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Registered number: 01231097









CROZIER FINE ARTS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

 
CROZIER FINE ARTS LIMITED
 
 
COMPANY INFORMATION


Directors
A Revert 
S Hornby 
P Smith 




Registered number
01231097



Registered office
Ground Floor
4 More London Riverside

London

SE1 2AU




Independent auditors
WMT
Chartered Accountants and Statutory Auditors

2nd Floor

4 Beaconsfield Road

St Albans

Hertfordshire

AL1 3RD





 
CROZIER FINE ARTS LIMITED
 

CONTENTS



Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12 - 13
Analysis of net debt
13
Notes to the financial statements
14 - 32

 
CROZIER FINE ARTS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

Introduction
 
The Directors present their report and the financial statements for the period ended 31 December 2022.

Business review
 
The Company operates as a specialist fine art packer, shipper, installer and storage solution provider for commercial galleries, museums, auction houses, artists, collectors and private clients. Operations are based in the United Kingdom, however, a certain volume of work is undertaken for Clients internationally. 
After Iron Mountain acquired the company in April 2021 the company has, since mid 2021, been trading at Crozier Fine Arts Limited within the Crozier group of companies globally all of which are owned by Iron Mountain (NYSE:IRM). 

Principal risks and uncertainties
 
The acquisition took place when Covid-related restrictions remained in the UK and elsewhere, which continued in various forms until early 2022. The art market remained subject to new ways of working with many staff based at home, isolation and quarantine protocols in the workplace and restricted access to museums, galleries and auction houses. This negatively impacted operational efficiency and working practices. There was also the backdrop of Brexit with many associated uncertainties and increased costs because of new trade and customs controls between the EU and the UK. Throughout 2022 trading conditions improved but hiring of drivers was difficult and there were occasional fuel shortages. 
The process of risk management more generally is addressed through a framework of policies, procedures and internal controls. The policies are subject to Board approval, and compliance with regulatory, legal, ethical and moral standards is a high priority for the Company.
Competition - The Company operates in a highly competitive environment and as such it is influenced by the actions of competitors and clients. Discounting by current competitors or new entrants into the market could have a negative effect on profitability.
Market Risk - The Company operates in a niche market servicing clients in the art market. As such, the company is influenced by the performance of the art market.
Liquidity Risk - The Company manages its cash and borrowing requirements in order to minimise interest expense whilst ensuring the company has sufficient liquid resources to meet operating needs.
Interest Rate Risk - The Company is exposed to interest rate risk on loans and mortgages.
Credit Risk - The Company invests cash surpluses through banks and companies which fulfil credit rating criteria approved by the board. Customers who wish to trade with the company are subject to credit verification procedures. 

Financial key performance indicators
 
In the year to 31 December 2022, the company reported sales of £20.1m and achieved an EBITDA loss of £0.8m. Revenue grew by £4.8m (31.2%) year on year, owing to gradually improved pricing and efficiencies.

Other key performance indicators
 
The Company monitors its progress through close comparison of performance against budgeted profitability, cash flow, debtor and creditor days, and capital expenditure.


Page 1

 
CROZIER FINE ARTS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022


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



P Smith
 
Director

Date: 1 March 2024
Page 2

 
CROZIER FINE ARTS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

The Directors present their report and the financial statements for the year ended 31 December 2022.

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;

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 2006They 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.

Results and dividends

The loss for the year, after taxation, amounted to £455,362 (2021 - loss £575,003).

The Directors do not recommend payment of an Ordinary dividend (2021 - £4,896,837).

Directors

The Directors who served during the year were:

A Revert 
S Hornby 
P Smith 

Future developments

The priority for 2023 and beyond has been increasing profitability while retaining market share. This is being achieved by a control of costs, improved data collection to support efficiency programmes, a renewed focus on training and service quality. In the coming year the Company's objectives remain consistent, with particular emphasis on consolidating the gains made in profitability, securing additional sales and improving cash flow generation. 
The Company strives to limit its environmental impact to reduce its carbon emissions, using the latest technology practically and recycling where possible.

Page 3

 
CROZIER FINE ARTS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022

Qualifying third party indemnity provisions

There is an indirect provision for indemnity for the Directors of the Company against a liability.

