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Registration number: 05591367

Houldsworth Gallery Limited Unaudited Financial Statements for the Year Ended 31 October 2025
Brebners Chartered Accountants 130 Shaftesbury Avenue London W1D 5AR

Houldsworth Gallery Limited

Contents

Company Information | 1
Statement of Financial Position | 2 to 3
Notes to the Unaudited Financial Statements | 4 to 8

Houldsworth Gallery Limited

Company Information

Director | P C Radford

Registered office | 130 Shaftesbury Avenue 2nd Floor London W1D 5EU

Accountants | Brebners Chartered Accountants 130 Shaftesbury Avenue London W1D 5AR

Houldsworth Gallery Limited

Statement of Financial Position as at 31 October 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 4 | 12,739 | 18,369
Current assets |  |  |
Stocks | 5 | 1,369,995 | 1,447,720
Debtors | 6 | 902,059 | 671,836
Cash at bank and in hand |  | 826,595 | 426,629
|  | 3,098,649 | 2,546,185
Creditors: Amounts falling due within one year | 7 | (1,335,787) | (754,897)
Net current assets |  | 1,762,862 | 1,791,288
Total assets less current liabilities |  | 1,775,601 | 1,809,657
Creditors: Amounts falling due after more than one year | 7 | - | (4,889)
Provisions for liabilities |  | (2,860) | (4,203)
Net assets |  | 1,772,741 | 1,800,565
Capital and reserves |  |  |
Called up share capital |  | 26,135 | 26,135
Share premium reserve |  | 733,835 | 733,835
Retained earnings |  | 1,012,771 | 1,040,595
Shareholders' funds |  | 1,772,741 | 1,800,565

For the financial year ending 31 October 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 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 director acknowledges her 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 in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

The director of Houldsworth Gallery Limited has elected not to include a copy of the Income Statement within the financial statements, in accordance with the special provisions relating to companies subject to the small companies regime within the Companies Act 2006, s444.

Houldsworth Gallery Limited

Statement of Financial Position as at 31 October 2025

Approved and authorised by the director on 20 July 2026

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

P C Radford

Director

Company registration number: 05591367

Houldsworth Gallery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal activity of the company is that of the operation of a commercial art gallery.

2 | Accounting policies

Statement of compliance

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' Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

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.

Going concern

The company made a loss for the year ended 31 October 2025 but had net assets at the date of £1,772,741, including cash at bank of £826,595.
The director has considered the current economic conditions and the director's view is that this will have little impact on the company, which has continued to trade profitability subsequent to the year end.
After making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue from the sale of artwork at the point of legal transfer of ownership to the customer.

Houldsworth Gallery Limited

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

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
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 over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Furniture and fixtures | Straight line over 4 years
Computer equipment | Straight line over 4 years

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Houldsworth Gallery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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 income statement 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 during the year, was 7 (2024 - 7).

Houldsworth Gallery Limited

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

4 | Tangible assets

| Furniture and fixtures £ | Computer equipment £ | Total £
Cost or valuation
At 1 November 2024 | 19,396 | 33,409 | 52,805
Disposals | (2,045) | (1,944) | (3,989)
At 31 October 2025 | 17,351 | 31,465 | 48,816
Depreciation
At 1 November 2024 | 10,554 | 23,882 | 34,436
Charge for the year | 1,561 | 4,581 | 6,142
Eliminated on disposal | (2,557) | (1,944) | (4,501)
At 31 October 2025 | 9,558 | 26,519 | 36,077
Carrying amount
At 31 October 2025 | 7,793 | 4,946 | 12,739
At 31 October 2024 | 8,842 | 9,527 | 18,369

5 | Stocks

| 2025 £ | 2024 £
Goods for resale | 1,369,995 | 1,447,720

6 | Debtors

| 2025 £ | 2024 £
Trade debtors | 648,051 | 518,321
Other debtors | 254,008 | 153,515
| 902,059 | 671,836

Other debtors includes an amount of £38,824 (2024: £38,824) recoverable in greater than one year.

Houldsworth Gallery Limited

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

7 | Creditors

Creditors: amounts falling due within one year

| Note | 2025 £ | 2024 £
Bank loans and overdrafts | 8 | 4,911 | 8,283
Trade creditors |  | 1,053,102 | 428,617
Taxation and social security |  | 226,451 | 198,991
Other creditors |  | 51,323 | 119,006
|  | 1,335,787 | 754,897

Creditors: amounts falling due after more than one year

| Note | 2025 £ | 2024 £
Loans and borrowings | 8 | - | 4,889

8 | Loans and borrowings

| 2025 £ | 2024 £
Current loans and borrowings
Bank loan | 4,911 | 8,283

| 2025 £ | 2024 £
Non-current loans and borrowings
Bank loan | - | 4,889

The bank loan is secured by a fixed and floating charge over the over the assets and undertakings of the company.

9 | Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position
The total amount of financial commitments under operating leases not included in the statement of financial position is £150,981 (2024 - £280,394).

10 | Transactions with directors

At 31 October 2025 an amount of £97,707 (2024: £26,533) was due from the director. During the year there were advances of £180,000 and repayments of £111,599. Interest of £2,773 (2024: £2,923) has been charged at 2.25% and 3.75% per annum. There are no agreed terms.