Giorgio_Locatelli_Consultancy_Limited_31_Dec_2019_companies_house_set_of_accounts.html
Giorgio_Locatelli_Consultancy_Limited_31_Dec_2019_companies_house_set_of_accounts.html
Company registration number:
Statement of Financial Position
| 2019 | 2018 | ||||
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| Note | £ | £ | |||
| Fixed assets | |||||
| Tangible assets | 5 |
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| Stocks |
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| Debtors | 6 |
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| Cash at bank and in hand |
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| Creditors: amounts falling due within one year | 7 |
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| Net current assets |
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| Total assets less current liabilities | 487,445 | 237,288 | |||
| Provisions for liabilities |
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| Net assets |
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| Called up share capital |
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| Profit and loss account |
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| Shareholders funds |
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For the year ending 31 December 2019 , the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476; The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These 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.
These financial statements were approved by the board of directors and authorised for issue on 21 December 2020 , and are signed on behalf of the board by:
| Director |
Company registration number:
03224244
Notes to the Financial Statements
Year ended 31 December 2019
1 General information
The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is Oasys Ampney House , Falcon Close , Quedgeley , Gloucester , GL2 4LS , .
2 Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.
3 Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The financial statements are prepared in sterling, which is the functional currency of the company.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Current tax
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
| Fixtures, fittings and equipment |
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.
Defined contribution pension plan
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
Dividends
Dividend distribution to the company's shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
4 Average number of employees
The average number of persons employed by the company during the year was 2 (2018: 2 ).
5 Tangible assets
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| Carrying amount | ||
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| At 31 December 2018 |
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6 Debtors
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| £ | £ | |||
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| Other debtors |
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7 Creditors: amounts falling due within one year
| 2019 | 2018 | |||
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| £ | £ | |||
| Trade creditors |
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| Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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| Taxation and social security |
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| Other creditors |
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9 Controlling party
The company's immediate parent is Locadeli Limited, a company incorporated in England and Wales.The ultimate controlling party is G Locatelli, director.