ACCOUNTS - Final Accounts preparation

Creditors: Amounts falling due after more than one year

The company received an unsecured loan of £50,000 repayable over 6 years as follows :-

Registered number: 03206278

PONTONE GALLERY LIMITED

UNAUDITED

DIRECTOR'S REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

PONTONE GALLERY LIMITED

COMPANY INFORMATION

Director	D.M. Pontone


Company secretary	LJ Atkins (appointed 1 September 2021)


Registered number	03206278


Registered office	74 Newman Street
	London
	W1T 3DB


Accountants	Milton Avis LLP
	Chartered Accountants
	Pitt House
	120 Baker Street
	London
	W1U 6TU

PONTONE GALLERY LIMITED

CONTENTS

	Page
Director's Report	1
Accountants' Report	2
Statement of Income and Retained Earnings	3
Balance Sheet	4 - 5
Notes to the Financial Statements	6 - 13

PONTONE GALLERY LIMITED

DIRECTOR'S REPORT

FOR THE YEAR ENDED 31 MAY 2025

The director presents his report and the financial statements for the year ended 31 May 2025.

Director

The director who served during the year was:

D.M. Pontone

Small companies note

In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 29 June 2026 and signed on its behalf.

................................................

D.M. Pontone

Director

Page 1

PONTONE GALLERY LIMITED

REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PONTONE GALLERY LIMITED
FOR THE YEAR ENDED 31 MAY 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Pontone Gallery Limited for the year ended 31 May 2025 which comprise the Statement of Income and Retained Earnings, the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas -framework-preparation -of-accounts.

This report is made solely to the director of Pontone Gallery Limited in accordance with the terms of our engagement letter dated 28 July 2014. Our work has been undertaken solely to prepare for your approval the financial statements of Pontone Gallery Limited and state those matters that we have agreed to state to the director of Pontone Gallery Limited in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at https://icas.com/icas -framework-preparation -of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pontone Gallery Limited and its director for our work or for this report.

It is your duty to ensure that Pontone Gallery Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Pontone Gallery Limited. You consider that Pontone Gallery Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Pontone Gallery Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Milton Avis LLP

Chartered Accountants

Pitt House

120 Baker Street

London

W1U 6TU

29 June 2026

Page 2

PONTONE GALLERY LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

FOR THE YEAR ENDED 31 MAY 2025

	2025	2024
Note	£	£


Turnover	1,064,340	900,053
Cost of sales	(748,766)	(638,886)
Gross profit	315,574	261,167
Administrative expenses	(457,186)	(496,920)
Operating loss	(141,612)	(235,753)
Interest receivable and similar income	1,336	1,111
Loss before tax	(140,276)	(234,642)
Tax on loss	(4,093)	-
Loss after tax	(144,369)	(234,642)



Retained earnings at the beginning of the year	3,858	248,500
	3,858	248,500
Loss for the year	(144,369)	(234,642)
Dividends declared and paid	-	(10,000)
Retained earnings at the end of the year	(140,511)	3,858

Page 3

PONTONE GALLERY LIMITED

REGISTERED NUMBER: 03206278

BALANCE SHEET

AS AT 31 MAY 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	5		6,631		13,264
Investments	6		1		1
Current assets
Stocks	7	173,504		145,055
Debtors: amounts falling due within one year	8	438,463		487,341
Cash at bank and in hand	9	97,098		54,796
		709,065		687,192
Creditors: amounts falling due within one year	10	(781,208)		(611,220)
Net current (liabilities)/assets			(72,143)		75,972
Total assets less current liabilities			(65,511)		89,237
Creditors: amounts falling due after more than one year	11		-		(10,379)

Net (liabilities)/assets			(65,511)		78,858

Capital and reserves
Called up share capital	75,000	75,000
Profit and loss account	(140,511)	3,858
	(65,511)	78,858

Page 4

PONTONE GALLERY LIMITED

REGISTERED NUMBER: 03206278

BALANCE SHEET (CONTINUED)

AS AT 31 MAY 2025

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

The Company's financial statements have been prepared in accordance with the 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 29 June 2026.

................................................

D.M. Pontone

Director

The notes on pages 6 to 13 form part of these financial statements.

Page 5

PONTONE GALLERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

1.	General information

The company is a private company limited by shares and was incorporated on 31 May 1996 and is registered in England and Wales. Its registered office is 74 Newman Street, London, W1T 3DB.

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 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.

The presentation currency is pounds sterling.

2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is pounds sterling.

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 profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

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 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 6

PONTONE GALLERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

2.Accounting policies (continued)

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue 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 revenue 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 revenue 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.

2.4

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.

2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.7

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.

Page 7

PONTONE GALLERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

2.Accounting policies (continued)

2.8

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.

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is provided on the following basis:

				Short-term leasehold property	-	20%	depreciated on a straight line basis
				Office equipment	-	25%	depreciated on a reducing balance basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted respectively 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 Comprehensive Income.

2.10

Stocks

Stocks are stated at the lower of cost or net realisable value.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired the carrying amount is reduced to its selling price. The impairment loss is recognised immediately in Statement of Comprehensive Income.

2.11

Debtors

Short term debtors are measured at transaction price, less any impairment.

Page 8

PONTONE GALLERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

2.Accounting policies (continued)

2.12

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

2.13

Creditors

Short term creditors are measured at the transaction price.

2.14

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.

Employees

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

	2025	2024
	No.	No.

Average number	5	7

4.	Dividends
		2025	2024
		£	£

	Dividends paid	-	10,000
		-	10,000

Page 9

PONTONE GALLERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

5.	Tangible fixed assets

		Short-term leasehold property
		£
	Cost
	At 1 June 2024	33,163
	At 31 May 2025	33,163
	Depreciation
	At 1 June 2024	19,899
	Charge for the year on owned assets	6,633
	At 31 May 2025	26,532
	Net book value
	At 31 May 2025	6,631
	At 31 May 2024	13,264

6.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 June 2024	1
	At 31 May 2025	1

The Company owns the whole of the issued Share Capital of Pontone Gallery (US) Limited, a company registered in the UK.

Page 10

PONTONE GALLERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

7.	Stocks
		2025	2024
		£	£

	Goods for resale	173,504	145,055

Page 11

PONTONE GALLERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

Debtors

					2025	2024
					£	£


Trade debtors	316,179	321,432
Other debtors	81,234	147,823
Prepayments and accrued income	41,050	18,086
	438,463	487,341

9.	Cash
		2025	2024
		£	£

	Cash at bank and in hand	97,098	54,796

10.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Bank loans	11,398	10,378
Trade creditors	290,535	264,258
Corporation tax	4,093	-
Other taxation and social security	3,305	3,735
Other creditors	455,617	313,145
Accruals	16,260	19,704
	781,208	611,220

Bank loans	-	10,379
	-	10,379

Page 12

PONTONE GALLERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

12.	Pension commitments

The Company operates a defined contributions 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 and amounted to £11,591 (2024: £5,104).

	Not later than 1 year	79,561	102,984
		79,561	102,984

14.	Related party transactions
	At 31 May 2024, the company was owed £0 by Pontone Gallery (US) Limited (2024: £3,855 owed to), a wholly owned subsidiary of Pontone Gallery Limited.

15.	Controlling party

The ultimate controlling party is Mr D. A. Pontone who owns 100% of the share capital.

Page 13