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Operating profit

The operating profit/(loss) is stated after charging:

Registered number: 04848045 (England & Wales)

	SC BOND STREET LIMITED
	STRATEGIC AND DIRECTORS' REPORTS AND AUDITED FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 JULY 2025


SC BOND STREET LIMITED

CONTENTS

	Page
Company Information	1
Strategic Report	2
Directors' Report	3 - 4
Independent Auditors' Report	5 - 8
Statement of Income and Retained Earnings	9
Balance Sheet	10
Statement of Cash Flows	11
Notes to the Financial Statements	12 - 27


SC BOND STREET LIMITED

COMPANY INFORMATION

Directors	Martin Travis
	Sophie Jackson


Registered number	04848045


Registered office	30 Old Bond Street
	London
	W1S 4QQ


Independent auditors	Lewis Golden LLP
	40 Queen Anne Street
	London
	W1G 9EL

- 1 -


SC BOND STREET LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 JULY 2025

Introduction

The directors present their Strategic Report for the year ended 31 July 2025.

Business review

The company made a loss before tax of £82,252 during the year ended 31 July 2025 (2024 - £417,732). Turnover has decreased by 37% to £12,231,091 (2024 - £19,444,178) but the company has seen an increase in its gross profit margin from 11% to 15%. The stock balance has decreased to £7,426,514 (2024 - £7,817,111).

Going concern

The company is in a net current asset position of £3,496,502 (2024 - £3,789,129), and despite the decline in sales in the first half of 2025, the company has sufficient resources available to continue its operational existence for at least 12 months from the date of signing these financial statements. In addition, the company has robust third party financing arrangements in place and the directors therefore believe that it is appropriate to prepare the financial statements on a going concern basis.

Principal risks and uncertainties

The company has treasury and liquidity management procedures in place appropriate to the size and complexity of the business. The directors monitor interest rates and the effect that the financing costs have on the financial results of the business.

The company is impacted by fluctuations in exchange rates and the company mitigates this risk by the operation of foreign currency bank accounts and a policy of matching payments and receipts.

Financial key performance indicators

Management review the company's performance monthly, with particular focus on risk avoidance, maintaining good cash flow and debt collection. The comparatives for gross profit and turnover have been outlined below as they are key performance indicators for the company.

	2025	2024
Gross profit*	15%	11%
Turnover	£12,231,091	£19,444,178

* Expressed as a percentage of turnover.

This report was approved by the board and signed on its behalf by:

Martin Travis

Director

Date: 18 December 2025

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SC BOND STREET LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 JULY 2025

The directors present their report and the financial statements for the year ended 31 July 2025.

Directors

The directors who served during the year were:

Martin Travis

Sophie Jackson

Results and dividends

The loss for the year, after taxation, amounted to £70,807 (2024 - £380,641). The total of dividends proposed by the company was £nil for the year ended 31 July 2025 (2024 - £nil).

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent; and

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Financial instruments, price risk, credit risk, liquidity risk and cash flow risk

Financial instruments, price risk, credit risk, liquidity risk and cash flow risk are considered, as they pertain to the company, in the Strategic Report on page 2, under principal risks and uncertainties.

Future developments

Projections for 2025-2026 see the company participating in its first USA private exhibition.

- 3 -


SC BOND STREET LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2025

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information (as defined by section 418(3) of the Companies Act 2006) of which the company's auditors are unaware; and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Auditors

The auditors, Lewis Golden LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf by:

Martin Travis

Director

Date: 18 December 2025

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SC BOND STREET LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SC BOND STREET LIMITED

Opinion

We have audited the financial statements of SC Bond Street Limited (the 'company') for the year ended 31 July 2025, which comprise the Statement of Income and Retained Earnings, the Balance Sheet, the Statement of Cash Flows and Notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the company's affairs as at 31 July 2025 and of its loss for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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SC BOND STREET LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SC BOND STREET LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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SC BOND STREET LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SC BOND STREET LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

∙at planning stage, we gained an understanding of the legal and regulatory framework applicable to the company, the industry in which they operate, and considered the risk of failing to comply with these legal and regulatory requirements;

∙we discussed with the directors the policies and procedures in place regarding compliance with laws and regulations;

∙we discussed amongst the engagement team the identified laws and regulations, and remained alert to any indications of non-compliance;

∙we assessed the susceptibiltiy of the company's financial statements to material misstatement, including how the fraud might occur by considering the risk of management override and by assuming revenue to be a fraud risk. We tested specific transactions back to source documentation; and

∙during the audit, we focused on areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience and through discussions with the directors (as required by auditing standards), from inspection of the company's regulatory and legal correspondence and review of minutes of directors' meetings in the year.

