Paolo's Seafood Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07006958 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2019

FOR

PAOLO'S SEAFOOD LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

Mr P Lavarini

SECRETARY:

Mr P Lavarini

REGISTERED OFFICE:

c/o Michael Filiou Ltd

Salisbury House

81 High Street

Potters Bar

Hertfordshire

EN6 5AS

REGISTERED NUMBER:

07006958 (England and Wales)

ACCOUNTANTS:

Michael Filiou Ltd

Chartered Certified Accountants

www.michaelfiliou.com

Salisbury House

81 High Street

Potters Bar

Hertfordshire

EN6 5AS

FIXED ASSETS

Intangible assets

4

-

3,750

Tangible assets

5

6,082

8,625

6,082

12,375

CURRENT ASSETS

Stocks

2,900

2,996

Debtors

6

154,271

121,574

Cash at bank and in hand

4,256

3,704

161,427

128,274

CREDITORS

Amounts falling due within one year

7

143,790

124,742

NET CURRENT ASSETS

17,637

3,532

TOTAL ASSETS LESS CURRENT LIABILITIES

23,719

15,907

CREDITORS

Amounts falling due after more than one year

8

290

299

NET ASSETS

23,429

15,608

CAPITAL AND RESERVES

Called up share capital

9

1

1

Retained earnings

23,428

15,607

SHAREHOLDERS' FUNDS

23,429

15,608

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2019 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 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 3 August 2020 and were signed by:

Mr P Lavarini - Director

1.	STATUTORY INFORMATION

Paolo's Seafood 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.

Going concern

The accounts have been prepared on a going concern basis which the director believe to be appropriate for the

following reasons.

The director is aware of material uncertainties that cast doubt on the company's ability to continue as a going

concern. As with most businesses, these material uncertainties are in relation to the ongoing Covid-19 virus outbreak

which has had an impact on the operations, customers, suppliers and staff. The director has (where appropriate)

utilised the grants and benefits available from the government and are taking all the steps they can to protect the

future of the business.

The shareholder has provided confirmation that he will not withdraw support for a period of at least 12 months from

signing the financial statements.

The shareholder has also confirmed that he will continue to review the funding requirements of the business in 2020

and provide additional financing as required.

The director has also prepared a cash flow forecast for the period to August 2021 and on this basis believe that the

company has sufficient facilities to meet its liabilities as they fall due for the foreseeable future, and specifically for a

period of not less than 12 months from the date of signing of these financial statements. The director therefore

consider the preparation of the financial statements on a going concern basis to be appropriate.

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 2009, is being amortised evenly over its estimated useful life of ten 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.

Short leasehold

-

10 years

Office equipment

-

25% on reducing balance

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 statement of financial position date.

Deferred tax

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

of financial position 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2018 - NIL ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 October 2018

and 30 September 2019

37,500

AMORTISATION

At 1 October 2018

33,750

Amortisation for year

3,750

At 30 September 2019

37,500

NET BOOK VALUE

At 30 September 2019

-

At 30 September 2018

3,750

5.	TANGIBLE FIXED ASSETS

Fixtures

Short

Office

and

Motor

leasehold

equipment

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 October 2018

and 30 September 2019

5,963

8,266

17,247

4,000

35,476

DEPRECIATION

At 1 October 2018

5,125

4,407

15,569

1,750

26,851

Charge for year

596

965

419

563

2,543

At 30 September 2019

5,721

5,372

15,988

2,313

29,394

NET BOOK VALUE

At 30 September 2019

242

2,894

1,259

1,687

6,082

At 30 September 2018

838

3,859

1,678

2,250

8,625

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

40,343

37,327

Rent deposit

3,125

3,125

Amount due from Express Fish Limited

108,369

79,612

VAT

1,859

935

Prepayments

575

575

154,271

121,574

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

133,760

113,303

Corporation tax

5,953

2,272

Social security and other taxes

197

317

Accrued expenses

3,880

8,850

143,790

124,742

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Director's loan accounts

290

299

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

1

Ordinary

£1

1

1

10.	RELATED PARTY DISCLOSURES

During the year the company purchased goods at a market value of £23,202 (2018: £26,621) from Express Fish

Limited, a company controlled by the director Mr P Lavarini and at the balance sheet date the company is owed

£108,369 (2018:79,612) by Express Fish Limited.

11.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr P Lavarini.