ACCOUNTS - Final Accounts preparation

Operating loss

The operating loss is stated after charging:

Registered number: 02946842

TIMOTHY TAYLOR LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

TIMOTHY TAYLOR LIMITED

COMPANY INFORMATION

Director	T Taylor


Registered number	02946842


Registered office	15 Bolton Street
	London
	W1J 8BG


Independent auditor	Hillier Hopkins LLP
	Chartered Accountants & Statutory Auditor
	45 Pall Mall
	London
	SW1Y 5JG

TIMOTHY TAYLOR LIMITED

CONTENTS

	Page
Strategic report	1
Director's report	2 - 3
Independent auditor's report	4 - 7
Statement of income and retained earnings	8
Balance sheet	9
Statement of cash flows	10
Analysis of net debt	11
Notes to the financial statements	12 - 25

TIMOTHY TAYLOR LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 JULY 2025

Introduction

The Director presents the Strategic Report together with the audited financial statements of Timothy Taylor Limited ("the Company") for the year ended 31 July 2025.

The principal activity of the Company continued to be that of an art dealership specialising in contemporary art.

Business review and key performance indicators

The results for the year are set out at page 8.

Turnover remained stable at £17.2m (2024: £16.6m). The Company's principal key performance indicator is gross profit, which is monitored both on an individual transaction basis and at an overall level to ensure that margins remain sufficient to cover operating costs and achieve profit expectations.

Gross profit for the year remained consistent at £4.2m (2024: £4.4m).

The Director considers the overall financial performance for the year to be satisfactory in light of prevailing market conditions.

Principal risks and uncertainties

Market volatility

The principal risk and uncertainty facing the Company is the volatility of the international art market. Demand for artworks can be affected by broader economic conditions, changes in investor sentiment and evolving trends in the popularity of artists and art as a collectible asset class.

The Company seeks to mitigate this risk through its extensive market experience, maintaining strong relationships with artists, clients and collectors, and offering a diversified portfolio of contemporary works from both established and emerging artists.

Strategy and future developments

The Company intends to continue strengthening its brand presence in the UK, the US and Asia through a focused exhibition programme, participation in international art fairs and the continued development of its online platforms.

These initiatives are expected to support growth in primary market sales while also creating opportunities to expand secondary market and private sales activities.

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

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

T Taylor

Director

Date: 30 July 2026

Page 1

TIMOTHY TAYLOR LIMITED

DIRECTOR'S REPORT

FOR THE YEAR ENDED 31 JULY 2025

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

Director's responsibilities statement

The director is responsible for preparing the Strategic report, the Director's report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the director is required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to £1,035,387 (2024 - loss £262,139).

No dividends were declared in the year (2024 - £nil).

Director

The director who served during the year was:

T Taylor

Disclosure of information to auditor

The director at the time when this Director's report is approved has confirmed that:

∙so far as he is aware, there is no relevant audit information of which the Company's auditor is unaware, and

∙he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Page 2

TIMOTHY TAYLOR LIMITED

DIRECTOR'S REPORT (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2025

Auditor

The auditor, Hillier Hopkins LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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

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

T Taylor

Director

Date: 30 July 2026

Page 3

TIMOTHY TAYLOR LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TIMOTHY TAYLOR LIMITED

Opinion

We have audited the financial statements of Timothy Taylor Limited (the 'Company') for the year ended 31 July 2025, which comprise the Statement of income and retained earnings, the Analysis of net debt, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 July 2025 and of its loss for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Material uncertainty related to going concern

We draw attention to note 2.2 in the financial statements, which describes the circumstances relating to the Company's going concern assessment. The Company incurred a loss of £1.0 million during the year and had net current liabilities of £1.9 million at the balance sheet date. As explained in note 2.2, the Company's continued operations are dependent upon achieving future profitable trading and the ongoing availability of funding support These matters, together with the other matters described in note 2.2, indicate the existence of a material uncertainty that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

