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REGISTERED NUMBER: 00715408 (England and Wales)















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: M Farley
L Farley
S Olu-Williams
F P Farley



SECRETARY: L Farley



REGISTERED OFFICE: 1-21 Brunel Road
Acton
London
W3 7XR



REGISTERED NUMBER: 00715408 (England and Wales)



ACCOUNTANTS: Diverset Limited
Chartered Accountants
Ferrari House
258 Field End Road
Ruislip
Middlesex
HA4 9UU



BANKERS: National Westminster Bank
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 4,133,976 4,108,855
Investments 5 2,084,447 2,084,447
6,218,423 6,193,302

CURRENT ASSETS
Stocks 7,033 7,033
Debtors 6 652,891 646,888
Cash at bank and in hand 5,477,642 6,439,619
6,137,566 7,093,540
CREDITORS
Amounts falling due within one year 7 5,066,625 3,645,690
NET CURRENT ASSETS 1,070,941 3,447,850
TOTAL ASSETS LESS CURRENT LIABILITIES 7,289,364 9,641,152

CREDITORS
Amounts falling due after more than one
year

8

-

(32,987

)

PROVISIONS FOR LIABILITIES (727,950 ) (703,281 )
NET ASSETS 6,561,414 8,904,884

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 1,251 2,500
Capital redemption reserve 10 1,249 -
Retained earnings 10 6,558,914 8,902,384
SHAREHOLDERS' FUNDS 13 6,561,414 8,904,884

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

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.

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

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 17 August 2022 and were signed on its behalf by:




M Farley - Director



L Farley - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 10% on reducing balance
Plant and machinery - 5% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 33% on reducing balance

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 33 (2020 - 32 ) .

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 232,116 8,298,947 761,357
Additions 4,411 274,439 -
Disposals - (12,527 ) -
At 31 December 2021 236,527 8,560,859 761,357
DEPRECIATION
At 1 January 2021 124,231 4,501,326 694,103
Charge for year 11,446 203,386 10,088
Eliminated on disposal - (8,183 ) -
At 31 December 2021 135,677 4,696,529 704,191
NET BOOK VALUE
At 31 December 2021 100,850 3,864,330 57,166
At 31 December 2020 107,885 3,797,621 67,254

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2021 226,281 92,872 9,611,573
Additions - 8,083 286,933
Disposals - - (12,527 )
At 31 December 2021 226,281 100,955 9,885,979
DEPRECIATION
At 1 January 2021 110,654 72,404 5,502,718
Charge for year 23,126 9,422 257,468
Eliminated on disposal - - (8,183 )
At 31 December 2021 133,780 81,826 5,752,003
NET BOOK VALUE
At 31 December 2021 92,501 19,129 4,133,976
At 31 December 2020 115,627 20,468 4,108,855

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 2,084,447
NET BOOK VALUE
At 31 December 2021 2,084,447
At 31 December 2020 2,084,447

The company's investments at the Balance Sheet date in the share capital of companies include the following:

H J Spiller (Hire) Ltd
Registered office:
Nature of business: Hiring of artworks
%
Class of shares: holding
Ordinary 100.00
2021 2020
£    £   
Aggregate capital and reserves 2,874,045 2,423,740
Profit for the year 450,305 188,989

During the year, H J Spiller (Hire) Ltd paid the company £200,000 (2020: £100,000) in management charges.

Lewis & Kaye (Hire) Ltd
Registered office:
Nature of business: Hiring of furniture, equipment and objet d'art
%
Class of shares: holding
Ordinary shares 100.00
2021 2020
£    £   
Aggregate capital and reserves 2,506,778 2,220,832
Profit for the year 285,946 95,097

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 357,806 231,404
Other debtors 228,460 223,859
586,266 455,263

Amounts falling due after more than one year:
Other debtors 66,625 191,625

Aggregate amounts 652,891 646,888

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Hire purchase contracts - 8,581
Trade creditors 84,558 93,593
Amounts owed to group undertakings 4,223,993 3,257,661
Taxation and social security 668,680 263,141
Other creditors 89,394 22,714
5,066,625 3,645,690

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2021 2020
£    £   
Hire purchase contracts - 32,987

9. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2021 2020
value: £    £   
1,251 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 - 8,902,384
Profit for the year 2,156,530 - 2,156,530
Purchase of own shares (4,500,000 ) 1,249 (4,498,751 )
At 31 December 2021 6,558,914 1,249 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
£    £   
M Farley
Balance outstanding at start of year 125,000 205,000
Amounts repaid - (80,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 125,000

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 M Farley.

13. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
2021 2020
£    £   
Profit for the financial year 2,156,530 191,866
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.






Diverset Limited
Chartered Accountants
Ferrari House
258 Field End Road
Ruislip
Middlesex
HA4 9UU


17 August 2022