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Registered number: 4465391 Manchester Art Gallery Trading Company Limited Financial statements Information for filing with the registrar For the Year Ended 31 March 2025
Manchester Art Gallery Trading Company Limited Registered number: 4465391 Balance sheet As at 31 March 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 48,848 |  | 65,855
Current assets |  |  |  |  |
Stocks | 5 | 7,538 |  | 7,630 |
Debtors: amounts falling due within one year | 6 | 24,407 |  | 32,259 |
Cash at bank and in hand | 7 | 329,148 |  | 456,765 |
|  | 361,093 |  | 496,654 |
Creditors: amounts falling due within one year | 8 | (370,840) |  | (506,358) |
Net current liabilities |  |  | (9,747) |  | (9,704)
Net assets |  |  | 39,101 |  | 56,151
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 1 |  | 1
Profit and loss account |  |  | 39,100 |  | 56,150
|  |  | 39,101 |  | 56,151
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
R J Moss
Director
Date: 8 December 2025
The notes on pages 2 to 7 form part of these financial statements. Page 1
Manchester Art Gallery Trading Company Limited Notes to the financial statements For the Year Ended 31 March 2025
1. | General information
Manchester Art Gallery Trading Company Limited is a company limited by share capital and incorporated in England and Wales, company number 04465391. The address of its registered office and the principal place of business is Manchester Art Gallery, Mosley Street, Manchester, M2 3JL. The nature of the company's operation is to support museum activities and its principal activity is providing catering and events at Manchester Art Gallery. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
| 2.2 | Going concern
At 31 March 2025, the company had net assets of £39,101 (2024: £56,151) and net current liabilities of £9,747 (2024: £9,704). A trading profit of £8,622 was made in the year ended 31 March 2025 (2024: £127,100). At the year end, there was an outstanding donation of £25,672 (2024: £149,469) due to the company’s parent, Manchester City Galleries Trust. The parent has confirmed that it will continue to provide financial support to the company for the foreseeable future. Accordingly, the directors have prepared the financial statements on a going concern basis. Page 2
Manchester Art Gallery Trading Company Limited Notes to the financial statements For the Year Ended 31 March 2025 2.Accounting policies (continued)
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: • the Company has transferred the significant risks and rewards of ownership to the buyer; • the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; • the amount of revenue can be measured reliably; • it is probable that the Company will receive the consideration due under the transaction; and • the costs incurred or to be incurred in respect of the transaction can be measured reliably. Revenue from the sale of food and beverages is recognised at the point of sale. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: • the amount of revenue can be measured reliably; • it is probable that the Company will receive the consideration due under the contract; • the stage of completion of the contract at the end of the reporting period can be measured reliably; and • the costs incurred and the costs to complete the contract can be measured reliably.
| 2.4 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.5 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.6 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 3
Manchester Art Gallery Trading Company Limited Notes to the financial statements For the Year Ended 31 March 2025 2.Accounting policies (continued)
| 2.6 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. Depreciation is provided on the following basis:
|  |  |  | Long-term leasehold property | - | 20% | straight line basis
|  |  |  | Plant and machinery | - | 25% | reducing balance basis
|  |  |  | Office equipment | - | 25% | reducing balance basis
|  |  |  | Computer equipment | - | 33% | straight line basis
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the statement of income and retained earnings.
| 2.7 | Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.8 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.9 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.10 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
3. | Employees
| The average monthly number of employees, including directors, during the year was 34 (2024 - 34).
Page 4
Manchester Art Gallery Trading Company Limited Notes to the financial statements For the Year Ended 31 March 2025
4. | Tangible fixed assets
|  | Long-term leasehold property | Plant and machinery | Office equipment | Computer equipment | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 April 2024 | 11,384 | 88,846 | 49,277 | 47,258 | 196,765
| Additions | - | 240 | 315 | - | 555
| Disposals | - | - | (417) | - | (417)
| At 31 March 2025 | 11,384 | 89,086 | 49,175 | 47,258 | 196,903
| Depreciation |  |  |  |  |
| At 1 April 2024 | 3,735 | 58,481 | 24,223 | 44,471 | 130,910
| Charge for the year | 1,309 | 7,834 | 6,209 | 1,793 | 17,145
| At 31 March 2025 | 5,044 | 66,315 | 30,432 | 46,264 | 148,055
| Net book value |  |  |  |  |
| At 31 March 2025 | 6,340 | 22,771 | 18,743 | 994 | 48,848
| At 31 March 2024 | 7,649 | 30,365 | 25,054 | 2,787 | 65,855
5. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Finished goods and goods for resale | 7,538 | 7,630
6. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 22,192 | 28,475
| Other debtors | 18 | 1,800
| Prepayments and accrued income | 2,197 | 1,984
|  | 24,407 | 32,259
Page 5
Manchester Art Gallery Trading Company Limited Notes to the financial statements For the Year Ended 31 March 2025
7. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 329,148 | 456,765
8. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 13,638 | 13,368
| Amounts owed to group undertakings | 21,451 | 148,919
| Other taxation and social security | 49,955 | 50,029
| Other creditors | 93,690 | 106,959
| Accruals and deferred income | 192,106 | 187,083
|  | 370,840 | 506,358
| Amounts owed to group undertakings are unsecured, interest-free and repayable on demand.
9. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £9,822 (2024: £6,244). Contributions totalling £1,732 (2024: £1,689) were payable to the fund at the balance sheet date and are included in creditors.
10. | Related party transactions
| The company has taken advantage of the exemption in FRS 102 not to disclose transactions entered into between two or more members of a group whereby the subsidiary that is a party to the transaction is wholly owned by a member.
11. | Controlling party
The company is wholly owned by its ultimate parent undertaking, Manchester City Galleries Trust, a company limited by guarantee (Company Number 3053689) and a registered charity (Charity number 1048581), incorporated in England and Wales. Manchester City Galleries Trust is the parent company of the largest and smallest group of undertakings to consolidate these financial statements. The registered address of Manchester City Galleries Trust is Manchester Art Gallery, Mosley Street, M2 3JL. The consolidated financial statements can be obtained from Companies House. Page 6
Manchester Art Gallery Trading Company Limited Notes to the financial statements For the Year Ended 31 March 2025
12. | Auditors' information
The auditors' report on the financial statements for the year ended 31 March 2025 was unqualified. The audit report was signed on 10 December 2025 by Helen Besant-Roberts (senior statutory auditor) on behalf of Hurst Accountants Limited.
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