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REGISTERED NUMBER:
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CHRISTIE MANAGEMENT LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31ST MARCH 2017 |
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REGISTERED NUMBER:
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CHRISTIE MANAGEMENT LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31ST MARCH 2017 |
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CHRISTIE MANAGEMENT LIMITED (REGISTERED NUMBER: 01067968) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2017 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Chartered Accountants' Report | 6 |
CHRISTIE MANAGEMENT LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST MARCH 2017 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
2 St Andrews Place |
Lewes |
East Sussex |
BN7 1UP |
CHRISTIE MANAGEMENT LIMITED (REGISTERED NUMBER: 01067968) |
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BALANCE SHEET |
31ST MARCH 2017 |
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2017 | 2016 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 5 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PENSION LIABILITY | 7 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 6 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director on
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CHRISTIE MANAGEMENT LIMITED (REGISTERED NUMBER: 01067968) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2017 |
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1. | STATUTORY INFORMATION |
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Christie Management Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Pension costs and other post-retirement benefits |
The company participates in the Christie Pension & Life Assurance Scheme. This scheme provides pensions on a |
defined benefit basis to members who joined the scheme prior to 1st January 2001 and on a defined contribution |
basis to members joining after that date. Contributions to the defined benefit fund are charged in the profit and |
loss account so as to spread the cost of pensions over the employees working lives within the company. |
Contributions to the defined contribution fund are charged to the profit and loss account as they become payable. |
The assets of the scheme are held separately from those of the company. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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CHRISTIE MANAGEMENT LIMITED (REGISTERED NUMBER: 01067968) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2017 |
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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6. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
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Ordinary | £1 | 100 | 100 |
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7. | EMPLOYEE BENEFIT OBLIGATIONS |
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The company participates in the multi-employer Christie Pension & Life Assurance Scheme. This scheme |
provides pensions on a defined benefit basis to members who joined the scheme prior to 1st January 2001 and on |
a defined contribution basis to members joining after that date. With effect from 5th December 2008, the scheme |
was sectionalised into four distinct sections, the defined contribution section, plus three defined benefit sections - |
Glyndebourne, Sussex and Devon. Employees of the company participate in the Sussex section, the Company's |
liability being restricted to that in respect of Sussex member employees, past and present. The company is |
unable to identify its share of the underlying assets and liabilities of the Sussex defined benefit section due to the |
multi-employer nature of the scheme. The company therefore accounts for the contributions to the scheme as if it |
were a defined contribution scheme in accordance with FRS 102. |
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The assets of the scheme are held in a separate trustee-administered fund and are invested on a discretionary |
basis by Rothschild. Contributions to the defined benefit section of the Scheme are currently made according to |
funding rates advised by the scheme actuary based on a valuation carried out as at 5th December 2011. |
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The employer contribution rate in respect of current and future service was 24.3% of pensionable salaries |
throughout the year. In addition, in accordance with a 10 year funding plan approved by The Pensions Regulator |
commencing in July 2007, the company paid a fixed monthly contribution of £340 in order to fund the company's |
share of the past service deficit. |
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Retirement benefits are accruing to two employees under the defined benefit section and none under the defined |
contribution section. |
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Contributions to the Scheme by the Company during the year were £9,823 (2016 - £15,181). |
CHRISTIE MANAGEMENT LIMITED (REGISTERED NUMBER: 01067968) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2017 |
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8. | ULTIMATE CONTROLLING PARTY |
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The controlling party is John Christie Limited and its registered office is Glyndebourne Estate Office, |
Glyndebourne, Lewes, East Sussex, BN8 5UU. As the group is small the exemptions from the requirement to |
prepare consolidated financial statements have been taken and no consolidated financial statements have been |
prepared by John Christie Limited. |
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9. | UNDERWRITING OF PENSION SCHEME |
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The company's pension scheme liability has been fully underwritten by A J Christie whose net worth was verified |
as part of the sectionalisation of the pension scheme in December 2008. Since that date his net worth has |
increased and a significant proportion of the pension scheme deficit has already been funded. The pension |
scheme liability represents only a small percentage of A J Christie's net worth. |
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10. | FIRST YEAR ADOPTION |
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This is the first year that the company has presented its results under FRS 102, having previously prepared them |
under UK GAAP. The date of transition to FRS 102 was 1st April 2015. The main amendment arising from |
FRS102 was to include a creditor as at 1st April 2015 for the full amount of the past service deficit which |
amounted to £8,932. |
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The pension contributions of £4,325 and £4,239 for the years ended 31st March 2017 and 31 March 2016 |
respectively have been offset against the creditor. For corporation tax purposes however the pension payments |
are allowable as paid. |
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CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
CHRISTIE MANAGEMENT LIMITED |
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The following reproduces the text of the report prepared for the director in respect of the company's annual |
unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file |
a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the |
Report of the Director are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of Christie Management Limited for the year ended 31st March 2017 which comprise the Income |
Statement, Balance Sheet and the related notes from the company's accounting records and from information and |
explanations you have given us. |
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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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the director of Christie Management Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Christie Management Limited and state those matters that we have agreed to state to the director of Christie Management Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Christie Management Limited director for our work or for this report. |
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It is your duty to ensure that Christie Management 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 of Christie Management Limited. You consider that Christie Management Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Christie Management 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. |
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Chartered Accountants |
2 St Andrews Place |
Lewes |
East Sussex |
BN7 1UP |
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