Company No: 08483639 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	31.03.2025		30.03.2024
		£		£
Fixed assets
Tangible assets	3	12,525		15,657
		12,525		15,657
Current assets
Stocks		75,000		205,000
Debtors	4	347,143		231,699
Cash at bank and in hand		26,455		1,790
		448,598		438,489
Creditors: amounts falling due within one year	5	( 184,159)		( 182,251)
Net current assets		264,439		256,238
Total assets less current liabilities		276,964		271,895
Creditors: amounts falling due after more than one year	6	( 12,461)		( 19,834)
Provision for liabilities		( 2,657)		( 2,657)
Net assets		261,846		249,404
Capital and reserves
Called-up share capital	7	0		0
Profit and loss account		261,846		249,404
Total shareholder's funds		261,846		249,404

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 (taunton) Limited (registered number: 08483639) 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 year, unless otherwise stated.

General information and basis of accounting

Surridge Galleries (taunton) 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 principal place of business is 6 North Street, Taunton, TA1 1LH, 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 has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due 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.

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

Leasehold improvements	10 years straight line
Vehicles	20 % reducing balance
Fixtures and fittings	20 % reducing balance
Office equipment	20 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.

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

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

2. Employees

	Period from 31.03.2024 to 31.03.2025		Year ended 30.03.2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	6		5

3. Tangible assets

	Leasehold improve- ments		Vehicles		Fixtures and fittings		Office equipment		Total
	£		£		£		£		£
Cost
At 31 March 2024	108,921		32,904		21,579		2,074		165,478
At 31 March 2025	108,921		32,904		21,579		2,074		165,478
Accumulated depreciation
At 31 March 2024	108,921		20,321		19,342		1,237		149,821
Charge for the financial year	0		2,517		447		168		3,132
At 31 March 2025	108,921		22,838		19,789		1,405		152,953
Net book value
At 31 March 2025	0		10,066		1,790		669		12,525
At 30 March 2024	0		12,583		2,237		837		15,657

4. Debtors

	31.03.2025		30.03.2024
	£		£
Trade debtors	5,090		0
VAT recoverable	0		4,903
Other debtors	342,053		226,796
	347,143		231,699

5. Creditors: amounts falling due within one year

	31.03.2025		30.03.2024
	£		£
Bank loans (secured)	10,539		10,166
Trade creditors	982		5,079
Amounts owed to fellow subsidiaries	123,953		105,005
Amounts owed to director	33,488		56,611
Accruals and deferred income	13,397		2,624
Other taxation and social security	1,800		0
Obligations under finance leases and hire purchase contracts	0		2,766
	184,159		182,251

Hire purchase liabilities shown above are secured against the assets to which they relate.
Bank loans and overdrafts are secured by way of a fixed charge against the company's assets.

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

	31.03.2025		30.03.2024
	£		£
Bank loans (secured)	12,461		19,834

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

7. Called-up share capital

	31.03.2025		30.03.2024
	£		£
Allotted, called-up and fully-paid
1 Ordinary share of £ 0.01	0.01		0.01

8. Related party transactions

Transactions with owners holding a participating interest in the entity

Surridge Galleries (Taunton) 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		30.03.2024
	£		£
Amounts owed to the director	33,488		56,611

Interest is charged at HMRC approved rates when overdrawn and there are no set repayment terms.

Other related party transactions

	31.03.2025		30.03.2024
	£		£
Triton Galleries (Devon) Limited, a company under common control, debtor	300,748		181,662
Triton Galleries (Dartmouth) Limited, a company under common control, debtor	40,044		45,134
Triton Galleries (Taunton) Limited, a company under common control, debtor	1,261		0

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