Company Registration No. 01377260 (England and Wales)
HERBERT KRETZMER LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2016
HERBERT KRETZMER LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
HERBERT KRETZMER LIMITED
ABBREVIATED BALANCE SHEET
AS AT
29 FEBRUARY 2016
29 February 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
9,652,860
9,545,166
Current assets
Debtors
721,825
182,048
Cash at bank and in hand
965,303
3,592,044
1,687,128
3,774,092
Creditors: amounts falling due within one year
(326,101)
(392,224)
Net current assets
1,361,027
3,381,868
Total assets less current liabilities
11,013,887
12,927,034
Provisions for liabilities
(6,964)
(6,964)
11,006,923
12,920,070
Capital and reserves
Called up share capital
3
100
100
Revaluation reserve
3,410,896
3,410,896
Profit and loss account
7,595,927
9,509,074
Shareholders' funds
11,006,923
12,920,070
For the financial year ended 29 February 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their 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 3 November 2016
S E M Kretzmer
Director
Company Registration No. 01377260
HERBERT KRETZMER LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 29 FEBRUARY 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Turnover
Turnover represents amounts receivable for royalty income net of VAT for services provided to customers within the music industry and rents receivable from letting properties net of VAT and ground rents receivable from freehold interests. Turnover is recognised in the period to which it relates.
1.3
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings Leasehold
over the term of the lease
Fine art
see below
Fixtures, fittings & equipment
10% on a reducing balance basis
Investment properties are included in the balance sheet at the current market valuation. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.
In accordance with the FRSSE, fine art is not depreciated as the depreciation charge and related accumulated depreciation balance would not be material owing to a long estimated useful economic life. Annual impairment reviews are carried out by the directors as part of the insurance renewal process.
1.4
Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.5
Pensions
Defined contribution scheme
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
Voluntary scheme
Accounting for the voluntary pension scheme involves judgement about uncertain events, including the life expectancy of the member, pension increases, inflation and the rate at which the future pension payments are discounted. Estimates for these factors are used in determining the pension cost and liabilities reported in the financial statements. These best estimates of future developments are made in conjunction with independent actuaries. The scheme is subject to a periodic review by independent actuaries. The voluntary pension payments are accounted for in the year of payment.
1.6
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
Deferred tax assets are recognised only to the extent that the director considers that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differencies can be deducted.
HERBERT KRETZMER LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2016
1
Accounting policies
(Continued)
- 3 -
1.7
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.
2
Fixed assets
Tangible assets
£
Cost or valuation
At 1 March 2015
9,867,085
Additions
111,544
At 29 February 2016
9,978,629
Depreciation
At 1 March 2015
321,919
Charge for the year
3,850
At 29 February 2016
325,769
Net book value
At 29 February 2016
9,652,860
At 28 February 2015
9,545,166
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
10,000 'A' to 'F' Ordinary shares of 1p each
100
100
The 'A' to '
F
' ordinary shares carry the same rights and rank Pari-Passu with each other.