Registration number: 11353397

Gather Round Ltd

Contents

Balance Sheet	1
Notes to the Unaudited Financial Statements	2 to 9

Gather Round Ltd

(Registration number: 11353397)
Balance Sheet as at 31 May 2025

	Note	2025 £	(As restated) 2024 £
Fixed assets
Tangible assets	4	2,463,803	1,994,278
Current assets
Debtors	5	91,282	84,066
Cash at bank and in hand		2,128	11,092
		93,410	95,158
Creditors: Amounts falling due within one year	6	(294,519)	(104,980)
Net current liabilities		(201,109)	(9,822)
Total assets less current liabilities		2,262,694	1,984,456
Creditors: Amounts falling due after more than one year	6	(2,115,981)	(1,652,888)
Provisions for liabilities		(41,645)	-
Net assets		105,068	331,568
Capital and reserves
Called up share capital		100	100
Revaluation reserve		440,625	587,500
Retained earnings		(335,657)	(256,032)
Shareholders' funds		105,068	331,568

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

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 May 2026 and signed on its behalf by:
 

Jason Smith Director

Gather Round Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Cigar Factory Ground Floor
127-131 Raleigh Road
Bristol
Avon
United Kingdom
BS3 1QU

These financial statements were authorised for issue by the Board on 29 May 2026.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional and presentational currency of the company, and rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis. As at the date of signing the financial statements, the directors confirm that they will provide support to ensure that the company is in a position to meet its liabilities for a period of 12 months from the approval of the financial statements and that there are no foreseeable events which may impact this assessment.

Gather Round Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025

Prior period errors

In the prior year, property improvements were included within the land & buildings column. These costs have been reclassified to a separate column within the fixed assets note to ensure the accounts show a true and fair view.

In the prior year, deposits held on behalf of tenants were included within accruals. These have been reclassified to other creditors in order to reflect their substance.

In the prior year, the bank loan liability was included in full as a non-current liability. This liability has been aged in line with the underlying loan agreement and has been split between current and non-current liabilities.

The above prior period adjustments have no impact on the net assets of the company.

Revenue recognition

Revenue comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Revenue is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue from the provision of services 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:
a) the amount of revenue can be reliably measured;
b) it is probable that future economic benefit will flow to the company;
c) the stage of completion of the contract at the end of the reporting period can be reliably measured; and
d) the costs incurred and the costs to complete the contract can be reliably measured.
 

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Page 3

Gather Round Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025

Tangible assets

Tangible assets, excluding Freehold Land & Buildings, are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Freehold Land & Buildings are recognised under the revaluation model, recognised at their fair value at the balance sheet date.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Property improvments	10% straight line
Fixtures, Fittings and equipment	25% straight line
Office equipment	25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Gather Round Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year was 8 (2024 - 5).

Gather Round Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025

4	Tangible assets

	Freehold land and buildings £	Property improvements £	Furniture, fittings and equipment £	Office equipment £	Total £
Cost or valuation
At 1 June 2024 (As restated)	1,785,000	355,795	40,386	3,155	2,184,336
Additions	-	517,549	35,915	5,676	559,140
At 31 May 2025	1,785,000	873,344	76,301	8,831	2,743,476
Depreciation
At 1 June 2024 (As restated)	5,213	147,565	35,137	2,143	190,058
Charge for the year	(5,213)	87,334	6,449	1,045	89,615
At 31 May 2025	-	234,899	41,586	3,188	279,673
Carrying amount
At 31 May 2025	1,785,000	638,445	34,715	5,643	2,463,803
At 31 May 2024	1,779,787	208,230	5,249	1,012	1,994,278

Revaluation

The fair value of the company's Freehold land & buildings was revalued on 31 May 2025. An independent valuer was not involved. The valuation is based on an open market value and the directors consider this to be an appropriate basis.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £1,197,500 (2024 - £1,197,500).

5

Debtors

	Note	2025 £	(As restated) 2024 £
Trade debtors		13,129	41,658
Amounts owed by related parties	10	96	6,945
Other debtors		29,572	35,463
Prepayments		48,485	-
		91,282	84,066

Gather Round Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025