Registration number: 04720982

Sanderson Maughan Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 11

Sanderson Maughan Limited

Company Information

Directors

Mrs N J Maughan Mr J S Maughan Mr E J B Maughan

Company secretary

Mrs N J Maughan

Registered office

1 The Bulwark Brecon Powys LD3 7LB

Bankers

Lloyds Bank plc 38 High Street Brecon Powys LD3 7AR

Accountants

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

Sanderson Maughan Limited

(Registration number: 04720982)
Balance Sheet as at 31 March 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	5	28,986	467,190
Investment property	6	-	1,225,000
Other financial assets	7	-	139,122
		28,986	1,831,312
Current assets
Stocks		-	1,402
Debtors	8	1,005,559	263,043
Cash at bank and in hand		327,406	378,543
		1,332,965	642,988
Creditors: Amounts falling due within one year	9	(631,713)	(603,543)
Net current assets		701,252	39,445
Net assets		730,238	1,870,757
Capital and reserves
Called up share capital		101	101
Other reserves		-	14,134
Retained earnings		730,137	1,856,522
Shareholders' funds		730,238	1,870,757

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.

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 20 November 2025 and signed on its behalf by:
 

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

Sanderson Maughan Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1	General information

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

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 20 November 2025.

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

Turnover represents advertising revenue charged to customers, excluding value added tax.

Advertising revenue is recognised when a customer pays for their advertisement and is apportioned to the accounting period to which it relates. Any revenue received in advance at the end of the financial year is carried forward to the period to which it relates.

Rents received and holiday letting income are recognised in the period to which they relate and and income received in advance is carried forward to the period to which it relates.

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

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Sanderson Maughan Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

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% of reducing balance
Office equipment	10% reducing balance

Investment property

Investment properties are carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors 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.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Website development	20% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

Sanderson Maughan Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2024 - 8).

Sanderson Maughan Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

4	Intangible assets

	Other intangible assets  £	Total £
Cost or valuation
At 1 April 2024	21,005	21,005
At 31 March 2025	21,005	21,005
Amortisation
At 1 April 2024	21,005	21,005
At 31 March 2025	21,005	21,005
Carrying amount
At 31 March 2025	-	-

5	Tangible assets

	Land and buildings £	Fixtures and fittings £	Office equipment £	Total £
Cost or valuation
At 1 April 2024	419,422	100,535	51,870	571,827
Additions	-	111	999	1,110
Disposals	(419,422)	(65,987)	-	(485,409)
At 31 March 2025	-	34,659	52,869	87,528
Depreciation
At 1 April 2024	-	75,630	29,007	104,637
Charge for the year	-	2,164	2,253	4,417
Eliminated on disposal	-	(50,512)	-	(50,512)
At 31 March 2025	-	27,282	31,260	58,542
Carrying amount
At 31 March 2025	-	7,377	21,609	28,986
At 31 March 2024	419,422	24,905	22,863	467,190

Included within the net book value of land and buildings above is £Nil (2024 - £419,422) in respect of freehold land and buildings.
 

Sanderson Maughan Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

6	Investment properties

	2025 £
At 1 April	1,225,000
Disposals	(1,225,000)
At 31 March	-

The company disposed of 1 The Bulwark, 23 Park Street and Godolphin cottage on 30 June 2024. 1 The Bulwark and 23 Park Street were transferred to Maughan Trading Ltd at market value and Godolphin Cottage was transferred to Maughan Projects Ltd at market value.

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

Sanderson Maughan Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

7	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 2024	139,122	139,122
Fair value adjustments	(13,687)	(13,687)
Additions	4,303	4,303
Disposals	(129,738)	(129,738)
At 31 March 2025	-	-
Impairment
Carrying amount
At 31 March 2025	-	-

8

Debtors

Current	2025 £	2024 £
Trade debtors	101,509	121,666
Prepayments	957	2,294
Other debtors	903,093	139,083
	1,005,559	263,043

9

Creditors

Creditors: amounts falling due within one year

	2025 £	2024 £
Due within one year
Trade creditors	2,485	16,083
Taxation and social security	168,765	130,038
Accruals and deferred income	450,926	450,894
Other creditors	9,537	6,528
	631,713	603,543

10	Related party transactions

Sanderson Maughan Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Directors' remuneration

The directors' remuneration for the year was as follows:

	2025 £	2024 £
Remuneration	102,160	113,845
Contributions paid to money purchase schemes	126,321	122,321
	228,481	236,166

Dividends paid to directors

		2025 £		2024 £
Mr J S Maughan
Interim dividends		2,750		59,116
Mrs N J Maughan
Interim dividends		2,250		47,504

Summary of transactions with parent

Maughan Projects Ltd Maughan Projects Ltd acquired 101 shares from Mr JM and Mrs NM Maughan on 22 April 2024, which is 100% of this company's shareholding. A total of £143,500 dividends was issued to Maughan Projects Ltd between 22 April 2024 and 31 March 2025.

Godolphin cottage was transferred to Maughan Projects Ltd on 1 July 2024.
There is no formal agreement or terms in place involving inter company loans.

Summary of transactions with associates

Maughan Trading Ltd Maughan Projects Ltd owes 100% shareholding of Maughan Trading and is an associate of this company.

On 1 July 2024, The Found Gallery Trade, Evelyn Investment portfolio, 23 Park Street property and 1 The Bulwark property were transferred to Maughan Trading Ltd, an associated companay, via a inter company loan account. This loan was removed via a dividend in specie and transferred to Maughan Projects Ltd. There remains a balance on the loan account, which relates to transactions that relate to Found Gallery and 23 Park Street that occurred after 1 July 2024.
There is no formal agreement or terms in place involving inter company loans.

Loans to related parties

2025	Parent £	Total £
Advanced	767,136	767,136
Repaid	(3,687)	(3,687)
At end of period	763,449	763,449

Sanderson Maughan Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Terms of loans to related parties

These transactions are made up of the transfer of Godolphin property, £15,000 cash and various expenses relating to Godolphin.
 

Loans from related parties

2025	Associates £	Total £
Advanced	1,166,739	1,166,739
Repaid	(1,129,280)	(1,129,280)
At end of period	37,459	37,459