ACCOUNTS - Final Accounts

OPERATING PROFIT/(LOSS)

The operating profit/(loss) is stated after charging:

Caseware UK (AP4) 2016.0.181 2016.0.181 2017-10-312017-10-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueNo description of principal activityfalse2016-11-01 07404886 2016-11-01 2017-10-31 07404886 2015-11-01 2016-10-31 07404886 2017-10-31 07404886 2016-10-31 07404886 2015-11-01 07404886 c:Director1 2016-11-01 2017-10-31 07404886 d:MotorVehicles 2016-11-01 2017-10-31 07404886 d:FurnitureFittings 2016-11-01 2017-10-31 07404886 d:FurnitureFittings 2017-10-31 07404886 d:FurnitureFittings 2016-10-31 07404886 d:FurnitureFittings d:OwnedOrFreeholdAssets 2016-11-01 2017-10-31 07404886 d:ComputerEquipment 2016-11-01 2017-10-31 07404886 d:ComputerEquipment 2017-10-31 07404886 d:ComputerEquipment 2016-10-31 07404886 d:ComputerEquipment d:OwnedOrFreeholdAssets 2016-11-01 2017-10-31 07404886 d:OwnedOrFreeholdAssets 2016-11-01 2017-10-31 07404886 d:CurrentFinancialInstruments 2017-10-31 07404886 d:CurrentFinancialInstruments 2016-10-31 07404886 d:Non-currentFinancialInstruments 2017-10-31 07404886 d:Non-currentFinancialInstruments 2016-10-31 07404886 d:CurrentFinancialInstruments d:WithinOneYear 2017-10-31 07404886 d:CurrentFinancialInstruments d:WithinOneYear 2016-10-31 07404886 d:Non-currentFinancialInstruments d:AfterOneYear 2017-10-31 07404886 d:Non-currentFinancialInstruments d:AfterOneYear 2016-10-31 07404886 d:ShareCapital 2017-10-31 07404886 d:ShareCapital 2016-10-31 07404886 d:ShareCapital 2015-11-01 07404886 d:SharePremium 2017-10-31 07404886 d:SharePremium 2016-10-31 07404886 d:SharePremium 2015-11-01 07404886 d:RetainedEarningsAccumulatedLosses 2016-11-01 2017-10-31 07404886 d:RetainedEarningsAccumulatedLosses 2017-10-31 07404886 d:RetainedEarningsAccumulatedLosses 2015-11-01 2016-10-31 07404886 d:RetainedEarningsAccumulatedLosses 2016-10-31 07404886 d:RetainedEarningsAccumulatedLosses 2015-11-01 07404886 d:AcceleratedTaxDepreciationDeferredTax 2017-10-31 07404886 d:AcceleratedTaxDepreciationDeferredTax 2016-10-31 07404886 c:OrdinaryShareClass1 2016-11-01 2017-10-31 07404886 c:OrdinaryShareClass1 2017-10-31 07404886 c:FRS102 2016-11-01 2017-10-31 07404886 c:AuditExemptWithAccountantsReport 2016-11-01 2017-10-31 07404886 c:FullAccounts 2016-11-01 2017-10-31 07404886 c:PrivateLimitedCompanyLtd 2016-11-01 2017-10-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 07404886

KLEIN & SONS LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2017

KLEIN & SONS LIMITED

CONTENTS

	Page
Accountants' report	1
Balance sheet	2 - 3
Statement of changes in equity	4
Notes to the financial statements	5 - 11

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 2017

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 2017 which comprise the Balance sheet, the Statement of changes in equity 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

31 July 2018

Page 1

KLEIN & SONS LIMITED

REGISTERED NUMBER: 07404886

BALANCE SHEET

AS AT 31 OCTOBER 2017

	2017	2017	2016	2016
Note	£	£	£	£

FIXED ASSETS
Tangible assets	5		12,300		15,515
CURRENT ASSETS
Debtors: amounts falling due within one year	6	173,654		134,080
Cash at bank and in hand	7	9,616		4,405
		183,270		138,485
Creditors: amounts falling due within one year	8	(65,349)		(113,322)
NET CURRENT ASSETS			117,921		25,163
TOTAL ASSETS LESS CURRENT LIABILITIES			130,221		40,678
Creditors: amounts falling due after more than one year	9		(48,340)		(68,343)
PROVISIONS FOR LIABILITIES
Deferred tax	10		(1,362)		(1,362)
NET ASSETS/(LIABILITIES)			80,519		(29,027)

CAPITAL AND RESERVES
Called up share capital	11	112	112
Share premium account	12	79,988	79,988
Profit and loss account	12	419	(109,127)
		80,519	(29,027)

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered 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 31 July 2018.

