B. Paletta Limited - Abbreviated accounts 16.3

B. Paletta Limited - Abbreviated accounts 16.3

B. PALETTA LIMITED - Company Information

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REGISTERED NUMBER: 05464750 (England and Wales)




ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31ST MAY 2016

FOR

B. PALETTA LIMITED

B. PALETTA LIMITED (REGISTERED NUMBER: 05464750)






CONTENTS OF THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31ST MAY 2016




Page

Company Information 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 4

B. PALETTA LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MAY 2016







DIRECTORS: B Paletta
J Paletta



SECRETARY: L Hemmings



REGISTERED OFFICE: 29-31 Darby Road
Brynteg
Wrexham
LL11 6LW



REGISTERED NUMBER: 05464750 (England and Wales)



ACCOUNTANTS: M. D. Coxey and Co. Limited
Chartered Accountants
25 Grosvenor Road
Wrexham
LL11 1BT



BANKERS: Barclays Bank plc
51-52 Hope Street
Wrexham
LL11 1BB
Page 1
B. PALETTA LIMITED (REGISTERED NUMBER: 05464750)

ABBREVIATED BALANCE SHEET
31ST MAY 2016

31.5.16 31.5.15
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 2 247,500 275,000
Tangible assets 3 17,197 1,794
Investment property 4 110,192 110,192
374,889 386,986

CURRENT ASSETS
Stocks 48,015 38,473
Debtors 18,718 18,306
Cash at bank and in hand 102,782 121,497
169,515 178,276
CREDITORS
Amounts falling due within one year 5 260,020 282,307
NET CURRENT LIABILITIES (90,505 ) (104,031 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
284,384
282,955

CREDITORS
Amounts falling due after more than one
year
5
(37,091
)
(44,446
)

PROVISIONS FOR LIABILITIES (739 ) (358 )
NET ASSETS 246,554 238,151

CAPITAL AND RESERVES
Called up share capital 6 100 100
Profit and loss account 246,454 238,051
SHAREHOLDERS' FUNDS 246,554 238,151

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 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 notes form part of these abbreviated accounts

Page 2 continued...
B. PALETTA LIMITED (REGISTERED NUMBER: 05464750)

ABBREVIATED BALANCE SHEET - continued
31ST MAY 2016


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 25th October 2016 and were signed on its behalf
by:





B Paletta - Director


The notes form part of these abbreviated accounts

Page 3
B. PALETTA LIMITED (REGISTERED NUMBER: 05464750)

NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31ST MAY 2016

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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised evenly over its estimated useful life of twenty years.

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

Short leasehold - The length of the lease
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost
Computer equipment - 25% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in
market value is transferred to a revaluation reserve.

This is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008) which
unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties
are held for their investment potential and not for use by the company and so their current market value is of
prime importance. The departure from the provisions of the Act is required in order to give a true and fair view.

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.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension
scheme are charged to the profit and loss account in the period to which they relate.

Page 4 continued...
B. PALETTA LIMITED (REGISTERED NUMBER: 05464750)

NOTES TO THE ABBREVIATED ACCOUNTS - continued
FOR THE YEAR ENDED 31ST MAY 2016

2. INTANGIBLE FIXED ASSETS
Total
£   
COST
At 1st June 2015
and 31st May 2016 550,000
AMORTISATION
At 1st June 2015 275,000
Amortisation for year 27,500
At 31st May 2016 302,500
NET BOOK VALUE

At 31st May 2016 247,500
At 31st May 2015 275,000

3. TANGIBLE FIXED ASSETS
Total
£   
COST
At 1st June 2015 64,176
Additions 18,100
At 31st May 2016 82,276
DEPRECIATION
At 1st June 2015 62,382
Charge for year 2,697
At 31st May 2016 65,079
NET BOOK VALUE
At 31st May 2016 17,197
At 31st May 2015 1,794

4. INVESTMENT PROPERTY
Total
£   
COST
At 1st June 2015
and 31st May 2016 110,192
NET BOOK VALUE
At 31st May 2016 110,192
At 31st May 2015 110,192

5. CREDITORS

Creditors include an amount of £ 44,468 (31.5.15 - £ 49,962 ) for which security has been given.

Page 5 continued...
B. PALETTA LIMITED (REGISTERED NUMBER: 05464750)

NOTES TO THE ABBREVIATED ACCOUNTS - continued
FOR THE YEAR ENDED 31ST MAY 2016

5. CREDITORS - continued

They also include the following debts falling due in more than five years:

31.5.16 31.5.15
£    £   
Repayable by instalments 10,360 19,049

6. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.16 31.5.15
value: £    £   
100 Ordinary £1 100 100

Page 6