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Registered number: 06848947 DAVID GILL GALLERIES LIMITED UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 30 JUNE 2025
DAVID GILL GALLERIES LIMITED REGISTERED NUMBER: 06848947 BALANCE SHEET AS AT 30 JUNE 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 134,170 |  | 165,942
|  |  | 134,170 |  | 165,942
Current assets |  |  |  |  |
Stocks |  | 603,432 |  | 998,612 |
Debtors: amounts falling due within one year | 5 | 4,048,475 |  | 2,729,209 |
Cash at bank and in hand | 6 | 1,680,451 |  | 2,670,793 |
|  | 6,332,358 |  | 6,398,614 |
Creditors: amounts falling due within one year | 7 | (5,297,292) |  | (5,273,749) |
Net current assets |  |  | 1,035,066 |  | 1,124,865
Total assets less current liabilities |  |  | 1,169,236 |  | 1,290,807
Net assets |  |  | 1,169,236 |  | 1,290,807
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 850 |  | 850
Profit and loss account |  |  | 1,168,386 |  | 1,289,957
|  |  | 1,169,236 |  | 1,290,807
Page 1
DAVID GILL GALLERIES LIMITED REGISTERED NUMBER: 06848947 BALANCE SHEET (CONTINUED) AS AT 30 JUNE 2025 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 March 2026.
D Gill
Director
The notes on pages 3 to 8 form part of these financial statements. Page 2
DAVID GILL GALLERIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
1. | General information
David Gill Galleries Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is 101 New Cavendish Street, 1st Floor South, London, W1W 6XH. The financial statements are presented in Sterling, which is the functional currency of the company. 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 and the requirements and the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of 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. Page 3
DAVID GILL GALLERIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.3 | 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. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows:. Depreciation is provided on the following basis:
|  |  |  | Long-term leasehold property | - | 9% - 20% straight line
|  |  |  | Plant and machinery | - | 25% reducing balance
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 profit or loss.
| 2.4 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.5 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.6 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.7 | 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. Page 4
DAVID GILL GALLERIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.8 | 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.
| 2.9 | Finance costs
Finance costs are charged to profit or loss 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 capital instrument.
| 2.10 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
| 2.11 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.12 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.13 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 5
DAVID GILL GALLERIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.14 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.15 | Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. 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.
3. | Employees
| The average monthly number of employees, including directors, during the year was 11 (2024 - 11).
4. | Tangible fixed assets
|  | Long-term leasehold property | Plant and machinery | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 July 2024 | 897,022 | 291,524 | 1,188,546
| Additions | - | 8,544 | 8,544
| At 30 June 2025 | 897,022 | 300,068 | 1,197,090
| Depreciation |  |  |
| At 1 July 2024 | 751,604 | 271,000 | 1,022,604
| Charge for the year on owned assets | 34,495 | 5,821 | 40,316
| At 30 June 2025 | 786,099 | 276,821 | 1,062,920
| Net book value |  |  |
| At 30 June 2025 | 110,923 | 23,247 | 134,170
| At 30 June 2024 | 145,418 | 20,524 | 165,942
Page 6
DAVID GILL GALLERIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
5. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 1,634,470 | 1,367,826
| Amounts owed by associated undertakings | 1,108,723 | -
| Other debtors | 256,866 | 497,996
| Prepayments and accrued income | 1,048,416 | 863,387
|  | 4,048,475 | 2,729,209
6. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 1,680,451 | 2,670,793
| Less: bank overdrafts | (1,623,856) | (1,555,947)
|  | 56,595 | 1,114,846
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank overdrafts | 1,623,856 | 1,555,947
| Trade creditors | 558,867 | 708,949
| Amounts owed to associates | - | 200,000
| Corporation tax | 89,170 | 42,324
| Other taxation and social security | 14,771 | 12,994
| Other creditors | 615 | 845
| Accruals and deferred income | 3,010,013 | 2,752,690
|  | 5,297,292 | 5,273,749
8. | Pension commitments
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund. Page 7
DAVID GILL GALLERIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
9. | Related party transactions
| During the year the company paid management fees of £300,000 (2024: £300,000) to Francis Sultana Limited, a company under common control.
Page 8