Opera Gallery London Limited Company accounts

COMPANY REGISTRATION NUMBER: 05245534

Opera Gallery London Limited

Financial Statements

31 December 2025

Opera Gallery London Limited

Financial Statements

Year ended 31 December 2025

Contents	Page

Officers and professional advisers	1

Strategic report	2

Director's report	4

Independent auditor's report to the members	6

Statement of income and retained earnings	9

Statement of financial position	10

Notes to the financial statements	11

Opera Gallery London Limited

Officers and Professional Advisers

Director	Mr G M Dyan

Registered office	10-12 Bourlet Close
	London
	England
	W1W 7BR

Auditor	Higgins Fairbairn & Co
	Chartered Accountants & statutory auditor
	4th Floor
	58-59 Great Marlborough Street
	London
	W1F 7JY

Opera Gallery London Limited

Strategic Report

Year ended 31 December 2025

The Director in preparing this strategic report, has complied with S.414C of the Companies Act 2006. The principal activities of Opera Gallery London Limited ("the Company") are those of dealing in fine art including: paintings, sculptures, drawings, photographs; and other works of art. The Company’s turnover decreased by 9%, from £13,883,042 in 2024 to £12,655,094 in 2025. Despite the reduction in revenue, the gross profit margin remained stable at 21% in both years. The Company reported a profit before tax of £6,671 in 2025, compared with a loss of £408,633 in the prior year. The current year result includes £901,544 arising from the release of a long-standing purchase accrual following a review of historic balances where no further obligation was considered to exist. Risks and uncertainties: The main risks and uncertainties faced by the Group are the following: 1. Global Economic Environment The strength of the art market is closely tied to global macroeconomic trends, and any downturn may impact the Company's performance. Global instability, inflationary pressures, and transport costs have created a challenging backdrop for international trade and consumer confidence. The Company continues to monitor these factors as part of its ongoing risk management process. 2. Market Dynamics and Competitive Landscape The global art market remains highly competitive, with growing diversification in sales channels. Auction houses now operate private sales alongside traditional auctions; art fairs continue to serve as major commercial platforms; and online sales have grown in significance, especially for first-time buyers. The emergence of e-commerce as a sales channel has intensified competition among galleries worldwide. The Company is responding by maintaining strong client relationships, refining its artist portfolio, and adapting its sales strategy accordingly. 3. Market Performance and Sentiment According to the Art Basel and UBS Global Art Market Report 2026, global art sales increased by 4% in 2025 to $59.6 billion, marking a modest recovery after two years of decline. Transaction volumes rose by 2%, reflecting more stable market activity. Overall sentiment improved during the year, particularly in the second half, although the market remains below its 2022 peak and continues to be influenced by macroeconomic and geopolitical uncertainty. 4. 2026 Market Outlook The market enters 2026 with cautious optimism, supported by improved high-end activity. Growth is expected to remain moderate, with continued strength in top-tier works, while demand for established ("blue-chip") artists remains resilient. Broader structural trends, including increased artist diversity and evolving collector preferences, continue to shape the market. However, risks persist from geopolitical uncertainty, rising costs, and trade-related constraints. The Company will continue to assess the risk and adapt its activities to respond to market conditions.

This report was approved by the board of directors on 15 May 2026 and signed on behalf of the board by:

G M Dyan Director

Registered office:

10-12 Bourlet Close

London

England

W1W 7BR

Opera Gallery London Limited

Director's Report

Year ended 31 December 2025

The director presents his report and the financial statements of the company for the year ended 31 December 2025 .

Director

The director who served the company during the year was as follows:

Mr G M Dyan

Dividends

There were no dividends paid for the year.

Disclosure of information in the strategic report

A brief review of business activity has been included in the Strategic Report (on page 2).

Director's responsibilities statement

The director is responsible for preparing the strategic report, 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 the profit or loss of the company for that period. In preparing these financial statements, the director is required to: - select suitable accounting policies 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 enable them 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.

Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report was approved by the board of directors on 15 May 2026 and signed on behalf of the board by:

G M Dyan Director

Registered office:

10-12 Bourlet Close

London

England

W1W 7BR

Opera Gallery London Limited

Independent Auditor's Report to the Members of Opera Gallery London Limited

Year ended 31 December 2025

Opinion

We have audited the financial statements of Opera Gallery London Limited (the 'company') for the year ended 31 December 2025 which comprise the statement of income and retained earnings, statement of financial position 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 FRS 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 December 2025 and of its loss for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 UK, including the FRC’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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

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. 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. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinions 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 the director

As explained more fully in the director's responsibilities statement, 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.

