REGISTERED NUMBER: 05858134 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

MONIKA SPRUTH & PHILOMENE MAGERS LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Comprehensive Income (including P&L account)

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Financial Statements

13

DIRECTORS:

Mrs M I G Spruth

Mrs P K K Schmidt-Garre

Mr A E Gegner

Mr C Franke

Mr A R W Silewicz

SECRETARY:

Mrs M I G Spruth

REGISTERED OFFICE:

7a Grafton Street

London

W1S 4EJ

REGISTERED NUMBER:

05858134 (England and Wales)

AUDITORS:

Cube Partners Limited, Statutory Auditor

5 Giffard Court

Millbrook Close

Northampton

NN5 5JF

The directors present their strategic report for the year ended 31 December 2025.

REVIEW OF BUSINESS

Monika Spruth & Philomene Magers Limited has operated a gallery for contemporary art in Central London's Mayfair since 2006. The company exhibits and sells works by artists it primarily represents on the Primary Market. It currently works with approximately 80 artists and estates. The programme continued to balance established mid-career positions with emerging artists, reflecting the company's long-term strategy.

In 2025 the gallery presented a programme of solo and group exhibitions across its London premises and participated in key international fairs. The year began with an exhibition by Joseph Kosuth. This was followed by the group exhibition "Songs before Sunrise" and solo exhibitions by Gala Porras-Kim and Kaari Upson. The year concluded with the group exhibition "Seriously".

The current year pre-tax profit of £1,366,919 (prior period £(1,748,917)) reflects a significant recovery. This was driven by improved sales performance across the year, supported by a more favourable trading environment for the company's market segment and disciplined cost management.

Following the volatility experienced in previous years, market conditions improved during 2025 in key segments relevant to the company. Against this backdrop, turnover increased by £7.4m (+66%) to £18.5m (2024: £11.1m). While the global art market remained selective and price-sensitive in certain categories, the company benefited from renewed demand for primary market works by its roster of artists and from stronger sales conversion.

Gross profit increased by £3.5m (+216%) to £5.2m, resulting in a gross margin of 28% of sales (2024: 15%), an improvement of 13 percentage points year on year. This was primarily due to the strong increase in turnover, while variable costs - mainly production and logistics - remained relatively stable in relation to sales, and costs that are largely fixed in the short term - such as art fairs and exhibitions - stayed broadly constant in absolute terms. This reflects the gallery's strategy of continuing to invest selectively in fairs, exhibitions, logistics and production to support the programme and long-term artist development. Administrative expenses increased by £0.5m (+15%) to £4.2m, mainly reflecting inflation across cost categories, including salaries. As a result, the company achieved an operating profit of £1.3m (2024: operating loss of £1.8m).

PRINCIPAL RISKS AND UNCERTAINTIES

The key business risks and uncertainties affecting the business are considered to be:

Economic Risk

The company's performance is influenced by broader economic conditions in the UK and internationally. The art market can react quickly to changes in consumer confidence, interest rates, inflation, and geopolitical developments. Demand can be uneven across segments and price points, and this may affect sales volumes and the timing of transactions.

Financial Risk

The company maintains funds and conducts transactions in Sterling, US dollars and Euros. Where practicable, the company seeks to align purchase and sale currencies for individual transactions to reduce foreign exchange exposure. The company does not currently use forward contracts or other hedging instruments.

The company monitors liquidity closely and manages working capital through active oversight of inventory, receivables and payables. While the business generates cash over time, the timing of sales and settlement can vary; the company therefore maintains appropriate cash reserves.

Pricing Risk

Demand and pricing in the art market can be volatile and are influenced by collector sentiment, institutional visibility and broader market trends. The company mitigates this risk through long-term artist development, careful inventory management and active engagement with collectors and institutions.

POSITION OF THE COMPANY AT THE BALANCE SHEET DATE

Based on the performance in 2025 and current trading, the directors consider the company to be in a strong financial position as it enters 2026. The outlook for 2026 is positive and the directors expect a similar level of performance to 2025, while recognising that results remain sensitive to market conditions and the timing of high-value transactions.

KEY PERFORMANCE INDICATORS

The company measures its financial performance primarily through growth in turnover and profitability, alongside operational indicators such as sales conversion at art fairs and overall profit margin. In 2025, turnover increased significantly compared with 2024 and the company returned to profitability. The company continued to focus on disciplined cost management while supporting the exhibition programme and sales activity.

ON BEHALF OF THE BOARD:

Mr A E Gegner - Director

23 September 2026

The directors present their report with the financial statements of the company for the year ended 31 December 2025.

Information relating to financial instruments has been included within the Strategic Report.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of art gallery and dealers.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2025 was £1,000,000.

FUTURE DEVELOPMENTS

This information has been included within the strategic report.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

Mrs M I G Spruth

Mrs P K K Schmidt-Garre

Mr A E Gegner

Other changes in directors holding office are as follows:

Mrs I K VonSengerUndEtterlin - resigned 31 December 2025

Mr C Franke - appointed 3 November 2025

Mr A R W Silewicz - appointed 3 November 2025

FINANCIAL INSTRUMENTS

This information has been included in the accounting policies.

