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Registered number: 01231097 CROZIER FINE ARTS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
CROZIER FINE ARTS LIMITED COMPANY INFORMATION
Directors | A Revert (resigned 14 June 2024)
| S Hornby (resigned 1 January 2025)
| P Smith
| C Lindquist Brosjo (appointed 1 January 2025)
Registered number | 01231097
Registered office | Ground Floor
| 4 More London Riverside
| London
| SE1 2AU
Independent auditors | Moore Kingston Smith
| Chartered Accountants and Statutory Auditors
| 4 Victoria Square
| St Albans
| Hertfordshire
| AL1 3TF
CROZIER FINE ARTS LIMITED CONTENTS
| Page
Strategic report | 1 - 2
Directors' report | 3 - 4
Independent auditors' report | 5 - 9
Statement of comprehensive income | 10
Balance sheet | 11
Statement of changes in equity | 12
Statement of cash flows | 13
Analysis of net debt | 14
Notes to the financial statements | 15 - 33
CROZIER FINE ARTS LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Introduction
The Directors present their report and the financial statements for the period ended 31 December 2024.
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). The Company continues to successfully provide services to all players in the art echo system and despite a downturn towards the end of the year in the UK art market the Company has retained a strong position in the UK. All whilst the Company has continued its journey to be further integrated in Iron Mountain’s stringent processes especially around safety and security. The Company strengthened its position in international trade through the access to Crozier’s global network with a presence in all major art hubs across the world.
Principal risks and uncertainties
The Board manages risk through a robust framework of policies, procedures, and internal controls supplied by the parent company, Iron Mountain, with a high priority placed on regulatory, legal, ethical, and moral compliance. Macroeconomic Risks: The regulatory and cost implications of Brexit continue to influence the operating environment, increasing trade and customs control costs between the EU and the UK. Strategic analysis indicates a market shift, with reported declines in London’s share of the global art trade and a corresponding increase in Paris. Despite these market stressors, Crozier has maintained relative revenue stability. Operational Efficiency and Integration: During 2024, the Company executed a further reorganisation of its operations, successfully integrating transportation and warehouse functions to deliver a superior client experience. This was supported by a review of internal processes and increased global collaboration across Crozier offices. Competitive Risk: Operating within a highly competitive sector, the Company is exposed to market consolidation, aggressive discounting from current competitors, and the potential entry of new, disruptive players, all of which pose a risk to profitability. As a niche service provider to the art ecosystem, the Company's performance is intrinsically linked to the health and performance of the wider art market. Financial Risks: Liquidity Risk: Managed through careful oversight of cash and borrowing requirements to minimise interest expense while ensuring sufficient liquid resources for operational needs. Interest Rate Risk: Exposure exists on outstanding loans and mortgages. Credit Risk: Cash surpluses are invested with approved, credit-rated institutions, and all customers are subject to rigorous credit verification procedures prior to trading. Page 1
CROZIER FINE ARTS LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Financial key performance indicators
In the year to 31 December 2024 the company recovered in sales of £20.2m and achieved an EBITDA of £793k. This year revenue fell by £1.05m on the prior year.
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.
This report was approved by the board and signed on its behalf.
C Lindquist Brosjo Director
Date: 5 March 2026
Page 2
CROZIER FINE ARTS LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Directors present their report and the financial statements for the year ended 31 December 2024.
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 2006. They 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 profit for the year, after taxation, amounted to £84,803 (2023 - loss £42,445). The Directors do not recommend payment of an Ordinary dividend.
Directors
The Directors who served during the year were:
A Revert (resigned 14 June 2024)
S Hornby (resigned 1 January 2025)
P Smith
C Lindquist Brosjo was appointed a director after the year end on 1 January 2025.
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. Page 3
CROZIER FINE ARTS LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
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 auditors, Moore Kingston Smith, will 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.