In auditing the financial statements, we concluded that the directors' use of the going concern basis of accounting in preparing the financial statements is appropriate. In reaching this conclusion, we reviewed management's forecasts and cash flow projections, assessed the key assumptions applied, considered post year-end trading performance and evaluated the funding support available to the Company. Based on the evidence obtained, we considered that the directors had a reasonable basis for preparing the financial statements on a going concern basis, whilst recognising that a material uncertainty remains as described above.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Page 4

TIMOTHY TAYLOR LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TIMOTHY TAYLOR LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The director is responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic report and the Director's report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Director's report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of director's remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Director's responsibilities statement set out on page 2, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Page 5

TIMOTHY TAYLOR LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TIMOTHY TAYLOR LIMITED (CONTINUED)

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

∙the nature of the industry and sector, control environment and business performance including the remuneration incentives and pressures of key management;

∙the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. We consider the results of our enquiries of management about their own identification and assessment of the risks of irregularities;

∙any matters we identified having obtained and reviewed the Company’s documentation of their policies and procedures relating to:

°identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

°detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

°the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

∙the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and relevant tax legislation.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our

Page 6

TIMOTHY TAYLOR LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TIMOTHY TAYLOR LIMITED (CONTINUED)

Auditor's report.

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Michael Jacoby FCA (Senior statutory auditor)

for and on behalf of

Hillier Hopkins LLP

Chartered Accountants

Statutory Auditor

45 Pall Mall

London

SW1Y 5JG

30 July 2026

Page 7

TIMOTHY TAYLOR LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

FOR THE YEAR ENDED 31 JULY 2025

		As restated
	2025	2024
Note	£	£


Turnover	4	17,210,599	16,595,854
Cost of sales		(12,969,998)	(12,244,705)
Gross profit		4,240,601	4,351,149
Distribution costs		(793,949)	(500,728)
Administrative expenses		(4,260,520)	(3,998,698)
Operating loss	6	(813,868)	(148,277)
Interest receivable and similar income		2,981	-
Interest payable and similar expenses	11	(178,850)	(162,757)
Loss before tax		(989,737)	(311,034)
Tax on loss	12	(45,650)	48,895
Loss after tax		(1,035,387)	(262,139)



Retained earnings at the beginning of the year	(757,539)	(495,400)
Loss for the year	(1,035,387)	(262,139)
Retained earnings at the end of the year	(1,792,926)	(757,539)

The notes on pages 12 to 25 form part of these financial statements.

Page 8

TIMOTHY TAYLOR LIMITED

REGISTERED NUMBER: 02946842

BALANCE SHEET

AS AT 31 JULY 2025

		As restated
	2025	2024
Note	£	£

Fixed assets
Tangible assets	13		153,780		187,052
			153,780		187,052
Current assets
Stocks	14	3,288,164		2,586,051
Debtors: amounts falling due within one year	15	13,334,631		12,994,984
Cash at bank and in hand	16	714,139		516,807
		17,336,934		16,097,842
Creditors: amounts falling due within one year	17	(19,274,223)		(17,033,016)
Net current liabilities			(1,937,289)		(935,174)
Total assets less current liabilities			(1,783,509)		(748,122)
Provisions for liabilities
Deferred tax	18		(9,154)		(9,154)
Net liabilities			(1,792,663)		(757,276)

Capital and reserves
Called up share capital	19	263	263
Profit and loss account	20	(1,792,926)	(757,539)
		(1,792,663)	(757,276)

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

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

T Taylor

Director

Date: 30 July 2026

The notes on pages 12 to 25 form part of these financial statements.

