ACCOUNTS - Final Accounts preparation

Operating profit

The operating profit is stated after charging:

Registered number: 00742569

RICHARD GREEN (FINE PAINTINGS)

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

RICHARD GREEN (FINE PAINTINGS)

COMPANY INFORMATION

Directors	R A Green
	J M Green
	J S Green
	P R Marks


Company secretary	H Hirani


Registered number	00742569


Registered office	147 New Bond Street
	London
	W1S 2TS


Independent auditors	Nyman Libson Paul LLP
	Chartered Accountants and Statutory Auditors
	124 Finchley Road
	London
	NW3 5JS

RICHARD GREEN (FINE PAINTINGS)

CONTENTS

	Page
Strategic Report	1
Directors' Report	2 - 4
Independent Auditors' Report	5 - 8
Statement of Comprehensive Income	9
Statement of Financial Position	10
Statement of Changes in Equity	11
Notes to the Financial Statements	12 - 25

RICHARD GREEN (FINE PAINTINGS)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

Principal activity

The principal activity of the Company was that of art dealing.
On 31 December 2025, the Company’s trade, along with its assets, liabilities, and reserves, was transferred to its parent company, Richard Green Master Paintings Limited, at net book value. Following the transfer, the Company ceased trading and its balance sheet comprises solely the issued share capital.

Business review

The statement of comprehensive income is set out on page 9 and shows the profit for the year before taxation of £420,510 (2024 - £4,640,076).
The directors report that turnover and profitability have remained largely in line with expectations.

Financial key performance indicators

The Company uses a range of performance measures to monitor and manage the business effectively. The key financial performance indicators are turnover, gross profit, gross margin and EBITDA.
The key financial performance indicators for the year ended 31 December 2025, with comparatives for the year ended 31 December 2024, are set out below:

	2025	2024

Turnover (£000s)	32,117	43,813
Gross Profit (£000s)	10,115	10,280
Gross Margin (%)	32.5%	23.5%
Earnings before interest, tax and depreciation (EBITDA - £000s)	399	1,343

Principal risks and uncertainties

The Company is exposed to the risk of a cyclical downturn that is inherent in the art market. The Company minimises this risk by maintaining a diverse stock profile. The Directors review and agree appropriate policies for managing risks.
Other key risks include exposure to currency fluctuations, interest rates, liquidity and the continued conflicts in Europe and the Middle East.

This report was approved by the board on 22 April 2026 and signed on its behalf.

H Hirani

Secretary

Page 1

RICHARD GREEN (FINE PAINTINGS)

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

The Directors present their report and the financial statements for the year ended 31 December 2025.

Directors

The Directors who served during the year were:

R A Green

J M Green

J S Green

P R Marks

Results and dividends

The profit for the year, after taxation, amounted to £287,516 (2024 - £4,461,143).

Dividends of 30,765,915 (2024 - £Nil) were declared and paid during the year.
This dividend represented a distribution of the Company’s distributable reserves following the transfer of the trade, assets and liabilities to the Company’s parent undertaking as at 31 December 2025.

Engagement with suppliers, customers and others

We value the opinions of our stakeholders, actively engage with them and respond to their priorities, which enables the Company to attract and retain them. The key stakeholder groups for the Company are customers, employees, and suppliers. Whilst interactions take place at all levels of the organisation, Directors are heavily involved or have visibility of many of these engagements and use the feedback received to shape the Company’s long-term business and sustainability priorities.
Clients
Clients are those engaged with the Company to purchase artwork. Key engagements include direct interactions with key staff, the Company website and art fairs. Identifying priorities and responding by providing a complete range of specialist services that are enjoyable and satisfying, including expert advice, the right artwork portfolio, and legal and ethical operations.
Employees
Employees are those who are directly employed by the Company and on the Company’s payroll. Key engagements include carrying out performance and development reviews, and maintaining regular contact with employees at all levels, to ensure their requirements and wellbeing are met. Identifying priorities and responding by culture and values being aligned, effective communication, appropriate rewards and benefits, equal opportunities, and meeting health and environmental concerns.
Suppliers
Suppliers are those who provide goods and services to the Company. Key engagements include account meetings to meet requirements and art fair collaborations. Identifying priorities and responding is by following good payment practices and communication.

