Palazzo Dream Kitchens (Scotland) Ltd - Limited company - abbreviated - 11.6

REGISTERED NUMBER: SC105373 (Scotland)

Abbreviated Accounts for the Year Ended 31 December 2014

for

PALAZZO DREAM KITCHENS (SCOTLAND) LTD

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

Chartered Accountants' Report

5

DIRECTORS:

Eric Palazzo

Mrs Antonietta Palazzo

SECRETARY:

Mrs Antonietta Palazzo

REGISTERED OFFICE:

151-153 Main Street

Uddingston

G71 7EN

REGISTERED NUMBER:

SC105373 (Scotland)

ACCOUNTANTS:

G O Thomson & Co

Chartered Accountants

11 Clyde Street

Carluke

ML8 5BA

FIXED ASSETS

Tangible assets

2

348,579

328,269

CURRENT ASSETS

Stocks

42,776

28,187

Debtors

36,882

71,827

Cash at bank and in hand

88,899

14,423

168,557

114,437

CREDITORS

Amounts falling due within one year

3

256,027

343,886

NET CURRENT LIABILITIES

(87,470

)

(229,449

)

TOTAL ASSETS LESS CURRENT LIABILITIES

261,109

98,820

CAPITAL AND RESERVES

Called up share capital

4

2

2

Profit and loss account

261,107

98,818

SHAREHOLDERS' FUNDS

261,109

98,820

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2014 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 16 April 2015 and were signed on its behalf by:

Eric Palazzo - Director

Mrs Antonietta Palazzo - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated life ,

useful or if held under a finance lease, over the lease term, whichever is the shorter.

Land & Buildings

- not provided

Showroom

- not provided

Plant, fixtures & fittings

- 25% on reducing balance

Motor vehicles

- 25% on reducing balance

Computer Equipment

- 33% on straight line

The showroom is revalued by the directors at the financial year end.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Deferred tax

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

sheet date.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2014

343,685

Additions

33,472

Disposals

(5,533

)

At 31 December 2014

371,624

DEPRECIATION

At 1 January 2014

15,416

Charge for year

12,156

Eliminated on disposal

(4,527

)

At 31 December 2014

23,045

NET BOOK VALUE

At 31 December 2014

348,579

At 31 December 2013

328,269

3.

CREDITORS

Creditors include an amount of £ 39,213 (2013 - £ 48,501 ) for which security has been given.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

2

Ordinary

£1

2

2

5.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Eric and Antonietta Palazzo are both directors in Palazzo Dream Kitchens (Scotland) Ltd. At the year end there

is a balance owed to Eric Palazzo from the company amounting to £7,358 (2013 £24,720). Dividends amounting

to £13,000 were paid to Eric Palazzo and dividends amounting to £13,000 were also paid to Antonietta Palazzo

during the year.

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages two to four)

have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Palazzo Dream Kitchens (Scotland) Ltd for the year ended 31 December 2014 which comprise

the Profit and Loss Account, the Balance Sheet, and the related notes from the company's accounting records and from

information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.org.uk/accountspreparationguidance.

This report is made solely to the Board of Directors of Palazzo Dream Kitchens (Scotland) Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Palazzo Dream Kitchens (Scotland) Ltd and state those matters that we have agreed to state to the Board of Directors of Palazzo Dream Kitchens (Scotland) Ltd, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.org.uk/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Palazzo Dream Kitchens (Scotland) Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Palazzo Dream Kitchens (Scotland) Ltd. You consider that Palazzo Dream Kitchens (Scotland) Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Palazzo Dream Kitchens

(Scotland) Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or

information and explanations you have given to us and we do not, therefore, express any opinion on the statutory

financial statements.

G O Thomson & Co

Chartered Accountants

11 Clyde Street

Carluke

ML8 5BA

16 April 2015