,941

Taxation and social security

61,997

27,638

Other creditors

81,839

73,862

275,125

252,095

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.25

31.3.24

£

£

Bank loans

1,540

11,742