Page 9

TIMOTHY TAYLOR LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 JULY 2025

			2025	2024
			£	£

Cash flows from operating activities
Loss for the financial year	(1,035,387)	(262,139)
Adjustments for:
Depreciation of tangible assets	56,058	68,161
Interest paid	178,850	162,757
Interest received	(2,981)	-
Taxation charge	45,650	(48,895)
(Increase) in stocks	(702,113)	(261,306)
(Increase) in debtors	(386,781)	(5,117,452)
Increase in creditors	2,028,116	4,579,977
Corporation tax (paid)	(310)	(128,571)
Net cash generated from operating activities	181,102	(1,007,468)

Cash flows from investing activities
Purchase of tangible fixed assets	(22,785)	(37,623)
Interest received	2,981	-
Net cash from investing activities	(19,804)	(37,623)
Cash flows from financing activities
Other new loans	306,957	-
Repayment of other loans	-	(38,999)
Interest paid	(178,850)	(162,757)
Net cash used in financing activities	128,107	(201,756)
Net increase/(decrease) in cash and cash equivalents	289,405	(1,246,847)
Cash and cash equivalents at beginning of year	326,368	1,573,215
Cash and cash equivalents at the end of year	615,773	326,368

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	714,139	516,807
Bank overdrafts	(98,366)	(190,439)
	615,773	326,368

The notes on pages 12 to 25 form part of these financial statements.

Page 10

TIMOTHY TAYLOR LIMITED

ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 JULY 2025


At 1 August 2024	Cash flows	At 31 July 2025
£	£	£

Cash at bank and in hand	516,807	197,332	714,139
Bank overdrafts	(190,439)	92,073	(98,366)
Debt due within 1 year	(1,705,227)	(306,958)	(2,012,185)
	(1,378,859)	(17,553)	(1,396,412)

The notes on pages 12 to 25 form part of these financial statements.

Page 11

TIMOTHY TAYLOR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

1.	General information

Timothy Taylor Limited is a private company limited by shares and is incorporated in England and Wales under the Companies Act 2006. The address of the registered office is given on the company information page and its principal activities are set out in the strategic report.

The reporting currency is pounds sterling (£).

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 (see note 3).

The following principal accounting policies have been applied:

2.2

Going concern

The directors have prepared forecasts and cash flow projections for a period of at least 12 months from the date of approval of the financial statements. Whilst the company incurred a loss during the year and has net current liabilities at the balance sheet date, the directors consider that the company will continue to have access to sufficient funding and will generate adequate levels of trading income to meet its obligations as they fall due. Accordingly, the financial statements have been prepared on a
going concern basis.

However, the company has incurred significant losses in recent years, has net current liabilities and remains dependent on achieving forecast trading performance and maintaining funding facilities. These conditions indicate the existence of a material uncertainty that may cast significant doubt on the company's ability to continue as a going concern. The financial statements do not include any adjustments that would result if the company were unable to continue as a going concern.

Page 12

TIMOTHY TAYLOR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

2.Accounting policies (continued)

2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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'.

2.4

Revenue

Revenue from the sale of artworks is recognised when the Company has transferred control of the artwork to the customer, which is generally upon full receipt of the sales proceeds or delivery of the artwork, whichever occurs first.

2.5

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.6

Interest income

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

2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.

Page 13

TIMOTHY TAYLOR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

2.Accounting policies (continued)

2.8

Borrowing costs

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

2.9

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.

2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.11

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.

Page 14

TIMOTHY TAYLOR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

2.Accounting policies (continued)

2.11

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property	-	over the length of the lease
Motor vehicles	-	25% per annum
Fixtures and fittings	-	25% per annum
Office equipment	-	25% per annum
Computer equipment	-	33% per annum

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively 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 profit or loss.

2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase.

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.

2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 15

TIMOTHY TAYLOR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

2.Accounting policies (continued)

2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.17

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Basic financial liabilities

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is

Page 16

TIMOTHY TAYLOR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

2.Accounting policies (continued)

2.17

Financial instruments (continued)

due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements in conformity with generally accepted accounting principles requires the Director to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results in the future could differ from those estimates. In this regard, the Director believe that the critical accounting policies where judgments or estimations are necessarily applied are summarised below.

Depreciation and residual value
The Director has reviewed the asset lives and associated residual values of all fixed assets, and has concluded that asset lives and residual values are appropriate.

Stock
The Director has reviewed the valuation of all stock and has concluded that the value in the accounts is appropriate. Any stock that is considered to be impaired has been written down to its net realisable value.