Page 2

RICHARD GREEN (FINE PAINTINGS)

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Financial risk management objectives and policies

The Company's activities expose it to a number of financial risks including currency risk, interest rate risk, liquidity risk and credit risk. Details of the financial risk management objectives and policies and details of the use of financial instruments are set out below:
Currency risk
Transactional foreign exchange risk occurs mostly in the US dollar and Euro currencies, and is mitigated by maintaining a balanced position between amounts payable and receivable.
Liquidity risk
Current and projected working capital requirements are continually reviewed in conjunction with existing financing facilities.
Credit risk
The company's principal credit risk is debtor exposure, which is mitigated by an assessment of the creditworthiness of clients for significant transactions.

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the Directors are required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 3

RICHARD GREEN (FINE PAINTINGS)

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Disclosure of information to auditors

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditors, Nyman Libson Paul LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 22 April 2026 and signed on its behalf.

H Hirani

Secretary

Page 4

RICHARD GREEN (FINE PAINTINGS)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RICHARD GREEN (FINE PAINTINGS)

Opinion

We have audited the financial statements of Richard Green (Fine Paintings) (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 December 2025 and of its profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of matter

We draw attention to note 2.3 of the financial statements, which explains that although the Company has disposed of all its trade, assets and liabilities during the year, the Directors expect the Company to continue to exist in a dormant state. Accordingly, the financial statements have been prepared on a going concern basis.
Our opinion is not modified in respect of this matter.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.

Page 5

RICHARD GREEN (FINE PAINTINGS)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RICHARD GREEN (FINE PAINTINGS) (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of Directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Page 6

RICHARD GREEN (FINE PAINTINGS)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RICHARD GREEN (FINE PAINTINGS) (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation.
Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Page 7

RICHARD GREEN (FINE PAINTINGS)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RICHARD GREEN (FINE PAINTINGS) (CONTINUED)

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Robert Maskey (Senior Statutory Auditor)

for and on behalf of

Nyman Libson Paul LLP

Chartered Accountants and Statutory Auditors

124 Finchley Road

London

NW3 5JS

23 April 2026

Page 8

RICHARD GREEN (FINE PAINTINGS)

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

	2025	2024
Note	£	£


Turnover	4	32,116,704	43,812,876
Cost of sales		(22,001,453)	(33,532,775)
Gross profit		10,115,251	10,280,101
Distribution costs		(103,148)	(133,320)
Administrative expenses		(9,411,939)	(9,949,940)
Other operating income	5	20	1,074,093
Operating profit	6	600,184	1,270,934
Income from investments		-	3,975,855
Interest payable and similar expenses	10	(179,674)	(606,713)
Profit before tax		420,510	4,640,076
Tax on profit	11	(132,994)	(178,933)
Profit for the financial year		287,516	4,461,143

There was no other comprehensive income for 2025 (2024:£NIL).

The notes on pages 12 to 25 form part of these financial statements.

Page 9

RICHARD GREEN (FINE PAINTINGS)

REGISTERED NUMBER: 00742569

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Tangible fixed assets			-		5,232,604

Current assets
Stocks	13	-		41,844,591
Debtors: amounts falling due within one year	14	-		2,782,564
Cash at bank and in hand		2		449,254
		2		45,076,409
Creditors: amounts falling due within one year	15	-		(15,790,189)
Net current assets			2		29,286,220
Total assets less current liabilities			2		34,518,824
Creditors: amounts falling due after more than one year			-		(3,109,526)
Provisions for liabilities
Deferred tax	18		-		(930,897)
Net assets			2		30,478,401

Capital and reserves
Called up share capital	19	2	1,000
Profit and loss account		-	30,477,401
		2	30,478,401

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 April 2026.

J S Green

Director

The notes on pages 12 to 25 form part of these financial statements.

