REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2023 |
for |
CLASSICAL & CONTEMPORARY ART HIRE LTD |
REGISTERED NUMBER: |
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: |
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 2023 |
2023 | 2022 |
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 |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
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 |
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 |
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 2023 |
1. | STATUTORY INFORMATION |
Classical & Contemporary Art Hire Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 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 |
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 |
Additions |
Disposals | ( | ) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( | ) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( | ) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( | ) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
During the year, H J Spiller (Hire) Ltd paid the company £220,000 (2022: £195,000) in management charges. |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
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 |
Other debtors |
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 |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
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 |
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 |
Dividends | ( | ) |
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 |