C Lindquist Brosjo Director
Date: 5 March 2026
Page 4
CROZIER FINE ARTS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CROZIER FINE ARTS LIMITED
Qualified Opinion
We have audited the financial statements of Crozier Fine Arts Limited for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice). In our opinion, except for the effects of the matter described in the Basis for qualified opinion section of our report, the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its profit 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 qualified opinion on financial statements
Our audit report on the financial statements for the year ended 31 December 2023, dated 24 April 2025, expressed a qualified opinion due to a limitation of scope of our audit concerning trade debtors, sales and bad debt expense. The effects of this matter on the opening balances and comparative figures presented in the current year’s financial statements are material and pervasive. Consequently, we are unable to determine whether adjustments might be necessary in respect of the current year’s profit or loss, cash flows, and the financial position as at 31 December 2024. 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 Auditor’s 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 UK, including the FRC’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 qualified 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 auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our 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 there is 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. As described in the basis for qualified opinion section of our report, our audit opinion is qualified because we were unable to obtain sufficient appropriate audit evidence regarding opening balances of trade debtors. We have concluded that where the other information refers to trade debtors, such as sales and the bad debt expense, it may also be materially misstated for the same reason.
Opinion on other matters prescribed by the Companies Act 2006
Except for the matter referred to in the basis for qualified opinion section of our report, 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
Except for the matter referred to in the basis for qualified opinion section of our report, 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. Page 6
CROZIER FINE ARTS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CROZIER FINE ARTS LIMITED (CONTINUED)
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 7
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. 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 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. Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud 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. The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company. Page 8
CROZIER FINE ARTS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CROZIER FINE ARTS LIMITED (CONTINUED) Our approach was as follows: ∙We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation. ∙We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance. ∙We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance. ∙We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. ∙Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Trushit Patel (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith Chartered Accountants and Statutory Auditors 4 Victoria Square St Albans Hertfordshire AL1 3TF 5 March 2026 Page 9
CROZIER FINE ARTS LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2024
| 2024 | 2023
Note | £ | £
Turnover | 4 | 20,227,979 | 21,281,226
Cost of sales |  | (10,795,005) | (11,817,159)
Gross profit |  | 9,432,974 | 9,464,067
Administrative expenses |  | (9,458,762) | (10,305,301)
Exceptional administrative expenses | 11 | 340,595 | 850,002
Operating profit | 5 | 314,807 | 8,768
Interest payable and similar expenses | 9 | (85,505) | (144,854)
Profit/(loss) before tax |  | 229,302 | (136,086)
Tax on profit/(loss) | 10 | (144,499) | 93,641
Profit/(loss) for the financial year |  | 84,803 | (42,445)
There was no other comprehensive income for 2024 (2023:£NIL).
The notes on pages 15 to 33 form part of these financial statements.
Page 10
CROZIER FINE ARTS LIMITED REGISTERED NUMBER: 01231097 BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023 as restated
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 12 |  | 8,930,450 |  | 2,007,072
|  |  | 8,930,450 |  | 2,007,072
Current assets |  |  |  |  |
Debtors: amounts falling due after more than one year | 13 | 50,000 |  | 50,000 |
Debtors: amounts falling due within one year | 13 | 5,813,998 |  | 8,189,402 |
Cash at bank and in hand |  | 1,394,330 |  | 2,947,456 |
|  | 7,258,328 |  | 11,186,858 |
Creditors: amounts falling due within one year | 14 | (14,004,468) |  | (9,401,804) |
Net current (liabilities)/assets |  |  | (6,746,140) |  | 1,785,054
Total assets less current liabilities |  |  | 2,184,310 |  | 3,792,126
Creditors: amounts falling due after more than one year | 15 |  | - |  | (863)
Provisions for liabilities |  |  |  |  |
Deferred tax | 18 | (144,499) |  | - |
Other provisions | 19 | (805,204) |  | (658,669) |
|  |  | (949,703) |  | (658,669)
Net assets |  |  | 1,234,607 |  | 3,132,594
Capital and reserves |  |  |  |  |
Called up share capital | 20 |  | 100 |  | 100
Merger reserve | 21 |  | (1,982,790) |  | -
Profit and loss account | 21 |  | 3,217,297 |  | 3,132,494
|  |  | 1,234,607 |  | 3,132,594
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
C Lindquist Brosjo
Director
Date: 5 March 2026
Page 11
CROZIER FINE ARTS LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Merger reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2023 | 100 | - | 3,174,939 | 3,175,039
Comprehensive income for the year |  |  |  |
Loss for the year | - | - | (42,445) | (42,445)
Other comprehensive income for the year | - | - | - | -
Total comprehensive income for the year | - | - | (42,445) | (42,445)
Total transactions with owners | - | - | - | -
At 1 January 2024 | 100 | - | 3,132,494 | 3,132,594
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 84,803 | 84,803
Other comprehensive income for the year | - | - | - | -
Total comprehensive income for the year | - | - | 84,803 | 84,803
Contributions by and distributions to owners |  |  |  |
Group reconstruction | - | (1,982,790) | - | (1,982,790)
Total transactions with owners | - | (1,982,790) | - | (1,982,790)
At 31 December 2024 | 100 | (1,982,790) | 3,217,297 | 1,234,607
| The notes on pages 15 to 33 form part of these financial statements.
