Maestro Calabrese International Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04770743 (England and Wales)

MAESTRO CALABRESE INTERNATIONAL LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2019

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

6

DIRECTORS:

S A Calabrese

S M Calabrese

SECRETARY:

S M Calabrese

REGISTERED OFFICE:

24 Leadale Avenue

Chingford

London

E4 8AT

REGISTERED NUMBER:

04770743 (England and Wales)

ACCOUNTANTS:

John Crook & Partners

Chartered Accountants

255 Green Lanes

Palmers Green

London

N13 4XE

FIXED ASSETS

Intangible assets

4

-

1,852

Tangible assets

5

7,377

10,754

7,377

12,606

CURRENT ASSETS

Debtors

6

5,594

110,768

Cash at bank and in hand

109,986

99,191

115,580

209,959

CREDITORS

Amounts falling due within one year

7

9,348

12,752

NET CURRENT ASSETS

106,232

197,207

TOTAL ASSETS LESS CURRENT LIABILITIES

113,609

209,813

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

113,509

209,713

SHAREHOLDERS' FUNDS

113,609

209,813

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 24 February 2020 and were signed on its behalf by:

S A Calabrese - Director

S M Calabrese - Director

1.	STATUTORY INFORMATION

Maestro Calabrese International 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 the amount receivable by the company for goods supplied and services provided.

Patents and licenses

Patent Rights are being amortised on a straight line basis over ten years.

Website

Website costs are being amortised on a straight line basis over five years.

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

-

10% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of

Income and Retained Earnings, 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2018 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Patents

and

Website

licences

costs

Totals

£

£

£

COST

At 1 June 2018

and 31 May 2019

11,534

8,468

20,002

AMORTISATION

At 1 June 2018

11,378

6,772

18,150

Amortisation for year

156

1,696

1,852

At 31 May 2019

11,534

8,468

20,002

NET BOOK VALUE

At 31 May 2019

-

-

-

At 31 May 2018

156

1,696

1,852

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 June 2018

and 31 May 2019

11,397

25,435

6,900

43,732

DEPRECIATION

At 1 June 2018

10,479

15,599

6,900

32,978

Charge for year

918

2,459

-

3,377

At 31 May 2019

11,397

18,058

6,900

36,355

NET BOOK VALUE

At 31 May 2019

-

7,377

-

7,377

At 31 May 2018

918

9,836

-

10,754

6.

DEBTORS

2019

2018

£

£

Amounts falling due within one year:

Trade debtors

4,741

8,276

Corporation tax repayable

-

250

Prepayments

853

2,242

5,594

10,768

Amounts falling due after more than one year:

Loan

-

100,000

Aggregate amounts

5,594

110,768

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Social security and other taxes

549

2,591

Value added tax

1,203

1,846

Other creditors

5,176

6,320

Directors' current accounts

2,420

1,995

9,348

12,752

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

100

Ordinary

£1

100

100

9.	RELATED PARTY DISCLOSURES

During the financial year 2017 the company made a loan to Calabrese Holdings Limited, a company

registered in the Isle of Man in the sum of £100,000. S A Calabrese owns 25% of the shares in that

company. This has now been written off as irrecoverable.

During the year the company purchased goods to the value of £6,335 from S A Calabrese from his

personal vintage collection.

10.	ULTIMATE CONTROLLING PARTY