REGISTERED NUMBER: 03276127 (England and Wales)

Unaudited Financial Statements for the Year Ended 28 February 2025

for

The Gallery Partnership Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr M P A Kemp

Mr O S T Grig

SECRETARY:

Elan Secretaries Limited

REGISTERED OFFICE:

Unit 3 Cedar Court

1 Royal Oak Yard

London

SE1 3GA

REGISTERED NUMBER:

03276127 (England and Wales)

ACCOUNTANTS:

ElanTax.com

Unit 3 Cedar Court

1 Royal Oak Yard

London

SE1 3GA

FIXED ASSETS

Intangible assets

4

429,611

439,642

Tangible assets

5

9,650

12,866

439,261

452,508

CURRENT ASSETS

Stocks

6

57,694

48,500

Debtors

7

182,471

110,249

Cash at bank

7,919

32,404

248,084

191,153

CREDITORS

Amounts falling due within one year

8

483,858

338,879

NET CURRENT LIABILITIES

(235,774

)

(147,726

)

TOTAL ASSETS LESS CURRENT LIABILITIES

203,487

304,782

CREDITORS

Amounts falling due after more than one year

9

(16,238

)

(46,473

)

PROVISIONS FOR LIABILITIES

(1,833

)

(2,445

)

NET ASSETS

185,416

255,864

CAPITAL AND RESERVES

Called up share capital

11

2

2

Retained earnings

12

185,414

255,862

SHAREHOLDERS' FUNDS

185,416

255,864

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 November 2025 and were signed on its behalf by:

Mr M P A Kemp - Director

1.	STATUTORY INFORMATION

The Gallery Partnership 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Development costs are being amortised evenly over their estimated useful life of three years.

Intangible assets

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

Research and development - 33 1/3% on reducing balance

Licences -20% on a straight line basis.

Tangible fixed assets

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

Computer equipment

-

25% on reducing balance

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2024 - 18 ) .

4.	INTANGIBLE FIXED ASSETS

Patents

and

Development

licences

costs

Totals

£

£

£

COST

At 1 March 2024

405,292

1,688,304

2,093,596

Additions

-

178,419

178,419

At 28 February 2025

405,292

1,866,723

2,272,015

AMORTISATION

At 1 March 2024

330,065

1,323,889

1,653,954

Amortisation for year

7,523

180,927

188,450

At 28 February 2025

337,588

1,504,816

1,842,404

NET BOOK VALUE

At 28 February 2025

67,704

361,907

429,611

At 29 February 2024

75,227

364,415

439,642

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 March 2024

and 28 February 2025

45,187

115,081

160,268

DEPRECIATION

At 1 March 2024

41,273

106,129

147,402

Charge for year

978

2,238

3,216

At 28 February 2025

42,251

108,367

150,618

NET BOOK VALUE

At 28 February 2025

2,936

6,714

9,650

At 29 February 2024

3,914

8,952

12,866

6.

STOCKS

28.2.25

29.2.24

£

£

Work-in-progress

57,694

48,500

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.25

29.2.24

£

£

Trade debtors

133,276

73,384

Other debtors

33,811

33,811

Staff loan

1,500

-

HMRC tax recoverable

11,837

-

Prepayments and accrued income

2,047

3,054

182,471

110,249

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.25

29.2.24

£

£

Bank loans and overdrafts (see note 10)

25,937

10,073

Trade creditors

133,352

59,866

Corporation tax

-

11,837

Social security and other taxes

55,544

17,100

Pension liability

8,256

5,624

VAT

44,058

36,190

Other creditors

57,228

57,228

Credit Card

2,007

4,938

Directors' current accounts

55,261

45,657

Accruals and deferred income

102,215

90,366

483,858

338,879

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

28.2.25

29.2.24

£

£

Bank loans (see note 10)

16,238

46,473

10.

LOANS

An analysis of the maturity of loans is given below:

28.2.25

29.2.24

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

25,937

10,073

Amounts falling due between two and five years:

Bank loans - 2-5 years

16,238

46,473

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

28.2.25

29.2.24

value:

£

£

2

Ordinary

£1

2

2

12.

RESERVES

Retained

earnings

£

At 1 March 2024

255,862

Deficit for the year

(70,448

)

At 28 February 2025

185,414