Palazzo Dream Kitchen's (Scotland) Ltd. - Accounts to registrar (filleted) - small 18.2
Palazzo Dream Kitchen's (Scotland) Ltd. - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 31 December 2018 |
| for |
| PALAZZO DREAM KITCHEN'S (SCOTLAND) LTD. |
| PALAZZO DREAM KITCHEN'S (SCOTLAND) LTD. (REGISTERED NUMBER: SC105373) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2018 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Chartered Accountants' Report | 7 |
| PALAZZO DREAM KITCHEN'S (SCOTLAND) LTD. |
| Company Information |
| for the Year Ended 31 December 2018 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 13 Hope Street |
| Lanark |
| Lanarkshire |
| ML11 7NL |
| PALAZZO DREAM KITCHEN'S (SCOTLAND) LTD. (REGISTERED NUMBER: SC105373) |
| Balance Sheet |
| 31 December 2018 |
| 2018 | 2017 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their 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. |
| PALAZZO DREAM KITCHEN'S (SCOTLAND) LTD. (REGISTERED NUMBER: SC105373) |
| Balance Sheet - continued |
| 31 December 2018 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors on |
| PALAZZO DREAM KITCHEN'S (SCOTLAND) LTD. (REGISTERED NUMBER: SC105373) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2018 |
| 1. | STATUTORY INFORMATION |
| Palazzo Dream Kitchen's (Scotland) Ltd. is a |
| company's registered number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
| value added tax and other sales taxes. |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated life , |
| useful or if held under a finance lease, over the lease term, whichever is the shorter. |
| Land & Buildings | - 2% on cost |
| Showroom | - 20% on reducing balance |
| Plant, fixtures & fittings | - 25% on reducing balance |
| Motor vehicles | - 25% on reducing balance |
| Computer Equipment | - 33% on straight line |
| The showroom is revalued by the directors at the financial year end. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
| moving items. |
| 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. |
| Current or deferred taxation assets and liabilities are not discounted. |
| 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. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
| sheet date. |
| 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. |
| 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. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
| scheme are charged to profit or loss in the period to which they relate. |
| PALAZZO DREAM KITCHEN'S (SCOTLAND) LTD. (REGISTERED NUMBER: SC105373) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2018 |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Plant, |
| Land & | fixtures |
| Buildings | Showroom | & fittings |
| £ | £ | £ |
| COST |
| At 1 January 2018 |
| Reclassification/transfer | ( |
) |
| At 31 December 2018 |
| DEPRECIATION |
| At 1 January 2018 |
| Charge for year |
| Eliminated on disposal |
| Reclassification/transfer | ( |
) |
| At 31 December 2018 |
| NET BOOK VALUE |
| At 31 December 2018 |
| At 31 December 2017 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2018 |
| Additions |
| Disposals | ( |
) | ( |
) |
| Reclassification/transfer | ( |
) |
| At 31 December 2018 |
| DEPRECIATION |
| At 1 January 2018 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| Reclassification/transfer | ( |
) |
| At 31 December 2018 |
| NET BOOK VALUE |
| At 31 December 2018 |
| At 31 December 2017 |
| PALAZZO DREAM KITCHEN'S (SCOTLAND) LTD. (REGISTERED NUMBER: SC105373) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2018 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Trade debtors & WIP |
| Third party loans | 4,000 | 7,295 |
| Palazzo Buildworks Loan | 240,000 | 150,000 |
| VAT |
| Prepayments |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts |
| Trade creditors |
| Tax |
| Social security and other taxes |
| VAT | - | 24,872 |
| Customer deposits | 245,300 | 182,030 |
| Directors' current accounts | 2,115 | 1,221 |
| Accrued expenses |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Hire purchase contracts |
| 8. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2018 | 2017 |
| £ | £ |
| Bank loans |
| Both the Bank Overdraft and the Bank Loan are secured by a Bond and floating charge over the property. |
| 9. | RELATED PARTY DISCLOSURES |
| Eric and Antonietta Palazzo are both directors in Palazzo Dream Kitchens (Scotland) Ltd. At the year end there |
| is a balance owed to Eric Palazzo by the company amounting to £2,115 (2017 £1,221). |
| 10. | ULTIMATE CONTROLLING PARTY |
| The company was under the control of Mr Eric Palazzo and Mrs Antoinetta Palazzo throughout the current and previous accounting periods. |
| Chartered Accountants' Report to the Board of Directors |
| on the Unaudited Financial Statements of |
| Palazzo Dream Kitchen's (Scotland) Ltd. |
| The following reproduces the text of the report prepared for the directors 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 Directors are not required to be filed with the Registrar of Companies. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
| financial statements of Palazzo Dream Kitchen's (Scotland) Ltd. for the year ended 31 December 2018 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. |
| As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance. |
| This report is made solely to the Board of Directors of Palazzo Dream Kitchen's (Scotland) Ltd., as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Palazzo Dream Kitchen's (Scotland) Ltd. and state those matters that we have agreed to state to the Board of Directors of Palazzo Dream Kitchen's (Scotland) Ltd., as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
| It is your duty to ensure that Palazzo Dream Kitchen's (Scotland) Ltd. 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 Palazzo Dream Kitchen's (Scotland) Ltd.. You consider that Palazzo Dream Kitchen's (Scotland) Ltd. is exempt from the statutory audit requirement for the year. |
| We have not been instructed to carry out an audit or a review of the financial statements of Palazzo Dream Kitchen's (Scotland) Ltd.. 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. |
| Chartered Accountants |
| 13 Hope Street |
| Lanark |
| Lanarkshire |
| ML11 7NL |