PICCOLO_(WORLDWIDE)_LIMIT - Accounts

PICCOLO (WORLDWIDE) LIMITED - Company Information

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Company Registration No. 08687767 (England and Wales)

PICCOLO (WORLDWIDE) LIMITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 SEPTEMBER 2015

PICCOLO (WORLDWIDE) LIMITED

CONTENTS

Page

Accountants' report

Abbreviated balance sheet

2 - 3

Notes to the abbreviated accounts

4 - 5

PICCOLO (WORLDWIDE) LIMITED

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PICCOLO (WORLDWIDE) LIMITED FOR THE YEAR ENDED 30 SEPTEMBER 2015

- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Piccolo (Worldwide) Limited for the year ended 30 September 2015 set out on pages 2 to 5 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/regulations.

This report is made solely to the Board of Directors of Piccolo (Worldwide) Limited, as a body, in accordance with the terms of our engagement letter dated 4 November 2014. Our work has been undertaken solely to prepare for your approval the financial statements of Piccolo (Worldwide) Limited and state those matters that we have agreed to state to the Board of Directors of Piccolo (Worldwide) 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 Piccolo (Worldwide) Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Piccolo (Worldwide) 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 Piccolo (Worldwide) Limited. You consider that Piccolo (Worldwide) Limited 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 Piccolo (Worldwide) 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.

Moore and Smalley LLP

Chartered Accountants

Richard House

9 Winckley Square

Preston

PR1 3HP

29 June 2016

PICCOLO (WORLDWIDE) LIMITED

ABBREVIATED BALANCE SHEET

AS AT

30 SEPTEMBER 2015

- 2 -

2015

2014

Notes

Fixed assets

Tangible assets

24,374

10,137

Current assets

Stocks

3,000

Debtors

57,488

63,875

Cash at bank and in hand

6,745

14,235

67,233

81,110

Creditors: amounts falling due within one year

(300,480)

(147,876)

Net current liabilities

(233,247)

(66,766)

Total assets less current liabilities

(208,873)

(56,629)

Capital and reserves

Called up share capital

100

Profit and loss account

(208,973)

(56,729)

Shareholders' funds

(208,873)

(56,629)

PICCOLO (WORLDWIDE) LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

30 SEPTEMBER 2015

- 3 -

For the financial year ended 30 September 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

The directors acknowledge their 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 for issue on 27 June 2016

Mr S D Procter

Mrs R A Coleridge-Smith

Director

Mrs J L Roseman

Director

Company Registration No. 08687767

PICCOLO (WORLDWIDE) LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 SEPTEMBER 2015

- 4 -

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).

At 30 September 2015 the liabilities of the company exceeded its assets by £208,873. The company is therefore reliant on the support of the directors and at 30 September 2015 the balance on the directors' loan accounts stood at £183,393. The directors continue to look for new investors for the business to assist with funding its growth; a number of investors have shown interest and talks are ongoing. New products which had been under development have now been launched and the company now has a very healthy sales pipeline. These accounts have accordingly been prepared on the going concern basis.

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:

Plant and machinery

15% Straight line

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.

1.6

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

PICCOLO (WORLDWIDE) LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2015

- 5 -

Fixed assets

Tangible assets

Cost

At 1 October 2014

11,926

Additions

17,941

At 30 September 2015

29,867

Depreciation

At 1 October 2014

1,789

Charge for the year

3,704

At 30 September 2015

5,493

Net book value

At 30 September 2015

24,374

At 30 September 2014

10,137

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £44,845 (2014 - £33,322).

Share capital

2015

2014

Allotted, called up and fully paid

100 Ordinary of £1 each

100