ACCOUNTS - Final Accounts

Caseware UK (AP4) 2016.0.181 2016.0.181 2016-10-312016-10-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueNo description of principal activityfalse2015-11-01 7404886 2015-11-01 2016-10-31 7404886 2014-11-01 2015-10-31 7404886 2016-10-31 7404886 2015-10-31 7404886 c:Director1 2015-11-01 2016-10-31 7404886 d:MotorVehicles 2015-11-01 2016-10-31 7404886 d:MotorVehicles 2015-10-31 7404886 d:FurnitureFittings 2015-11-01 2016-10-31 7404886 d:FurnitureFittings 2016-10-31 7404886 d:FurnitureFittings 2015-10-31 7404886 d:FurnitureFittings d:OwnedOrFreeholdAssets 2015-11-01 2016-10-31 7404886 d:ComputerEquipment 2015-11-01 2016-10-31 7404886 d:ComputerEquipment 2016-10-31 7404886 d:ComputerEquipment 2015-10-31 7404886 d:ComputerEquipment d:OwnedOrFreeholdAssets 2015-11-01 2016-10-31 7404886 d:OwnedOrFreeholdAssets 2015-11-01 2016-10-31 7404886 d:CurrentFinancialInstruments 2016-10-31 7404886 d:CurrentFinancialInstruments 2015-10-31 7404886 d:Non-currentFinancialInstruments 2016-10-31 7404886 d:CurrentFinancialInstruments d:WithinOneYear 2016-10-31 7404886 d:CurrentFinancialInstruments d:WithinOneYear 2015-10-31 7404886 d:Non-currentFinancialInstruments d:AfterOneYear 2016-10-31 7404886 d:ShareCapital 2016-10-31 7404886 d:ShareCapital 2015-10-31 7404886 d:SharePremium 2016-10-31 7404886 d:SharePremium 2015-10-31 7404886 d:RetainedEarningsAccumulatedLosses 2016-10-31 7404886 d:RetainedEarningsAccumulatedLosses 2015-10-31 7404886 d:AcceleratedTaxDepreciationDeferredTax 2016-10-31 7404886 c:FRS102 2015-11-01 2016-10-31 7404886 c:AuditExemptWithAccountantsReport 2015-11-01 2016-10-31 7404886 c:FullAccounts 2015-11-01 2016-10-31 7404886 c:PrivateLimitedCompanyLtd 2015-11-01 2016-10-31 iso4217:GBP xbrli:pure

Registered number: 7404886

KLEIN & SONS LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2016

KLEIN & SONS LIMITED

CONTENTS

	Page
Accountants' report	1
Balance sheet	2 - 3
Notes to the financial statements	4 - 9

KLEIN & SONS LIMITED

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF KLEIN & SONS LIMITED
FOR THE YEAR ENDED 31 OCTOBER 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Klein & Sons Limited for the year ended 31 October 2016 which comprise the Balance sheet and the related notes from the Company accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/ members/regulations-standards-and-guidance/.

This report is made solely to the Board of directors of Klein & Sons Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Klein & Sons Limited and state those matters that we have agreed to state to the Board of directors of Klein & Sons Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Klein & Sons Limited and its Board of directors, as a body, for our work or for this report.

It is your duty to ensure that Klein & Sons Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit or loss of Klein & Sons Limited. You consider that Klein & Sons Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Klein & Sons Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

BAGINSKY COHEN

930 HIGH ROAD

LONDON

N12 9RT

25 August 2017

Page 1

KLEIN & SONS LIMITED

REGISTERED NUMBER: 7404886

BALANCE SHEET

AS AT 31 OCTOBER 2016

	2016	2016	2015	2015
Note	£	£	£	£

FIXED ASSETS
Tangible assets	3		15,514		19,724
CURRENT ASSETS
Debtors: amounts falling due within one year	4	134,080		116,750
Cash at bank and in hand	5	4,405		13,436
		138,485		130,186
Creditors: amounts falling due within one year	6	(113,322)		(67,386)
NET CURRENT ASSETS			25,163		62,800
TOTAL ASSETS LESS CURRENT LIABILITIES			40,677		82,524
Creditors: amounts falling due after more than one year	7		(68,343)		-
PROVISIONS FOR LIABILITIES
Deferred tax	8		(1,362)		(1,822)
NET (LIABILITIES)/ASSETS			(29,028)		80,702

CAPITAL AND RESERVES
Called up share capital	112	112
Share premium account	79,988	79,988
Profit and loss account	(109,128)	602
	(29,028)	80,702

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 August 2017.