Page 10

RICHARD GREEN (FINE PAINTINGS)

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2024	1,000	26,016,258	26,017,258
Comprehensive income for the year
Profit for the year	-	4,461,143	4,461,143

At 1 January 2025	1,000	30,477,401	30,478,401
Comprehensive income for the year
Profit for the year	-	287,516	287,516
Contributions by and distributions to owners
Capital reduction - transfer to reserves	-	998	998
Capital reduction - reduce share capital	(998)	-	(998)
Dividends	-	(30,765,915)	(30,765,915)
Total transactions with owners	(998)	(30,764,917)	(30,765,915)
At 31 December 2025	2	-	2

The notes on pages 12 to 25 form part of these financial statements.

Page 11

RICHARD GREEN (FINE PAINTINGS)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	General information

Richard Green (Fine Paintings) is an unlimited company, incorporated in England and Wales under the Companies Act 2006. The address of the registered office is given on the company information page and the nature of the company's operations and principal activity are set out in the strategic report.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Richard Green Master Paintings Limited as at 31 December 2025 and these financial statements may be obtained from www.companieshouse.gov.uk.

2.3

Going concern

On 31 December 2025, the Company’s trade, along with its assets, liabilities, and reserves, was transferred to its parent company, Richard Green Master Paintings Limited, as part of a reorganisation of the Group's activities.
The Directors expect the Company to remain in existence in a dormant state and have a reasonable expectation that it has adequate resources to continue for the foreseeable future. The Directors therefore consider it appropriate to adopt the going concern basis in preparing the Company's financial statements.

Page 12

RICHARD GREEN (FINE PAINTINGS)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Changes in the fair value of forward foreign exchange contracts that economically hedge monetary assets and liabilities in foreign currencies, and for which no hedge accounting is applied, are recognised in profit or loss with the change in fair value of the forward foreign exchange contract recognised as a fair value movement within operating profit or loss and foreign exchange gains or losses relating to monetary items recognised within administrative expenditure.

2.5

Revenue

Revenue from the sale of artwork is recognised when the significant risks and rewards of ownership have been transferred to the buyer. This occurs when the artwork has either been delivered to the buyer or is held by the Company on behalf of the buyer pending delivery, provided that the buyer bears responsibility for the artwork and the Company has no further obligations in respect of the sale.
Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other local sales taxes. It is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured.

2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

Page 13

RICHARD GREEN (FINE PAINTINGS)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan 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 profit or loss 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.

2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses.

Page 14

RICHARD GREEN (FINE PAINTINGS)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.10

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property	-	Over the lease term
Plant and machinery	-	20% on cost
Fixtures, fittings and equipment	-	0 - 25% on cost

No depreciation is provided on sculptures and antiques included within fixtures, fittings and equipment, on the basis that these assets possess cultural, aesthetic, or historical significance and are expected to be preserved in perpetuity.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.11

Stocks

Stocks are stated at the lower of cost and directors' estimation of net realisable value. Net realisable value is based on estimated selling price.

At each reporting date, stocks are assessed for impairment. The impairment loss is recognised immediately in profit or loss.

2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment.

2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

2.14

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.

Page 15

RICHARD GREEN (FINE PAINTINGS)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.15

Financial instruments

Financial assets
Financial assets, other than investments and derivatives, are initially measured at transaction price (including transaction costs) and subsequently held at cost, less any impairment.
Financial liabilities and equity
Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than the financial instrument's legal form. Financial liabilities, excluding derivatives, are initially measured at transaction price (including transaction costs) and subsequently held at amortised cost.

2.16

Dividends

Equity dividends are recognised when they become legally payable.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, the directors have made the following judgments:
Estimating net realisable value of stocks:
The directors review stock on a regular basis to ensure that the balance sheet value reflects stock at the lower of cost or net realisable value.
The directors review each individual stock item and assess the value after taking into account current market trends and recent auction results.
Estimating useful life of tangible fixed assets:
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors.

