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REGISTERED NUMBER: 00715408 (England and Wales)















Financial Statements for the Year Ended 31 December 2024

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 2024










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 2024







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 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 4,047,488 4,057,048
Investments 5 2,084,447 2,084,447
6,131,935 6,141,495

CURRENT ASSETS
Stocks 5,000 7,033
Debtors 6 1,329,821 1,267,986
Cash at bank and in hand 9,523,961 8,537,144
10,858,782 9,812,163
CREDITORS
Amounts falling due within one year 7 5,973,840 5,572,297
NET CURRENT ASSETS 4,884,942 4,239,866
TOTAL ASSETS LESS CURRENT LIABILITIES 11,016,877 10,381,361

PROVISIONS FOR LIABILITIES 976,705 978,185
NET ASSETS 10,040,172 9,403,176

CAPITAL AND RESERVES
Called up share capital 8 1,251 1,251
Capital redemption reserve 9 1,249 1,249
Retained earnings 9 10,037,672 9,400,676
SHAREHOLDERS' FUNDS 11 10,040,172 9,403,176

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 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 2024


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 30 June 2025 and were signed on its behalf by:





M Farley - Director


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

Notes to the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2024


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 - 20% 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 2024


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 (2023 - 34 ) .

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

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


4. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 January 2024 236,527 8,950,307 761,357
Additions - 192,533 6,414
Disposals - (12,610 ) -
At 31 December 2024 236,527 9,130,230 767,771
DEPRECIATION
At 1 January 2024 154,838 5,084,037 720,055
Charge for year 16,338 202,309 7,157
Eliminated on disposal - (7,407 ) -
At 31 December 2024 171,176 5,278,939 727,212
NET BOOK VALUE
At 31 December 2024 65,351 3,851,291 40,559
At 31 December 2023 81,689 3,866,270 41,302

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2024 226,281 100,955 10,275,427
Additions 65,552 - 264,499
Disposals (58,250 ) - (70,860 )
At 31 December 2024 233,583 100,955 10,469,066
DEPRECIATION
At 1 January 2024 167,081 92,368 6,218,379
Charge for year 24,073 2,833 252,710
Eliminated on disposal (42,104 ) - (49,511 )
At 31 December 2024 149,050 95,201 6,421,578
NET BOOK VALUE
At 31 December 2024 84,533 5,754 4,047,488
At 31 December 2023 59,200 8,587 4,057,048

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 2024


5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2024
and 31 December 2024 2,084,447
NET BOOK VALUE
At 31 December 2024 2,084,447
At 31 December 2023 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
2024 2023
£    £   
Aggregate capital and reserves 3,652,238 3,348,189
Profit for the year 304,049 138,196

During the year, H J Spiller (Hire) Ltd paid the company £240,000 (2023: £220,000) 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
2024 2023
£    £   
Aggregate capital and reserves 2,763,477 2,726,193
Profit for the year 37,284 712

During the year, Lewis & Kaye (Hire) Ltd paid the company £240,000 (2023: £230,000) 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 2024


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 150,720 48,812
Other debtors 1,179,101 1,219,174
1,329,821 1,267,986

Included in other debtors are loans to directors. M Farley for £410,000 (2023 : £525,000) and F Farley for £160,000 (2023 : £101,400). Both loans are charged interest at the official rate and no repayment terms have been set.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 95,730 88,329
Amounts owed to group undertakings 5,513,546 5,049,558
Taxation and social security 343,514 403,924
Other creditors 21,050 30,486
5,973,840 5,572,297

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,251 Ordinary shares £1 1,251 1,251

9. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 January 2024 9,400,676 1,249 9,401,925
Profit for the year 636,996 - 636,996
At 31 December 2024 10,037,672 1,249 10,038,921

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 2024


11. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
2024 2023
£    £   
Profit for the financial year 636,996 427,113
Dividends - (2,000 )
Net addition to shareholders' funds 636,996 425,113
Opening shareholders' funds 9,403,176 8,978,063
Closing shareholders' funds 10,040,172 9,403,176