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REGISTERED NUMBER: 00715408 (England and Wales)
















Financial Statements for the Year Ended 31 December 2023

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 2023











Page



Company Information  

1



Balance Sheet  

2



Notes to the Financial Statements  

4




CLASSICAL & CONTEMPORARY ART HIRE LTD


Company Information

FOR THE YEAR ENDED 31 DECEMBER 2023









DIRECTORS:

M Farley


L Farley


F P Farley Butterfield





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 2023



2023

2022



Notes

£   

£   

£   

£   


FIXED ASSETS

Tangible assets

4

4,057,048


4,146,184



Investments

5

2,084,447


2,084,447



6,141,495


6,230,631




CURRENT ASSETS

Stocks

7,033


7,033



Debtors

6

1,267,986


411,522



Cash at bank and in hand

8,537,144


8,680,839



9,812,163


9,099,394



CREDITORS

Amounts falling due within one year

7

5,572,297


5,622,275



NET CURRENT ASSETS

4,239,866


3,477,119



TOTAL ASSETS LESS CURRENT LIABILITIES

10,381,361


9,707,750




PROVISIONS FOR LIABILITIES

978,185


729,687



NET ASSETS

9,403,176


8,978,063




CAPITAL AND RESERVES

Called up share capital

8

1,251


1,251



Capital redemption reserve

9

1,249


1,249



Retained earnings

9

9,400,676


8,975,563



SHAREHOLDERS' FUNDS

11

9,403,176


8,978,063




The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.  


The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.


CLASSICAL & CONTEMPORARY ART HIRE LTD (REGISTERED NUMBER: 00715408)


Balance Sheet - continued

31 DECEMBER 2023



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 29 July 2024 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 2023



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.    



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 2023



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.

3.

EMPLOYEES AND DIRECTORS



The average number of employees during the year was 34 (2022 - 35 ) .


CLASSICAL & CONTEMPORARY ART HIRE LTD (REGISTERED NUMBER: 00715408)


Notes to the Financial Statements - continued

FOR THE YEAR ENDED 31 DECEMBER 2023



4.

TANGIBLE FIXED ASSETS


Fixtures


Short


Plant and


and


leasehold


machinery


fittings

£   

£   

£   



COST


At 1 January 2023

236,527


8,807,313


761,357




Additions

-


160,899


-




Disposals

-


(17,905

)

-




At 31 December 2023

236,527


8,950,307


761,357




DEPRECIATION


At 1 January 2023

145,762


4,887,302


712,766




Charge for year

9,076


203,150


7,289




Eliminated on disposal

-


(6,415

)

-




At 31 December 2023

154,838


5,084,037


720,055




NET BOOK VALUE


At 31 December 2023

81,689


3,866,270


41,302




At 31 December 2022

90,765


3,920,011


48,591





Motor


Computer



vehicles


equipment


Totals

£   

£   

£   



COST


At 1 January 2023

226,281


100,955


10,132,433




Additions

-


-


160,899




Disposals

-


-


(17,905

)



At 31 December 2023

226,281


100,955


10,275,427




DEPRECIATION


At 1 January 2023

152,280


88,139


5,986,249




Charge for year

14,801


4,229


238,545




Eliminated on disposal

-


-


(6,415

)



At 31 December 2023

167,081


92,368


6,218,379




NET BOOK VALUE


At 31 December 2023

59,200


8,587


4,057,048




At 31 December 2022

74,001


12,816


4,146,184




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 2023



5.

FIXED ASSET INVESTMENTS


Shares in


group


undertakings

£   



COST


At 1 January 2023


and 31 December 2023

2,084,447




NET BOOK VALUE


At 31 December 2023

2,084,447




At 31 December 2022

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


2023

2022


£   

£   



Aggregate capital and reserves

3,348,189


3,209,993




Profit for the year

138,196


335,948




During the year, H J Spiller (Hire) Ltd paid the company £220,000 (2022: £195,000) 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


2023

2022


£   

£   



Aggregate capital and reserves

2,726,193


2,725,481




Profit for the year

712


218,703




During the year, Lewis & Kaye (Hire) Ltd paid the company £230,000 (2022: £155,000) 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 2023



6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2023

2022


£   

£   



Trade debtors

48,812


183,615




Other debtors

1,219,174


227,907



1,267,986


411,522




Included in other debtors are loans to directors. M Farley for £525,000 and F Farley for £101,400. Both loans charge interest at the official rate and no repayment terms have been set.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2023

2022


£   

£   



Trade creditors

88,329


52,507




Amounts owed to group undertakings

5,049,558


4,869,881




Taxation and social security

403,924


629,289




Other creditors

30,486


70,598



5,572,297


5,622,275




8.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

2023

2022



value:

£   

£   



1,251

Ordinary shares

£1

1,251


1,251




9.

RESERVES


Capital



Retained


redemption



earnings


reserve


Totals

£   

£   

£   




At 1 January 2023

8,975,563


1,249


8,976,812




Profit for the year

427,113


-


427,113




Dividends

(2,000

)

-


(2,000

)



At 31 December 2023

9,400,676


1,249


9,401,925




10.

CONTROLLING PARTY



The controlling party is M Farley.



The ultimate controlling party is M Farley.


CLASSICAL & CONTEMPORARY ART HIRE LTD (REGISTERED NUMBER: 00715408)


Notes to the Financial Statements - continued

FOR THE YEAR ENDED 31 DECEMBER 2023



11.

RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

2023

2022


£   

£   



Profit for the financial year

427,113


2,416,649




Dividends

(2,000

)

-




Net addition to shareholders' funds

425,113


2,416,649




Opening shareholders' funds

8,978,063


6,561,414




Closing shareholders' funds

9,403,176


8,978,063