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Company No: 04750207 (England and Wales)

# MERVILLE GALLERIES LIMITED

### Unaudited Financial Statements
For the financial year ended 31 December 2025
Pages for filing with the registrar

MERVILLE GALLERIES LIMITED

## Unaudited Financial Statements

For the financial year ended 31 December 2025

Contents

MERVILLE GALLERIES LIMITED

## COMPANY INFORMATION

For the financial year ended 31 December 2025
MERVILLE GALLERIES LIMITED

## COMPANY INFORMATION (continued)

For the financial year ended 31 December 2025

Director | Sir T H Lighton

Secretary | Sir T H Lighton

Registered office | Pickhurst Cottage
| Pickhurst Lane
| Pulborough
| RH20 1BU
| United Kingdom

Company number | 04750207 (England and Wales)

Accountant | Kreston Reeves LLP
| 9 Donnington Park
| 85 Birdham Road
| Chichester
| West Sussex
| PO20 7AJ

## ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF
THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MERVILLE GALLERIES LIMITED

For the financial year ended 31 December 2025

## ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF
THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MERVILLE GALLERIES LIMITED (continued)

For the financial year ended 31 December 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 Merville Galleries Limited for the financial year ended 31 December 2025 which comprise the Balance Sheet and the related notes 1 to 7 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 in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/regulation.

This report is made solely to the Director of Merville Galleries Limited, as a body, in accordance with the terms of our engagement letter dated 15 January 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Merville Galleries Limited and state those matters that we have agreed to state to the director of Merville Galleries Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Merville Galleries Limited and its Director as a body for our work or for this report.

It is your duty to ensure that Merville Galleries 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 Merville Galleries Limited. You consider that Merville Galleries Limited is exempt from the statutory audit requirement for the financial year.

We have not been instructed to carry out an audit or a review of the financial statements of Merville Galleries 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.

Kreston Reeves LLP

9 Donnington Park
85 Birdham Road
Chichester
West Sussex
PO20 7AJ

01 June 2026

MERVILLE GALLERIES LIMITED

## BALANCE SHEET

As at 31 December 2025
MERVILLE GALLERIES LIMITED

## BALANCE SHEET (continued)

As at 31 December 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |
Tangible assets | 3 | 0 |  | 229
|  | 0 |  | 229
Current assets |  |  |  |
Stocks |  | 40,332 |  | 31,243
Debtors | 4 | 4,341 |  | 2,452
Cash at bank and in hand |  | 5,858 |  | 9,871
|  | 50,531 |  | 43,566
Creditors: amounts falling due within one year | 5 | ( 22,929) |  | ( 7,097)
Net current assets |  | 27,602 |  | 36,469
Total assets less current liabilities |  | 27,602 |  | 36,698
Provision for liabilities | 6 | 0 |  | ( 57)
Net assets |  | 27,602 |  | 36,641
Capital and reserves |  |  |  |
Called-up share capital |  | 1 |  | 1
Profit and loss account |  | 27,601 |  | 36,640
Total shareholder's funds |  | 27,602 |  | 36,641

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

Director's responsibilities:

- The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Merville Galleries Limited (registered number: 04750207) were approved and authorised for issue by the Director on 29 May 2026. They were signed on its behalf by:

Sir T H Lighton Director |

MERVILLE GALLERIES LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2025
MERVILLE GALLERIES LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2025

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

Merville Galleries Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Pickhurst Cottage, Pickhurst Lane, Pulborough, RH20 1BU, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

##### Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover from the sale of goods is recognised when the significant risks and rewards are considered to have been transferred to the customer, the amount of revenue can be measured reliably, and it is probable that the Company will receive the consideration due under the transaction.
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract. This is provided the stage of completion of the contract can be measured reliably at the end of the reporting period and the costs incurred to complete the contract can be measured reliably.

##### Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

##### Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so 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.

##### Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

##### Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings | 3 years straight line
Office equipment | 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
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.

##### Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

##### Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

##### Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

##### Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

##### Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

##### Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

#### 2. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including the director | 1 |  | 1

#### 3. Tangible assets

| Fixtures and fittings |  | Office equipment |  | Total
| £ |  | £ |  | £
Cost |  |  |  |  |
At 01 January 2025 | 3,989 |  | 2,289 |  | 6,278
At 31 December 2025 | 3,989 |  | 2,289 |  | 6,278
Accumulated depreciation |  |  |  |  |
At 01 January 2025 | 3,989 |  | 2,060 |  | 6,049
Charge for the financial year | 0 |  | 229 |  | 229
At 31 December 2025 | 3,989 |  | 2,289 |  | 6,278
Net book value |  |  |  |  |
At 31 December 2025 | 0 |  | 0 |  | 0
At 31 December 2024 | 0 |  | 229 |  | 229

#### 4. Debtors

| 2025 |  | 2024
| £ |  | £
Trade debtors | 147 |  | 0
Other debtors | 4,194 |  | 2,452
| 4,341 |  | 2,452

#### 5. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Trade creditors | 0 |  | 1,476
Taxation and social security | 35 |  | 3,240
Other creditors | 22,894 |  | 2,381
| 22,929 |  | 7,097

#### 6. Deferred tax

| 2025 |  | 2024
| £ |  | £
At the beginning of financial year | ( 57) |  | 1,493
Credited/(charged) to the Statement of Income and Retained Earnings | 57 |  | ( 1,550)
At the end of financial year | 0 |  | ( 57)

#### 7. Related party transactions

In the prior year, the Company provided the director with an interest-free loan of £50. This was fully repaid during the year, and therefore no balance was outstanding at the year-end.