Michelangelo (Worthing) Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 07533858 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2016

FOR

MICHELANGELO (WORTHING) LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

E Villella

W Manenti

REGISTERED OFFICE:

The Old Casino

28 Fourth Avenue

Hove

East Sussex

BN3 2PJ

REGISTERED NUMBER:

07533858 (England and Wales)

ACCOUNTANTS:

Cardens Accountants LLP

The Old Casino

28 Fourth Avenue

Hove

East Sussex

BN3 2PJ

FIXED ASSETS

Tangible assets

2

122,509

155,265

CURRENT ASSETS

Stocks

4,500

4,500

Debtors

45,742

47,247

Cash at bank and in hand

16,405

38,296

66,647

90,043

CREDITORS

Amounts falling due within one year

172,009

217,489

NET CURRENT LIABILITIES

(105,362

)

(127,446

)

TOTAL ASSETS LESS CURRENT LIABILITIES

17,147

27,819

CREDITORS

Amounts falling due after more than one year

(3,168

)

(15,546

)

PROVISIONS FOR LIABILITIES

(13,904

)

(12,141

)

NET ASSETS

75

132

CAPITAL AND RESERVES

Called up share capital

3

59

67

Profit and loss account

16

65

SHAREHOLDERS' FUNDS

75

132

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2016 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 25 October 2016 and were signed on its behalf by:

E Villella - Director

W Manenti - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared on the basis that the company will continue to be a going

concern. If this assumption is not considered valid, then adjustments would need to be made to reduce the

value of assets to their recoverable amount, to provide for any further liabilities that might arise and to reclassify

fixed assets and long term liabilities as current assets and liabilities.

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 sales of goods and services net of VAT and trade discounts. Turnover is recognised when

the goods are physically delivered to the customer, except in respect of service contracts where turnover is

recognised at the point the customer is entitled to consideration.

Tangible fixed assets

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

Leasehold property

-

10% on cost

Improvements to property

-

10% on cost

Plant and machinery

-

20% on cost

Fixtures and fittings

-

20% on cost

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 taxation is provided in full on timing differences which represent a liability at the balance sheet date, at

rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from

the inclusion of items of income and expenditure in taxation computations in periods different from those in

which they are included in financial statements. Deferred tax is not provided on timing differences arising from

the revaluation of fixed assets where there is no commitment to sell the asset. Deferred tax assets and liabilities

are not discounted.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 February 2015

300,521

Additions

10,766

At 31 January 2016

311,287

DEPRECIATION

At 1 February 2015

145,256

Charge for year

43,522

At 31 January 2016

188,778

NET BOOK VALUE

At 31 January 2016

122,509

At 31 January 2015

155,265

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

40

Ordinary A

£1

40

40

19

Ordinary B

£1

19

27

NIL

-

-

59

67

4.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 January 2016 and

31 January 2015:

2016

2015

£

£

E Villella

Balance outstanding at start of year

(6,256

)

(727

)

Amounts advanced

30,664

-

Amounts repaid

(87,822

)

(5,529

)

Balance outstanding at end of year

(63,414

)

(6,256

)

W Manenti

Balance outstanding at start of year

37,180

(17

)

Amounts advanced

159,269

89,627

Amounts repaid

(158,638

)

(52,430

)

Balance outstanding at end of year

37,811

37,180

5.	RELATED PARTY DISCLOSURES

Michelangelo (Sussex) LLP

A company in which E Villella and W Manenti are joint owners.

All transactions were undertaken on a commercial arms length basis and any outstanding amounts are interest

free and repayable on demand.

2016

2015

£

£

Amount due to related party at the balance sheet date

-

109,024

W Manenti

Director & Shareholder

During the year the company issued dividends to the amount of £60,000.

6.	ACCOUNTING BASIS