We also considered those other laws and regulations that have a direct impact on the preparation of financial statements, such as the Companies Act 2006 and UK tax legislation.

Our procedures in relation to fraud included but were not limited to:

∙inquiries of management whether they have knowledge of any actual, suspected or alleged fraud;

∙gaining an understanding of the internal controls established to mitigate risk related to fraud;

∙using analytical procedures to identify any unusual or unexpected relationships;

∙testing journal entries, with a focus on journals indicating large or unusual transactions based on our understanding of the business;

∙discussion amongst the engagement team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements; and

∙scrutiny review of unusual transactions and entry into sensitive nominal ledger accounts.

The primary responsibility for the prevention and detection of irregularities including fraud rests with both those charged with governance and management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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SC BOND STREET LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SC BOND STREET LIMITED (CONTINUED)

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Moss (Senior Statutory Auditor)
for and on behalf of Lewis Golden LLP

Chartered Accountants and Statutory Auditors

40 Queen Anne Street

London

W1G 9EL

18 December 2025

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SC BOND STREET LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

FOR THE YEAR ENDED 31 JULY 2025

	2025	2024
Note	£	£


Turnover	4	12,231,091	19,444,178
Cost of sales		(10,386,200)	(17,254,034)
Gross profit		1,844,891	2,190,144
Administrative expenses		(1,809,254)	(2,088,985)
Other operating income		7,679	8,951
Exceptional item: bad debt	13	206,975	(206,975)
Operating profit/(loss)	5	250,291	(96,865)
Other interest receivable and similar income		718	376
Interest payable and similar expenses	8	(333,261)	(321,243)
Loss before tax		(82,252)	(417,732)
Tax on loss	9	11,445	37,091
Loss after tax		(70,807)	(380,641)



Retained earnings at the beginning of the year	672,957	1,053,598
Loss for the year	(70,807)	(380,641)
Retained earnings at the end of the year	602,150	672,957

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Registered number: 04848045 (England & Wales) SC BOND STREET LIMITED

BALANCE SHEET

AS AT 31 JULY 2025


	2025	2024
Note	£	£

Fixed assets
Tangible fixed assets	10		131,468		269,225
Current assets
Stocks	12	7,426,514		7,817,111
Debtors	13	1,062,499		2,132,917
Cash at bank and in hand		1,094,897		1,417,304
		9,583,910		11,367,332
Creditors: amounts falling due within one year	14	(6,087,408)		(7,628,203)
Net current assets			3,496,502		3,739,129
Total assets less current liabilities			3,627,970		4,008,354
Creditors: amounts falling due after more than one year	15		(2,317,833)		(2,627,410)

Net assets			1,310,137		1,380,944

Capital and reserves
Called up share capital	17	2,000	2,000
Share premium account		705,987	705,987
Profit and loss account	18	602,150	672,957
		1,310,137	1,380,944

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Martin Travis

Director

Date: 18 December 2025
The notes on pages 12 to 27 form part of these financial statements.

- 10 -


SC BOND STREET LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 JULY 2025

				2025	2024
			Note	£	£

Cash flows from operating activities
Loss for the financial year		(70,807)	(380,641)
Adjustments for:
Depreciation of tangible fixed assets	10	165,056	168,750
Interest payable	8	333,261	321,243
Interest receivable		(718)	(376)
Taxation (credit)/charge	9	(11,445)	50,745
Decrease/(increase) in stocks	12	390,597	(611,498)
Decrease in debtors		1,053,731	4,868,749
Decrease in creditors		(1,247,192)	(2,844,668)
Decrease in provisions		-	(87,836)
Corporation tax paid		(121,791)	(68,648)
Foreign exchange losses		-	14,771
Net cash generated from operating activities		490,692	1,430,591