Page 12
CROZIER FINE ARTS LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024
|  |  | 2024 | 2023 As restated
|  |  | £ | £
Cash flows from operating activities |  |
Profit/(loss) for the financial year | 84,803 | (42,445)
Adjustments for: |  |
Depreciation of tangible assets | 477,822 | 306,082
Interest paid | 85,505 | 144,854
Taxation charge | 144,499 | (93,641)
Decrease/(increase) in debtors | 2,439,679 | (761,765)
(Increase)/decrease in amounts owed by groups | (64,275) | 7,388
(Decrease)/increase in creditors | (620,842) | 1,042,657
Increase in amounts owed to groups | 1,539,233 | 1,719,221
Increase in provisions | 146,535 | 658,669
Corporation tax received | - | 69,698
Net cash generated from operating activities | 4,232,959 | 3,050,718
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (7,215,030) | (1,172,201)
HP interest paid | - | (23,024)
Net cash from investing activities | (7,215,030) | (1,195,225)
Cash flows from financing activities |  |
Repayment of finance leases | (77,634) | (255,111)
Interest paid | (85,505) | (121,830)
Net cash used in financing activities | (163,139) | (376,941)
Net (decrease)/increase in cash and cash equivalents | (3,145,210) | 1,478,552
Cash and cash equivalents at beginning of year | 2,292,212 | 813,660
Cash and cash equivalents at the end of year | (852,998) | 2,292,212
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 1,394,330 | 2,947,456
Bank overdrafts | (2,247,328) | (655,244)
| (852,998) | 2,292,212
The notes on pages 15 to 33 form part of these financial statements.
Page 13
CROZIER FINE ARTS LIMITED ANALYSIS OF NET DEBT FOR THE YEAR ENDED 31 DECEMBER 2024
| At 1 January 2024 | Cash flows | At 31 December 2024
| £ | £ | £
Cash at bank and in hand | 2,947,456 | (1,553,126) | 1,394,330
Bank overdrafts | (655,244) | (1,592,084) | (2,247,328)
Finance leases | (78,994) | 77,634 | (1,360)
| 2,213,218 | (3,067,576) | (854,358)
The notes on pages 15 to 33 form part of these financial statements.
