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REGISTERED NUMBER: 02980311 (England and Wales)

| CRISTEA ROBERTS GALLERY LIMITED |

| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |

| FINANCIAL STATEMENTS |

| FOR THE PERIOD 1 JANUARY 2024 TO 30 JUNE 2025 |

CRISTEA ROBERTS GALLERY LIMITED (REGISTERED NUMBER: 02980311)

CONTENTS OF THE FINANCIAL STATEMENTS

for the period 1 January 2024 to 30 June 2025

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Directors | 4 |

Report of the Independent Auditors | 6 |

Income Statement | 10 |

Balance Sheet | 11 |

Statement of Changes in Equity | 12 |

Cash Flow Statement | 13 |

Notes to the Cash Flow Statement | 14 |

Notes to the Financial Statements | 15 |

CRISTEA ROBERTS GALLERY LIMITED

COMPANY INFORMATION

for the period 1 January 2024 to 30 June 2025

| DIRECTORS: | A Cristea

| P W Chellgren

| K Dempsey

| D Cleaton-Roberts

| H Waters

| G A Colgan

| SECRETARY: | K Dempsey

| REGISTERED OFFICE: | 43 Pall Mall

| London

| SW1Y 5JG

| REGISTERED NUMBER: | 02980311 (England and Wales)

| AUDITORS: | Fairhurst Audit Services Ltd

| Chartered Accountants

| Statutory Auditor

| Douglas Bank House

| Wigan Lane

| Wigan

| Lancashire

| WN1 2TB

CRISTEA ROBERTS GALLERY LIMITED (REGISTERED NUMBER: 02980311)

STRATEGIC REPORT

for the period 1 January 2024 to 30 June 2025

The directors present their strategic report for the period 1 January 2024 to 30 June 2025.

REVIEW OF THE BUSINESS

The company's core activity remained that of running an art gallery including the purchasing of artworks, creation of prints and subsequent sale thereof.

Current market conditions have made this a difficult trading period. This, alongside increases in outgoings and a currency exchange loss, has temporarily affected the company's profitability. The business receives a significant amount of income in US dollars due to high sales in the US but most of the business's outgoings are in GBP. The directors are constantly monitoring this and are working to reduce our exposure to exchange rate fluctuations.

The company has a healthy cash balance. The directors are keen to have this for artwork purchasing opportunities, property expenses, and to protect the security of their staff in any downturns.

The business has continued to exhibit at international art fairs (US, Hong Kong, Switzerland and UK), to mount exhibitions in the gallery, and to make use of digital and analogue marketing and selling tools.

The directors continue to actively pursue international high-profile artists to work with and in 2024/25 added several new artists and projects. The company also uses its significant expertise to focus on building strong relationships with all artists that it works alongside.

PRINCIPAL RISKS AND UNCERTAINTIES

The ongoing principal risks to the company are primarily driven by ongoing economic uncertainty in the world economy and the unknown effect this could have on customers' spending patterns. Sales trends are constantly reviewed to enable early action in the event of sales declining, and the directors continue to try and diversify the works of art sold to minimise the reliance in any one area to mitigate this risk.

The loss of key personnel is always a concern and as a result the management team continually review remuneration levels to ensure good performance is recognised and works to create a good working environment.

The continuing increase in red tape remains a concern. Constant new regulations and the administrative burden that comes with these, add considerably to staff workload and outgoings with an ever-growing need to pay for outside professional assistance and registration fees. Added to this, an area of increasing difficulty is international taxes and tariffs which are applied to more and more works, frequently with no advance notice and uncertain guidance. This not only increases the burden on the business but can also have a negative effect on relationships with clients who, understandably, are upset when presented with unexpected local tax bills.

KEY PERFORMANCE INDICATORS

The directors consider that the key financial performance indicators are those that communicate the financial performance and strength of the company as a whole and relate to turnover, gross profit and the cash available.

As disclosed within the financial statements, the key reported figures are as follows:

| Period Ended |  | Year Ended |

| 30.06.25 |  | 31.12.23 |

| £ |  | £ |

Turnover |  |  | 14,748,169 |  | 14,486,545 |

Gross Profit |  |  | 5,841,693 |  | 6,500,487 |

Cash |  |  | 6,713,100 |  | 9,345,747 |

CRISTEA ROBERTS GALLERY LIMITED (REGISTERED NUMBER: 02980311)

STRATEGIC REPORT

for the period 1 January 2024 to 30 June 2025

FINANCIAL RESULTS

A summary of the results of the period's trading is given on page 10 of the financial statements.