Cash flows from investing activities
Purchase of tangible fixed assets		(37,611)	(72,344)
Interest received		718	376
HP interest paid	8	(9,367)	(19,679)
Net cash used in investing activities		(46,260)	(91,647)
Cash flows from financing activities
Repayment of loans		(345,514)	(180,000)
Repayment of loans from directors	22	16,687	125,288
Interest paid	8	(323,894)	(310,859)
Net cash used in financing activities		(652,721)	(365,571)
Net (decrease)/increase in cash and cash equivalents		(208,289)	973,373
Cash and cash equivalents at beginning of year		882,159	(76,443)
Foreign exchange losses		(86,823)	(14,771)
Cash and cash equivalents at the end of year		587,047	882,159

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand		1,094,897	1,417,304
Bank overdrafts	14	(507,850)	(535,145)
		587,047	882,159

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SC BOND STREET LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

1.	General information

SC Bond Street Limited is a private company limited by share capital, incorporated in England and Wales, registered number 04848045. The address of the registered office is 30 Old Bond Street, London W1S 4QQ.
The principal activity of the company is the sale of jewellery, artifacts and fine art.

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 Financial Reporting Standard 102, the 'Financial Reporting Standard applicable in the UK and the Republic of Ireland' ('FRS 102') and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Going concern

The directors are confident that despite the decline in the trade and difficult economic environment the company has sufficient resources available to continue its operational existence for the foreseeable future. The directors have assessed this by the preparation of a cash flow forecast for the 12 month period from the date of approval of these financial statements.

In addition, the company has third party financing arrangements in place and has obtained confirmations from all third parties that they will not demand any repayment of any loan balances and jeopardise the company's ability to continue to trade. At the year end the company is in a net current asset position of £3,496,502 (2024 - £3,739,129). Therefore, the financial statements have been prepared on a going concern basis.

- 12 -


SC BOND STREET LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

2.Accounting policies (continued)

2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Sale of goods

Turnover 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 turnover 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.

Rendering of services

Turnover 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 turnover 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

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Income and Retained Earnings.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'administrative expenses'.

- 13 -


SC BOND STREET LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

2.Accounting policies (continued)

2.5

Interest payable and similar expenses

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated loan.

2.6

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 the Statement of Income and Retained Earnings 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.

2.7

Tax

The tax expense for the year comprises current and deferred tax.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.8

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.

2.9

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.

- 14 -


SC BOND STREET LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

2.Accounting policies (continued)

2.9

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery	-	33%	straight-line
Motor vehicles	-	25%	straight-line
Fixtures and fittings	-	25%	straight-line

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.

2.10

Fixed asset investments

Unlisted investments are measured at cost less accumulated impairment.

2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.
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 the Statement of Income and Retained Earnings.

2.12

Debtors

Short-term debtors are measured at the 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.

2.13

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term 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.

2.14

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.

- 15 -


SC BOND STREET LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

2.Accounting policies (continued)

2.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economnic benefit, and a reliable estimate can be made of the amount of obligation.
Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are offset against to the provision carried in the Balance Sheet.

2.16

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
Finanical assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2.17

Operating leases

Rentals paid under operating leases are charged to the Statement of Income and Retained Earnings on a straight-line basis over the lease term.

2.18

Leased assets: the company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of Income and Retained Earnings so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

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SC BOND STREET LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

(i) Useful economic lives of tangible fixed assets

The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 10 for the carrying amount of the tangible fixed assets and note 2.9 for the useful economic lives for each class of assets.

(ii) Carrying value of stock

An assessment of the value of the company's stock against current market conditions is made to ensure stock is correctly measured at the lower of cost and net realisable value. Stock value is re-assessed annually and if necessary a provision is made to reflect the market. Post year end sales give an indication of current market conditions. See note 12 for the carrying value of stock, and note 2.11 for the accounting policy.
(iii) Provision against debtors
The company makes an estimate of the recoverable value of trade debtors. When assessing recoverability of debtors, management consider factors including the current credit rating of the debtor, cash received in the period, the aging profile of the debtor and the customer relationship. The debtors are predominately receivable from clients with a long standing relationship with the company and historically there has been a low level of unrecoverable debts.