Matters covered in the Strategic report

The financial risk management objectives and policies of the Company and the exposure of the Company to price risk, credit risk, liquidity risk and cash flow risk are addressed in the Strategic Report.

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 auditorsWMTwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





P Smith
Director

Date: 1 March 2024
Page 4

 
CROZIER FINE ARTS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CROZIER FINE ARTS LIMITED
 

Opinion


We have audited the financial statements of Crozier Fine Arts Limited (the 'Company') for the year ended 31 December 2022, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 2022 and of its loss 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.


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

 
CROZIER FINE ARTS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CROZIER FINE ARTS LIMITED (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 ReportOur 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

 
CROZIER FINE ARTS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CROZIER FINE ARTS LIMITED (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:

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. 
The following laws and regulations were identified as being of significance to the entity: 
• Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation. 
• Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include trade/export compliance, environmental regulations, health and safety legislation, employment law and data protection.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).


As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:


Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness
Page 7

 
CROZIER FINE ARTS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CROZIER FINE ARTS LIMITED (CONTINUED)


of the Company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Directors.
Conclude on the appropriateness of the Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.


We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.





Graham Wintle (Senior Statutory Auditor)
  
for and on behalf of
WMT
 
Chartered Accountants and Statutory Auditors
  
2nd Floor
4 Beaconsfield Road
St Albans
Hertfordshire
AL1 3RD

1 March 2024
Page 8

 
CROZIER FINE ARTS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022

31 December
Period ended
31 December
2022
2021
Note
£
£

  

Turnover
 4 
20,320,255
15,281,921

Cost of sales
  
(14,369,237)
(10,789,105)

Exceptional cost of sales
  
(119,009)
(217,830)

Gross profit
  
5,832,009
4,274,986

Administrative expenses
  
(6,365,386)
(4,869,273)

Other operating income
 5 
-
52,317

Operating loss
 6 
(533,377)
(541,970)

Interest receivable and similar income
 10 
7,158
-

Interest payable and similar expenses
 11 
(39,334)
(48,621)

Loss before tax
  
(565,553)
(590,591)

Tax on loss
 12 
110,191
15,588

Loss for the financial year
  
(455,362)
(575,003)

There was no other comprehensive income for 2022 (2021:£NIL).

The notes on pages 14 to 32 form part of these financial statements.
Page 9

 
CROZIER FINE ARTS LIMITED
REGISTERED NUMBER: 01231097

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 15 
1,140,953
1,361,318

  
1,140,953
1,361,318

Current assets
  

Debtors: amounts falling due within one year
 16 
7,485,025
3,644,980

Cash at bank and in hand
  
969,073
2,841,700

  
8,454,098
6,486,680

Creditors: amounts falling due within one year
 17 
(6,339,780)
(3,561,103)

Net current assets
  
 
 
2,114,318
 
 
2,925,577

Total assets less current liabilities
  
3,255,271
4,286,895

Creditors: amounts falling due after more than one year
 18 
(56,289)
(522,360)

Provisions for liabilities
  

Deferred tax
 21 
(23,943)
(134,134)

  
 
 
(23,943)
 
 
(134,134)

Net assets
  
3,175,039
3,630,401


Capital and reserves
  

Called up share capital 
 22 
100
100

Profit and loss account
  
3,174,939
3,630,301

  
3,175,039
3,630,401


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




P Smith
Director
Date: 1 March 2024

Page 10

 
CROZIER FINE ARTS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 February 2021
100
9,102,141
9,102,241


Comprehensive income for the period

Loss for the period
-
(575,003)
(575,003)


Other comprehensive income for the period
-
-
-


Total comprehensive income for the period
-
(575,003)
(575,003)


Contributions by and distributions to owners

Dividends: Equity capital
-
(4,896,837)
(4,896,837)


Total transactions with owners
-
(4,896,837)
(4,896,837)



At 1 January 2022
100
3,630,301
3,630,401


Comprehensive income for the year

Loss for the year
-
(455,362)
(455,362)


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
(455,362)
(455,362)


Total transactions with owners
-
-
-


At 31 December 2022
100
3,174,939
3,175,039


The notes on pages 14 to 32 form part of these financial statements.

