REGISTERED NUMBER: OC339661 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2026

for

The Little Black Gallery LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

Mr G K Pascal

Ms T J C Beckwith Veroni

REGISTERED OFFICE:

c/o Sterling Partners

Unit 14

7 Wenlock Road

London

N1 7SL

REGISTERED NUMBER:

OC339661 (England and Wales)

ACCOUNTANTS:

Sterling Partners Ltd

Chartered Accountants

Chartered Tax Advisors

Units 14

7 Wenlock Road

London

N1 7SL

ASSETS

FIXED ASSETS

Tangible assets

4

147,824

178,506

CURRENT ASSETS

Stocks

5

20,432

35,783

Debtors: amounts falling due within one year

6

152,596

93,374

Debtors: amounts falling due after more than one year

6

16,500

16,500

Cash at bank

2,699

5,140

192,227

150,797

340,051

329,303

CAPITAL, RESERVES AND LIABILITIES

LOANS AND OTHER DEBTS DUE TO MEMBERS

7

333,029

315,166

CREDITORS

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

8

7,022

12,912

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

9

-

1,225

340,051

329,303

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

7

333,029

315,166

Amounts due from members

6

(148,787

)

(85,862

)

184,242

229,304

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2026.

The members acknowledge their responsibilities for:

(a)	ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

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

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 2 June 2026 and were signed by:

Mr G K Pascal - Designated member

1.	STATUTORY INFORMATION

The Little Black Gallery LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

10% on cost

Improvements to property

-

10% on cost

Fixtures, fittings & equipment

-

Straight line over 3 years

Stocks

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

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 5 (2025 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2025

and 31 March 2026

25,514

183,674

209,188

DEPRECIATION

At 1 April 2025

2,551

28,131

30,682

Charge for year

2,552

28,130

30,682

At 31 March 2026

5,103

56,261

61,364

NET BOOK VALUE

At 31 March 2026

20,411

127,413

147,824

At 31 March 2025

22,963

155,543

178,506

5.

STOCKS

2026

2025

£

£

Stocks

20,432

35,758

Payments on account

-

25

20,432

35,783

6.

DEBTORS

2026

2025

£

£

Amounts falling due within one year:

Trade debtors

674

504

Amounts due from members

148,787

85,862

VAT

2,578

6,442

Prepayments

557

566

152,596

93,374

Amounts falling due after more than one year:

Other debtors

16,500

16,500

Aggregate amounts

169,096

109,874

7.

LOANS AND OTHER DEBTS DUE TO MEMBERS

The capital (whether classified as a liability or equity) of an LLP may be reduced by agreement of

the members either by repayment or by the conversion of equity capital into liability capital or

other debt. In the absence of agreement to the contrary, unsecured debt due to members will

rank equally with debts due to other unsecured creditors in a winding up.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Bank loans and overdrafts

1,227

7,350

Trade creditors

150

912

Taxation and social security

1,031

175

Other creditors

4,614

4,475

7,022

12,912

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2026

2025

£

£

Bank loans

-

1,225

10.	OTHER FINANCIAL COMMITMENTS

There are outstanding financial commitments in relation to the rent of the business premises as at 31st March 2026 totalling £280,455. (2025: £313,455).