A. B. KLEIN

Page 2

KLEIN & SONS LIMITED

REGISTERED NUMBER: 7404886

BALANCE SHEET (CONTINUED)

AS AT 31 OCTOBER 2016

Director

The notes on pages 4 to 9 form part of these financial statements.

Page 3

KLEIN & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2016

1.ACCOUNTING POLICIES

1.1

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

1.2

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of turnover can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

1.3

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:

Motor vehicles	-	25%
Fixtures and fittings	-	25%
Computer equipment	-	25%

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 the Statement of comprehensive income.

1.4

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 4

KLEIN & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2016

1.ACCOUNTING POLICIES (CONTINUED)

1.5

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.

1.6

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

1.7

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.

1.8

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

1.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

1.10

Operating leases

Rentals paid under operating leases are charged to the Statement of comprehensive income 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.

Page 5

KLEIN & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2016

1.ACCOUNTING POLICIES (CONTINUED)

1.11

Leasing and hire purchase

Assets obtained under hire purchase contract and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of comprehensive income so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

1.12

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

1.13

Borrowing costs

All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.

1.14

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income, 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.

EMPLOYEES

The average monthly number of employees, including directors, during the year was 6 (2015 - 6).

Page 6

KLEIN & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2016

3.	TANGIBLE FIXED ASSETS

	Motor vehicles	Fixtures and fittings	Computer equipment	Total
	£	£	£	£
COST OR VALUATION
At 1 November 2015	15,787	3,443	20,331	39,561
Additions	-	242	11,237	11,479
Disposals	(15,787)	-	-	(15,787)
At 31 October 2016	-	3,685	31,568	35,253
DEPRECIATION
At 1 November 2015	5,180	1,630	13,028	19,838
Charge for the year on owned assets	-	458	4,622	5,080
Disposals	(5,180)	-	-	(5,180)
At 31 October 2016	-	2,088	17,650	19,738
NET BOOK VALUE
At 31 October 2016	-	1,597	13,918	15,515
At 31 October 2015	10,607	1,814	7,303	19,724

DEBTORS

					2016	2015
					£	£


Trade debtors	46,463	30,753
Other debtors	31,294	31,942
Prepayments and accrued income	56,323	54,055
	134,080	116,750

Included within other debtors due within one year is a loan to Anthony Klein, a director, amounting to £16,079 (2015 - £21,754). The amount outstanding as the year end was £25,000.

Page 7

KLEIN & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2016

5.	CASH AND CASH EQUIVALENTS
		2016	2015
		£	£

	Cash at bank and in hand	4,405	13,436

6.	CREDITORS: Amounts falling due within one year
		2016	2015
		£	£

Trade creditors	24,499	432
Accruals and deferred income	42,343	19,445
Corporation tax	-	5,585
Obligations under finance lease and hire purchase contracts	7,419	13,228
Other creditors	3,426	6,425
Other taxation and social security	15,631	22,271
Other loans	20,004	-
	113,322	67,386

7.	CREDITORS: Amounts falling due after more than one year
		2016	2015
		£	£

	Other loans	68,343	-

8.	DEFERRED TAXATION

		2016
		£
	At beginning of year	1,822
	Charged to the profit or loss	(460)
	AT END OF YEAR	1,362

	The provision for deferred taxation is made up as follows:
					2016
					£

Accelerated capital allowances

1,362

Page 8

KLEIN & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2016

9.	FIRST TIME ADOPTION OF FRS 102 The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.

Page 9