For the financial year ended 31 August 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The director of the company has elected not to include a copy of the income statement within the financial statements.true

Ainscough Contemporary Art Limited is a private company limited by shares incorporated in England and Wales. The registered office is Lower Stadbury Manor, Aveton Gifford, Devon, United Kingdom, TQ7 4PD.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of land and buildings and to include investment properties at fair value. The principal accounting policies adopted are set out below.

The company is dependent on the financial support of the director, Mrs C A Ford. At the balance sheet date thetrue director's current account amounted to £475,153 (2024: £336,708) and would normally be repayable on demand. The director, however, has indicated that she will not demand repayment of the loan during a period of at least one year from the date on which the director approves the financial statements. The director has prepared plans and forecasts for the next twelve months and are taking the necessary action to reduce the losses and restore profitability. On this basis, together the willingness of the director to provide further financial support where necessary, the directors consider the company to be a going concern, but inherently, there can be no certainty to these views.

Turnover represents the invoice value, excluding value added tax, of goods sold to customers in the year.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the customer, which is usually at the point when the customer receives the goods.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investment property is shown at the most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit and loss.

Deferred tax is provided on these gains at the rate expected to apply when the properties are sold.

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

Taxation for the year 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 tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

The average monthly number of persons (including directors) employed by the company during the year was:

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Investment property was valued by the directors at fair value on 31 August 2025.

Bank loans are secured on the company properties.