Silverfin false false 31/07/2024 01/08/2023 31/07/2024 Genevieve Ceri Steadman 04/04/2011 Theo Alexander Steadman 04/04/2011 Sadie Anna Cinderella Williams 05/07/2010 17 April 2025 The principal activity during the year was that of the sale of prints and merchandise relating to artworks. 07303886 2024-07-31 07303886 bus:Director1 2024-07-31 07303886 bus:Director2 2024-07-31 07303886 bus:Director3 2024-07-31 07303886 2023-07-31 07303886 core:CurrentFinancialInstruments 2024-07-31 07303886 core:CurrentFinancialInstruments 2023-07-31 07303886 core:ShareCapital 2024-07-31 07303886 core:ShareCapital 2023-07-31 07303886 core:RevaluationReserve 2024-07-31 07303886 core:RevaluationReserve 2023-07-31 07303886 core:RetainedEarningsAccumulatedLosses 2024-07-31 07303886 core:RetainedEarningsAccumulatedLosses 2023-07-31 07303886 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2023-07-31 07303886 core:OtherPropertyPlantEquipment 2023-07-31 07303886 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2024-07-31 07303886 core:OtherPropertyPlantEquipment 2024-07-31 07303886 2023-08-01 2024-07-31 07303886 bus:FilletedAccounts 2023-08-01 2024-07-31 07303886 bus:SmallEntities 2023-08-01 2024-07-31 07303886 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 07303886 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 07303886 bus:Director1 2023-08-01 2024-07-31 07303886 bus:Director2 2023-08-01 2024-07-31 07303886 bus:Director3 2023-08-01 2024-07-31 07303886 core:OtherPropertyPlantEquipment 2023-08-01 2024-07-31 07303886 2022-08-01 2023-07-31 07303886 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2023-08-01 2024-07-31 iso4217:GBP xbrli:pure

Company No: 07303886 (England and Wales)

RALPH STEADMAN ART COLLECTION LIMITED

Unaudited Financial Statements
For the financial year ended 31 July 2024
Pages for filing with the registrar

RALPH STEADMAN ART COLLECTION LIMITED

Unaudited Financial Statements

For the financial year ended 31 July 2024

Contents

RALPH STEADMAN ART COLLECTION LIMITED

COMPANY INFORMATION

For the financial year ended 31 July 2024
RALPH STEADMAN ART COLLECTION LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 July 2024
DIRECTORS Genevieve Ceri Steadman
Theo Alexander Steadman
Sadie Anna Cinderella Williams
REGISTERED OFFICE Old Loose Court
Old Drive
Maidstone
ME15 9SE
United Kingdom
COMPANY NUMBER 07303886 (England and Wales)
ACCOUNTANT Gravita Business Services Limited
Aldgate Tower
2 Leman Street
London
E1 8FA
United Kingdom
RALPH STEADMAN ART COLLECTION LIMITED

BALANCE SHEET

As at 31 July 2024
RALPH STEADMAN ART COLLECTION LIMITED

BALANCE SHEET (continued)

As at 31 July 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 11,744,447 11,691,893
11,744,447 11,691,893
Current assets
Stocks 4 3,209 3,375
Debtors 5 48,377 50,643
Cash at bank and in hand 851,059 865,837
902,645 919,855
Creditors: amounts falling due within one year 6 ( 275,928) ( 409,447)
Net current assets 626,717 510,408
Total assets less current liabilities 12,371,164 12,202,301
Provision for liabilities ( 2,935,750) ( 2,922,934)
Net assets 9,435,414 9,279,367
Capital and reserves
Called-up share capital 102 102
Revaluation reserve 8,746,372 8,708,714
Profit and loss account 688,940 570,551
Total shareholders' funds 9,435,414 9,279,367

For the financial year ending 31 July 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Ralph Steadman Art Collection Limited (registered number: 07303886) were approved and authorised for issue by the Board of Directors on 17 April 2025. They were signed on its behalf by:

Sadie Anna Cinderella Williams
Director
RALPH STEADMAN ART COLLECTION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
RALPH STEADMAN ART COLLECTION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Ralph Steadman Art Collection Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Old Loose Court, Old Drive, Maidstone, ME15 9SE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements, due to the Company's cash reserves and profitability.

Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods 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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Barter transactions

Turnover is recognised in respect of barter transactions only where services or goods are exchanged for dissimilar services and the transaction is deemed to have commercial substance. Such transactions are measured at the fair value of the services or goods received, adjusted by any amount of cash and cash equivalents transferred.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Heritage assets not depreciated
Plant and machinery etc. 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its 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.

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. 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.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the Company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Tangible assets

Heritage assets Plant and machinery etc. Total
£ £ £
Cost
At 01 August 2023 11,678,289 30,402 11,708,691
Additions 1,289 6,802 8,091
Revaluations 50,211 0 50,211
At 31 July 2024 11,729,789 37,204 11,766,993
Accumulated depreciation
At 01 August 2023 0 16,798 16,798
Charge for the financial year 0 5,748 5,748
At 31 July 2024 0 22,546 22,546
Net book value
At 31 July 2024 11,729,789 14,658 11,744,447
At 31 July 2023 11,678,289 13,604 11,691,893

Heritage assets relate to artworks. Heritage assets are carried at open market valuation. The valuation was historically performed by external independent valuers, Sothebys and subsequently the directors, using appropriate expertise internally and experienced consultants, have performed an internal valuation in May 2023. The directors believe this latest valuation performed reflects the market value of the heritage assets as at 31 July 2024 and therefore the fair value adjustment is in relation to the additions in the year.

4. Stocks

2024 2023
£ £
Stocks 3,209 3,375

There are no material differences between the replacement cost of stock and the Balance Sheet amounts.

5. Debtors

2024 2023
£ £
Trade debtors 10,504 15,177
Prepayments and accrued income 34,613 34,699
VAT recoverable 2,297 396
Other debtors 963 371
48,377 50,643

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 10,147 4,559
Corporation tax 38,484 121,198
Other taxation and social security 4,170 1,362
Other creditors 223,127 282,328
275,928 409,447

7. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 158 158

8. Related party transactions

Remuneration was paid to the directors of £30,000 (2023: £30,000).

Included within other creditors are unsecured loans from shareholders totalling £87,678 (2022: £102,100). These loans are interest-free and are repayable on demand.

9. Ultimate controlling party

There is no individual ultimate controlling party.