REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 |
FOR |
CLASSICAL & CONTEMPORARY ART HIRE LTD |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 |
FOR |
CLASSICAL & CONTEMPORARY ART HIRE LTD |
CLASSICAL & CONTEMPORARY ART HIRE LTD (REGISTERED NUMBER: 00715408) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Chartered Accountants' Report | 10 |
CLASSICAL & CONTEMPORARY ART HIRE LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Ferrari House |
258 Field End Road |
Ruislip |
Middlesex |
HA4 9UU |
BANKERS: |
Scotland Corporate Service Team |
Audit Team |
Drummond House |
Edinburgh |
EH12 9JN |
CLASSICAL & CONTEMPORARY ART HIRE LTD (REGISTERED NUMBER: 00715408) |
BALANCE SHEET |
31 DECEMBER 2021 |
2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CLASSICAL & CONTEMPORARY ART HIRE LTD (REGISTERED NUMBER: 00715408) |
BALANCE SHEET - continued |
31 DECEMBER 2021 |
2021 | 2020 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Capital redemption reserve | 10 |
Retained earnings | 10 |
SHAREHOLDERS' FUNDS | 13 |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
CLASSICAL & CONTEMPORARY ART HIRE LTD (REGISTERED NUMBER: 00715408) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
1. | STATUTORY INFORMATION |
Classical & Contemporary Art Hire Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
In the light of the COVID-19 pandemic, the directors have concluded that the company is and remains a going concern based on the continued good trade since the year end. |
Preparation of consolidated financial statements |
The financial statements contain information about Classical & Contemporary Art Hire Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Turnover |
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. |
Tangible fixed assets |
Short leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
CLASSICAL & CONTEMPORARY ART HIRE LTD (REGISTERED NUMBER: 00715408) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
The company contributes to a defined contribution scheme for the benefit of all eligible employees, and also to a separate defined contribution scheme for the Directors. |
Covid-19 related government support |
Where the company has received grants or other Government support in connection with COVID-19, these have been accounted as follows : |
Government Assistance loans are recognised and accounted as other commercial loans. Where material, grants paid by Government to lenders for fees or first years interest are recognised as other income along with the related costs. |
Government or Local Authority grants are recognised in the period in which they are received. |
Coronavirus Job Retention Scheme Grants are recognised in the period to which they relate. |
Rent or Rates holidays are accounted in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
CLASSICAL & CONTEMPORARY ART HIRE LTD (REGISTERED NUMBER: 00715408) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | Plant and | and |
leasehold | machinery | fittings |
£ | £ | £ |
COST |
At 1 January 2021 |
Additions |
Disposals | ( |
) |
At 31 December 2021 |
DEPRECIATION |
At 1 January 2021 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2021 |
Additions |
Disposals | ( |
) |
At 31 December 2021 |
DEPRECIATION |
At 1 January 2021 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
Plant and machinery consists of the hiring stock owned by the company, stated at historical cost less depreciation. |
CLASSICAL & CONTEMPORARY ART HIRE LTD (REGISTERED NUMBER: 00715408) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2021 |
and 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
2021 | 2020 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
During the year, H J Spiller (Hire) Ltd paid the company £200,000 (2020: £100,000) in management charges. |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
2021 | 2020 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
During the year, Lewis & Kaye (Hire) Ltd paid the company £150,000 (2020: £90,000) in management charges. |
Both subsidiary companies are in the same business of hiring objet d'art to the film and television industry. . The fair value of this stock is based on a professional independent valuation in 2016 which the Directors consider to remain reasonable and appropriate. Hence, there is no impairment to the value of these investments. |
CLASSICAL & CONTEMPORARY ART HIRE LTD (REGISTERED NUMBER: 00715408) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
6. | DEBTORS |
2021 | 2020 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Hire purchase contracts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
£ | £ |
Hire purchase contracts |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
Ordinary shares | £1 | 1,251 | 2,500 |
(2020 - 2,500 ) |
On 26/10/21 the company repurchased 1,249 ordinary shares from shareholders for £4,500,000. |
CLASSICAL & CONTEMPORARY ART HIRE LTD (REGISTERED NUMBER: 00715408) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
10. | RESERVES |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 January 2021 | 8,902,384 |
Profit for the year | - |
Purchase of own shares | (4,500,000 | ) | 1,249 | (4,498,751 | ) |
At 31 December 2021 | 6,560,163 |
11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 December 2021 and 31 December 2020: |
2021 | 2020 |
£ | £ |
Balance outstanding at start of year |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
On 11 April 2016 the company loaned a director, Mr M Farley, £375,000 at an interest rate of 3% per annum. The loan is repayable in full no later then the 5th anniversary of drawdown. The loan was fully repaid during the year. |
12. | CONTROLLING PARTY |
The controlling party is M Farley. |
The ultimate controlling party is |
13. | RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS |
2021 | 2020 |
£ | £ |
Profit for the financial year |
Payments to acquire own shares | (4,500,000 | ) | - |
Net (reduction)/addition to shareholders' funds | (2,343,470 | ) | 191,866 |
Opening shareholders' funds | 8,904,884 | 8,713,018 |
Closing shareholders' funds | 6,561,414 | 8,904,884 |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
CLASSICAL & CONTEMPORARY ART HIRE LTD |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Classical & Contemporary Art Hire Ltd for the year ended 31 December 2021 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of Classical & Contemporary Art Hire Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Classical & Contemporary Art Hire Ltd and state those matters that we have agreed to state to the Board of Directors of Classical & Contemporary Art Hire Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Classical & Contemporary Art Hire Ltd and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Classical & Contemporary Art Hire Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Classical & Contemporary Art Hire Ltd. You consider that Classical & Contemporary Art Hire Ltd is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Classical & Contemporary Art Hire Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Chartered Accountants |
Ferrari House |
258 Field End Road |
Ruislip |
Middlesex |
HA4 9UU |