Va Pensiero D'Italia Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04451745 (England and Wales)

Unaudited Financial Statements for the Year Ended 31st July 2021

for

Va Pensiero D'Italia Limited

Page

Company information

1

Balance sheet

2

Notes to the financial statements

4

DIRECTORS:

Mr S Rezai

Mr M Makhmalchi

Mr P Toserkani

SECRETARY:

Mr P Toserkani

REGISTERED OFFICE:

183 - 185 Watling Street

Radlett

WD7 7NQ

REGISTERED NUMBER:

04451745 (England and Wales)

ACCOUNTANTS:

Sterling Accounting Services

122 Wrottesley Road

Tettenhall

Wolverhampton

WV6 8UR

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

23,532

27,696

23,532

27,696

CURRENT ASSETS

Stocks

6

10,551

10,785

Debtors

7

14,609

15,651

Cash at bank and in hand

163,273

95,082

188,433

121,518

CREDITORS

Amounts falling due within one year

8

175,923

166,692

NET CURRENT ASSETS/(LIABILITIES)

12,510

(45,174

)

TOTAL ASSETS LESS CURRENT LIABILITIES

36,042

(17,478

)

CREDITORS

Amounts falling due after more than one year

9

40,000

52,534

NET LIABILITIES

(3,958

)

(70,012

)

CAPITAL AND RESERVES

Called up share capital

11

10

10

Retained earnings

(3,968

)

(70,022

)

SHAREHOLDERS' FUNDS

(3,958

)

(70,012

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st July 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 20th February 2022 and were signed on its behalf by:

Mr S Rezai - Director

1.	STATUTORY INFORMATION

Va Pensiero D'Italia 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.

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 measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

GOODWILL

Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

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.

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

-

25% on reducing balance

STOCKS

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

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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2020 - 25 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st August 2020

and 31st July 2021

500,000

AMORTISATION

At 1st August 2020

and 31st July 2021

500,000

NET BOOK VALUE

At 31st July 2021

-

At 31st July 2020

-

5.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1st August 2020

243,251

Additions

3,543

At 31st July 2021

246,794

DEPRECIATION

At 1st August 2020

215,555

Charge for year

7,707

At 31st July 2021

223,262

NET BOOK VALUE

At 31st July 2021

23,532

At 31st July 2020

27,696

6.

STOCKS

31.7.21

31.7.20

£

£

Stocks

10,551

10,785

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.21

31.7.20

£

£

Other debtors

7,402

15,651

Directors' current accounts

6,863

-

Prepayments

344

-

14,609

15,651

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.21

31.7.20

£

£

Bank loans and overdrafts (see note 10)

13,274

12,246

Trade creditors

48,203

25,626

Social security and other taxes

4,941

14,173

VAT

8,392

10,959

Other creditors

30,902

30,346

Directors' current accounts

67,084

70,929

Accrued expenses

3,127

2,413

175,923

166,692

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.7.21

31.7.20

£

£

Bank loans (see note 10)

40,000

52,534

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

10,000

10.

LOANS

An analysis of the maturity of loans is given below:

31.7.21

31.7.20

£

£

Amounts falling due within one year or on demand:

Bank loans

13,274

12,246

Amounts falling due between one and two years:

Bank loans - 1-2 years

10,000

12,534

Amounts falling due between two and five years:

Bank loans - 2-5 years

30,000

30,000

31.7.21

31.7.20

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

10,000

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.7.21

31.7.20

value:

£

£

10

ordinary

£1

10

10

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st July 2021 and 31st July 2020:

31.7.21

31.7.20

£

£

Mr S Rezai

Balance outstanding at start of year

-

-

Amounts advanced

6,864

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

6,864

-

13.	RELATED PARTY DISCLOSURES

The directors and their wives own the entire issued ordinary share capital of the company.

During the year the directors rented the business premises to the company in the total sum of £58,000 (2020- £58,000) per annum which was equal to the rent being charged to them by the Lessor.