ON BEHALF OF THE BOARD:

K Dempsey - Director

5 March 2026

CRISTEA ROBERTS GALLERY LIMITED (REGISTERED NUMBER: 02980311)

REPORT OF THE DIRECTORS

for the period 1 January 2024 to 30 June 2025

The directors present their report with the financial statements of the company for the period 1 January 2024 to 30 June 2025.

The current period was extended to 30 June 2025 as this is considered to be a more suitable reporting date for the company. These accounts have therefore been produced over a 18 month period and as a result, the comparative amounts in the financial statements, including the related notes and Balance Sheet, are not entirely comparable.

PRINCIPAL ACTIVITY

The principal activity of the company in the period under review was that of dealing in art works and running an art gallery.

DIVIDENDS

No dividends will be distributed for the period ended 30 June 2025 (2023: £nil).

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

A Cristea

P W Chellgren

K Dempsey

D Cleaton-Roberts

H Waters

Other changes in directors holding office are as follows:

G A Colgan - appointed 1 May 2025

POLITICAL DONATIONS AND EXPENDITURE

During the period the company made no political donations (2023: £nil).

CHARITABLE DONATIONS

During the period the company made charitable donations of £45,920 (2023: £77,000).

DISCLOSURE IN THE STRATEGIC REPORT

As permitted by Paragraph 1A of Schedule 7 to the Large and Medium-size Companies and Groups (Accounts and Reports) Regulations 2008 certain matters which are required to be disclosed in the report of the directors' have been omitted as they are included in the Strategic Report on pages 2 to 3. These matters relate to likely future developments.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 judgements and accounting estimates that are reasonable and prudent;

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

CRISTEA ROBERTS GALLERY LIMITED (REGISTERED NUMBER: 02980311)

REPORT OF THE DIRECTORS

for the period 1 January 2024 to 30 June 2025

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued

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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

K Dempsey - Director

5 March 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

CRISTEA ROBERTS GALLERY LIMITED

Opinion

We have audited the financial statements of Cristea Roberts Gallery Limited (the 'company') for the period ended 30 June 2025 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 30 June 2025 and of its loss for the period 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 UK, including the FRC'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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |

- |  | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

CRISTEA ROBERTS GALLERY LIMITED

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 Report of the Directors.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on pages four and five, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

CRISTEA ROBERTS GALLERY LIMITED

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 a Report of the Auditors 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.

- |  | The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |

- |  | We obtained an understanding of laws and regulations that affect the company, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we have identified included Companies Act 2006, Tax legislation, data protection, employment, environmental and health & safety legislation. |

- |  | We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting accreditations and legal correspondence. |

In assessing the susceptibility of the company's financial statements to material misstatement, including obtaining and understanding of how fraud might occur;

- |  | We gained an understanding of the controls that management have in place to prevent and detect fraud. We enquired of management about any instances of fraud that had taken place during the year. |

To address the risk of fraud through management bias and override of controls;

- |  | We performed analytical procedures to identify any unusual or unexpected relationships; |

- |  | We tested journal entries to identify unusual transactions; and |

- |  | We assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias. |

Due 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, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

CRISTEA ROBERTS GALLERY LIMITED

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 a Report of the Auditors 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.

Louise Webster BSc BFP ACA (Senior Statutory Auditor)

for and on behalf of Fairhurst Audit Services Ltd

Chartered Accountants

Statutory Auditor

Douglas Bank House

Wigan Lane

Wigan

Lancashire

WN1 2TB

6 March 2026

CRISTEA ROBERTS GALLERY LIMITED (REGISTERED NUMBER: 02980311)