- 17 -


SC BOND STREET LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

4.	Turnover
		2025	2024
		£	£

Sales of goods	11,107,544	17,960,230
Provision of services	1,123,547	1,483,948
	12,231,091	19,444,178

Analysis of turnover by country of destination:
	2025	2024
	£	£


United Kingdom	1,638,698	884,617
Europe	3,510,206	7,129,122
Americas	2,260,923	2,105,275
Middle East	1,001,618	7,466,271
Asia	3,541,664	1,845,038
Rest of the World	277,982	13,855
	12,231,091	19,444,178

Exchange differences	(121,686)	14,771
Fees payable to the company's auditors for the audit of the company's annual financial statements	37,050	26,000
Defined contribution pension costs	3,036	2,024
Operating leases	129,455	129,964

- 18 -


SC BOND STREET LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

Wages and salaries	368,640	318,333
Social security costs	35,512	43,005
Defined contribution pension costs	3,036	2,024
	407,188	363,362

The average monthly number of employees, including the directors, during the year was as follows:

	2025	2024
	No.	No.

Administrative	1	1
Sales	3	2

	4	3

7.	Directors' remuneration
		2025	2024
		£	£

Directors' emoluments	270,000	270,000
Directors' pension costs	2,201	1,321
	272,201	271,321

	During the year retirement benefits were accruing to one director (2024 - 1) in respect of defined contribution pension schemes.
	The highest paid director received remuneration of £150,000 (2024 - £150,000). There are no pension contributions in the current or prior year paid to the highest paid director.

- 19 -


SC BOND STREET LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

8.	Interest payable and similar expenses
		2025	2024
		£	£

Bank interest payable	69,211	79,084
Finance leases and hire purchase contracts	9,367	10,384
Other interest payable	254,683	231,775
	333,261	321,243

Corporation tax
Current year tax charge	47,468	-
Adjustments in respect of prior periods	(58,913)	50,745

Total current tax	(11,445)	50,745

Deferred tax
Origination and reversal of timing differences	-	(87,836)
Total deferred tax	-	(87,836)


	Taxation on loss on ordinary activities	(11,445)	(37,091)

- 20 -


SC BOND STREET LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

9.Tax (continued)

Loss on ordinary activities before tax

(82,252)

(418,320)

Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	(20,563)	(104,580)
Effects of:
Expenses not deductible for tax purposes	35,398	36,491
Other permanent differences	-	275
Adjustments to tax charge in respect of prior periods	(31,005)	50,745
Movement in deferred tax	33,484	(20,022)
Recoverable s455 tax	(27,908)	-
Marginal relief	(851)	-
Total tax charge for the year	(11,445)	(37,091)

- 21 -


SC BOND STREET LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

10.	Tangible fixed assets

	Plant and machinery	Motor vehicles	Fixtures and fittings	Total
	£	£	£	£
Cost
At 1 August 2024	67,705	125,964	719,721	913,390
Additions	947	-	26,352	27,299
Disposals	(12,968)	-	(114,065)	(127,033)
At 31 July 2025	55,684	125,964	632,008	813,656
Depreciation
At 1 August 2024	54,353	62,982	526,830	644,165
Charge for the year	9,293	31,491	124,272	165,056
Disposals	(12,968)	-	(114,065)	(127,033)
At 31 July 2025	50,678	94,473	537,037	682,188
Net book value
At 31 July 2025	5,006	31,491	94,971	131,468
At 31 July 2024	13,352	62,982	192,891	269,225

The net book value of assets held under finance leases or hire purchase contracts, included above, is £31,491 (2024 - £62,982).

- 22 -


SC BOND STREET LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

11.	Fixed asset investments

		Unlisted investments
		£
	Cost
	At 1 August 2024	125,319
	At 31 July 2025	125,319
	Impairment
	At 1 August 2024	125,319
	At 31 July 2025	125,319
	Net book value
	At 31 July 2025	-
	At 31 July 2024	-

12.	Stocks
		2025	2024
		£	£

	Finished goods and goods for resale	7,426,514	7,817,111

13.

