REGISTERED NUMBER: 11597873 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

MK GALLERY ENTERPRISES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

D N King

S M Carbert

A Spira

REGISTERED OFFICE:

3 Theatre Walk

Milton Keynes

Buckinghamshire

MK9 3PX

REGISTERED NUMBER:

11597873 (England and Wales)

ACCOUNTANTS:

Monico Tunley Limited

Chartered Accountants

19 Goldington Road

Bedford

MK40 3JY

CURRENT ASSETS

Stocks

10,034

12,525

Debtors

4

6,620

9,634

Cash at bank and in hand

24,309

7,655

40,963

29,814

CREDITORS

Amounts falling due within one year

5

131,300

147,082

NET CURRENT LIABILITIES

(90,337

)

(117,268

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(90,337

)

(117,268

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(90,437

)

(117,368

)

(90,337

)

(117,268

)

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 directors acknowledge their 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 December 2025 and were signed on its behalf by:

D N King - Director

1.	STATUTORY INFORMATION

MK Gallery Enterprises Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the pound sterling (£).

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

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.

The financial statements have been prepared on a going concern basis. The directors have assessed the impact of the climate and see no reason for the approach to be affected.

Turnover

Turnover comprises grants, donations and other income derived directly from gallery exhibitions, venue hire and workshops.

Grant income, gallery income and profit share income are recognised when the amounts are considered receivable. Donations are recognised on a receipts basis, or when the amount to be received is certain. Rental income is recognised on a receivable basis.

Stocks

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

Financial instruments

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

3.	EMPLOYEES AND DIRECTORS

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

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

4,130

8,544

Other debtors

2,490

1,090

6,620

9,634

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

10,676

8,476

Amounts owed to group undertakings

117,149

126,611

Taxation and social security

12

-

Other creditors

3,463

11,995

131,300

147,082

6.	RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption available in accordance with Section 33 of FRS 102 'Related Party disclosures' not to disclose transactions entered into between two or more members of the group that are wholly owned.

7.	ULTIMATE CONTROLLING PARTY

The ultimate parent company is MK Gallery, a charitable company, incorporated in England and Wales. This is the smallest and largest group that the company is consolidated in. The registered office of MK Gallery is 3 Theatre Walk, Milton Keynes, MK9 3PX.