INCOME STATEMENT

for the period 1 January 2024 to 30 June 2025

Period |  |

1.1.24 |  |

to | Year Ended |

30.6.25 | 31.12.23 |

| Notes | £ | £

TURNOVER | 5 | 14,748,169 |  | 14,486,545 |  |

Cost of sales | (8,906,476 | ) | (7,986,058 | ) |

GROSS PROFIT | 5,841,693 |  | 6,500,487 |  |

Distribution costs | (119,537 | ) | (61,637 | ) |

Administrative expenses | (6,525,967 | ) | (5,569,647 | ) |

(803,811 | ) | 869,203 |  |

Other operating income | 69,621 |  | 60,816 |  |

OPERATING (LOSS)/PROFIT | 8 | (734,190 | ) | 930,019 |  |

Interest receivable and similar income | 10 | 271,839 |  | 140,130 |  |

(462,351 | ) | 1,070,149 |  |

Interest payable and similar expenses | 11 | - |  | (3,464 | ) |

(LOSS)/PROFIT BEFORE TAXATION | (462,351 | ) | 1,066,685 |  |

Tax on (loss)/profit | 12 | 26,633 |  | (272,606 | ) |

(LOSS)/PROFIT FOR THE FINANCIAL PERIOD | (435,718 | ) | 794,079 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | (435,718 | ) | 794,079 |  |

CRISTEA ROBERTS GALLERY LIMITED (REGISTERED NUMBER: 02980311)

BALANCE SHEET

30 June 2025

2025 | 2023 |

| Notes | £ | £

FIXED ASSETS

Tangible assets | 13 | 1,254,022 |  | 1,267,159 |  |

CURRENT ASSETS

Stocks | 14 | 3,420,558 |  | 2,881,191 |  |

Debtors | 15 | 2,201,205 |  | 3,230,735 |  |

Cash at bank | 6,713,100 |  | 9,345,747 |  |

12,334,863 |  | 15,457,673 |  |

CREDITORS

Amounts falling due within one year | 16 | (1,585,915 | ) | (4,311,511 | ) |

NET CURRENT ASSETS | 10,748,948 |  | 11,146,162 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 12,002,970 |  | 12,413,321 |  |

PROVISIONS FOR LIABILITIES | 18 | (52,392 | ) | (27,025 | ) |

NET ASSETS | 11,950,578 |  | 12,386,296 |  |

CAPITAL AND RESERVES

Called up share capital | 19 | 100,000 |  | 100,000 |  |

Capital redemption reserve | 4,444 |  | 4,444 |  |

Retained earnings | 11,846,134 |  | 12,281,852 |  |

SHAREHOLDERS' FUNDS | 11,950,578 |  | 12,386,296 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 6 March 2026 and were signed on its behalf by:

D Cleaton-Roberts - Director

CRISTEA ROBERTS GALLERY LIMITED (REGISTERED NUMBER: 02980311)

STATEMENT OF CHANGES IN EQUITY

for the period 1 January 2024 to 30 June 2025

Called up | Capital |  |

share | Retained | redemption | Total |

capital | earnings | reserve | equity |

| £ | £ | £ | £

Balance at 1 January 2023 | 100,000 |  | 11,487,773 |  | 4,444 |  | 11,592,217 |  |

Changes in equity

Profit for the year | - |  | 794,079 |  | - |  | 794,079 |  |

Total comprehensive income | - |  | 794,079 |  | - |  | 794,079 |  |

Balance at 31 December 2023 | 100,000 |  | 12,281,852 |  | 4,444 |  | 12,386,296 |  |

Changes in equity

Deficit for the period | - |  | (435,718 | ) | - |  | (435,718 | ) |

Total comprehensive income | - |  | (435,718 | ) | - |  | (435,718 | ) |

Balance at 30 June 2025 | 100,000 |  | 11,846,134 |  | 4,444 |  | 11,950,578 |  |

CRISTEA ROBERTS GALLERY LIMITED (REGISTERED NUMBER: 02980311)

CASH FLOW STATEMENT

for the period 1 January 2024 to 30 June 2025

Period |  |

1.1.24 |  |

to | Year Ended |

30.6.25 | 31.12.23 |

| Notes | £ | £

Cash flows from operating activities

Cash generated from operations | 1 | (2,719,274 | ) | 812,166 |  |

Finance costs paid | - |  | (3,464 | ) |

Tax paid | 29,710 |  | (582,274 | ) |

Net cash from operating activities | (2,689,564 | ) | 226,428 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (214,922 | ) | (4,324 | ) |