Page 2

KLEIN & SONS LIMITED

REGISTERED NUMBER: 07404886

BALANCE SHEET (CONTINUED)

AS AT 31 OCTOBER 2017

A. B. KLEIN

Director

The notes on pages 5 to 11 form part of these financial statements.

Page 3

KLEIN & SONS LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 OCTOBER 2017

	Called up share capital	Share premium account	Profit and loss account	Total equity
	£	£	£	£
AT 1 NOVEMBER 2015	112	79,988	603	80,703
COMPREHENSIVE INCOME FOR THE YEAR
Loss for the year	-	-	(109,730)	(109,730)

AT 1 NOVEMBER 2016	112	79,988	(109,127)	(29,027)
COMPREHENSIVE INCOME FOR THE YEAR
Profit for the year	-	-	119,546	119,546
Dividends: Equity capital	-	-	(10,000)	(10,000)
AT 31 OCTOBER 2017	112	79,988	419	80,519

The notes on pages 5 to 11 form part of these financial statements.

Page 4

KLEIN & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2017

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.

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 2).

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.

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KLEIN & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2017

1.ACCOUNTING POLICIES (CONTINUED)

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.

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 instrument 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.

Page 6

KLEIN & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2017

1.ACCOUNTING POLICIES (CONTINUED)

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.

1.11

Leasing and hire purchase

Assets obtained under hire purchase contracts 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.

Page 7

KLEIN & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2017

2.	JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Company's accounting policies, which are described in note 1, management is required to make judgments, estimated and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimate and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results my differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

Depreciation of tangible fixed assets	4,076	5,080
Exchange differences	763	(492)
Other operating lease rentals	7,354	15,284
Defined contribution pension cost	955	-

EMPLOYEES

The average monthly number of employees, including directors, during the year was 4 (2016 - 6).

Page 8

KLEIN & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2017

5.	TANGIBLE FIXED ASSETS

	Fixtures and fittings	Computer equipment	Total
	£	£	£
COST OR VALUATION
At 1 November 2016	3,685	31,568	35,253
Additions	-	860	860
At 31 October 2017	3,685	32,428	36,113
DEPRECIATION
At 1 November 2016	2,088	17,650	19,738
Charge for the year on owned assets	398	3,677	4,075
At 31 October 2017	2,486	21,327	23,813
NET BOOK VALUE
At 31 October 2017	1,199	11,101	12,300
At 31 October 2016	1,597	13,918	15,515

DEBTORS

					2017	2016
					£	£

Trade debtors	67,851	46,463
Other debtors	39,793	31,294
Prepayments and accrued income	66,010	56,323
	173,654	134,080

7.	CASH AND CASH EQUIVALENTS
		2017	2016
		£	£

	Cash at bank and in hand	9,616	4,405

Page 9

KLEIN & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2017

8.	CREDITORS: Amounts falling due within one year
		2017	2016
		£	£

Trade creditors	3,880	24,499
Accruals and deferred income	24,106	42,343
Corporation tax	6,787	-
Obligations under finance lease and hire purchase contracts	3,291	7,419
Other creditors	3,475	3,426
Other taxation and social security	3,805	15,631
Other loans	20,005	20,004
	65,349	113,322

9.	CREDITORS: Amounts falling due after more than one year
		2017	2016
		£	£

	Other loans	48,340	68,343

10.	DEFERRED TAXATION

		2017
		£

	At beginning of year	(1,362)
	Charged to the profit or loss	-
	AT END OF YEAR	(1,362)

The provision for deferred taxation is made up as follows:
	2017	2016
	£	£

Accelerated capital allowances

1,362

Page 10

KLEIN & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2017

11.	SHARE CAPITAL
		2017	2016
		£	£

Allotted, called up and fully paid

112 Ordinary shares of £1 each	112	112

12.

RESERVES

Share premium account

This includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Profit and loss account

This includes all current and prior period retained profits and losses.

Page 11