Page 14
CROZIER FINE ARTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Crozier Fine Arts Limited is a limited company incorporated in England and Wales. The address of the registered office is Ground Floor, 4 More London Riverside, London, England, SE1 2AU. The nature of the Company's operations and it's principal activities are fine art packing, shipping, installing and storage. 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 Company has made a profit of £84,803 for the year ended 31 December 2024, had net assets at that date of £1,234,607 and net current liabilities of £6,746,140, which included £7,806,434 due to the immediate parent company. The ultimate parent company, Iron Mountain Inc has confirmed that they will continue to provide financial support to enable the Company to continue to trade and meets its liabilities as they fall due for at least 12 months from the date of approval of the financial statements. In addition the ultimate parent company has confirmed that the intercompany creditors of £9,146,091 will not be recalled until the company is in a financial position for them to do so. The ultimate parent company is forecasted to generate enough cash and the directors have no reason to believe that the ultimate parent company will be unable to provide support. Having made enquiries and based on the forecasts produced and the financial position of the ultimate parent company, the directors have concluded that there is a reasonable expectation that the company has adequate resources to continue in operational existence for at least 12 months from the approval of the financial statements. As such, the financial statements have been prepared on a 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. Revenue from transportation services is recognised upon completion of the services provided and storage revenue is recognised evenly over the period to which the service relates. Page 15
CROZIER FINE ARTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 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
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 16
CROZIER FINE ARTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 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 17
CROZIER FINE ARTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 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 debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 debtors 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 At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 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 Page 18
CROZIER FINE ARTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.8 | Financial instruments (continued)
impairment reversal is recognised in the profit or loss. Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is 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 creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments 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 creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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 19
CROZIER FINE ARTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 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 | 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.
| 2.12 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.13 | 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 20
CROZIER FINE ARTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.14 | 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.
| 2.15 | 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. Page 21
CROZIER FINE ARTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
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 key judgments made that have a significant effect on the amounts recognised in the financial statements include: the bad debt provision and dilapidation provision. Bad debt provision - the company makes an estimate of the recoverable value of trade and other debtors. When assessing the impairment of trade receivables the company considers the ageing of the receivables and provides against all balances greater than 361 days. At 31 December 2024 the bad debt provision is £1,303,722 (2023: £1,543,233). Dilapidation provision - the company is required to restore leased premises to their original condition upon expiry of the lease. A provision is recognised based upon present value of the estimated future costs of these repairs and alterations taking into account the condition and size of the relevant property. The provision is based upon the best estimates of restoring the properties including inflation and is discounted to its present value using a pre-tax discount rate of 3.1%. The estimated cost is based upon technical assessments of the current condition of each property and the expected requirements at the lease expiry date. The company currently has properties theat have a lease expiry of 16 August 2028, 7 April 3031 and 31 March 2041. Significant judgement is required in determining the expected costs, inflation rate and the timing of such work.
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.
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Exchange differences | (53,230) | (2,307)
| Other operating lease rentals | 2,427,792 | 2,506,609
Page 22
CROZIER FINE ARTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
6. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 87,556 | 75,250
7. | Employees
| Staff costs, including Directors' remuneration, were as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Wages and salaries | 5,972,143 | 6,492,694
| Social security costs | 831,932 | 712,227
| Pension contributions | 359,299 | 344,022
|  | 7,163,374 | 7,548,943
| The average monthly number of employees, including the Directors, during the year was as follows:
|  |  | 2024 | 2023
|  |  | No. | No.
|  | Employees | 136 | 126
|  | Directors | 3 | 3
|  |  | 139 | 129
8. | Directors' remuneration
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Directors' emoluments | 101,293 | 115,720
| Pension contributions | 5,850 | 5,850
|  | 107,143 | 121,570
| During the year retirement benefits were accruing to 1 Director (2023 - 1) in respect of defined contribution pension schemes.
Page 23
CROZIER FINE ARTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
9. | Interest payable and similar expenses
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank interest payable | 85,505 | 85,359
| Loans from group undertakings | - | 36,471
| Finance leases and hire purchase contracts | - | 23,024
|  | 85,505 | 144,854
10. | Taxation
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Foreign tax |  |
| Foreign tax on income for the year | - | (69,698)
|  | - | (69,698)
| Total current tax | - | (69,698)
| Deferred tax |  |
| Origination and reversal of timing differences | 144,499 | (23,943)
| Total deferred tax | 144,499 | (23,943)
|  | 144,499 | (93,641)
Page 24
CROZIER FINE ARTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10.Taxation (continued)
| Factors affecting tax charge for the period
| The tax assessed for the year is the same as the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Profit/(loss) on ordinary activities before tax | 229,302 | (136,086)
| Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%) | 209,217 | (25,856)
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 165 | (26,238)
| Capital allowances for year in excess of depreciation | 117,701 | (29,824)
| Other tax adjustments to tax charges | (182,584) | (11,723)
| Total tax charge for the year | 144,499 | (93,641)
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
11. | Exceptional items
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Settlement compensation | (340,595) | -
| Software migration | - | (850,002)
|  | (340,595) | (850,002)
| During the year, under a settlement agreement, the company received a statutory compensation of £340,595 in respect of a previously occupied lease property. In the previous year Crozier Fine Arts Ltd changed accounting software and exceptional income of £850,002 was recognised in the P&L due to the migration process.
