INTERNATIONAL_CLASSICAL_A - Accounts

INTERNATIONAL CLASSICAL ARTISTS LIMITED - Company Information

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Company Registration No. 01939692 (England and Wales)

INTERNATIONAL CLASSICAL ARTISTS LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2016

INTERNATIONAL CLASSICAL ARTISTS LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

INTERNATIONAL CLASSICAL ARTISTS LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 AUGUST 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

25,605

69,121

Current assets

Stocks

22,336

25,910

Debtors

953,838

911,766

Cash at bank and in hand

139,057

141,991

1,115,231

1,079,667

Creditors: amounts falling due within one year

(974,968)

(889,479)

Net current assets

140,263

190,188

Total assets less current liabilities

165,868

259,309

Creditors: amounts falling due after more than one year

(111,852)

(217,038)

54,016

42,271

Capital and reserves

Called up share capital

2,008

Profit and loss account

52,008

40,263

Shareholders' funds

54,016

42,271

For the financial year ended 31 August 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 12 May 2017

S Wright

Director

Company Registration No. 01939692

INTERNATIONAL CLASSICAL ARTISTS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2016

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation.

Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Leasehold imps

33 1/3% on straight line basis

Computer equipment

33 1/3% on straight line basis

Fixtures, fittings & equipment

25% on reducing balance

1.5

Revenue recognition

Commission income is recognised on the date of performance, or on the last performance date in the case of a series of performances booked as a single engagement. Commission on music directorships and the like is recognised at the time of billing the orchestra on behalf of the artist in accordance with the contract. Commission on royalties is recognised when payment is received.

Tour income is recognised in the month when the tour takes place, or is completed.

1.6

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

INTERNATIONAL CLASSICAL ARTISTS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2016

- 3 -

Fixed assets

Tangible assets

Cost

At 1 September 2015

140,525

Additions

5,794

Disposals

(57,330)

At 31 August 2016

88,989

Depreciation

At 1 September 2015

71,403

On disposals

(39,403)

Charge for the year

31,384

At 31 August 2016

63,384

Net book value

At 31 August 2016

25,605

At 31 August 2015

69,121

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £230,332 (2015 - £258,974).

Creditors: amounts falling due after more than one year

The aggregate amount of creditors for which security has been given amounted to £111,852 (2015 - £217,038).

Share capital

2016

2015

Allotted, called up and fully paid

2,008 Ordinary share of £1 each

2,008