Bad Debt

The Director has reviewed the recoverability of trade receivables and has assessed the need for a provision for doubtful debts. This assessment is based on the age of outstanding balances, historical loss experience, and specific knowledge of individual customer circumstances. Where recovery is considered doubtful, an appropriate provision has been made.

Turnover

All turnover arises from the company's principal activity.

The proportion of turnover that is attributable to markets outside of the United Kingdom is 53% (2024 - 65%).

Page 17

TIMOTHY TAYLOR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

5.	Prior year adjustment

During the year, it was identified that revenue from the sale of artwork, together with the associated cost of sales, had been recognised in incorrect accounting periods in previous financial statements. The comparative figures have therefore been restated to correct this error.

The adjustment has been accounted for as a prior year adjustment in accordance with FRS 102. As a result of the restatement, turnover for the year ended 31 July 2024 decreased by £455,027 (from £17,050,881 to £16,595,854), cost of sales decreased by £444,336 (from £12,689,041 to £12,244,705) and gross profit decreased by £20,691 (from £4,361,840 to £4,351,149). The correction also resulted in a decrease in retained earnings at 1 August 2024 of £385,438.

Comparative information has been restated throughout these financial statements to reflect the correction of the error.

	Exchange differences	4,678	(37,345)
	Other operating lease rentals	393,959	392,601

7.	Auditor's remuneration
		2025	2024
		£	£

Fees payable to the Company's auditor for the audit of the Company's financial statements

22,500

Page 18

TIMOTHY TAYLOR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

Wages and salaries	1,677,673	1,701,057
Social security costs	200,403	214,801
Cost of defined contribution scheme	66,883	68,511
	1,944,959	1,984,369

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

	2025	2024
	No.	No.

Employees	15	16

9.	Director's remuneration
		2025	2024
		£	£

Director's emoluments	520,000	520,000
Company contributions to defined contribution pension schemes	10,000	10,000
	530,000	530,000

	During the year retirement benefits were accruing to one1 director (2024 - 1) in respect of defined contribution pension schemes.
	The highest paid director received remuneration of £520,000 (2024 - £520,000).
	The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £10,000 (2024 - £10,000).

10.	Interest receivable
		2025	2024
		£	£

	Other interest receivable	2,981	-
		2,981	-

Page 19

TIMOTHY TAYLOR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

11.	Interest payable and similar expenses
		2025	2024
		£	£

Bank interest payable	26,814	5,293
Other loan interest payable	152,036	157,464
	178,850	162,757

Corporation tax
Current tax on profits for the year	-	(59,073)
Adjustments in respect of previous periods	45,650	46,205

Total current tax	45,650	(12,868)

Deferred tax
Origination and reversal of timing differences	-	(36,027)
Total deferred tax	-	(36,027)


	Taxation on profit/(loss) on ordinary activities	45,650	(48,895)

Page 20

TIMOTHY TAYLOR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

12.Taxation (continued)

Loss on ordinary activities before tax

(989,737)

(311,034)

Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	(247,434)	(75,086)
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	35,707	16,013
Capital allowances for year in excess of depreciation	8,863	-
Adjustments to tax charge in respect of prior periods	40,476	46,205
Other timing differences leading to an increase (decrease) in taxation	(544)	(36,027)
Changes in provisions leading to an increase (decrease) in the tax charge	(914)	-
Unrelieved tax losses carried forward	209,496	-
Total tax charge for the year	45,650	(48,895)

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 21

TIMOTHY TAYLOR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

13.	Tangible fixed assets

	Short-term leasehold property	Motor vehicles	Fixtures and fittings	Office and computer equipment	Total
	£	£	£	£	£
Cost or valuation
At 1 August 2024	293,451	28,101	335,100	348,317	1,004,969
Additions	-	-	19,287	3,498	22,785
At 31 July 2025	293,451	28,101	354,387	351,815	1,027,754
Depreciation
At 1 August 2024	151,969	25,972	312,615	327,361	817,917
Charge for the year on owned assets	28,475	2,129	15,634	9,819	56,057
At 31 July 2025	180,444	28,101	328,249	337,180	873,974
Net book value
At 31 July 2025	113,007	-	26,138	14,635	153,780
At 31 July 2024	141,482	2,129	22,485	20,956	187,052

Finished goods and goods for resale	3,288,164	2,586,051
	3,288,164	2,586,051

Included within stocks are works to the value of £nil (2024 - £786,881) that are secured against an equivalent amount of other loans.

