Palazzo Dream Kitchen's (Scotland) Ltd. - Abbreviated accounts 16.1

REGISTERED NUMBER: SC105373 (Scotland)

Abbreviated Accounts for the Year Ended 31 December 2015

for

PALAZZO DREAM KITCHEN'S (SCOTLAND) LTD.

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

Chartered Accountants' Report

5

DIRECTORS:

Eric Palazzo

Mrs Antonietta Palazzo

SECRETARY:

Mrs Antonietta Palazzo

REGISTERED OFFICE:

151-153 Main Street

Uddingston

G71 7EN

REGISTERED NUMBER:

SC105373 (Scotland)

ACCOUNTANTS:

G O Thomson & Co

Chartered Accountants

11 Clyde Street

Carluke

ML8 5BA

FIXED ASSETS

Tangible assets

2

332,052

348,579

CURRENT ASSETS

Stocks

80,423

42,776

Debtors

26,816

36,882

Cash at bank and in hand

140,776

88,899

248,015

168,557

CREDITORS

Amounts falling due within one year

3

258,882

256,027

NET CURRENT LIABILITIES

(10,867

)

(87,470

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

321,185

261,109

CAPITAL AND RESERVES

Called up share capital

4

2

Profit and loss account

321,183

261,107

SHAREHOLDERS' FUNDS

321,185

261,109

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2015 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 27 April 2016 and were signed on its behalf by:

Eric Palazzo - Director

Mrs Antonietta Palazzo - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

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

useful or if held under a finance lease, over the lease term, whichever is the shorter.

Land & Buildings

- 2% on cost

Showroom

- 20% on reducing balance

Plant, fixtures & fittings

- 25% on reducing balance

Motor vehicles

- 25% on reducing balance

Computer Equipment

- 33% on straight line

The showroom is revalued by the directors at the financial year end.

Stocks

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

moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2015

371,624

Additions

7,563

Reclassification/transfer

(2,686

)

At 31 December 2015

376,501

DEPRECIATION

At 1 January 2015

23,045

Charge for year

24,090

Reclassification/transfer

(2,686

)

At 31 December 2015

44,449

NET BOOK VALUE

At 31 December 2015

332,052

At 31 December 2014

348,579

3.

CREDITORS

Creditors include an amount of £ 29,550 (2014 - £ 39,213 ) for which security has been given.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

2

Ordinary

£1

2

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages two to four)

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 Palazzo Dream Kitchen's (Scotland) Ltd. for the year ended 31 December 2015 which comprise

the Profit and Loss Account, the Balance Sheet, 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 of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.org.uk/accountspreparationguidance.

This report is made solely to the Board of Directors of Palazzo Dream Kitchen's (Scotland) Ltd., 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 Palazzo Dream Kitchen's (Scotland) Ltd. and state those matters that we have agreed to state to the Board of Directors of Palazzo Dream Kitchen's (Scotland) Ltd., as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.org.uk/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Palazzo Dream Kitchen's (Scotland) Ltd. 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 Palazzo Dream Kitchen's (Scotland) Ltd.. You consider that Palazzo Dream Kitchen's (Scotland) Ltd. 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 Palazzo Dream Kitchen's (Scotland) Ltd.. 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.

G O Thomson & Co

Chartered Accountants

11 Clyde Street

Carluke

ML8 5BA

27 April 2016