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Financial Statements for the Year Ended 31 December 2016 |
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Select Music & Video Distribution |
Limited |
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REGISTERED NUMBER:
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Financial Statements for the Year Ended 31 December 2016 |
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for |
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Select Music & Video Distribution |
Limited |
Select Music & Video Distribution |
Limited (Registered number: 02619679) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2016 |
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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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Select Music & Video Distribution |
Limited |
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Company Information |
for the Year Ended 31 December 2016 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SENIOR STATUTORY AUDITOR: |
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AUDITORS: |
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Statutory Auditor |
3 Boyne Park |
Tunbridge Wells |
Kent |
TN4 8EN |
Select Music & Video Distribution |
Limited (Registered number: 02619679) |
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Balance Sheet |
31 December 2016 |
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2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
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Investments | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL & RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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 Board of Directors on
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Select Music & Video Distribution |
Limited (Registered number: 02619679) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2016 |
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1. | STATUTORY INFORMATION |
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Select Music & Video Distribution Limited is a
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Wales. The 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 represents sales of goods net of discounts and returns, excluding value added tax. Sales are recognised |
and invoiced when goods are delivered but provision is made for returns which have been authorised but not |
received by the company at the period end. |
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Tangible fixed assets |
Depreciation is provided on the straight line method in order to write off each asset over its estimated useful life |
or, if held under a finance lease, over the lease term, whichever is shorter, as follows: |
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Plant & machinery | - 3 years |
Fixtures & fittings | - 5 years |
Motor vehicles | - 4 years |
Computer equipment | - 3 years |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
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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 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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Recording costs |
Production costs are written off evenly over a 12 month period from the date when new recordings are first |
released for sale. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling |
at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Select Music & Video Distribution |
Limited (Registered number: 02619679) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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2. | ACCOUNTING POLICIES - continued |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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Pension costs and other post-retirement benefits |
The company operates defined contribution pension schemes. The assets of the schemes are held and controlled |
by independently administered funds. Contributions payable for the year are charged in the profit and loss |
account. |
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Royalties |
Royalties and licensing income is recognised on an accruals basis. |
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3. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 January 2016 |
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Additions |
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At 31 December 2016 |
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DEPRECIATION |
At 1 January 2016 |
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Charge for year |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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4. | FIXED ASSET INVESTMENTS |
Other |
investments |
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COST |
At 1 January 2016 |
and 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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Select Music & Video Distribution |
Limited (Registered number: 02619679) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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4. | FIXED ASSET INVESTMENTS - continued |
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The company's investments at the Balance Sheet date in the share capital of companies include the following: |
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Registered office: |
Nature of business:
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Class of shares: | holding |
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2016 | 2015 |
£ | £ |
Aggregate capital and reserves |
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Profit for the year |
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5. | DEBTORS |
2016 | 2015 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Other debtors |
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Amounts falling due after more than one year: |
Other debtors |
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Aggregate amounts |
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Other debtors includes a rent deposit of £174,983 (2015: £174,860) which is not returnable until the expiry of |
the relevant lease in March 2018. |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade creditors |
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Taxation & social security |
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Other creditors |
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7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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Select Music & Video Distribution |
Limited (Registered number: 02619679) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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8. | RELATED PARTY DISCLOSURES |
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The company is a wholly owned subsidiary of Naxos Global Distribution Limited, a company registered in Hong |
Kong. The ultimate controlling parties are Mr K Heymann & Mrs T Heymann. |
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The value of group products and services purchased by the company during the year was £2,656,244 (2015 |
: £2,521,799). Sales to companies within the group amounted to £1,294,062 (2015: £1,316,117). Interest has |
been charged on amounts owing by parent and other group companies totalling £50,200 (2015: £40,641). |
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Balances outstanding at 31 December 2016 were as follows: - |
2016 | 2015 |
£ | £ |
Amounts due from other group companies:- |
Naxos Rights International Limited |
Current account | 630,942 | 630,942 |
Trade accounts | 36,112 | 19,074 |
667,054 | 650,016 |
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Naxos Audio Books (UK) Limited |
Current account | 200,000 | 200,000 |
Trade accounts | 231,329 | 143,059 |
431,329 | 343,059 |
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Naxos Media Holdings (Europe) Ltd |
Current account | 223 | - |
Trade accounts | 50 | - |
273 | - |
Other trade accounts: - |
Naxos Global Logistics GmbH | 528,528 | 471,196 |
Naxos International (Far East) Limited | 135,237 | 124,534 |
Naxos Japan Inc | 36,778 | 15,813 |
Naxos of America Inc. | 12,749 | 22,602 |
Naxos Sweden AB | - | 2,509 |
Select Audio-Visual Distribution | 12,598 | 5,388 |
Ondine | 556 | 1,146 |
Naxos Rights US Inc | - | 4,746 |
Naxos Deutschland Musik | - | 110 |
HNH International Ltd | 10,210 | - |
Arkiv Music Inc | 20,705 | - |
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1,856,017 | 1,641,119 |
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Amounts due to parent company:- |
Loan account | 146,133 | 146,133 |
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Amounts due to other group companies:- |
Other trade accounts: - |
Naxos Global Logistics GmbH | 102,614 | 35,790 |
Naxos of America Inc | 77,292 | 71,914 |
Ondine | 190 | - |
Orfeo International Music GmbH | 15,128 | - |
Naxos Sweden AB | 1,265 | 1,859 |
196,489 | 109,563 |
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Select Music & Video Distribution |
Limited (Registered number: 02619679) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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9. | ULTIMATE CONTROLLING PARTY |
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The company is a wholly owned subsidiary of Naxos Global Distribution Limited, a company registered in Hong |
Kong. The ultimate controlling parties are Mr K Heymann & Mrs T Heymann. |