Page 16

RICHARD GREEN (FINE PAINTINGS)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Turnover

Analysis of turnover by country of destination:

					2025	2024
					£	£

United Kingdom	23,652,799	15,766,639
Europe	2,166,919	3,655,290
Rest of the world	6,296,986	24,390,947
	32,116,704	43,812,876

5.	Other operating income
		2025	2024
		£	£

	Other proceeds	20	1,074,093

Depreciation of assets	51,956	76,953
Increase / (decrease) of stock provision	(356,762)	(407,959)
(Profit) on disposal of fixed assets	(250,309)	(67,702)
Operating lease rentals	1,904,466	2,015,604
Auditor's remuneration	17,000	27,900
Exchange differences	233	4,690

Page 17

RICHARD GREEN (FINE PAINTINGS)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Wages and salaries	3,988,392	3,983,454
Social security costs	568,732	538,286
Cost of defined contribution scheme	160,733	202,599
	4,717,857	4,724,339

The average monthly number of employees, including the Directors, during the year was as follows:

	2025	2024
	No.	No.

Sales and administration	19	19

8.	Directors' remuneration
		2025	2024
		£	£


	Directors' emoluments	2,615,075	2,783,798

The highest paid Director received remuneration of £1,068,674 (2024 - £1,161,555).
The Directors of the Company are recognised as being the key management personnel of the Company. It is these individuals who together hold joint responsibility for planning, directing and controlling the activities of the Company.

9.	Income from investments
		2025	2024
		£	£


Income from fixed assets investments	-	19,302,803
Amounts written off investment in subsidiary	-	(15,326,948)
	-	3,975,855

Page 18

RICHARD GREEN (FINE PAINTINGS)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

10.	Interest payable and similar expenses
		2025	2024
		£	£

Bank loan and overdraft interest payable	43,396	436,050
Other loan interest payable	132,004	165,076
Finance leases and hire purchase contracts	4,274	5,587
	179,674	606,713

Corporation tax
Current tax on profits for the year	147,259	192,712
Adjustments in respect of previous periods	-	(12,464)

Total current tax	147,259	180,248

	Deferred tax
	Origination and reversal of timing differences	(14,265)	(1,315)

132,994

178,933

Page 19

RICHARD GREEN (FINE PAINTINGS)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

11.Taxation (continued)

Profit on ordinary activities before tax

420,510

4,640,076

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	105,128	1,160,019
Effects of:
Fixed asset differences	-	10,000
Expenses not deductible for tax purposes	26,263	3,851,186
Capital allowances for year in excess of depreciation	(37,123)	-
Adjustments to tax charge in respect of prior periods	-	(12,464)
Capital gains	38,726	7,746
Exempt ABGH distributions	-	(4,825,701)
Other tax adjustments, reliefs and transfers	-	(11,853)
Total tax charge for the year	132,994	178,933

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 20

RICHARD GREEN (FINE PAINTINGS)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

12.	Tangible fixed assets

	Long-term leasehold property	Plant and machinery	Fixtures, fittings and equipment	Total
	£	£	£	£
Cost or valuation
At 1 January 2025	2,913,172	286,263	7,156,581	10,356,016
Additions	-	-	53,361	53,361
Disposals	(2,913,172)	(286,263)	(7,209,942)	(10,409,377)
At 31 December 2025	-	-	-	-
Depreciation
At 1 January 2025	2,913,172	141,214	2,069,026	5,123,412
Charge for the year on owned assets	-	9,600	22,205	31,805
Charge for the year on financed assets	-	20,153	-	20,153
Disposals	(2,913,172)	(170,967)	(2,091,231)	(5,175,370)
At 31 December 2025	-	-	-	-
Net book value
At 31 December 2025	-	-	-	-
At 31 December 2024	-	145,049	5,087,555	5,232,604

Following the hive-up (see note 2.3), the Company holds no tangible fixed assets.
Fixtures and fittings include sculptures and antiques, which are not being depreciated, as disclosed in note 2.10.

