PALAZZO_ENTERPRISES_LTD - Accounts

PALAZZO ENTERPRISES LIMITED - Company Information

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Company Registration No. 04540639 (England and Wales)

PALAZZO ENTERPRISES LTD

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

PALAZZO ENTERPRISES LTD

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

PALAZZO ENTERPRISES LTD

ABBREVIATED BALANCE SHEET

AS AT

31 MARCH 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

567

950

Current assets

Debtors

218

Cash at bank and in hand

1,193

1,743

1,411

1,743

Creditors: amounts falling due within one year

(1,681)

(1,141)

Net current (liabilities)/assets

(270)

602

Total assets less current liabilities

297

1,552

Capital and reserves

Called up share capital

Profit and loss account

295

1,550

Shareholders' funds

297

1,552

For the financial year ended 31 March 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board and authorised for issue on 18 May 2016

Mr D Wolfson

Director

Company Registration No. 04540639

PALAZZO ENTERPRISES LTD

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

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

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Computer equipment

33% reducing balance

1.5

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

Fixed assets

Tangible assets

Cost

At 1 April 2015 & at 31 March 2016

1,881

Depreciation

At 1 April 2015

931

Charge for the year

383

At 31 March 2016

1,314

Net book value

At 31 March 2016

567

At 31 March 2015

950

Share capital

2016

2015

Allotted, called up and fully paid

2 Ordinary shares of £1 each