Valerio's Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 06230107 (England and Wales)

VALERIO'S LIMITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30TH APRIL 2014

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTOR:

C. Carnevale

SECRETARY:

A. Maroso

REGISTERED OFFICE:

Carnevale House,

107, Blundell Street,

London,

N7 9BN

REGISTERED NUMBER:

06230107 (England and Wales)

ACCOUNTANTS:

Findlay, Wetherfield, Scott & Co.

135/137, Station Road,

Chingford,

London

E4 6AG

FIXED ASSETS

Intangible assets

2

10,000

10,000

Tangible assets

3

1,834,916

1,875,403

1,844,916

1,885,403

CURRENT ASSETS

Stocks

150,812

93,875

Debtors

444,870

419,490

Cash at bank

-

371,054

595,682

884,419

CREDITORS

Amounts falling due within one year

3,353,220

3,546,313

NET CURRENT LIABILITIES

(2,757,538

)

(2,661,894

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(912,622

)

(776,491

)

CAPITAL AND RESERVES

Called up share capital

4

2

2

Profit and loss account

(912,624

)

(776,493

)

SHAREHOLDERS' FUNDS

(912,622

)

(776,491

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th April 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th April 2014 in accordance with Section 476 of the Companies Act 2006.

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.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 26th February 2015 and were signed by:

C. Carnevale - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

not provided

Plant and machinery

-

Straight line over 15 years

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1st May 2013

and 30th April 2014

10,000

NET BOOK VALUE

At 30th April 2014

10,000

At 30th April 2013

10,000

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1st May 2013

2,324,549

Additions

35,001

Disposals

(16,250

)

At 30th April 2014

2,343,300

DEPRECIATION

At 1st May 2013

449,146

Charge for year

71,838

Eliminated on disposal

(12,600

)

At 30th April 2014

508,384

NET BOOK VALUE

At 30th April 2014

1,834,916

At 30th April 2013

1,875,403

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

2

Ordinary

£1

2

2

5.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

Mr. C. Carnevale is the sole shareholder and director of the company.

During the year, sales of £2,502,015 and purchases of £34,761 were made to or by other businesses owned by the

director.

The company was owed £252,926 by businesses owned by the director.

The company owed £2,850,000 to the director shown as the longer term loan.

6.	GOING CONCERN

The accounts have been prepared on the Going Concern basis as the director considers that the company will

continue for the foreseeable future.

The sole director and shareholder, Mr. C. Carnevale, is the largest creditor and has agreed not to withdraw funds

unless the company is able to pay all other creditors.