Company registration number 01030675 (England and Wales)
BRIDGET RILEY SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
BRIDGET RILEY SERVICES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
BRIDGET RILEY SERVICES LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
8,842,976
8,886,140
Investment properties
5
1,010,313
500,000
9,853,289
9,386,140
Current assets
Stocks
300,000
300,000
Debtors
6
5,043,842
5,201,350
Cash at bank and in hand
7,741,545
7,522,103
13,085,387
13,023,453
Creditors: amounts falling due within one year
7
(796,949)
(1,012,377)
Net current assets
12,288,438
12,011,076
Total assets less current liabilities
22,141,727
21,397,216
Capital and reserves
Called up share capital
150,000
150,000
Share premium account
25,000
25,000
Profit and loss reserves
21,966,727
21,222,216
Total equity
22,141,727
21,397,216

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 5 March 2025 and are signed on its behalf by:
Ms S G Allix
Mr P Clark
Director
Director
Company Registration No. 01030675
BRIDGET RILEY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information

Bridget Riley Services LimitedBRIDGET RILEY SERVICES LIMITED is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor, Regis House, 45 King William Street, London, United Kingdom, EC4R 9AN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Interest Income

Interest income is recognised in the profit and loss using the effective interest method.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold buildings
2% reducing balance
Fixtures and Fittings
20% straight line
Motor vehicles
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

BRIDGET RILEY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -

Heritage assets

The company owns a collection of paintings and studies from Bridget Riley which relate to her period of work in the 1960’s and are held for cultural and educational purposes. The collection is initially recognised at cost and reviewed periodically for impairment, as shown in note 5 to the accounts. The paintings are deemed to have indeterminate lives and a residual value no less that that shown in the balance sheet. Therefore the directors do not consider it appropriate to charge depreciation.

 

Acquisitions are made by purchase when the directors become aware of a work or collection of works from the 1960’s and onwards being offered for sale which they feel would enhance the collection and be of benefit for future study and loans to exhibitions open to the public.

 

In 2020 a purchase was made of Ka 6, a vertical stripe oil on linen painting which was created in 1980. This was acquired direct from the owners and it was felt would enhance the collection with a fine example of work from that period.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell. Cost represents the acquisition price of the work of art.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock over its estimated selling price less costs to sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

BRIDGET RILEY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and investments in not-puttable ordinary shares.

 

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 Statement of Comprehensive Income.

1.9
Taxation

Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

 

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

1.10
Defined contribution pension plan

The Company operates two defined contribution plans for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

 

The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.13

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

BRIDGET RILEY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
1.14

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

1.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
14
14
BRIDGET RILEY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
4
Tangible fixed assets
Freehold buildings
Fixtures & Fittings
Motor Vehicles
Heritage assets
Total
£
£
£
£
£
Cost
At 1 July 2023
4,587,142
138,862
6,395
5,171,000
9,903,399
Additions
-
0
34,872
-
0
-
0
34,872
At 30 June 2024
4,587,142
173,734
6,395
5,171,000
9,938,271
Depreciation and impairment
At 1 July 2023
924,288
91,159
1,812
-
0
1,017,259
Depreciation charged in the year
60,700
16,057
1,279
-
0
78,036
At 30 June 2024
984,988
107,216
3,091
-
0
1,095,295
Carrying amount
At 30 June 2024
3,602,154
66,518
3,304
5,171,000
8,842,976
At 30 June 2023
3,662,854
47,703
4,583
5,171,000
8,886,140
5
Investment property
2024
£
Fair value
At 1 July 2023
500,000
Additions
510,313
At 30 June 2024
1,010,313

The freehold investment property was originally purchased for £1,145,221. The value of the investment property has been assessed by an independent valuer, Lodge and Thomas, registered chartered surveyor, who conducted the valuation on 26th June 2017.

6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
170,413
51,191
Other debtors
4,845,995
4,665,924
Prepayments and accrued income
27,434
484,235
5,043,842
5,201,350
BRIDGET RILEY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
106,805
194,608
Corporation tax
271,277
322,529
Other taxation and social security
14,556
34,930
Accruals and deferred income
404,311
460,310
796,949
1,012,377

 

9
Related party transactions

 

During the year the following transactions were undertaken with directors:

 

Personal expenses of £195,781 (2023 - £227,397) were incurred on behalf of Miss B L B Riley with £144,454 (2023 - £381,942) being repaid in the year.

 

At 30 June 2024 the amount owed to the company was £3,315,538 (2023 - £3,264,211) due from Miss B L B Riley at the year end.

 

Amounts paid to Miss B L B Riley for the rent of studios during the year totalled £82,800 (2023 - £82,800).

 

Dividends paid to Miss B L B Riley and Mrs S G Allix during the year totalled nil (2023 - nil).

9
Pension commitments

The Company operates two separate defined contribution pension schemes. The assets of the schemes are held separately from those of the Company in independently administered funds. The pension cost charge represents contributions payable by the Company to the funds and amounted to £64,173 (2023 - £51,234).

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