POLITICAL DONATIONS AND EXPENDITURE

Donations paid during the year ended 31 December 2025 were charitable not political.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are 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 directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements 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 directors are 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. They are 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.

The directors are responsible for preparing the Strategic Report.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Cube Partners Limited, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr A E Gegner - Director

23 September 2026

Opinion

We have audited the financial statements of Monika Spruth & Philomene Magers Limited (the 'company') for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income (including P&L account), Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Financial Statements, 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 December 2025 and of its profit 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 Auditors' 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 directors' 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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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 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.

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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors 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 Report of the Directors.

We have nothing to report in respect of the following matters where 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 directors' 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 Statement of Directors' Responsibilities set out on page four, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We considered the central laws and regulations to the entity and identified those of significance to the entity. The significant laws and regulations include UK company law, UK tax law, and health and safety at work regulations. We undertook an enquiry of management and those charged with governance to evaluate those of significance and any instances of non-compliance.

Through discussion, and where appropriate, written representation, we obtained an understanding of the entity’s policies and procedures on fraud risks, including knowledge of any actual, suspected or alleged fraud.

Where necessary documentation scrutiny was used to determine the significance of any instances of non-compliance of central laws and regulations.

We communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

The risk of management override of controls and understatement of revenue were identified to have the greatest risk of material misstatement from irregularities, including fraud, on the financial statements. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of regularities, sample testing on the posting of journals, reviewing of regulatory correspondence and professional fees, detailed substantive testing on the completeness of income, and reviewing accounting estimates for biases.

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 Report of the Auditors.

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 a Report of the Auditors 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.

Steven Jones (Senior Statutory Auditor)

for and on behalf of Cube Partners Limited, Statutory Auditor

5 Giffard Court

Millbrook Close

Northampton

NN5 5JF

24 September 2026

TURNOVER

4

18,467,424

11,114,643

Cost of sales

13,274,865

9,453,266

GROSS PROFIT

5,192,559

1,661,377

Administrative expenses

4,126,164

3,582,067

1,066,395

(1,920,690

)

Other operating income

282,237

167,435

OPERATING PROFIT/(LOSS)

6

1,348,632

(1,753,255

)

Interest receivable and similar income

33,635

29,349

1,382,267

(1,723,906

)

Interest payable and similar expenses

7

15,348

25,011

PROFIT/(LOSS) BEFORE TAXATION

1,366,919

(1,748,917

)

Tax on profit/(loss)

8

349,957

(424,066

)

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

1,016,962

(1,324,851

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,016,962

(1,324,851

)

FIXED ASSETS

Tangible assets

10

339,840

397,309

CURRENT ASSETS

Stocks

11

4,902,932

5,600,481

Debtors

12

9,421,151

8,466,545

Cash at bank and in hand

844,405

495,204

15,168,488

14,562,230

CREDITORS

Amounts falling due within one year

13

9,926,936

9,210,109

NET CURRENT ASSETS

5,241,552

5,352,121

TOTAL ASSETS LESS CURRENT LIABILITIES

5,581,392

5,749,430

CREDITORS

Amounts falling due after more than one year

14

-

(200,000

)

PROVISIONS FOR LIABILITIES

18

(150,000

)

(135,000

)

NET ASSETS

5,431,392

5,414,430

CAPITAL AND RESERVES

Called up share capital

19

1,000

1,000

Retained earnings

5,430,392

5,413,430

SHAREHOLDERS' FUNDS

5,431,392

5,414,430

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2026 and were signed on its behalf by:

Mr A E Gegner - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2024

1,000

6,738,281

6,739,281

Changes in equity

Deficit for the year

-

(1,324,851

)

(1,324,851

)

Total comprehensive income

-

(1,324,851

)

(1,324,851

)

Balance at 31 December 2024

1,000

5,413,430

5,414,430

Changes in equity

Profit for the year

-

1,016,962

1,016,962

Total comprehensive income

-

1,016,962

1,016,962

Dividends

-

(1,000,000

)

(1,000,000

)

Balance at 31 December 2025

1,000

5,430,392

5,431,392

Cash flows from operating activities

Cash generated from operations

22

636,773

497,585

Interest paid

(15,348

)

(28,620

)

Tax paid

-

(90,681

)

Net cash from operating activities

621,425

378,284

Cash flows from investing activities

Purchase of tangible fixed assets

(3,222

)

(4,900

)

Interest received

33,635

29,349

Net cash from investing activities

30,413

24,449

Cash flows from financing activities

Loan repayments in year

(200,000

)

(200,000

)

Amount introduced by directors

1,626,058

98,707

Amount withdrawn by directors

(728,695

)

(790,920

)

Equity dividends paid

(1,000,000

)

-

Net cash from financing activities

(302,637

)

(892,213

)

Increase/(decrease) in cash and cash equivalents

349,201

(489,480

)

Cash and cash equivalents at beginning of year

23

495,204

984,684

Cash and cash equivalents at end of year

23

844,405

495,204

1.	STATUTORY INFORMATION

Monika Spruth & Philomene Magers Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", the UK Generally Accepted Accounting Practice and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. The financial statements have been prepared on a going concern basis.