Page 22

TIMOTHY TAYLOR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

15.

Debtors

					2025	2024
					£	£


Trade debtors	10,786,514	10,130,566
Other debtors	1,260,676	1,307,810
Prepayments and accrued income	1,287,441	1,550,954
Tax recoverable	-	5,654
	13,334,631	12,994,984

16.	Cash and cash equivalents
		2025	2024
		£	£

Cash at bank and in hand	714,139	516,807
Less: bank overdrafts	(98,366)	(190,439)
	615,773	326,368

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

Bank overdrafts	98,366	190,439
Other loans	2,012,185	1,705,227
Trade creditors	14,012,130	11,549,117
Corporation tax	-	1,794
Other taxation and social security	58,523	80,013
Other creditors	76,142	87,289
Accruals and deferred income	3,016,877	3,419,137
	19,274,223	17,033,016

Other loans are made up of loans with various parties. One loan with a balance at the year end of £nil (2024 - £518,677) is secured against certain items of stock.

Bank overdrafts are secured by way of a Debenture granted by the Company in favour of the bank.

Page 23

TIMOTHY TAYLOR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

18.	Deferred taxation

	2025	2024
	£	£

At beginning of year	(9,154)	(45,181)
Charged to profit or loss	-	36,027
At end of year	(9,154)	(9,154)

The provision for deferred taxation is made up as follows:
	2025	2024
	£	£

Accelerated capital allowances	(11,393)	(11,393)
Short term timing differences	2,239	2,239
	(9,154)	(9,154)

19.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

263 (2024 - 263) A shares of £1.00 each	263	263

20.

Reserves

Profit and loss account

The profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments.

21.	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 £66,883 (2024 - £68,511).

Page 24

TIMOTHY TAYLOR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

Not later than 1 year	437,053	360,672
Later than 1 year and not later than 5 years	1,445,436	1,225,188
Later than 5 years	-	324
	1,882,489	1,586,184

23.	Transactions with directors

At the balance sheet date £95,148 (2024 - £43,040) was due from the director. The balance due from the director is unsecured, interest free and repayable on demand.

24.

Related party transactions

During the year, the company entered into transactions with Timothy Taylor New York, a company incorporated in the United States of America and owned by the director. The company made sales to Timothy Taylor New York of £2,488,583 (2024 - £2,900,131) and purchases of £219,220 (2024 - £753,017). The net position at the year end on operating activities is a debtor balance of £380,270 (2024 - £994,559).

The company gave a loan to Timothy Taylor New York, at the balance sheet date £226,011 (2024 - £618,067) was outstanding.

During the year, the company entered into transactions with Timothy Taylor Hong Kong, a company incorporated in Hong Kong and owned by the director. The company made sales to Timothy Taylor HK of £310,087 (2024 - £nil) and purchases of £61,690 (2024 - £nil). The net position at the year end on operating activities is a debtor balance of £44,429 (2024 - £nil).

The company gave a loan to Timothy Taylor Hong Kong, at the balance sheet date £68,276 (2024: £58,618) was outstanding.

During the year, the company entered into transactions with Columbus Fine Art, a company incorporated in the United States of America and owned by the director. The company made purchases from Columbus Fine Art of of £nil (2024 - £240,814). The net position at the year end on operating activities is a creditor balance of £402,164 (2024 - £402,164).

During the year, remuneration of £192,968 (2024 - £151,433) was paid to close family members of the director. This comprised salaries of £128,943 (2024 - £151,433) and commission of £64,025 (2024 - £nil).

Key management personnel remuneration is included in note 8.

Page 25