Interest received | 271,839 |  | 140,130 |  |

Net cash from investing activities | 56,917 |  | 135,806 |  |

(Decrease)/increase in cash and cash equivalents | (2,632,647 | ) | 362,234 |  |

Cash and cash equivalents at beginning of period | 2 | 9,345,747 |  | 8,983,513 |  |

Cash and cash equivalents at end of period | 2 | 6,713,100 |  | 9,345,747 |  |

CRISTEA ROBERTS GALLERY LIMITED (REGISTERED NUMBER: 02980311)

NOTES TO THE CASH FLOW STATEMENT

for the period 1 January 2024 to 30 June 2025

1. | RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period |  |

1.1.24 |  |

to | Year Ended |

30.6.25 | 31.12.23 |

| £ | £

| (Loss)/profit before taxation | (462,351 | ) | 1,066,685 |  |

| Depreciation charges | 228,059 |  | 145,345 |  |

| Finance costs | - |  | 3,464 |  |

| Finance income | (271,839 | ) | (140,130 | ) |

(506,131 | ) | 1,075,364 |  |

| Increase in stocks | (539,367 | ) | (379,037 | ) |

| Decrease in trade and other debtors | 1,029,530 |  | 620,995 |  |

| Decrease in trade and other creditors | (2,703,306 | ) | (505,156 | ) |

| Cash generated from operations | (2,719,274 | ) | 812,166 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Period ended 30 June 2025

| 30.6.25 |  | 1.1.24

| £ | £

| Cash and cash equivalents | 6,713,100 |  | 9,345,747 |  |

| Year ended 31 December 2023

| 31.12.23 |  | 1.1.23

| £ | £

| Cash and cash equivalents | 9,345,747 |  | 8,983,513 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.1.24 | Cash flow | At 30.6.25

| £ | £ | £

| Net cash |

| Cash at bank | 9,345,747 |  | (2,632,647 | ) | 6,713,100 |  |

9,345,747 |  | (2,632,647 | ) | 6,713,100 |  |

| Total | 9,345,747 |  | (2,632,647 | ) | 6,713,100 |  |

CRISTEA ROBERTS GALLERY LIMITED (REGISTERED NUMBER: 02980311)

NOTES TO THE FINANCIAL STATEMENTS

for the period 1 January 2024 to 30 June 2025

1. | STATUTORY INFORMATION

| Cristea Roberts Gallery 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 company's principal place of business is 43 Pall Mall, London, SW1Y 5JG.

2. | STATEMENT OF COMPLIANCE

| 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" and the Companies Act 2006.

3. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| The financial statements have been prepared under the historical cost convention. Monetary amounts in these financial statements are rounded to the nearest £.

| Turnover

| Turnover from the sale of goods, namely pieces of artwork (excluding VAT) is recognised when all of the following conditions are satisfied:

| - |  | the company has transferred to the buyer the significant risks and rewards of ownership of the goods. |

| - |  | 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 economic benefits associated with the transaction will flow to the company; and |

| - |  | the costs incurred or to be incurred in respect of the transaction will flow to the company. |

| In summary, if a sale agreed in the period is paid for or shipped by the period end it will be recognised as revenue in that period.

| Leasing commitments

| Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. The benefits of lease incentives are recognised in the profit and loss account over the lease period.

| Other operating income

| Other operating income includes commissions and ancillary income directly related to the sale of artwork.

CRISTEA ROBERTS GALLERY LIMITED (REGISTERED NUMBER: 02980311)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the period 1 January 2024 to 30 June 2025

3. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

| Tangible assets are stated at historic cost less accumulated depreciation. Historical cost includes the original purchase price and costs directly attributable to bringing the asset to its working condition for its intended use. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Freehold property & improvements |  | - 2% & 10% on cost |  |

| Leasehold improvements |  | - Over the period of the lease |  |

| Plant and machinery |  | - 20% on cost |  |

| Fixtures and fittings |  | - 20% on cost |  |

| Computer equipment |  | - 20% on cost |  |

| Included within freehold property is land which is not depreciated.

| On disposal, the difference between net proceeds and the carrying amount of item sold is recognised in the profit and loss account and is included in administrative expenses.

| Stocks

| Stocks relate to artworks and unsold frames which are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| The company holds consignment stock to facilitate its principal activity, the ownership rights of this stock belong to third parties. There are also other prints held by the company which are not for sale and held on trust for third parties. None of these items are included on the company's balance sheet.