Turnover and income recognition

Turnover represents sales of goods, excluding value added tax, during the year. Income from the sale of works of art and other sundry items is recognised in the period in which the sale is contractually agreed with the customer.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

Over the term of the lease

Improvements to property

-

Over the term of the lease

Plant and machinery

-

20% on cost

Fixtures and fittings

-

20% on cost

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses.

Stocks

Stocks consist of works of art held for resale. These are stated at the lower of cost and the directors' opinion of estimated selling price less selling costs.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income (including P&L account), except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies denominated

Monetary assets and liabilities, in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences arising from the settlement of transactions and at the year end are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties and loans with related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an assets carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforcible right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the the asset and settle the liability simultaneously.

Operating leases

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Provisions

Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably met.

Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the accountancy policies, management have been required to make judgements, estimates and assumptions. These estimates which relate to the carrying values of assets and liabilities, where not readily available from other sources are based on underlying assumptions and experience. Actual results may differ from these estimates. The estimates and assumptions are viewed on an on-going basis.The significant estimates and judgements are as follows:

(i) Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. These are re-assessed annually and amended when necessary to reflect current estimates and judgements.

(ii) Stock

The impairment of stock is considered annually by the directors on an item by item basis. Where necessary a write down provision is applied based upon an estimation of realisable value.

4.

TURNOVER

The turnover and profit (2024 - loss) before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2025

2024

£

£

UK

103,643

47,698

Europe

12,906,131

7,412,185

Outside of Europe

5,457,650

3,654,760

18,467,424

11,114,643

5.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

821,471

700,406

Social security costs

90,611

77,831

Other pension costs

40,174

42,500

952,256

820,737

The average number of employees during the year was as follows:

2025

2024

Gallery

11

9

Administration

1

1

Directors

5

4

17

14

2025

2024

£

£

Directors' remuneration

228,856

231,864

Directors' pension contributions to money purchase schemes

24,486

22,966

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

1

1

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

213,656

231,864

Pension contributions to money purchase schemes

22,966

22,966

6.	OPERATING PROFIT/(LOSS)

The operating profit (2024 - operating loss) is stated after charging/(crediting):

2025

2024

£

£

Other operating leases

1,307,903

1,334,989

Depreciation - owned assets

60,691

60,561

Auditors' remuneration

19,965

18,150

Auditors' remuneration for non audit work

26,395

26,151

Foreign exchange differences

36,900

(124,514

)

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank interest

296

119

Bank loan interest

15,052

24,892

15,348

25,011

8.

TAXATION

Analysis of the tax charge/(credit)

The tax charge/(credit) on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

78,869

-

Over provision in prior year

-

(90,681

)

Total current tax

78,869

(90,681

)

Deferred tax

271,088

(333,385

)

Tax on profit/(loss)

349,957

(424,066

)

Reconciliation of total tax charge/(credit) included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Profit/(loss) before tax

1,366,919

(1,748,917

)

Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

341,730

(437,229

)

Effects of:

Expenses not deductible for tax purposes

3,159

2,391

Depreciation in excess of capital allowances

9,910

8,743

Utilisation of tax losses

(275,929

)

-

Marginal relief

-

5,704

Deferred tax

271,087

(3,675

)

Total tax charge/(credit)

349,957

(424,066

)

9.

DIVIDENDS

2025

2024

£

£

Interim

1,000,000

-

10.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

Short

to

Plant and

and

leasehold

property

machinery

fittings

Totals

£

£

£

£

£

COST

At 1 January 2025

239,148

556,528

49,963

440,121

1,285,760

Additions

-

-

3,222

-

3,222

At 31 December 2025

239,148

556,528

53,185

440,121

1,288,982

DEPRECIATION

At 1 January 2025

127,548

296,106

31,471

433,326

888,451

Charge for year

15,946

37,103

5,816

1,826

60,691

At 31 December 2025

143,494

333,209

37,287

435,152

949,142

NET BOOK VALUE

At 31 December 2025

95,654

223,319

15,898

4,969

339,840

At 31 December 2024

111,600

260,422

18,492

6,795

397,309

11.

STOCKS

2025

2024

£

£

Works of art for resale

4,902,932

5,600,481

Stocks recognised in cost of sales during the year as an expense was £10,437,643 (2024: £6,800,260).

12.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

1,426,382

1,614,941

Other debtors

5,481,200

4,276,377

Directors' current accounts

851,965

1,749,330

Tax

143,138

90,681

VAT

158,538

105,738

Deferred tax asset

38,679

309,767

Prepayments

1,321,249

319,711

9,421,151

8,466,545

13.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts (see note 15)

200,000

200,000

Trade creditors

7,198,506

8,489,216

Tax

131,326

-

Social security and other taxes

29,026

21,117

Other creditors

953,797

162,529

Accruals and deferred income

1,414,281

337,247

9,926,936

9,210,109