B. Paletta Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05464750 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MAY 2021

FOR

B. PALETTA LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

B Paletta

J Paletta

SECRETARY:

L Hemmings

REGISTERED OFFICE:

29-31 Darby Road

Brynteg

Wrexham

LL11 6LW

REGISTERED NUMBER:

05464750 (England and Wales)

ACCOUNTANTS:

M. D. Coxey and Co. Limited

Chartered Accountants

25 Grosvenor Road

Wrexham

LL11 1BT

BANKERS:

Barclays Bank plc

51-52 Hope Street

Wrexham

LL11 1BB

FIXED ASSETS

Intangible assets

4

110,000

137,500

Tangible assets

5

18,226

13,129

Investment property

6

129,631

234,156

257,857

384,785

CURRENT ASSETS

Stocks

7

44,688

34,798

Debtors

8

2,849

3,864

Cash at bank and in hand

168,861

163,709

216,398

202,371

CREDITORS

Amounts falling due within one year

9

259,358

302,512

NET CURRENT LIABILITIES

(42,960

)

(100,141

)

TOTAL ASSETS LESS CURRENT LIABILITIES

214,897

284,644

CREDITORS

Amounts falling due after more than one year

10

(9,277

)

(61,156

)

PROVISIONS FOR LIABILITIES

13

(3,463

)

(2,494

)

NET ASSETS

202,157

220,994

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

202,057

220,894

SHAREHOLDERS' FUNDS

202,157

220,994

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8th November 2021 and were signed on its behalf by:

B Paletta - Director

J Paletta - Director

1.	STATUTORY INFORMATION

B. Paletta 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 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 2005, is being amortised evenly over its estimated useful life of twenty 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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Short leasehold

-

The length of the lease

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

25% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 Statement of Income and Retained Earnings, 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.

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 17 (2020 - 17 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st June 2020

and 31st May 2021

550,000

AMORTISATION

At 1st June 2020

412,500

Amortisation for year

27,500

At 31st May 2021

440,000

NET BOOK VALUE

At 31st May 2021

110,000

At 31st May 2020

137,500

5.	TANGIBLE FIXED ASSETS

Fixtures

Short

and

Motor

Computer

leasehold

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1st June 2020

12,547

62,863

11,266

10,725

97,401

Additions

-

-

12,995

1,832

14,827

At 31st May 2021

12,547

62,863

24,261

12,557

112,228

DEPRECIATION

At 1st June 2020

12,545

49,867

11,265

10,595

84,272

Charge for year

-

6,211

3,249

270

9,730

At 31st May 2021

12,545

56,078

14,514

10,865

94,002

NET BOOK VALUE

At 31st May 2021

2

6,785

9,747

1,692

18,226

At 31st May 2020

2

12,996

1

130

13,129

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

Motor

vehicles

£

COST

Additions

12,995

At 31st May 2021

12,995

DEPRECIATION

Charge for year

3,249

At 31st May 2021

3,249

NET BOOK VALUE

At 31st May 2021

9,746

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st June 2020

234,156

Additions

7,864

Disposals

(112,389

)

At 31st May 2021

129,631

NET BOOK VALUE

At 31st May 2021

129,631

At 31st May 2020

234,156

The directors consider that the value at the year end 31st May 2021 is not significantly different from that of the cost price of the Investment property and therefore considered the value of £234,156 to be appropriate.

7.

STOCKS

31.5.21

31.5.20

£

£

Goods for resale

44,688

34,798

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.21

31.5.20

£

£

Prepayments

2,849

3,864

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.21

31.5.20

£

£

Bank loans and overdrafts

6,018

7,631

Trade creditors

99,547

87,995

Tax

15,661

26,798

Social security and other taxes

1,264

11,743

VAT

7,468

-

Other creditors

1,418

12,332

Directors' current accounts

118,070

148,682

Accrued expenses

9,912

7,331

259,358

302,512

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.21

31.5.20

£

£

Bank loans - 1-2 years

-

8,713

Bank loans - 2-5 years

-

28,765

Bank loans more 5 yr by instal

-

23,678

Hire purchase contracts (see note 11)

9,277

-

9,277

61,156

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

23,678

11.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31.5.21

31.5.20

£

£

Net obligations repayable:

Between one and five years

9,277

-

Non-cancellable operating

leases

31.5.21

31.5.20

£

£

Within one year

19,172

19,172

Between one and five years

76,688

76,688

In more than five years

150,181

169,353

246,041

265,213

12.	SECURED DEBTS

The following secured debts are included within creditors:

31.5.21

31.5.20

£

£

Bank overdraft

6,018

-

Bank loans

-

68,787

6,018

68,787

13.	PROVISIONS FOR LIABILITIES

31.5.21

31.5.20

£

£

Deferred tax

3,463

2,494

Deferred

tax

£

Balance at 1st June 2020

2,494

Unprovided in previous year

Movement in year due to:-

changes in tax rates

changes in tax allowances

969

changes is tax losses

Balance at 31st May 2021

3,463

14.	CAPITAL COMMITMENTS

31.5.21

31.5.20

£

£

Contracted but not provided for in the

financial statements

-

-

15.	RELATED PARTY DISCLOSURES

16.	ULTIMATE CONTROLLING PARTY

The controlling party is B Paletta.