| There has been no impairment to artwork stock during the period, however impairments have been recognised in relation for unsold frames.

| Financial instruments

| Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

| All financial assets and liabilities are initially measured at transaction price and subsequently measured at amortised cost. The company has no financial assets or liabilities which are measured at fair value through profit or loss.

| Trade and other debtors are recognised and carried forward at invoiced amounts less provision for any doubtful debts. Bad debts are written off when identified.

| Cash and cash equivalents comprise of cash at bank and in hand, and are included in the balance sheet at cost.

| The company has no non-basic financial instruments.

| Prepayments

| Prepayments are recognised where costs have been invoiced in the period which relate to goods provided or services occurring after the reporting date. Included in prepayments are costs in relation to ongoing artist projects.

| Taxation

| Taxation for the period 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.

CRISTEA ROBERTS GALLERY LIMITED (REGISTERED NUMBER: 02980311)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the period 1 January 2024 to 30 June 2025

3. | ACCOUNTING POLICIES - continued

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements.

| Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantially enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the monthly average rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution scheme. The amount charged to the profit and loss account in respect of pension costs and other post retirement benefits is the contributions payable in the period.

CRISTEA ROBERTS GALLERY LIMITED (REGISTERED NUMBER: 02980311)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the period 1 January 2024 to 30 June 2025

4. | SIGNIFICANT JUDGEMENTS AND ESTIMATES

| The preparation of the financial statements requires management to make judgements, estimates and assumptions in the application of accounting policies that affect reported amounts of assets, liabilities and profit and loss. In preparing these financial statements, management have made the following key judgements and estimates which are significant to the financial statements.

| Impairment of fixed assets

| Management assess the impairment of non-current assets whenever events or changes in circumstances indicate that the carrying value may not be recoverable.

| Assessment of useful lives of property, plant and equipment

| The estimated useful life of assets reflect management's estimate of the period that the company intends to derive future economic benefit from the use of the company's property, plant and equipment. These are assessed annually by management with reference to the expected level of usage, historical experience and expected level of technological developments that could affect the useful economic lives of these assets.

| Stock provisions

| Stock is valued at the lower of cost and net realisable value.

| An annual stock review of artworks is undertaken at each reporting date and results in the write-down of obsolete and slow moving stock. For both the current and comparative periods, the directors consider that no provisions are required in respect of artwork stocks, therefore all artwork stock purchased during these periods is recorded at cost and provisions have only been applied to stocks purchased before the comparative period.

| Also included in stock is the value of unsold frames at the period end. The carrying value of unsold frames is at the lower of their estimated cost and net realisable value. Where frames are more than 5 years old, the value of the frames is written down by 10% of the initial cost. The amounts written-down are presented within cost of sales.

| Recoverability of trade debtors

| Trade and other debtors are recognised to the extent that they are judged recoverable. Provisions are made specifically against invoices where recoverability is uncertain.

| Management make allowances for doubtful debts each year based on assessment of the recoverability of debtors. Allowances are applied to debtors where events or changes in circumstances indicate that the carrying amounts may not be recoverable. Client creditworthiness, current economic trends, ageing of the debt and management experience are all considered when providing for doubtful debts.

| The amount of the provision recognised in the profit and loss account is the excess of the asset's carrying amount over the present value of estimated future cash flows.

| Prepayments

| Costs in respect of ongoing artist projects represent those committed less costs recovered to date. Based on historic projects, the directors consider that the WIP remains fully recoverable and therefore no provision has been recorded in the current and comparative periods. Any costs required to complete the project which have not been incurred are accrued and included within accruals and deferred income.

| Recoverability of VAT paid on import

| Historically under the VAT margin scheme, import tax suffered on imported artworks was recovered upon subsequent sale of the relevant piece. Following an exit from the margin scheme on 1 April 2023, import tax suffered is now recovered in the quarter in which the artworks are imported. Where stock purchases are made, import tax is considered recoverable in full and is presented within other debtors on the balance sheet. Where items are later removed from stock for reasons other than third party sales or when sold under the margin scheme, the import tax associated with that item is taken to the profit and loss account. Due to the low value of import tax written off annually no provision is made for this against other debtors.

