Pilati Ltd 31/03/2019 iXBRL

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Company Registration Number: 08134053

PILATI LTD

Unaudited Filleted Financial Statements

31 March 2019

PILATI LTD

Contents

Balance Sheet

Statement Of Changes In Equity

Notes To The Financial Statements

PILATI LTD

Balance Sheet

31 March 2019

		2019		2018
	Note	£	£	£	£

Fixed assets
Tangible assets	5		966		723

Current assets
Debtors	6	-		493
Cash at bank and in hand		30,748		49,602
		_______		_______
		30,748		50,095
Creditors: amounts falling due
within one year	7	( 21,979)		( 11,181)
		_______		_______
Net current assets			8,769		38,914
			_______		_______
Net assets			9,735		39,637
			_______		_______

Capital and reserves
Called up share capital	9		33		99
Capital redemption reserve			66		-
Profit and loss account			9,636		39,538
			_______		_______
Shareholder funds			9,735		39,637
			_______		_______

For the year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

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

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 17 December 2019 , and are signed on behalf of the board by:

.........................................

Mrs Michela Chiappa-Patching

Director

Company Registration Number: 08134053

PILATI LTD

Statement Of Changes In Equity

Year Ended 31 March 2019

	Called up share capital	Capital redemption reserve	Profit and loss account	Total
	£	£	£	£


At 1 April 2017	99	-	31,254	31,353

Profit for the year			8,284	8,284
	_______	_______	_______	_______
Total comprehensive income for the year	-	-	8,284	8,284

	_______	_______	_______	_______
At 31 March 2018 and 1 April 2018	99	-	39,538	39,637

Profit for the year			7,208	7,208
	_______	_______	_______	_______
Total comprehensive income for the year	-	-	7,208	7,208

Dividends paid and payable			( 15,000)	( 15,000)
Redemption of shares	( 66)	66	( 22,110)	( 22,110)
	_______	_______	_______	_______
Total investments by and distributions to owners	( 66)	66	( 37,110)	( 37,110)

	_______	_______	_______	_______
At 31 March 2019	33	66	9,636	9,735
	_______	_______	_______	_______

PILATI LTD

Notes To The Financial Statements

Year Ended 31 March 2019

1. General information

The company is a private company limited by shares, registered in UK. The address of the registered office is Clifton House, Four Elms Road, Cardiff, CF24 1LE.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. 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. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. However, no provision has been carried forward in these financial statements, as, in the director's opinion, the amount involved is immaterial.

Tangible assets

Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Fittings fixtures and equipment	-	20 %	reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. All of the financial instruments applying to the company are basic as defined in the Accounting Standard, and as such are initially recognised at the transaction price, unless specifically stated otherwise. Debt instruments are subsequently measured at amortised cost.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2018: 3 ).

5. Tangible assets

		Fixtures, fittings and equipment
		£
	Cost
	At 1 April 2018	1,661
	Additions	843
	Disposals	( 1,109)
		_______
	At 31 March 2019	1,395
		_______
	Depreciation
	At 1 April 2018	938
	Charge for the year	174
	Disposals	( 683)
		_______
	At 31 March 2019	429
		_______
	Carrying amount
	At 31 March 2019	966
		_______
	At 31 March 2018	723
		_______

6. Debtors

	2019	2018
	£	£
Deferred tax asset (note 8)	-	493
Other debtors	-	-
	_______	_______

The debtors above include the following amounts falling due after more than one year:

			2019	2018
			£	£

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Accruals and deferred income	1,680	1,680
Corporation tax	1,452	-
Director loan accounts	18,847	9,501
	_______	_______
	21,979	11,181
	_______	_______

8. Deferred tax

The deferred tax included in the balance sheet is as follows:

	2019	2018
	£	£
Included in debtors (note 6)	-	493
	_______	_______

The deferred tax account consists of the tax effect of timing differences in respect of:

	2019	2018
	£	£
Accelerated capital allowances	-	( 138)
Unused tax losses	-	631
	_______	_______
	-	493
	_______	_______

9. Called up share capital

Issued, called up and fully paid

	2019		2018
	No	£	No	£
Ordinary shares of £ 1.00 each	33	33	99	99
	_______	_______	_______	_______

Share movements

	No	£
Ordinary :
At 1 April 2018	99	99
Shares cancelled	66	66
	_______	_______
At 31 March 2019	33	33
	_______	_______

By a Special Resolution of the the company, 66 of its Ordinary Shares of £1 each were cancelled on 14 February 2019 for a total consideration, including Stamp Duty, of £22,110.