Debtors

					2025	2024
					£	£


Trade debtors	869,060	1,575,943
Other debtors	63,153	466,748
Prepayments	45,209	33,057
Tax recoverable	85,077	57,169
	1,062,499	2,132,917

A bad debt provision of £206,975 was recognised in the prior year against a trade debtor balance for which the company was in possession of the goods as security. During the year, the provision has been reversed because a credit note has been issued.

- 23 -


SC BOND STREET LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

Bank overdrafts	507,850	535,145
Bank loans	180,000	180,000
Other loans	782,762	804,069
Trade creditors	3,877,347	4,432,076
Corporation tax	101,547	234,783
Other taxation and social security	22,123	16,962
Obligations under finance lease and hire purchase contracts	13,080	11,952
Other creditors	13,516	21,987
Accruals	589,183	1,391,229
	6,087,408	7,628,203

The bank overdrafts of £507,850 (2024 - £535,145) are secured by a fixed and floating charge over the assets of the company.

Bank loans	-	180,000
Net obligations under finance leases and hire purchase contracts	71,100	82,540
Other creditors	2,246,733	2,364,870
	2,317,833	2,627,410

During the year ended 31 July 2020 the company obtained a £900,000 Coronavirus Business Interruption Loan which is guaranteed by the government. Interest is charged at the bank's base rate plus 4.5% per annum and interest due in the first 12 months was paid by the government in addition to any arrangement fees incurred. The loan balance is repayable over 5 years of which £nil (2024 - £180,000) falls due for payment in more than one year, with the remainder, £180,000 (2024 - £180,000), being due within 12 months which is reflected in current liabilities.
The loan is secured by a fixed and floating charge over all assets of the company including book debts.

- 24 -


SC BOND STREET LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

Within one year	13,080	10,575
Between 1-5 years	71,100	82,540
	84,180	93,115

17.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

1,000 (2024 - 1,000) A Ordinary shares of £1.00 each	1,000	1,000
1,000 (2024 - 1,000) B Ordinary shares of £1.00 each	1,000	1,000

	2,000	2,000

18.

Reserves

Distributable reserves

The distributable reserves includes all current and prior year retained profits at £602,150 (2024 - £672,957).

Non-distributable reserve

The non-distributable reserve comprises share premium at £705,987 (2024 - £705,987).

- 25 -


SC BOND STREET LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

19.	Analysis of net debt

		At 1 August 2024	Cash flows	Other non-cash changes	At 31 July 2025
		£	£	£	£

Cash at bank and in hand	1,417,304	(235,584)	(86,823)	1,094,897
Bank overdrafts	(535,145)	27,295	-	(507,850)
Debt due after 1 year	(2,627,410)	345,514	35,163	(2,246,733)
Debt due within 1 year	(1,049,054)	8,521	(9,346)	(1,049,879)
Finance leases	86,885	19,679	(190,744)	(84,180)
	(2,707,420)	165,425	(251,750)	(2,793,745)

20.	Contingent asset

In June 2022, the company was subject to an armed robbery at The European Fine Art Fair ("TEFAF"). The company is currently pursuing a legal claim for uninsured losses. The company's advisors have indicated that it is more likely than not that the claim will result in a recovery, however the amount is uncertain and therefore not disclosed.

Due within 1 year	120,208	134,208
Within 1 - 5 years	441,132	451,132
More than 5 years	-	110,208
	561,340	695,548

22.

Related party transactions

During the year the company advanced £92,556 (2024 - £78,318) to a director and received repayments of £109,243 (2024 - £203,607). At the balance sheet date, the amount due from the director was £31,421 (2024 - £48,108), which is unsecured, interest free and repayable on demand. The maximum amount advanced, at any point, to a director in the year was £68,451 (2024 - £173,396).

At the balance sheet date, the amount due from another director was £2,000 (2024 - £2,000), which is unsecured, interest free and repayable on demand.
During the year, the company made sales totalling £159,987 (2024 - £134,110) to and purchased £nil (2024 - £47,884) from an individual with significant influence over the entity. At the balance sheet date, the amount due from the individual with significant influence was £107,930 (2024 - £1,503).

- 26 -


SC BOND STREET LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

23.	Controlling party

The ultimate controlling party in the current and prior year is Martin Travis by virtue of his shareholding and the day to day management of the company.

- 27 -