Va Pensiero D'Italia Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04451745 (England and Wales)

Unaudited Financial Statements for the Year Ended 31st July 2019

for

Va Pensiero D'Italia Limited

Page

Company information

1

Balance sheet

2

Notes to the financial statements

4

DIRECTORS:

Mr S Rezai

Mr M Makhmalchi

Mr P Toserkani

SECRETARY:

Mr P Toserkani

REGISTERED OFFICE:

183 - 185 Watling Street

Radlett

WD7 7NQ

REGISTERED NUMBER:

04451745 (England and Wales)

ACCOUNTANTS:

Sterling Accounting Services

122 Wrottesley Road

Tettenhall

Wolverhampton

WV6 8UR

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

31,193

40,509

31,193

40,509

CURRENT ASSETS

Stocks

6

11,033

10,658

Debtors

7

3,081

9,877

Cash at bank and in hand

51,458

36,833

65,572

57,368

CREDITORS

Amounts falling due within one year

8

151,856

122,955

NET CURRENT LIABILITIES

(86,284

)

(65,587

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(55,091

)

(25,078

)

CREDITORS

Amounts falling due after more than one year

9

10,380

8,560

NET LIABILITIES

(65,471

)

(33,638

)

CAPITAL AND RESERVES

Called up share capital

11

10

10

Retained earnings

(65,481

)

(33,648

)

SHAREHOLDERS' FUNDS

(65,471

)

(33,638

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st July 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st July 2019 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 25th November 2019 and were signed on its behalf by:

Mr S Rezai - Director

1.	STATUTORY INFORMATION

Va Pensiero D'Italia Limited is a private company, limited by shares , registered in England

and Wales. The 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

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

GOODWILL

Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

INTANGIBLE ASSETS

Intangible assets are initially measured at cost. After initial recognition, intangible assets are

measured at cost less any accumulated amortisation and any accumulated impairment losses.

TANGIBLE FIXED ASSETS

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

Fixtures and fittings

-

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.

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.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 29 (2018 - 26 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st August 2018

and 31st July 2019

500,000

AMORTISATION

At 1st August 2018

and 31st July 2019

500,000

NET BOOK VALUE

At 31st July 2019

-

At 31st July 2018

-

5.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1st August 2018

236,961

Additions

811

At 31st July 2019

237,772

DEPRECIATION

At 1st August 2018

196,452

Charge for year

10,127

At 31st July 2019

206,579

NET BOOK VALUE

At 31st July 2019

31,193

At 31st July 2018

40,509

6.

STOCKS

31.7.19

31.7.18

£

£

Stocks

11,033

10,658

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.19

31.7.18

£

£

Other debtors

3,081

9,877

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.19

31.7.18

£

£

Bank loans and overdrafts (see note 10)

12,246

5,900

Trade creditors

32,292

25,805

Social security and other taxes

8,708

4,766

VAT

35,563

32,554

Other creditors

-

6,209

Directors' current accounts

56,429

45,221

Accrued expenses

6,618

2,500

151,856

122,955

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.7.19

31.7.18

£

£

Bank loans (see note 10)

10,380

8,560

10.

LOANS

An analysis of the maturity of loans is given below:

31.7.19

31.7.18

£

£

Amounts falling due within one year or on demand:

Bank loans

12,246

5,900

Amounts falling due between one and two years:

Bank loans - 1-2 years

10,380

8,560

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.7.19

31.7.18

value:

£

£

10

ordinary

£1

10

10

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

13.	RELATED PARTY DISCLOSURES

The directors and their wives own the entire issued ordinary share capital of the company.

During the year the directors rented the business premises to the company in the total sum of

£58,000 (2018 - £58,000) per annum which was equal to the rent being charged to them by

the Lessor.