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: We have identified the laws and regulations relevant to the company. We have designed procedures to confirm compliance with these laws and regulations including enquiry of management, review of documentation and confirmation to external sources, where possible. In relation to the risk of fraud, the costs of the company are monitored on a monthly basis by the Accounts Department of the parent company and are compared to the budget approved by the Board. Revenue is generated by the sale of artwork. A sale is only recognised once full payment has been received and delivery arrangements concluded. Management has identified no actual, suspected or alleged fraud during the year. The detection of irregularities is inherently more difficult. We have reviewed the disclosures in the financial statements, and have undertaken procedures to ascertain any potential risks associated management override in relation to revenue and other material transactions. 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 auditor’s report.

Where the financial statements and auditor’s report are distributed or made available in electronic format, responsibility for the maintenance and integrity of the website or electronic platform on which they are presented, and for the accuracy of the reproduction of the financial statements and auditor’s report, lies with the directors. Our procedures do not involve consideration of these matters and accordingly we accept no responsibility for any changes that may have occurred to the financial statements or auditor’s report since they were initially presented.

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.

Fenton W Higgins, FCA

(Senior Statutory Auditor)

For and on behalf of

Higgins Fairbairn & Co

Chartered Accountants & statutory auditor

4th Floor

58-59 Great Marlborough Street

London

W1F 7JY

15 May 2026

Opera Gallery London Limited

Statement of Income and Retained Earnings

Year ended 31 December 2025

		2025	2024
Note		£	£
Turnover	4	12,655,094	13,883,042

Cost of sales	9,938,763	10,969,273
	-------------	-------------
Gross profit	2,716,331	2,913,769

Distribution costs		1,027,909	1,012,496
Administrative expenses		2,473,040	2,123,874
Other operating income		901,544	–
		------------	------------
Operating profit/(loss)	5	116,926	( 222,601)

Interest receivable	8	9,694	9,933
Interest payable	9	119,949	195,965
		------------	------------
Profit/(loss) before taxation		6,671	( 408,633)

Taxation on ordinary activities	10	29,778	( 63,524)
		--------	---------
Loss for the financial year and total comprehensive income		( 23,107)	( 345,109)
		--------	---------

Retained earnings at the start of the year	4,220,124	4,565,233
	------------	------------
Retained earnings at the end of the year	4,197,017	4,220,124
	------------	------------

All the activities of the company are from continuing operations.

Opera Gallery London Limited

Statement of Financial Position

31 December 2025

	2025		2024
Note	£	£	£

Fixed assets

Tangible assets	11		1,525,541	1,723,176

Current assets

Stocks	12	6,788,293	5,635,375
Debtors	13	1,382,292	2,425,824
Cash at bank and in hand		2,077,265	1,040,178
		-------------	------------
		10,247,850	9,101,377

Creditors: amounts falling due within one year	14	5,590,833		4,309,260
		-------------		------------
Net current assets			4,657,017	4,792,117
			------------	------------
Total assets less current liabilities			6,182,558	6,515,293

Creditors: amounts falling due after more than one year	15		580,773	892,145

Provisions

Taxation including deferred tax	16	104,768	103,024
		------------	------------
Net assets		5,497,017	5,520,124
		------------	------------

Capital and reserves

Called up share capital	19	100,000	100,000
Share premium account	20	1,200,000	1,200,000
Profit and loss account	20	4,197,017	4,220,124
		------------	------------
Shareholders funds		5,497,017	5,520,124
		------------	------------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.

