P. J. Zeitlin & Co Limited Small abridged accounts

P.J. ZEITLIN & CO. LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of P. J. Zeitlin & Co Limited have consented to the preparation of the statement of income and retained earnings and the abridged statement of financial position for the year ending 31 December 2016 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 01173822

P. J. Zeitlin & Co Limited

Unaudited Abridged Financial Statements

31 December 2016

GERALD KREDITOR & CO.

Chartered accountant

Hallswelle House

1 Hallswelle Road

London

NW11 0DH

P. J. Zeitlin & Co Limited

Abridged Financial Statements

Year ended 31 December 2016

Contents	Page

Officers and professional advisers	1

Abridged statement of financial position	2

Notes to the abridged financial statements	4

P. J. Zeitlin & Co Limited

Officers and Professional Advisers

Director	Mr M Zeitlin

Company secretary	M. Zeitlin

Registered office	Bellside House
	4 Elthorne Road
	London
	N19 4AG

Accountants	GERALD KREDITOR & CO.
	Chartered accountant
	Hallswelle House
	1 Hallswelle Road
	London
	NW11 0DH

Bankers	Barclays Bank PLC
	PO Box 299
	Birmingham
	B1 3PF

P. J. Zeitlin & Co Limited

Abridged Statement of Financial Position

31 December 2016

	2016		2015
Note	£	£	£

Fixed assets

Tangible assets	7	8,467	243,985
Investments	8	4,450	4,450
		--------	---------
		12,917	248,435

Current assets

Stocks	116,136	204,371
Debtors	1,060,783	992,538
Cash at bank and in hand	1,598,994	901,041
	------------	------------
	2,775,913	2,097,950

Creditors: amounts falling due within one year	1,418,375		2,086,172
	------------		------------
Net current assets		1,357,538	11,778
		------------	---------
Total assets less current liabilities		1,370,455	260,213
		------------	---------
Net assets		1,370,455	260,213
		------------	---------

Capital and reserves

Called up share capital	10,000	10,000
Profit and loss account	1,360,455	250,213
	------------	---------
Members funds	1,370,455	260,213
	------------	---------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 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 members have not required the company to obtain an audit of its abridged 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 abridged financial statements .

P. J. Zeitlin & Co Limited

Abridged Statement of Financial Position (continued)

31 December 2016

These abridged financial statements were approved by the board of directors and authorised for issue on 17 March 2017 , and are signed on behalf of the board by:

Mr M Zeitlin
Director

Company registration number: 01173822

P. J. Zeitlin & Co Limited

Notes to the Abridged Financial Statements

Year ended 31 December 2016

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Bellside House, 4 Elthorne Road, London, N19 4AG.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Land and building	-	1% straight line
Fixtures and fittlings	-	15% straight line
Equipment	-	33% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Auditor's remuneration

	2016	2015
	£	£
Fees payable for the audit of the abridged financial statements	–	21,000
	----	--------

5. Staff costs

The average number of persons employed by the company during the year, including the director, amounted to 4 (2015: 5).

6. Profit before taxation

Profit before taxation is stated after charging:

	2016	2015
	£	£
Depreciation of tangible assets	14,765	8,231
	--------	-------

7. Tangible assets

	£
Cost
At 1 January 2016	487,341
Disposals	( 292,439)
	---------
At 31 December 2016	194,902
	---------
Depreciation
At 1 January 2016	243,356
Charge for the year	14,765
Disposals	( 71,686)
	---------
At 31 December 2016	186,435
	---------
Carrying amount
At 31 December 2016	8,467
	---------
At 31 December 2015	243,985
	---------

8. Investments

	£
Cost
At 1 January 2016 and 31 December 2016	4,450
	-------
Impairment
At 1 January 2016 and 31 December 2016	–
	-------
Carrying amount
At 31 December 2016	4,450
	-------

9. Contingencies

There is a contingent liability in the sum of £2,000 (2015: £2,000) in respect of a bank guarantee given under the Vat Deferment scheme.

10. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2016
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr M Zeitlin	625,575	340,289	( 905,615)	60,249
	---------	---------	---------	--------

	2015
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr M Zeitlin	1,018,445	–	( 392,870)	625,575
	------------	----	---------	---------

11. Related party transactions

No single person controlled the company in the current and previous year. There were loans from the director during the year and the balance outstanding at the end of the year amounted to £625,575.