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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2025
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RICHARD GREEN MASTER PAINTINGS LIMITED
COMPANY INFORMATION
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RICHARD GREEN MASTER PAINTINGS LIMITED
CONTENTS
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RICHARD GREEN MASTER PAINTINGS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The principal activity of the Group is that of art dealing.
On 31 December 2025, the trade, along with the assets, liabilities, and reserves, of subsidiary company Richard Green (Fine Paintings) was transferred to the Company at net book value.
The consolidated income statement is set out on page 9 and shows the profit for the year before taxation of £420,510 (2024 – £664,221).
The Directors report that turnover and performance have remained largely in line with expectations.
The Group 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:
The Group is exposed to the risk of a cyclical downturn that is inherent in the art market. The Group 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.
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RICHARD GREEN MASTER PAINTINGS LIMITED
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.
The Directors who served during the year were:
The profit for the year, after taxation, amounted to £287,516 (2024 - £485,288).
No dividends (2024 - £Nil) were paid during the year.
We value the opinions of our stakeholders, actively engage with them and respond to their priorities, which enables the Group to attract and retain them. The key stakeholder groups for the Group 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 Group to purchase artwork. Key engagements include direct interactions with key staff, the Group website and art fairs. Identifying priorities and responding is 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 Group and on the Group’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 Group. Key engagements include account meetings to meet requirements and art fair collaborations. Identifying priorities and responding is by following good payment practices and communication.
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RICHARD GREEN MASTER PAINTINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The Group'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 Group's principal credit risk is debtor exposure, which is mitigated by an assessment of the creditworthiness of clients for significant transactions.
The Directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Group'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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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RICHARD GREEN MASTER PAINTINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The Directors continue to seek out new markets and opportunities to source and sell high quality paintings to new and existing clients. To enhance the marketing arm, the gallery continues to develop its website to attract buyers and sellers from all over the world.
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
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RICHARD GREEN MASTER PAINTINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RICHARD GREEN MASTER PAINTINGS LIMITED
We have audited the financial statements of Richard Green Master Paintings Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Analysis of Net Debt, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 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 Group's or the Parent 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.
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RICHARD GREEN MASTER PAINTINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RICHARD GREEN MASTER PAINTINGS LIMITED (CONTINUED)
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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group 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 Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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RICHARD GREEN MASTER PAINTINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RICHARD GREEN MASTER PAINTINGS LIMITED (CONTINUED)
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 Group 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 Group and the industry in which it operates and considered the risk of acts by the Group 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 noncompliance with laws and regulations throughout the audit.
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RICHARD GREEN MASTER PAINTINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RICHARD GREEN MASTER PAINTINGS LIMITED (CONTINUED)
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.
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.
for and on behalf of
Chartered Accountants and Statutory Auditors
NW3 5JS
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RICHARD GREEN MASTER PAINTINGS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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RICHARD GREEN MASTER PAINTINGS LIMITED
REGISTERED NUMBER: 01454116
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 April 2026.
The notes on pages 16 to 31 form part of these financial statements.
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RICHARD GREEN MASTER PAINTINGS LIMITED
REGISTERED NUMBER: 01454116
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 16 to 31 form part of these financial statements.
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RICHARD GREEN MASTER PAINTINGS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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RICHARD GREEN MASTER PAINTINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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RICHARD GREEN MASTER PAINTINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
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RICHARD GREEN MASTER PAINTINGS LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2025
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RICHARD GREEN MASTER PAINTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Richard Green Master Paintings Limited is a private company, limited by shares 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
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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
An entity is treated as a subsidiary undertaking where the group controls the undertaking. The consolidated statement of financial position includes 100% of all the subsidiaries' net assets and the consolidated statement of comprehensive income includes post-acquisition profit attributable to the parent company.
The Directors have considered the appropriateness of preparing the financial statements on a going concern basis. The Group is reporting a profit for the year and the Group retains a healthy net current asset position at 31 December 2025.
Measures have been taken by the company to ensure its ability to continue as a going concern. This includes maintaining and negotiating the credit facility with the bank. The Directors have prepared forecasts for at least 12 months from the approval of the financial statements, which indicate that the Group will continue to be able to meet its liabilities as they fall due. On this basis the Directors remain confident that the group has adequate resources to continue in operational existence for the foreseeable future, and therefore they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
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RICHARD GREEN MASTER PAINTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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.
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RICHARD GREEN MASTER PAINTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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RICHARD GREEN MASTER PAINTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (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:
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.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
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RICHARD GREEN MASTER PAINTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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. The Group has only basic financial instruments and no complex financial instruments that would require specific disclosure under sections 11 or 12 of Financial Reporting Standard 102 and paragraph 36 of Schedule 1 to the Companies Act 2006. 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.
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RICHARD GREEN MASTER PAINTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Analysis of turnover by country of destination:
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RICHARD GREEN MASTER PAINTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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RICHARD GREEN MASTER PAINTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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RICHARD GREEN MASTER PAINTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
12.Taxation (continued)
There were no factors that may affect future tax charges.
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RICHARD GREEN MASTER PAINTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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RICHARD GREEN MASTER PAINTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
13.Tangible fixed assets (continued)
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RICHARD GREEN MASTER PAINTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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RICHARD GREEN MASTER PAINTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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RICHARD GREEN MASTER PAINTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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RICHARD GREEN MASTER PAINTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
20.Deferred taxation (continued)
Merger Reserve
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).
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RICHARD GREEN MASTER PAINTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Pension cost charges amounted to £160,733 (2024 - £202,599). Contributions totalling £11,679 (2024 - £11,314) were payable to the fund at the reporting date and are included in creditors.
In the opinion of the Directors there is no ultimate controlling party.
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