Viano Furnishings and Interiors Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC623672 (Scotland)

Financial Statements

for the Period

8 March 2019 to 31 March 2020

for

Viano Furnishings and Interiors Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs F Cowley

Mrs V Smith

REGISTERED OFFICE:

Radleigh House

1 Golf Road

Clarkston

Glasgow

G76 7HU

REGISTERED NUMBER:

SC623672 (Scotland)

ACCOUNTANTS:

O'Haras Chartered Accountants

Radleigh House

1 Golf Road

Clarkston

Glasgow

G76 7HU

FIXED ASSETS

Tangible assets

4

4,071

CURRENT ASSETS

Stocks

36,612

Debtors

5

2,455

Cash at bank and in hand

23,736

62,803

CREDITORS

Amounts falling due within one year

6

4,273

NET CURRENT ASSETS

58,530

TOTAL ASSETS LESS CURRENT LIABILITIES

62,601

CREDITORS

Amounts falling due after more than one year

7

53,087

NET ASSETS

9,514

CAPITAL AND RESERVES

Called up share capital

2

Retained earnings

9,512

SHAREHOLDERS' FUNDS

9,514

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2020 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 August 2020 and were signed on its behalf by:

Mrs F Cowley - Director

1.	STATUTORY INFORMATION

Viano Furnishings and Interiors Ltd is a private company, limited by shares , registered in Scotland. 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 directors continue to be satisfied that the company has adequate resources to continue in operation for the

next 12 months. Consequently, the directors consider it appropriate to prepare the financial statements on a going

concern basis.

However, the Coronavirus outbreak has created great uncertainty and many obstacles across all companies. In

order to protect our business, we are closely monitoring the situation with regards to COVID-19. The situation is

constantly changing however at present the company has been forced to temporarily furlough all staff until work

resumes. While the impact of COVID-19 is still uncertain and the final impact on the company cannot be

accurately predicted, the directors believe that they are in a secure financial position and will be able to trade

through the current difficult climate.

Revenue

The company operates a retail shop for the sale of a range of branded products. Sales of goods are recognised on

sale to the customer, which is considered the point of delivery. Retail sales are usually by cash, credit or payment

card.

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.

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

33% on cost

Inventories

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 period 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 period 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.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured

initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective

interest method, less any impairment.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are

measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using

the effective interest method.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 4 .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

Additions

4,811

580

5,391

At 31 March 2020

4,811

580

5,391

DEPRECIATION

Charge for period

1,127

193

1,320

At 31 March 2020

1,127

193

1,320

NET BOOK VALUE

At 31 March 2020

3,684

387

4,071

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Other debtors

2,455

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade creditors

302

Taxation and social security

2,171

Other creditors

1,800

4,273

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

£

Other creditors

53,087

8.	POST BALANCE SHEET EVENTS

We are closely monitoring the situation with regards to COVID-19. The situation is constantly changing.