B. Paletta Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 05464750 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31ST MAY 2014

FOR

B. PALETTA LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

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

FIXED ASSETS

Intangible assets

2

302,500

330,000

Tangible assets

3

5,620

9,511

Investment property

4

207,682

110,191

515,802

449,702

CURRENT ASSETS

Stocks

37,736

43,865

Debtors

5,014

5,080

Cash at bank and in hand

57,929

94,203

100,679

143,148

CREDITORS

Amounts falling due within one year

5

349,684

301,549

NET CURRENT LIABILITIES

(249,005

)

(158,401

)

TOTAL ASSETS LESS CURRENT LIABILITIES

266,797

291,301

CREDITORS

Amounts falling due after more than one year

5

(48,530

)

(54,025

)

PROVISIONS FOR LIABILITIES

(951

)

(1,692

)

NET ASSETS

217,316

235,584

CAPITAL AND RESERVES

Called up share capital

6

100

100

Profit and loss account

217,216

235,484

SHAREHOLDERS' FUNDS

217,316

235,584

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2014 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 13th October 2014 and were signed on its behalf by:

B Paletta - 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 April 2008).

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.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1st June 2013

and 31st May 2014

550,000

AMORTISATION

At 1st June 2013

220,000

Amortisation for year

27,500

At 31st May 2014

247,500

NET BOOK VALUE

At 31st May 2014

302,500

At 31st May 2013

330,000

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1st June 2013

and 31st May 2014

64,176

DEPRECIATION

At 1st June 2013

54,665

Charge for year

3,891

At 31st May 2014

58,556

NET BOOK VALUE

At 31st May 2014

5,620

At 31st May 2013

9,511

4.	INVESTMENT PROPERTY

Total

£

COST

At 1st June 2013

110,191

Additions

97,491

At 31st May 2014

207,682

NET BOOK VALUE

At 31st May 2014

207,682

At 31st May 2013

110,191

5.

CREDITORS

Creditors include an amount of £ 75,403 (31.5.13 - £ 73,629 ) for which security has been given.

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.5.14

31.5.13

value:

£

£

100

Ordinary

£1

100

100