Palookaville Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06818677 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2019

FOR

PALOOKAVILLE LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

B E Collins

SECRETARY:

B E Collins

REGISTERED OFFICE:

Pavilion View

19 New Road

Brighton

East Sussex

BN1 1EY

REGISTERED NUMBER:

06818677 (England and Wales)

ACCOUNTANTS:

Hartley Fowler LLP

Chartered Accountants

Pavilion View

19 New Road

Brighton

East Sussex

BN1 1EY

FIXED ASSETS

Tangible assets

4

35,542

53,509

CURRENT ASSETS

Debtors

5

1,893

14,951

Cash at bank

53,215

71,316

55,108

86,267

CREDITORS

Amounts falling due within one year

6

175,737

74,429

NET CURRENT (LIABILITIES)/ASSETS

(120,629

)

11,838

TOTAL ASSETS LESS CURRENT LIABILITIES

(85,087

)

65,347

CREDITORS

Amounts falling due after more than one year

7

-

15,714

NET (LIABILITIES)/ASSETS

(85,087

)

49,633

CAPITAL AND RESERVES

Called up share capital

8

150,100

150,100

Retained earnings

(235,187

)

(100,467

)

SHAREHOLDERS' FUNDS

(85,087

)

49,633

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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 30 October 2020 and were signed by:

B E Collins - Director

1.	STATUTORY INFORMATION

Palookaville Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

The company has net current liabilities of £120,629 at the balance sheet date (2018: net current assets of £11,838). This includes an amount due to the director of £102,052 (2018: £20,133). The director has given his assurances that the amount due will not be recalled from the company until the company has sufficient assets. The last note of of the financial statements draws attention to the COVID-19 pandemic, an Event After the Reporting Period. The director has considered the net current liability position of the company and the impact of the COVID-19 pandemic and has assessed that is is appropriate to prepare the financial statements on the going concern basis.

Turnover

Revenue is measured at fair value of the consideration received or receivable. Revenue represents amounts received from selling and installing kitchen equipment. Revenue is reduced for estimated customer returns and other similar allowances.

Revenue from the sale of goods is recognised when goods are delivered and legal title has passed.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Shop fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

25% on cost

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 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivables or payables within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2018 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Shop

Shop

fixtures

display

and

Motor

Computer

units

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 November 2018

77,728

4,205

45,004

5,400

132,337

Additions

-

4,754

14,516

632

19,902

Disposals

-

-

(26,604

)

-

(26,604

)

At 31 October 2019

77,728

8,959

32,916

6,032

125,635

DEPRECIATION

At 1 November 2018

43,675

4,205

27,388

3,560

78,828

Charge for year

15,547

772

3,458

910

20,687

Eliminated on disposal

-

-

(9,422

)

-

(9,422

)

At 31 October 2019

59,222

4,977

21,424

4,470

90,093

NET BOOK VALUE

At 31 October 2019

18,506

3,982

11,492

1,562

35,542

At 31 October 2018

34,053

-

17,616

1,840

53,509

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 November 2018

26,604

Disposals

(26,604

)

At 31 October 2019

-

DEPRECIATION

At 1 November 2018

9,422

Eliminated on disposal

(9,422

)

At 31 October 2019

-

NET BOOK VALUE

At 31 October 2019

-

At 31 October 2018

17,182

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Amounts owed by related undertakings

-

13,481

Other debtors

1,893

1,470

1,893

14,951

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

389

2,267

Hire purchase contracts

-

4,702

Taxation and social security

71,202

45,924

Other creditors

104,146

21,536

175,737

74,429

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans

-

389

Hire purchase contracts

-

15,325

-

15,714

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

150,100

Ordinary

£1

150,100

150,100

9.	EVENT AFTER THE REPORTING PERIOD

The director has considered the impact of of the global COVID-19 pandemic on the company's activities and operations. The company has continued to generate sales during the pandemic and the director considers that the company will be able to continue trading for the forseeable future.