Page 11

 
CROZIER FINE ARTS LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022

2022
2021
£
£

Cash flows from operating activities

Loss for the financial year
(455,362)
(575,003)

Adjustments for:

Depreciation of tangible assets
339,921
359,868

Loss on disposal of tangible assets
23,577
19,310

Interest paid
39,334
48,621

Interest received
(7,158)
-

Taxation charge
(110,191)
(15,588)

(Increase) in debtors
(3,875,359)
(306,017)

Decrease in amounts owed by groups
35,314
4,573,950

(Decrease)/increase in creditors
(850,041)
962,507

Increase in amounts owed to groups
3,382,687
50,470

Corporation tax received/(paid)
-
(66,212)

Net cash generated from operating activities

(1,477,278)
5,051,906


Cash flows from investing activities

Purchase of tangible fixed assets
(133,221)
(59,329)

Sale of tangible fixed assets
(9,912)
12,842

Interest received
7,158
-

HP interest paid
(39,334)
(48,621)

Net cash from investing activities

(175,309)
(95,108)

Cash flows from financing activities

Repayment of/new finance leases
(375,453)
(344,281)

Dividends paid
-
(4,896,837)

Net cash used in financing activities
(375,453)
(5,241,118)

Net (decrease) in cash and cash equivalents
(2,028,040)
(284,320)

Cash and cash equivalents at beginning of year
2,841,700
3,126,020

Cash and cash equivalents at the end of year
813,660
2,841,700


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
969,073
2,841,700

Bank overdrafts
(155,413)
-

813,660
2,841,700

Page 12

 
CROZIER FINE ARTS LIMITED
 


ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2022



At 1 January 2022
At 31 December 2022
£

£

Cash at bank and in hand

2,841,700

2,841,700

Bank overdrafts

-

-

Finance leases

(709,558)

(709,558)


2,132,142
2,132,142

The notes on pages 14 to 32 form part of these financial statements.
Page 13

 
CROZIER FINE ARTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Crozier Fine Arts Limited is a limited company incorporated in England and Wales. The address of the  registered office is given on the company information page. The nature of the Company's operations and it's principal activities are disclosed 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

Going concern

The financial statements are prepared on the going concern basis.

 
2.3

Revenue

Revenue 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. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.
Page 14

 
CROZIER FINE ARTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
reducing balance
Motor vehicles
-
20%
reducing balance
Fixtures and fittings
-
25%
reducing balance
Land and buildings
-
over the period of the lease
Artwork (included in fixtures and fittings)
-
not depreciated as it holds its value

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

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

 
2.5

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 15

 
CROZIER FINE ARTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.7

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
Page 16

 
CROZIER FINE ARTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.8

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Page 17

 
CROZIER FINE ARTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.8
Financial instruments (continued)

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

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

Page 18

 
CROZIER FINE ARTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.9

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.

 
2.10

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. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.12

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 Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.13

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.14

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 19

 
CROZIER FINE ARTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.16

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet 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 balance sheet 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 except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.17

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the period. The nature of estimation means the actual outcomes could differ from those estimates. The are no judgments made that have a significant effect on the amounts recognised in the financial statements.


4.


Turnover

The whole of the turnover is attributable to the rendering of services. In the opinion of the directors it would seriously prejudice the company's interests to disclose the turnover split by geographical market therefore this information has not been included.

Page 20

 
CROZIER FINE ARTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

5.


Other operating income

31 December
Period ended
31 December
2022
2021
£
£

Government grant income
-
52,317

-
52,317



6.


Operating loss

The operating loss is stated after charging:

31 December
Period ended
31 December
2022
2021
£
£

Exchange differences
(4,102)
-

Other operating lease rentals
1,894,709
1,792,984


7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


31 December
Period ended
31 December
2022
2021
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
-
22,500

Page 21

 
CROZIER FINE ARTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

8.


Employees

Staff costs, including Directors' remuneration, were as follows:


31 December
Period ended
31 December
2022
2021
£
£

Wages and salaries
7,053,025
5,083,520

Social security costs
696,453
511,124

Cost of defined contribution scheme
277,565
167,996

8,027,043
5,762,640


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


     31 December
     Period ended
      31 December
        2022
        2021
            No.
            No.







Employees
121
104



Directors
3
5

124
109

Page 22

 
CROZIER FINE ARTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

9.


