Registration number: 15733354

Maughan Trading Ltd

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 8

Maughan Trading Ltd

Company Information

Directors

Mrs N J Maughan Mr J S Maughan

Registered office

1 The Bulwark Brecon Powys LD3 7LB

Bankers

Lloyds Bank Plc PO Box 1000 BX1 1LT

Accountants

W J James & Co Bishop House 10 Wheat Street Brecon Powys LD3 7DG

Maughan Trading Ltd

(Registration number: 15733354)
Balance Sheet as at 31 March 2026

	Note	2026 £	2025 £
Fixed assets
Tangible assets	4	407,847	409,174
Investment property	5	475,000	475,000
Other financial assets	6	153,324	129,722
		1,036,171	1,013,896
Current assets
Stocks		-	2,323
Debtors	7	40,237	38,800
Cash at bank and in hand		89,402	108,348
		129,639	149,471
Creditors: Amounts falling due within one year	8	(4,579)	(5,846)
Net current assets		125,060	143,625
Net assets		1,161,231	1,157,521
Capital and reserves
Called up share capital		1	1
Other reserves		7,247	-
Retained earnings		1,153,983	1,157,520
Shareholders' funds		1,161,231	1,157,521

For the financial year ending 31 March 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 14 September 2026 and signed on its behalf by:
 

Maughan Trading Ltd

(Registration number: 15733354)
Balance Sheet as at 31 March 2026

......................................... Mrs N J Maughan Director

......................................... Mr J S Maughan Director

Maughan Trading Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 The Bulwark
Brecon
Powys
LD3 7LB

These financial statements were authorised for issue by the Board on 14 September 2026.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The currency in which the financial statements are presented is Sterling and they are rounded to the nearest pound.

Revenue recognition

Rents received are recognised in the period to which they relate.

The Found gallery income is recognised from sale of goods and commissions received from artists when an item is sold during an exhibition.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	20% reducing balance
Office equipment	10% reducing balance

Maughan Trading Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Maughan Trading Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2025 - 2).

4	Tangible assets

	Land and buildings £	Fixtures and fittings £	Office equipment £	Total £
Cost or valuation
At 1 April 2025	400,000	9,544	793	410,337
At 31 March 2026	400,000	9,544	793	410,337
Depreciation
Charge for the year	-	2,351	139	2,490
At 31 March 2026	-	2,351	139	2,490
Carrying amount
At 31 March 2026	400,000	7,193	654	407,847
At 31 March 2025	400,000	8,441	733	409,174

Included within the net book value of land and buildings above is £400,000 (2025 - £400,000) in respect of freehold land and buildings.
 

5	Investment properties

	2026 £
At 1 April	475,000
At 31 March	475,000

There has been no valuation of investment property by an independent valuer.

Maughan Trading Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

6	Other financial assets (current and non-current)

	Financial assets at fair value through profit and loss £	Total £
Non-current financial assets
Cost or valuation
At 1 April 2025	129,722	129,722
Fair value adjustments	20,984	20,984
Additions	2,618	2,618
At 31 March 2026	153,324	153,324
Impairment
Carrying amount
At 31 March 2026	153,324	153,324

7

Debtors

Current	Note	2026 £	2025 £
Amounts owed by related parties	10	38,657	37,460
Prepayments		1,523	1,340
Other debtors		57	-
		40,237	38,800

8

Creditors

Creditors: amounts falling due within one year

	2026 £	2025 £
Due within one year
Trade creditors	16	-
Taxation and social security	1,922	2,673
Accruals and deferred income	2,641	3,173
	4,579	5,846

Maughan Trading Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

9

Dividends

		2026		2025
		£		£
Interim dividend of £8,000.00 (2025 - £Nil) per ordinary share		8,000		-

10	Related party transactions

Summary of transactions with parent

Maughan Enterprises Ltd
£8,000 dividend was paid to Maughan Enterprises Ltd.

Loans to related parties

2026	Other related parties £	Total £
At start of period	37,460	37,460
Advanced	2,307	2,307
Repaid	(1,110)	(1,110)
At end of period	38,657	38,657

2025	Other related parties £	Total £
Advanced	1,166,739	1,166,739
Repaid	(1,129,279)	(1,129,279)
At end of period	37,460	37,460