Page 21

RICHARD GREEN (FINE PAINTINGS)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

13.	Stocks
		2025	2024
		£	£

	Paintings and works of art	-	41,844,591

Net stock impairment charged/credited to profit and loss during the year is disclosed in note 6.

14.

Debtors

					2025	2024
					£	£


Trade debtors	-	1,829,279
Prepayments and accrued income	-	953,285
	-	2,782,564

Trade debtors includes £Nil (2024 - £236,271) which are due in more than one year.

15.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Trade creditors	-	2,712,507
Amounts owed to group undertakings	-	5,771,863
Corporation tax	-	192,712
Other taxation and social security	-	369,758
Obligations under finance lease and hire purchase contracts	-	18,526
Other creditors and accruals	-	6,724,823
	-	15,790,189

Finance leases are secured on assets concerned.

Page 22

RICHARD GREEN (FINE PAINTINGS)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

16.	Creditors: Amounts falling due after more than one year
		2025	2024
		£	£

Bank loans	-	3,000,000
Net obligations under finance leases and hire purchase contracts	-	109,526
	-	3,109,526


Amounts falling due 1-2 years
Bank loans	-	3,000,000


	-	3,000,000

The Company entered into a revolving credit facility. This facility is held jointly with Richard Green Master Paintings Limited. At 31 December 2025, this had a credit limit in place of £10,000,000 (2024 - £20,000,000). At 31 December 2025, £Nil was drawn down by the Company (2024 - £3,000,000). Interest is payable on the facility at 3.75 % above SONIA (2024 - 4.75% above SONIA).
The bank loan and overdrafts are secured by a fixed and floating charge over all assets of Richard Green (Fine Paintings) and its fellow group companies including Richard Green Master Paintings Limited.
There are cross guarantees in place between these companies in relation to the financing (note 20).

Page 23

RICHARD GREEN (FINE PAINTINGS)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

18.	Deferred taxation

	2025	2024
	£	£

At beginning of year	(930,897)	(930,897)
Timing differences	14,265	-
Transferred to parent company (see note 2.3)	916,632	-
At end of year	-	(930,897)

The deferred taxation balance is made up as follows:
	2025	2024
	£	£

Accelerated capital allowances	-	(933,725)
Short term timing differences	-	2,828
	-	(930,897)

19.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

2 (2024 - 1,000) Ordinary shares of £1.00 each	2	1,000

On 31 December 2025, the Company undertook a capital reduction and reduced its share capital to 2 £1 Ordinary shares.

20.	Contingent liabilities

An unlimited composite cross guarantee between all group companies has been given to the Group's principal bankers. At 31 December 2025 borrowings held by Richard Green (Fine Paintings), net of cash at bank in respect of this guarantee amounted to £Nil (2024 - £2,550,744).

21.	Pension commitments

Pension cost charges amounted to £160,733 (2024 - £202,599). Contributions totalling £Nil (2024 - £11,314) were payable to the pension fund at the reporting date and are included in creditors.

Page 24

RICHARD GREEN (FINE PAINTINGS)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Not later than 1 year	-	1,850,000
Later than 1 year and not later than 5 years	-	6,012,500
	-	7,862,500

All operating lease commitments were transferred to the parent undertaking as part of the hive-up.

23.

Related party transactions

The Company has taken advantage of the exemption conferred by FRS 102 s.33 not to disclose transactions with members of the group headed by Richard Green Master Paintings Limited on the grounds that 100% of the voting rights in the Company are controlled within that Group and the Company is included in the consolidated financial statements.
The Company owed an aggregate amount of £3,782,688 to its Directors (2024 £4,558,223), which was hived up to its parent company as part of the reorganisation process. The interest charged on the loans during the period was £94,481 (2024 - £113,832).
During the year, sales with the value of £114,000 (2024 - £28,550) were made to Directors.

24.	Controlling party

The immediate and ultimate parent company is Richard Green Master Paintings Limited, a company incorporated in England and Wales. The address of its registered office is 147 New Bond Street, London, W1S 2TS.
In the opinion of the Directors there is no ultimate controlling party.

Page 25