ACCOUNTS - Final Accounts

PALOMBA TRADING LIMITED - Company Information

Registered number: 08393529

PALOMBA TRADING LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019


PALOMBA TRADING LIMITED

CONTENTS

	Page
Statement of Financial Position	1 - 2
Notes to the Financial Statements	3 - 7


PALOMBA TRADING LIMITED REGISTERED NUMBER:08393529

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2019

		2019		2018
Note		£		£

Fixed assets
Tangible assets			401		1,067

Current assets
Debtors: amounts falling due within one year	5	75,117		87,363
Cash at bank and in hand		28,497		32,328
		103,614		119,691
Current liabilities
Creditors: amounts falling due within one year	6	(44,276)		(37,702)
Net current assets			59,338		81,989
Total assets less current liabilities			59,739		83,056
Provisions for liabilities
Deferred tax	7		(77)		(203)
Net assets			59,662		82,853

Capital and reserves
Called up share capital	8	1	1
Profit and loss account		59,661	82,852
		59,662	82,853

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Page 1


PALOMBA TRADING LIMITED REGISTERED NUMBER:08393529

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 MARCH 2019

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 November 2019.

A H J Rivers

Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2


PALOMBA TRADING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

1.	General information

The Company's legal form is that of a limited company incorporated in England & Wales. The Company's registered office and its principal place of business is at Unit 1, Berghem Mews, Blythe Road, London, W14 0HN.
The principal activity of the Company continued to be that of event management and consultancy.
The financial statements are presented in £ Sterling, which is the functional currency of the Company.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity, profit or loss.

The following principal accounting policies have been applied:

2.2

Revenue

Turnover represents revenue receivable for the provision of management services, exclusive of Value Added Tax.
Revenue is recognised on delivery of services.

2.3

Tangible fixed assets

Tangible fixed assets are stated at historical cost less accumulated deprecation.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment

25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

2.4

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 3


PALOMBA TRADING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

2.Accounting policies (continued)

2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.6

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, and loans to and from related parties.

2.7

Creditors

Short term creditors are measured at the transaction price.

2.8

Dividends

Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2.9

Pensions

Defined contribution pension plan
The Company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

2.10

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

Page 4


PALOMBA TRADING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

2.Accounting policies (continued)

2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

3.	Employees
	The director was the only employee of the Company throughout the current and preceding year.

Page 5


PALOMBA TRADING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

4.	Tangible fixed assets

		Other fixed assets
		£
	Cost or valuation
	At 1 April 2018	2,799
	At 31 March 2019	2,799
	Depreciation
	At 1 April 2018	1,732
	Charge for the year on owned assets	666
	At 31 March 2019	2,398
	Net book value
	At 31 March 2019	401
	At 31 March 2018	1,067

Debtors

					2019	2018
					£	£


Trade debtors	1,200	1,200
Other debtors	57,000	57,000
Prepayments and accrued income	16,917	29,163
	75,117	87,363

6.	Creditors: Amounts falling due within one year
		2019	2018
		£	£

Trade creditors	-	178
Taxation and social security	41,343	34,764
Other creditors	433	260
Accruals and deferred income	2,500	2,500
	44,276	37,702

Page 6


PALOMBA TRADING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

7.	Deferred taxation

		2019
		£

	At beginning of year	203
	Released to profit or loss	(126)
	At end of year	77

The provision for deferred taxation is made up as follows:
	2019	2018
	£	£

Accelerated capital allowances

203

8.	Share capital
		2019	2018
		£	£

Allotted, called up and fully paid

1 Ordinary share of £1.00	1	1

Page 7