Company No: 08034799 (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	0		1,444
		0		1,444
Current assets
Debtors	4	123,953		105,006
Cash at bank and in hand	5	6,724		5,924
		130,677		110,930
Creditors: amounts falling due within one year	6	( 670,436)		( 644,281)
Net current liabilities		(539,759)		(533,351)
Total assets less current liabilities		(539,759)		(531,907)
Creditors: amounts falling due after more than one year	7	( 17,156)		( 19,834)
Net liabilities		( 556,915)		( 551,741)
Capital and reserves
Called-up share capital	8	1		1
Profit and loss account		( 556,916 )		( 551,742 )
Total shareholder's deficit		( 556,915)		( 551,741)

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 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 Surridge Galleries Limited (registered number: 08034799) were approved and authorised for issue by the Director on 18 August 2026. They were signed on its behalf by:

David Charles 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

Surridge 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 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 £556,915. 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.

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.

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 either a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements	10 years straight line
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.

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	1		1

3. Tangible assets

	Leasehold improve- ments		Fixtures and fittings		Total
	£		£		£
Cost
At 01 April 2024	60,773		18,152		78,925
Disposals	( 60,773)		( 18,152)		( 78,925)
At 31 March 2025	0		0		0
Accumulated depreciation
At 01 April 2024	60,773		16,708		77,481
Charge for the financial year	0		289		289
Disposals	( 60,773)		( 16,997)		( 77,770)
At 31 March 2025	0		0		0
Net book value
At 31 March 2025	0		0		0
At 31 March 2024	0		1,444		1,444

4. Debtors

	31.03.2025		31.03.2024
	£		£
Amounts owed by Parent undertakings	1		1
Amounts owed by fellow subsidiaries	123,952		105,005
	123,953		105,006

5. Cash and cash equivalents

	31.03.2025		31.03.2024
	£		£
Cash at bank and in hand	6,724		5,924
Less: Bank overdrafts	0		( 625)
	6,724		5,299

6. Creditors: amounts falling due within one year

	31.03.2025		31.03.2024
	£		£
Bank loans and overdrafts	10,232		10,791
Trade creditors	205,994		255,010
Amounts owed to director	32,150		0
Accruals	2,559		2,349
Other taxation and social security	84,593		40,841
Other creditors	334,908		335,290
	670,436		644,281

Bank loans and overdrafts are secured by way of a fixed charge against the company's fixed assets.

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

	31.03.2025		31.03.2024
	£		£
Bank loans	17,156		19,834

Bank loans and overdrafts are secured by way of a fixed charge against the company's fixed assets.

8. Called-up share capital

	31.03.2025		31.03.2024
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 0.01 each	1		1

9. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

	31.03.2025		31.03.2024
	£		£
Unpaid contributions due to the fund (inc. in other creditors)	3,184		283

10. Related party transactions

Transactions with owners holding a participating interest in the entity

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

Other related party transactions

	31.03.2025		31.03.2024
	£		£
Amounts owed to Triton Galleries (Devon) Limited, a company under common control.	(220,526)		(226,908)
Amounts owed to Triton Galleries (Dartmouth) Limited, a company under common control.	(111,198)		(108,006)

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