CRISTEA ROBERTS GALLERY LIMITED (REGISTERED NUMBER: 02980311)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the period 1 January 2024 to 30 June 2025

| Leasing

| Management determine whether leases entered into are operating or finance lease. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the company and are assessed on a lease by lease basis. The transfer of risk is assessed by reference to the evaluation of the terms and conditions of the arrangement, the estimated useful life of the asset and whether an option to purchase exists at the end of the lease term.

5. | TURNOVER

| The turnover and loss (2023 - profit) before taxation are attributable to the one principal activity of the company.

| An analysis of turnover by geographical market is given below:

Period |  |

1.1.24 |  |

to | Year Ended |

30.6.25 | 31.12.23 |

| £ | £

| United Kingdom | 3,314,653 |  | 3,520,246 |  |

| Europe | 1,668,070 |  | 1,154,754 |  |

| United States of America | 8,220,358 |  | 7,762,979 |  |

| South Korea | 511,376 |  | 1,426,750 |  |

| Rest of the world | 1,033,712 |  | 621,816 |  |

14,748,169 |  | 14,486,545 |  |

6. | EMPLOYEES AND DIRECTORS

Period |  |

1.1.24 |  |

to | Year Ended |

30.6.25 | 31.12.23 |

| £ | £

| Wages and salaries | 2,614,045 |  | 2,819,109 |  |

| Social security costs | 302,285 |  | 361,020 |  |

| Other pension costs | 84,665 |  | 64,157 |  |

3,000,995 |  | 3,244,286 |  |

| The average number of employees during the period was as follows:

Period |  |

1.1.24 |  |

to | Year Ended |

30.6.25 | 31.12.23 |

| Directors | 5 |  | 5 |  |

| Sales | 3 |  | 3 |  |

| Administrative | 4 |  | 3 |  |

| Technical & Production | 9 |  | 9 |  |

| Shipping | 2 |  | 3 |  |

| Finance | 1 |  | 1 |  |

| Public Relations | 3 |  | 3 |  |

27 |  | 27 |  |

CRISTEA ROBERTS GALLERY LIMITED (REGISTERED NUMBER: 02980311)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the period 1 January 2024 to 30 June 2025

7. | DIRECTORS' EMOLUMENTS

| Period |  |

| 1.1.24 |  |

|  | to |  |  | Year Ended |

|  | 30.06.25 |  |  | 31.12.23 |

|  | £ |  |  | £ |

| Emoluments etc. |  |  | 1,121,179 |  |  | 1,763,242 |

| Pension contributions to money purchase schemes |  |  | 24,890 |  |  | 26,600 |

| Information regarding the highest paid director is as follows:

| Period |  |

| 1.1.24 |  |

|  | to |  |  | Year Ended |

|  | 30.06.25 |  |  | 31.12.23 |

|  | £ |  |  | £ |

| Emoluments etc. |  |  | 340,076 |  |  | 523,537 |

| Pension contributions to money purchase schemes |  |  | - |  |  | 7,000 |

| The number of directors to whom retirement benefits were accruing was as follows:

| Defined contribution schemes |  |  | 4 |  |  | 3 |  |

8. | OPERATING (LOSS)/PROFIT

| The operating loss (2023 - operating profit) is stated after charging:

Period |  |

1.1.24 |  |

to | Year Ended |

30.6.25 | 31.12.23 |

| £ | £

| Depreciation - owned assets | 228,059 |  | 145,345 |  |

| Foreign exchange differences | 159,280 |  | 307,791 |  |

9. | AUDITORS' REMUNERATION

| Period |  |

| 1.1.24 |  |

|  | to |  |  | Year Ended |

|  | 30.6.25 |  |  | 31.12.23 |

| £ |  |  | £ |  |

| Fees payable to the company's auditors for the audit of the company's financial statements |  | 12,720 |  |  | 12,750 |

CRISTEA ROBERTS GALLERY LIMITED (REGISTERED NUMBER: 02980311)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the period 1 January 2024 to 30 June 2025