Page 25
CROZIER FINE ARTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
12. | Tangible fixed assets
|  | Plant and machinery | Motor vehicles | Fixtures and fittings | Land and buildings | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 January 2024 | 227,064 | 2,354,020 | 1,763,675 | 2,416,087 | 6,760,846
| Additions | - | 604,383 | 355,129 | 6,255,518 | 7,215,030
| Transfers intra group | 561,659 | - | 471,652 | 3,403,243 | 4,436,554
| At 31 December 2024 | 788,723 | 2,958,403 | 2,590,456 | 12,074,848 | 18,412,430
| Depreciation |  |  |  |  |
| At 1 January 2024 | 188,159 | 1,734,936 | 1,382,353 | 1,448,326 | 4,753,774
| Charge for the year on owned assets | 22,766 | 90,787 | 65,212 | 289,585 | 468,350
| Charge for the year on financed assets | - | 9,472 | - | - | 9,472
| Transfers intra group | 561,659 | - | 471,652 | 3,217,073 | 4,250,384
| At 31 December 2024 | 772,584 | 1,835,195 | 1,919,217 | 4,954,984 | 9,481,980
| Net book value |  |  |  |  |
| At 31 December 2024 | 16,139 | 1,123,208 | 671,239 | 7,119,864 | 8,930,450
| At 31 December 2023 | 38,905 | 619,084 | 381,322 | 967,761 | 2,007,072
| 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 2024 12.Tangible fixed assets (continued)
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Motor vehicles | 9,472 | 286,793
|  | 9,472 | 286,793
Page 27
CROZIER FINE ARTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
13. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Due after more than one year |  |
| Other debtors | 50,000 | 50,000
|  | 50,000 | 50,000
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Due within one year |  |
| Trade debtors | 4,041,377 | 6,263,776
| Amounts owed by group undertakings | 64,275 | -
| Other debtors | 747,045 | 1,674,449
| Prepayments and accrued income | 961,301 | 251,177
|  | 5,813,998 | 8,189,402
14. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023 as restated
|  |  |  |  | £ | £
| Bank overdrafts | 2,247,328 | 655,244
| Trade creditors | 646,203 | 2,022,156
| Amounts owed to group undertakings | 9,146,091 | 5,437,898
| Other taxation and social security | 756,246 | 87,129
| Obligations under finance lease and hire purchase contracts | 1,360 | 78,131
| Other creditors | 84,073 | 157,439
| Accruals and deferred income | 1,123,167 | 963,807
|  | 14,004,468 | 9,401,804
| 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 2024
15. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Net obligations under finance leases and hire purchase contracts | - | 863
|  | - | 863
| The hire purchase creditor is secured over the assets to which it pertains.
16. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Within one year | 1,360 | 78,131
| Between 1-5 years | - | 863
|  | 1,360 | 78,994
17. | Financial instruments
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Financial assets |  |
| Financial assets that are debt instruments measured at amortised cost | 6,121,068 | 7,885,536
| Financial liabilities |  |
| Financial liabilities measured at amortised cost | (3,795,703) | (3,527,916)
| 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 2024
18. | Deferred taxation
|  | 2024
|  | £
| Charged to the profit or loss | (144,499)
| At end of year | (144,499)
| The deferred taxation balance is made up as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Accelerated capital allowances | (144,499) | -
|  | (144,499) | -
19. | Provisions
|  | Dilapidation provision
|  | £
| At 1 January 2024 (as restated) | 658,669
| Charged to the profit or loss | 146,535
| At 31 December 2024 | 805,204
| The Company holds operating leases on commercial property, for which a provision of £805,204 (2023: £658,669) has been recognised, representing the estimated costs to restore the property to its original condition at the end of the leases. This estimate is based on professional surveyors' advice, considering the current market prices for materials and labour, property square footage and current condition of the property.
20. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100 (2023 - 100) Ordinary shares of £1.00 each | 100 | 100
Page 30
CROZIER FINE ARTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
21. | Reserves
Merger Reserve The merger reserves has been created upon the business combination as included in note 22. Profit & loss account The balance in the profit and loss account represents the total distributable reserves of the Company.
22. | Business combinations
On 4 November 2024, an asset purchase agreement took place between Crozier Fine Arts Limited, Iron Mountain (UK) Services Limited and Iron Mountain (UK) PLC whereby the assets of Iron Mountain (UK) Services Limited and Iron Mountain (UK) PLC were sold to Crozier Fine Arts Limited. The transaction was carried out using the merger accounting method, whereby assets and liabilities were transferred at book value. The difference between the consideration paid and the value of the assets purchased has been recognised directly within reserves.
| Acquisition of trade and assets of Iron Mountain (UK) Services Limited and Iron Mountain (UK) PLC
| Recognised amounts of identifiable assets acquired and liabilities assumed
|  |  |  |  | Book Value
|  |  |  |  | £
| Fixed Assets |
| Tangible | 597,041
|  | 597,041
| Total Assets | 597,041
| Creditors |
| Due within one year | (579,831)
| Total Identifiable net assets | 17,210
| Non-distributable merger reserve | 1,982,790
| Total purchase consideration | 2,000,000
| Consideration
|  |  |  |  | £
| Debt instruments | 2,000,000
| Total purchase consideration | 2,000,000
Page 31
CROZIER FINE ARTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 22.Business combinations (continued)
23. | Prior year adjustment
A prior year adjustment was recognised to reclassify the dilapidation provision brought forward of £658,669 from accruals to provisions. The adjustment impacted the value of accruals and provisions per the Balance Sheet, but had no impact on the Statement of Comprehensive Income or reserves.
24. | 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 £359,299 (2023: £344,022). No contributions were payable to the fund at the balance sheet date.
25. | Commitments under operating leases
| At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Not later than 1 year | 2,653,282 | 1,762,886
| Later than 1 year and not later than 5 years | 12,311,956 | 6,818,436
| Later than 5 years | 17,154,474 | 5,131,235
|  | 32,119,712 | 13,712,557
| The amount charged to the Statement of Comprehensive Income in the period in relation to operating leases is £2,427,792 (2023: £1,739,221).
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Not later than 1 year | - | 686
|  | - | 686
Page 32
CROZIER FINE ARTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
26. | Related party transactions
| At the year end the company owed Iron Mountain UK Plc, the company's parent company £7,806,434 (2023: £5,394,589), Crozier France, a fellow subsidiary £4,066 (2023: £10,438), Iron Mountain (UK) Services Ltd, a fellow subsidiary £1,253,462 (2023: £53), Iron Mountain Information Management Services, a fellow subsidiary £17,821 (2023: £30,394), Crozier Hong Kong, a fellow subsidiary £9,252 (2023: £15,278), Crozier Schweiz AG, a fellow subsidiary, £3,479 (2023: -£12,816), Iron Mountain Information Management LLC, a fellow subsidiary, £6,394 (2023: £nil) and Crozier Fine Arts Incorporated, the company's ultimate parent company £24,958 (2023: £nil). At the year end the company was owed £51,672 (2023: £39) by Iron Mountain Europe Ltd, a fellow subsidiary, £11,351 (2023: £nil) by Iron Mountain (UK) Data Centre Limited, a fellow subsidiary, and £1,252 (2023: £nil) by Crozier Suisse SA, a fellow subsidiary. During the year the company made purchases from Iron Mountain UK Limited of £12,359 (2023: £730,441).
27. | Controlling party
The share capital of Crozier Fine Arts Limited is owned by Iron Mountain (UK) PLC, a subsidiary of Iron Mountain Incorporated, the ultimate parent company. There is no ultimate controlling party.
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