Berlinetta Management Services Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01202053 (England and Wales)

BERLINETTA MANAGEMENT SERVICES LIMITED

Unaudited Financial Statements for the Year Ended 31 March 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTORS:

Dr R J Cruickshank

Mrs J P Cruickshank

REGISTERED OFFICE:

Granville House

2 Tettenhall Road

Wolverhampton

West Midlands

WV1 4SA

REGISTERED NUMBER:

01202053 (England and Wales)

ACCOUNTANTS:

Lancaster Haskins Limited

Granville House

2 Tettenhall Road

Wolverhampton

West Midlands

WV1 4SB

FIXED ASSETS

Intangible assets

4

65,625

-

Tangible assets

5

316

368

65,941

368

CURRENT ASSETS

Debtors

6

4,883

1,259

Cash at bank and in hand

5,627

2,475

10,510

3,734

CREDITORS

Amounts falling due within one year

7

4,513

2,447

NET CURRENT ASSETS

5,997

1,287

TOTAL ASSETS LESS CURRENT LIABILITIES

71,938

1,655

CREDITORS

Amounts falling due after more than one year

8

124,491

140,091

NET LIABILITIES

(52,553

)

(138,436

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(52,653

)

(138,536

)

SHAREHOLDERS' FUNDS

(52,553

)

(138,436

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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 29 March 2022 and were signed on its behalf by:

Dr R J Cruickshank - Director

1.	STATUTORY INFORMATION

Berlinetta Management Services Limited 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.

Turnover

Turnover is recognised in line with the work performed.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

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

Fixtures and fittings

-

20% 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.

Going concern

The director has considered the period ending 12 months after approving these financial statements and is prepared to fully support the company financially. The long term loan account balance is not due for repayment within the next 12 months. For these reasons the director continues to adopt the going concern basis of accounting in preparing these financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

Additions

75,000

At 31 March 2021

75,000

AMORTISATION

Charge for year

9,375

At 31 March 2021

9,375

NET BOOK VALUE

At 31 March 2021

65,625

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2020

1,197

659

1,856

Additions

-

120

120

At 31 March 2021

1,197

779

1,976

DEPRECIATION

At 1 April 2020

1,196

292

1,488

Charge for year

-

172

172

At 31 March 2021

1,196

464

1,660

NET BOOK VALUE

At 31 March 2021

1

315

316

At 31 March 2020

1

367

368

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Trade debtors

3,600

-

Tax

951

951

Deferred tax asset

116

-

Prepayments

216

308

4,883

1,259

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Trade creditors

531

476

VAT

2,005

11

Directors' current accounts

1,301

1,301

Accrued expenses

676

659

4,513

2,447

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.21

31.3.20

£

£

Other loans - 2-5 years

124,491

140,091

9.	POST BALANCE SHEET EVENTS

At the date of this report, Covid 19 is still a prominent issue for the worldwide economy, and has had many implications for the company throughout the trading year. The company complied with all government enforced measures, and complied with all health and safety recommendations alike. Though trading has been interrupted, due to the nature of the business' trade, the company was able to endure the ever-changing economic conditions, and continues to trade as normal. Due to this, as well as strong and ongoing financial support from the director, the director continues to adopt the going concern basis for the preparation of the financial statements.

10.	ULTIMATE CONTROLLING PARTY

The company is under the ultimate control of it's directors.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Berlinetta Management Services Limited for the year ended 31 March 2021 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity 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 in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Berlinetta Management Services Limited, 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 Berlinetta Management Services Limited and state those matters that we have agreed to state to the Board of Directors of Berlinetta Management Services Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Berlinetta Management Services Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Berlinetta Management Services Limited 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 Berlinetta Management Services Limited. You consider that Berlinetta Management Services Limited 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 Berlinetta Management Services Limited. 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.

Lancaster Haskins Limited

Granville House

2 Tettenhall Road

Wolverhampton

West Midlands

WV1 4SB

30 March 2022