10. | INTEREST RECEIVABLE AND SIMILAR INCOME |

Period |  |

1.1.24 |  |

to | Year Ended |

30.6.25 | 31.12.23 |

| £ | £

| Deposit account interest | 271,839 |  | 140,130 |  |

11. | INTEREST PAYABLE AND SIMILAR EXPENSES |

Period |  |

1.1.24 |  |

to | Year Ended |

30.6.25 | 31.12.23 |

| £ | £

| Interest paid | - |  | 3,464 |  |

12. | TAXATION

| Analysis of the tax (credit)/charge

| The tax (credit)/charge on the loss for the period was as follows:

Period |  |

1.1.24 |  |

to | Year Ended |

30.6.25 | 31.12.23 |

| £ | £

| Current tax:

| UK corporation tax | (52,000 | ) | 301,898 |  |

| Prior year adjustment | - |  | (234 | ) |

| Total current tax | (52,000 | ) | 301,664 |  |

| Deferred tax | 25,367 |  | (29,058 | ) |

| Tax on (loss)/profit | (26,633 | ) | 272,606 |  |

| UK corporation tax has been charged at 25% (2023 - 23.52%).

CRISTEA ROBERTS GALLERY LIMITED (REGISTERED NUMBER: 02980311)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the period 1 January 2024 to 30 June 2025

12. | TAXATION - continued

| Reconciliation of total tax (credit)/charge included in profit and loss

| The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below:

Period |  |

1.1.24 |  |

to | Year Ended |

30.6.25 | 31.12.23 |

| £ | £

| (Loss)/profit before tax | (462,351 | ) | 1,066,685 |  |

| (Loss)/profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.520%) | (115,588 | ) | 250,884 |  |

| Effects of:

| Expenses not deductible for tax purposes | 30,698 |  | 9,558 |  |

| Depreciation in excess of capital allowances | 25,153 |  | 14,820 |  |

| Adjustments to tax charge in respect of previous periods | - |  | (234 | ) |

| Tax provision rounding | 129 |  | - |  |

| Movement in deferred tax - prior year | - |  | 745 |  |

| Effect of tax rate on deferred tax | 15,076 |  | (3,167 | ) |

| Losses carried forward | 14,619 |  | - |  |

| Effect of tax rate change on loss carry back claim | 3,280 |  | - |  |

| Total tax (credit)/charge | (26,633 | ) | 272,606 |  |

| From 1 April 2023 the UK main Corporation Tax rate was 25% (previous rate 19%) with small profits Corporation Tax rate of 19%. This has resulted in an effective rate of Corporation Tax for the company of 23.52% for the year ended 31 December 2023. The rate applicable to the company for the 18 month period to 30 June 2025 was the main rate of 25%.

13. | TANGIBLE FIXED ASSETS

Fixtures |

Freehold | Leasehold | and |

property | improvements | fittings |

| £ | £ | £

| COST

| At 1 January 2024 | 316,889 |  | 1,650,125 |  | 77,901 |  |

| Additions | - |  | 194,655 |  | 3,743 |  |

| At 30 June 2025 | 316,889 |  | 1,844,780 |  | 81,644 |  |

| DEPRECIATION

| At 1 January 2024 | 47,108 |  | 860,667 |  | 75,652 |  |

| Charge for period | 9,507 |  | 200,544 |  | 1,823 |  |

| At 30 June 2025 | 56,615 |  | 1,061,211 |  | 77,475 |  |

| NET BOOK VALUE

| At 30 June 2025 | 260,274 |  | 783,569 |  | 4,169 |  |

| At 31 December 2023 | 269,781 |  | 789,458 |  | 2,249 |  |

CRISTEA ROBERTS GALLERY LIMITED (REGISTERED NUMBER: 02980311)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the period 1 January 2024 to 30 June 2025

13. | TANGIBLE FIXED ASSETS - continued

Freehold |

property | Computer |

improvements | equipment | Totals |

| £ | £ | £

| COST

| At 1 January 2024 | 234,986 |  | 75,610 |  | 2,355,511 |  |

| Additions | 6,862 |  | 9,662 |  | 214,922 |  |

| At 30 June 2025 | 241,848 |  | 85,272 |  | 2,570,433 |  |

| DEPRECIATION

| At 1 January 2024 | 43,451 |  | 61,474 |  | 1,088,352 |  |

| Charge for period | 7,503 |  | 8,682 |  | 228,059 |  |

| At 30 June 2025 | 50,954 |  | 70,156 |  | 1,316,411 |  |

| NET BOOK VALUE

| At 30 June 2025 | 190,894 |  | 15,116 |  | 1,254,022 |  |

| At 31 December 2023 | 191,535 |  | 14,136 |  | 1,267,159 |  |

14. | STOCKS

2025 | 2023 |

| £ | £

| Stock | 3,420,558 |  | 2,881,191 |  |

| Following a change in accounting policy, the value of unsold frames has been included in the period end stock figure. No changes were considered necessary in relation to the comparative figures.

