Company No: 06825341 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	31.03.2025		31.03.2024
		£		£
Fixed assets
Tangible assets	3	5,011		6,275
Investments	4	200		200
		5,211		6,475
Current assets
Stocks		195,000		140,000
Debtors	5	269,583		265,807
Cash at bank and in hand	6	4,729		2,998
		469,312		408,805
Creditors: amounts falling due within one year	7	( 669,335)		( 602,828)
Net current liabilities		(200,023)		(194,023)
Total assets less current liabilities		(194,812)		(187,548)
Creditors: amounts falling due after more than one year	8	( 12,620)		( 21,548)
Net liabilities		( 207,432)		( 209,096)
Capital and reserves
Called-up share capital	9	1,100		1,100
Profit and loss account		( 208,532 )		( 210,196 )
Total shareholders' deficit		( 207,432)		( 209,096)

For the financial year ending 31 March 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 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 Triton Galleries (devon) Limited (registered number: 06825341) were approved and authorised for issue by the Director on 18 August 2026. They were signed on its behalf by:

D Phelps Director

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 period, unless otherwise stated.

General information and basis of accounting

Triton Galleries (devon) 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 26 Torwood Street Torwood Street, Torquay, TQ1 1EB, 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 £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £207,432. The Company is supported through loans from the Parent Company. The director has received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the Parent Company will continue to support the Company. After making enquiries, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Reporting period length

The prior year reporting period length was shortened by one day. As a result, the figures included in the financial statements (and related notes) are not entirely comparable.

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 is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

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 Statement of Financial Position 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 deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line/reducing balance] basis over its expected useful life, as follows:

Leasehold improvements	5 years straight line
Vehicles	25 % reducing balance
Fixtures and fittings	20 % reducing balance

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position 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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

	Year ended 31.03.2025		Period from 31.03.2023 to 31.03.2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	7		6

3. Tangible assets

	Leasehold improve- ments		Vehicles		Fixtures and fittings		Total
	£		£		£		£
Cost
At 01 April 2024	86,829		15,000		115,163		216,992
At 31 March 2025	86,829		15,000		115,163		216,992
Accumulated depreciation
At 01 April 2024	86,829		14,806		109,082		210,717
Charge for the financial year	0		48		1,216		1,264
At 31 March 2025	86,829		14,854		110,298		211,981
Net book value
At 31 March 2025	0		146		4,865		5,011
At 31 March 2024	0		194		6,081		6,275

4. Fixed asset investments

Investments in subsidiaries

	31.03.2025
	£
Cost
At 01 April 2024	200
At 31 March 2025	200
Carrying value at 31 March 2025	200
Carrying value at 31 March 2024	200

5. Debtors

	31.03.2025		31.03.2024
	£		£
Amounts owed by own subsidiaries	38,899		38,899
Other debtors	230,684		226,908
	269,583		265,807

6. Cash and cash equivalents

	31.03.2025		31.03.2024
	£		£
Cash at bank and in hand	4,729		2,998
Less: Bank overdrafts	0		( 5,176)
	4,729		(2,178)

7. Creditors: amounts falling due within one year

	31.03.2025		31.03.2024
	£		£
Bank loans and overdrafts	10,380		13,628
Trade creditors	41,846		19,141
Amounts owed to own subsidiaries	145,140		152,060
Amounts owed to director	119,955		174,358
Accruals	14,502		16,373
Taxation and social security	27,227		34,502
Other creditors	310,285		192,766
	669,335		602,828

There are no amounts included above in respect of which any security has been given by the small entity.

8. Creditors: amounts falling due after more than one year

	31.03.2025		31.03.2024
	£		£
Bank loans	12,620		21,548

There are no amounts included above in respect of which any security has been given by the small entity.

9. Called-up share capital

	31.03.2025		31.03.2024
	£		£
Allotted, called-up and fully-paid
550 Ordinary A shares of £ 1.00 each	550		550
550 Ordinary B shares of £ 1.00 each	550		550
	1,100		1,100

10. Related party transactions

Transactions with entities in which the entity itself has a participating interest

Triton Galleries (Devon) Limited has taken the exemption in Section 1AC.35 of FRS102 from disclosing related party transactions with 100% owned group companies.

Transactions with the entity's director

	31.03.2025		31.03.2024
	£		£
Amounts owed to the director	119,955		175,358

No interest has been charged on the above amounts and there are no fixed repayment terms.

Other related party transactions

	31.03.2025		31.03.2024
	£		£
Surridge Galleries (Taunton) Limited, a company under common control, creditor	(300,748)		(181,662)
Surridge Galleries Limited, a company under common control, debtor	220,526		226,908