Little Italy (Spilsby) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04449204 (England and Wales)

LITTLE ITALY (SPILSBY) LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2019

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

S Alayej

SECRETARY:

Mrs C R Simpson

REGISTERED OFFICE:

12 Market Place

Spilsby

Lincolnshire

PE23 5JT

REGISTERED NUMBER:

04449204 (England and Wales)

ACCOUNTANTS:

Dexter & Sharpe (Skegness)

Chartered Certified Accountants

26 Ida Road

Skegness

Lincolnshire

PE25 2AR

FIXED ASSETS

Intangible assets

3

-

-

Tangible assets

4

-

1,929

-

1,929

CURRENT ASSETS

Stocks

-

3,300

Debtors

5

68,099

48,244

Cash in hand

-

8,503

68,099

60,047

CREDITORS

Amounts falling due within one year

9,016

14,265

NET CURRENT ASSETS

59,083

45,782

TOTAL ASSETS LESS CURRENT LIABILITIES

59,083

47,711

CREDITORS

Amounts falling due after more than one year

54,513

49,717

NET ASSETS/(LIABILITIES)

4,570

(2,006

)

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

3,570

(3,006

)

SHAREHOLDERS' FUNDS

4,570

(2,006

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 August 2019 in accordance with Section 444(2A) of the Companies Act 2006.

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 24 August 2020 and were signed by:

S Alayej - Director

1.	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 2002, is being amortised evenly over its estimated useful life of five 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 the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery

-

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.

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.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2018 - 4 ) .

3.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 September 2018

15,000

Disposals

(15,000

)

At 31 August 2019

-

AMORTISATION

At 1 September 2018

15,000

Eliminated on disposal

(15,000

)

At 31 August 2019

-

NET BOOK VALUE

At 31 August 2019

-

At 31 August 2018

-

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 September 2018

20,364

Disposals

(20,364

)

At 31 August 2019

-

DEPRECIATION

At 1 September 2018

18,435

Eliminated on disposal

(18,435

)

At 31 August 2019

-

NET BOOK VALUE

At 31 August 2019

-

At 31 August 2018

1,929

5.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Other debtors

68,099

48,099