These financial statements were approved by the board of directors and authorised for issue on 15 May 2026 , and are signed on behalf of the board by:

G M Dyan

Director

Company registration number: 05245534

Opera Gallery London Limited

Notes to the Financial Statements

Year ended 31 December 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10-12 Bourlet Close, London, W1W 7BR, England.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, modified to include certain items at fair value, in accordance with FRS 102 issued by the Financial reporting Council. The financial statements are prepared in sterling, rounded to the nearest £, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis, which the director considers appropriate after reviewing the Company’s budgets, forecasts and available banking facilities. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, being at least 12 months from the date of approval of these financial statements. Accordingly, the going concern basis of accounting has been adopted.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Opera Gallery Group Limited which can be obtained from the United Kingdom Companies House. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) No disclosure has been given for the aggregate remuneration of key management personnel.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax, in respect of art dealing. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold Improvements	-	Straight line over 5-15 years.
Fixtures & Fittings	-	Straight line over 5 years.
Motor Vehicle	-	Straight line over 5 years.
Computer Equipment	-	Straight line over 3-4 years.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell, which is equivalent to the net realisable value. The art market is not a highly liquid trading market, as such valuation of works of art is inherently subjective and the realisable value often varies over time.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Turnover

Turnover arises from:

	2025	2024
	£	£
Sale of goods and services	12,655,094	13,883,042
	-------------	-------------

The turnover is attributable to the one principal activity of the company. An analysis of turnover by the geographical markets that substantially differ from each other is given below:

	2025	2024
	£	£
United Kingdom	3,752,537	3,492,137
Overseas	8,902,557	10,390,905
	-------------	-------------
	12,655,094	13,883,042
	-------------	-------------

5. Operating profit/(loss)

Operating profit or loss is stated after charging/crediting:

	2025	2024
	£	£
Depreciation of tangible assets	200,995	171,630
Impairment of trade debtors	–	60,635
Foreign exchange differences	( 56,861)	( 10,564)
Operating lease expense	862,244	809,473
Other operating income - Write-back of prior period accrued purchases	(901,544)	–
	---------	---------

6. Auditor's remuneration

	2025	2024
	£	£
Fees payable for the audit of the financial statements	15,000	12,000
	--------	--------

Fees payable to the company's auditor and its associates for other services:

Other non-audit services	19,464	12,373
	--------	--------

7. Particulars of employees

The average number of persons employed by the company during the year, including the director, amounted to:

	2025	2024
	No.	No.
Administrative staff	1	1
Management staff	1	1
Number of sales staff	4	5
	----	----
	6	7
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2025	2024
	£	£
Wages and salaries	211,782	219,107
Social security costs	40,172	33,780
Other pension costs	4,468	5,874
	---------	---------
	256,422	258,761
	---------	---------

8. Interest receivable

	2025	2024
	£	£
Interest on loans and receivables	–	128
Interest on cash and cash equivalents	9,694	9,805
	-------	-------
	9,694	9,933
	-------	-------

9. Interest payable

	2025	2024
	£	£
Interest payable on bank loans	119,949	195,965
	---------	---------

10. Taxation on ordinary activities

Major components of tax expense/(income)

	2025	2024
	£	£

Current tax:

UK current tax expense/(income)	28,034	( 13,062)
Adjustments in respect of prior periods	–	( 1,887)
	--------	--------
Total current tax	28,034	( 14,949)
	--------	--------

Deferred tax:

Origination and reversal of timing differences	1,744	( 48,575)
	--------	--------
Taxation on ordinary activities	29,778	( 63,524)
	--------	--------

Reconciliation of tax expense/(income)

The tax assessed on the profit/(loss) on ordinary activities for the year is higher than (2024: higher than) the standard rate of corporation tax in the UK of 25 % (2024: 25 %).

	2025	2024
	£	£
Profit/(loss) on ordinary activities before taxation	6,671	( 408,633)
	-------	---------
Profit/(loss) on ordinary activities by rate of tax	1,668	( 102,158)
Adjustment to tax charge in respect of prior periods	–	( 1,887)
Effect of expenses not deductible for tax purposes	68,233	71,686
Effect of capital allowances and depreciation	( 8,029)	( 16,403)
Unused tax losses	( 33,838)	33,813
Other tax adjustment - Deferred Tax	1,744	( 48,575)
	--------	---------
Tax on profit/(loss)	29,778	( 63,524)
	--------	---------