Directors' remuneration

31 December
Period ended
31 December
2022
2021
£
£

Directors' emoluments
663,875
350,236

Company contributions to defined contribution pension schemes
5,625
5,960

669,500
356,196


During the year retirement benefits were accruing to 1 Director (2021 - 2) in respect of defined contribution pension schemes.

The highest paid Director received remuneration of £98,0681 (2021 - £68,750).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £5,625 (2021 - £4,125).


10.


Interest receivable

31 December
Period ended
31 December
2022
2021
£
£


Other interest receivable
7,158
-

7,158
-


11.


Interest payable and similar expenses

31 December
Period ended
31 December
2022
2021
£
£


Finance leases and hire purchase contracts
39,334
48,621

39,334
48,621

Page 23

 
CROZIER FINE ARTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

12.


Taxation


31 December
Period ended
31 December
2022
2021
£
£

Corporation tax


Adjustments in respect of previous periods
-
(11)


-
(11)


Total current tax
-
(11)

Deferred tax


Origination and reversal of timing differences
(110,191)
(15,577)

Total deferred tax
(110,191)
(15,577)


Taxation on loss on ordinary activities
(110,191)
(15,588)

Factors affecting tax charge for the period

The tax assessed for the year/period is the same as (2021 - the same as) the standard rate of corporation tax in the UK of 19% (2021 - 19%) as set out below:

31 December
Period ended
31 December
2022
2021
£
£


Loss on ordinary activities before tax
(565,553)
(590,591)


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2021 - 19%)
(107,455)
513,915

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,534
-

Capital allowances for year/period in excess of depreciation
(436)
-

Group relief
-
(529,503)

Other tax adjustments to tax charges
(3,834)
-

Total tax charge for the year/period
(110,191)
(15,588)

Page 24

 
CROZIER FINE ARTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
 
12.Taxation (continued)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


13.


Dividends

2022
2021
£
£


Dividends
-
4,896,837

-
4,896,837


14.


Exceptional items

31 December
Period ended
31 December
2022
2021
£
£


Restructuring costs
119,009
217,830

119,009
217,830

Page 25

 
CROZIER FINE ARTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

15.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Land and buildings
Total

£
£
£
£
£



Cost or valuation


At 1 January 2022
200,053
2,380,165
1,451,914
1,449,437
5,481,569


Additions
27,011
-
106,210
-
133,221


Disposals
-
(26,145)
-
-
(26,145)



At 31 December 2022
227,064
2,354,020
1,558,124
1,449,437
5,588,645



Depreciation


At 1 January 2022
157,899
1,399,181
1,182,195
1,380,976
4,120,251


Charge for the year on owned assets
6,606
59,563
114,408
14,758
195,335


Charge for the year on financed assets
10,685
133,901
-
-
144,586


Disposals
-
(12,480)
-
-
(12,480)



At 31 December 2022
175,190
1,580,165
1,296,603
1,395,734
4,447,692



Net book value




At 31 December 2022
51,874
773,855
261,521
53,703
1,140,953



At 31 December 2021
42,154
980,984
269,719
68,461
1,361,318

The net book value of land and buildings comprises of short term leasehold property.

Page 26

 
CROZIER FINE ARTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

           15.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2022
2021
£
£



Plant and machinery
22,952
12,138

Motor vehicles
535,605
843,027

Furniture, fittings and equipment
921
3,686

559,478
858,851

Page 27

 
CROZIER FINE ARTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

16.


Debtors

2022
2021
£
£


Trade debtors
4,825,213
2,942,486

Amounts owed by group undertakings
7,388
42,702

Other debtors
2,034,794
-

Prepayments and accrued income
617,630
659,792

7,485,025
3,644,980



17.


Creditors: Amounts falling due within one year

2022
2021
£
£

Bank overdrafts
155,413
-

Trade creditors
796,294
1,932,503

Amounts owed to group undertakings
3,718,677
50,470

Other taxation and social security
493,835
475,405

Obligations under finance lease and hire purchase contracts
277,816
329,451

Other creditors
145,521
244,039

Accruals and deferred income
752,224
529,235

6,339,780
3,561,103


The hire purchase creditor is secured over the assets to which it pertains.


