Initalia Limited - Accounts to registrar (filleted) - small 18.2
Initalia Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2021 |
| FOR |
| INITALIA LIMITED |
| INITALIA LIMITED (REGISTERED NUMBER: 03095249) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST AUGUST 2021 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| INITALIA LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31ST AUGUST 2021 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| INITALIA LIMITED (REGISTERED NUMBER: 03095249) |
| BALANCE SHEET |
| 31ST AUGUST 2021 |
| 2021 | 2020 |
| Notes | £ | £ |
| CURRENT ASSETS |
| Debtors | 4 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 5 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
) | ( |
) |
| CREDITORS |
| Amounts falling due after more than one year | 6 |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| The director acknowledges her 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. |
| 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 |
| INITALIA LIMITED (REGISTERED NUMBER: 03095249) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST AUGUST 2021 |
| 1. | STATUTORY INFORMATION |
| Initalia Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| At the year-end, the company balance sheet showed net liabilities of £507,035 (2018:£502,684). These financial statements have been prepared on a going concern basis, which is dependent on the following considerations by the director: |
| a) The net liability is principally due to loans and advances amounting to £504,229 (2018: £504,229) due to the director, which have been subordinated in favour of other creditors. The company has received assurances of ongoing financial support from its director and shareholders. |
| b) The director has reviewed the forecasts for the next twelve months from the date of approval of these accounts and is confident that the company will be able to meet its liabilities as and when they fall due. |
| 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. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2020 - NIL). |
| 4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Other debtors |
| INITALIA LIMITED (REGISTERED NUMBER: 03095249) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST AUGUST 2021 |
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Other creditors |
| 6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Other creditors |
| 7. | RELATED PARTY DISCLOSURES |
| Other creditors: amounts falling due after more than one year' comprises interest free unsecured loans from the director and a close family member. The balance at the year end was £151,539 (2020: £151,539). |
| The director has secured a bridge loan against security on personal assets, for the business. The amount due at the year end was £334,230 (2020 :£334,230). |
| 8. | ULTIMATE CONTROLLING PARTY |
| The controlling party is Mrs Meeta Laxman. |