| Each piece of artwork is considered unique and irreplaceable, therefore, the directors consider that it is not possible to determine replacement cost.

| No impairment losses were recognised in respect of slow moving and obsolete artworks in cost of sales during the period. However, impairments have been recognised in relation to slow moving and obsolete unsold frames.

15. | DEBTORS

2025 | 2023 |

| £ | £

| Amounts falling due within one year:

| Trade debtors | 201,237 |  | 595,933 |  |

| Other debtors | 401,956 |  | 449,637 |  |

| Corporation tax | 52,000 |  | - |  |

| Prepayments and accrued income | 1,485,546 |  | 2,125,977 |  |

2,140,739 |  | 3,171,547 |  |

CRISTEA ROBERTS GALLERY LIMITED (REGISTERED NUMBER: 02980311)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the period 1 January 2024 to 30 June 2025

15. | DEBTORS - continued

2025 | 2023 |

| £ | £

| Amounts falling due after more than one year:

| Other debtors | 60,466 |  | 59,188 |  |

| Aggregate amounts | 2,201,205 |  | 3,230,735 |  |

16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2023 |

| £ | £

| Trade creditors | 679,637 |  | 927,222 |  |

| Tax | - |  | 22,290 |  |

| Social security and other taxes | 61,176 |  | 141,865 |  |

| Other creditors | 13,363 |  | 41,096 |  |

| Accruals and deferred income | 831,739 |  | 3,179,038 |  |

1,585,915 |  | 4,311,511 |  |

17. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

2025 | 2023 |

| £ | £

| Within one year | 411,145 |  | 404,035 |  |

| Between one and five years | 1,644,580 |  | 1,616,140 |  |

| In more than five years | 1,033,263 |  | 1,578,245 |  |

3,088,988 |  | 3,598,420 |  |

| Lease payments of £598,989 (2023: £397,204) have been recognised as an expense during the period.

18. | PROVISIONS FOR LIABILITIES

2025 | 2023 |

| £ | £

| Deferred tax provision | 52,392 |  | 27,025 |  |

Deferred tax |

| £

| Balance at 1 January 2024 | 27,025 |  |

| Accelerated capital allowances | 9,269 |  |

| Short term timing differences | 16,098 |  |

| Balance at 30 June 2025 | 52,392 |  |

| The deferred tax liability at the period end represents accelerated capital allowances. Deferred tax has been recognised at the rate of 25% applicable from 1 April 2023 (2023: 25%).

CRISTEA ROBERTS GALLERY LIMITED (REGISTERED NUMBER: 02980311)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the period 1 January 2024 to 30 June 2025

19. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2023 |

value: |  | £ | £

| 10,000,000 | Ordinary | 1p | 100,000 |  | 100,000 |  |

20. | PENSION COMMITMENTS

| The company makes payments into a pension fund on behalf of employees. The assets of the schemes are held separately from those of the company from those of the company in independently administered funds. The pension cost charge of £84,665 (2023: £64,157) represents contributions payable by the company to the fund.

| Outstanding pension contributions of £9,061 were payable at the reporting date (2023: £16,134).

21. | CONTINGENT LIABILITIES

| At the balance sheet date, contingent liabilities exist in respect of indemnities given to HM Revenue & Customs amounting to £nil (2023: £40,000).

22. | RELATED PARTY DISCLOSURES

| During the period, key management personnel compensation totalled £1,689,214 (2023: £2,209,787).

| During the period sales of £6,592 (2023: £9,724) were made to key management personnel and £5,685 (2023: £835) were made to staff.

| During the period the Gallery purchased artworks from key management personnel totalling £24,366 (2023: £18,770) and purchased from other related parties artworks totalling £7,426 (2023: £nil).