11. Tangible assets

	Land and buildings	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 January 2025	1,919,934	35,054	5,889	1,960,877
Additions	3,360	–	–	3,360
	------------	--------	-------	------------
At 31 December 2025	1,923,294	35,054	5,889	1,964,237
	------------	--------	-------	------------
Depreciation
At 1 January 2025	230,346	5,955	1,400	237,701
Charge for the year	192,021	7,011	1,963	200,995
	------------	--------	-------	------------
At 31 December 2025	422,367	12,966	3,363	438,696
	------------	--------	-------	------------
Carrying amount
At 31 December 2025	1,500,927	22,088	2,526	1,525,541
	------------	--------	-------	------------
At 31 December 2024	1,689,588	29,099	4,489	1,723,176
	------------	--------	-------	------------

12. Stocks

	2025	2024
	£	£
Artworks	6,763,802	5,635,375
Work in progress	24,491	–
	------------	------------
	6,788,293	5,635,375
	------------	------------

A impairment loss of £ 209,148 (2024: reversal of impairment loss £ 60,014 ) was recognised in cost of sales against stock during the year due to slow-moving and obsolete stock in accordance with the group policy.

13. Debtors

	2025	2024
	£	£
Amounts owed by group undertakings	1,273,222	2,324,352
Prepayments and accrued income	86,443	62,580
Advance to suppliers	1,858	3,375
Other debtors	20,769	35,517
	------------	------------
	1,382,292	2,425,824
	------------	------------

14. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	330,000	330,027
Trade creditors	1,252,783	301,660
Amounts owed to group undertakings	1,573,311	1,084,767
Accruals and deferred income	2,046,700	2,252,647
Corporation tax	28,034	–
Social security and other taxes	7,682	12,485
Director loan accounts	7,783	7,783
Other creditors - Advance payments from customers	305,046	288,386
Artists resale rights royalty	39,494	31,505
	------------	------------
	5,590,833	4,309,260
	------------	------------

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

	2025	2024
	£	£
Bank loans and overdrafts	580,773	892,145
	---------	---------

16. Provisions

	Deferred tax (note 17)
	£
At 1 January 2025	103,024
Charge against provision	( 32,069)
Other movements 1	33,813
	---------
At 31 December 2025	104,768
	---------

17. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2025	2024
	£	£
Included in provisions (note 16)	104,768	103,024
	---------	---------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2025	2024
	£	£
Accelerated capital allowances	104,768	136,837
Unused tax losses	–	( 33,813)
	---------	---------
	104,768	103,024
	---------	---------

18. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 4,468 (2024: £ 5,874 ).

19. Called up share capital

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 1 each	100,000	100,000	100,000	100,000
	---------	---------	---------	---------

20. Reserves

Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Profit and loss account - This reserve records retained earnings and accumulated losses.

21. Commitments under operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2025	2024
	£	£
Not later than 1 year	800,000	800,000
Later than 1 year and not later than 5 years	3,200,000	3,200,000
Later than 5 years	1,253,699	2,053,699
	------------	------------
	5,253,699	6,053,699
	------------	------------

22. Security and guarantee

A security charge was registered by HSBC on 6 March 2024, which includes debenture consisting of a first fixed charge over the company's assets. The debenture was put in place to provide HSBC with security in relation to corporate credit card facilities issued across the Opera Gallery group. On the same day, both Opera Gallery Group Limited and the company also entered a Composite Guarantee, under which each of the entities will be jointly and individually responsible for any amounts due to HSBC for a a maximum debt of £750,000 excluding interest and costs.

23. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	Balance brought forward and outstanding
	2025	2024
	£	£
Mr G M Dyan	( 7,783)	( 7,783)
	-------	-------

24. Related party transactions

During the year, the company sold paintings and recharged expenses amounting to £ 1,926,845 (2024: £2,303,230) to fellow art galleries within the Opera Gallery Group Limited, and purchased paintings from and paid recharged expenses to them amounting to £ 2,346,902 (2024: £ 4,559,304 ). The company also made sales of artwork and fees totalling of £ 1,200 (2024: £ 20,319 ) to and purchases of artwork for £ 195,075 (2024: £ 2,599,469 ) from, a related entity under common control of the director. The company paid management charges amounting to £ 566,391 (2024: £ 96,932 ) to Opera Gallery Group Limited, its immediate parent company.

25. Controlling party

The immediate parent company is Opera Gallery Group Limited , which owns 90% (2024: 90%) of the issued share capital. The ultimate beneficial owner is Mr G M Dyan, the sole director of the company. The consolidated financial statements for Opera Gallery Group Limited can be obtained from the United Kingdom Companies House.