18.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Net obligations under finance leases and hire purchase contracts
56,289
380,107

Accruals and deferred income
-
142,253

56,289
522,360


The hire purchase creditor is secured over the assets to which it pertains.

Page 28

 
CROZIER FINE ARTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

19.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2022
2021
£
£


Within one year
277,816
329,451

Between 1-5 years
56,289
380,107

334,105
709,558


20.


Financial instruments

2022
2021
£
£

Financial assets


Financial assets that are debt instruments measured at amortised cost
5,046,258
3,034,298


Financial liabilities


Financial liabilities measured at amortised cost
(1,375,589)
(3,142,349)


Financial assets that are debt instruments measured at amortised cost consist of trade debtors, other debtors, accrued income and amounts owed by group companies.


Financial liabilities measured at amortised cost consist of trade creditors, other creditors less directors current account, accruals and deferred income.
Page 29

 
CROZIER FINE ARTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

21.


Deferred taxation




2022


£






At beginning of year
(134,134)


Charged to the profit or loss
110,191



At end of year
(23,943)

The provision for deferred taxation is made up as follows:

2022
2021
£
£


Accelerated capital allowances
(23,943)
(134,134)

(23,943)
(134,134)


22.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



100 (2021 - 100) Ordinary shares of £1.00 each
100
100



23.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £231,806 (2021: £167,996). Contributions totalling £285,520 (2021: £29,951) were payable to the fund at the balance sheet date and are included in creditors.

Page 30

 
CROZIER FINE ARTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

24.


Commitments under operating leases

At 31 December 2022 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2022
2021
£
£


Not later than 1 year
1,759,136
2,127,671

Later than 1 year and not later than 5 years
7,042,544
6,131,014

Later than 5 years
6,670,013
9,206,026

15,471,693
17,464,711



2022
2021

£
£


Not later than 1 year
823
26,534

Later than 1 year and not later than 5 years
686
21,547

1,509
48,081


25.


Related party transactions

At the year end the company owed Iron Mountain UK Plc, the company's parent company £3,284,075 (2021: -£13,633) and Crozier France, a fellow subsidiary £103,292 (2021: £nil).
At the year end the company was owed £42,437 (2021: £155) by Crozier Fine Arts Incorporated, the company's ultimate parent company, £5,964 (2021: -£21,246) by Crozier Suisse SA, a fellow subsidiary, £7,196 (2021: £nil) by Iron Mountain Information Management LLC, £288 (2021: £nil) by Crozier Hong Kong, a fellow subsidiary, and £78,010 (2021: £nil) by Crozier Schweiz AG, a fellow subsidiary.
During the year the company made sales to Iron Mountain UK Limited of £21,870 
(2021: £nil), to Crozier Suisse SA of £4,962 (2021: £nil) , to Crozier Fine Arts Inc £158,290 (2021: £nil), to Crozier Park Royal £28,919 (2021: £nil), to Crozier Schweiz AG £67,538 (2021: £nil) and to Crozier Hong Kong Limited £2,825 (2021: £nil).
During the year the company made sales from Iron Mountain UK Limited of £46,599
 (2021: £nil), from Crozier Fine Arts Inc £23,065 (2021: £nil), and from Crozier Schweiz AG £23,065 (2021: £nil).
The Company owed Trimlane Limited, a fellow subsidiary of Syon Art Limited who was a related party in the prior year until April 20214 £nil
 (2021: £308,171).  During the period Trimlane Limited provided rental services to the Company, amounting to £nil (2021: £745,680).

Page 31

 
CROZIER FINE ARTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

26.


Controlling party

In the prior year during April 2021, the entire share capital of Crozier Fine Arts Limited was purchased by Iron Mountain (UK) PLC, a subsidiary of Iron Mountain Incorporated, the ultimate parent company.  There is no ultimate controlling party.
In the prior year until April 2021, the immediate and ultimate parent company was Syon Art Limited, a company registered in England and Wales.
 

 
Page 32