PAPASTRELLO_LIMITED - Accounts
PAPASTRELLO_LIMITED - Accounts
Company Registration No. 08295563 (England and Wales)
ABBREVIATED ACCOUNTS
FOR THE PERIOD ENDED 31 DECEMBER 2013
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2
Notes to the abbreviated accounts
3 - 4
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PAPASTRELLO LIMITED FOR THE PERIOD ENDED 31 DECEMBER 2013
- 1 -
The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 2 to 4 have been prepared.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Papastrello Limited for the period ended 31 December 2013 set out on pages 3 to 7 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, we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.
This report is made solely to the Board of Directors of Papastrello Limited , as a body, in accordance with the terms of our engagement letter dated 9 October 2012. Our work has been undertaken solely to prepare for your approval the financial statements of Papastrello Limited and state those matters that we have agreed to state to the Board of Directors of Papastrello Limited , as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Papastrello Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Papastrello 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 loss of Papastrello Limited . You consider that Papastrello Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Papastrello 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.
ABBREVIATED BALANCE SHEET
AS AT
31 DECEMBER 2013
- 2 -
2013
Notes
£
£
Fixed assets
Tangible assets
2
Current assets
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one year
(131,335 )
Net current liabilities
(36,725 )
Total assets less current liabilities
(8,536 )
Capital and reserves
Called up share capital
3
Profit and loss account
(8,537 )
Shareholders' funds
(8,536 )
Director's responsibilities:
-
-
Approved by the Board for issue on .........................
..............................
Director
Company Registration No. 08295563
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE PERIOD ENDED 31 DECEMBER 2013
1
Accounting policies
1.1
Accounting convention
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
1.4
Tangible fixed assets and depreciation
Fixtures, fittings & equipment
1.5
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
2
Fixed assets
Tangible assets
£
Cost
At 15 November 2012
-
Additions
37,585
At 31 December 2013
37,585
Depreciation
At 15 November 2012
-
Charge for the period
9,396
At 31 December 2013
9,396
Net book value
At 31 December 2013
28,189
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2013
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3
Share capital
2013
£
Allotted, called up and fully paid