Ravel (Italy) Limited - Abbreviated accounts 16.3

Ravel (Italy) Limited - Abbreviated accounts 16.3

RAVEL (ITALY) LIMITED - Company Information

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REGISTERED NUMBER: SC477485 (Scotland)















ABBREVIATED UNAUDITED ACCOUNTS

FOR THE PERIOD 1 JANUARY 2015 TO 31 MAY 2016

FOR

RAVEL (ITALY) LIMITED

RAVEL (ITALY) LIMITED (REGISTERED NUMBER: SC477485)

CONTENTS OF THE ABBREVIATED ACCOUNTS
FOR THE PERIOD 1 JANUARY 2015 TO 31 MAY 2016










Page

Company Information 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 4

RAVEL (ITALY) LIMITED

COMPANY INFORMATION
FOR THE PERIOD 1 JANUARY 2015 TO 31 MAY 2016







DIRECTORS: R Colaluca
Mrs L Colaluca





SECRETARY: Mrs L Colaluca





REGISTERED OFFICE: C/o Consilium Chartered Accountants
169 West George Street
United Kingdom
Glasgow
G2 2LB





REGISTERED NUMBER: SC477485 (Scotland)





ACCOUNTANTS: Consilium Chartered Accountants
169 West George Street
Glasgow
G2 2LB
Page 1
RAVEL (ITALY) LIMITED (REGISTERED NUMBER: SC477485)

ABBREVIATED BALANCE SHEET
31 MAY 2016

2016 2014
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 2 390,958 -

CURRENT ASSETS
Stocks 15,500 -
Debtors 15,981 -
Cash at bank and in hand 165,421 100
196,902 100
CREDITORS
Amounts falling due within one year 3 285,043 -
NET CURRENT (LIABILITIES)/ASSETS (88,141 ) 100
TOTAL ASSETS LESS CURRENT LIABILITIES 302,817 100

CREDITORS
Amounts falling due after more than one year 3 (252,945 ) -

PROVISIONS FOR LIABILITIES (48,935 ) -
NET ASSETS 937 100

CAPITAL AND RESERVES
Called up share capital 4 100 100
Profit and loss account 837 -
SHAREHOLDERS' FUNDS 937 100

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

The members have not required the Company to obtain an audit of its financial statements for the period ended 31 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...
RAVEL (ITALY) LIMITED (REGISTERED NUMBER: SC477485)

ABBREVIATED BALANCE SHEET - continued
31 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 28 February 2017 and were signed on its behalf by:




R Colaluca - Director



Mrs L Colaluca - Director


The notes form part of these abbreviated accounts

Page 3
RAVEL (ITALY) LIMITED (REGISTERED NUMBER: SC477485)

NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE PERIOD 1 JANUARY 2015 TO 31 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).

Exemption from preparing a cash flow statement
The Company has adopted the Financial Reporting Standard for Smaller Entities (effective January 2015) and is
consequently exempt from the requirement to include a cash flow statement in the financial statements.

Turnover
The turnover shown in the profit and loss account represents the value of all goods sold during the period exclusive of
Value Added Tax. Turnover is recognised at the point of sale to the customer.

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

Leasehold improvements - 10% reducing balance
Fixtures and fittings - 25% reducing balance

Tangible fixed assets are stated at cost less depreciation. Cost represents purchase price together with any incidental costs
of acquisition.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving
items.

Cost is calculated using the first-in first-out method and includes the normal cost of transporting stock to its present
location and condition.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet
date where transactions or events have occurred at that date that will result in an obligation to pay more tax, or a right to
pay less tax, or a right to receive repayments of tax.

Deferred tax assets are recognised only to the extent that the directors consider it more likely than not that there will be
suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax
assets and liabilities recognised have not been discounted.

Deferred tax is measured on a non-discounted basis at the average tax rates that are expected to apply in the periods in
which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Operating lease commitments
Rentals applicable to operating leases, where substantially all of the benefits and risks of ownership remain with the lessor,
are charged against profits on a straight line basis over the period of the lease.

Financial instruments
Financial instruments are classified and accounted for as financial assets, financial liabilities or equity instruments,
according to the substance of the contractual arrangement.

Financial instruments which are assets are stated at cost less any provision for impairment. Financial liabilities are stated at
principal capital amounts outstanding at the period end. Issue costs relating to financial liabilities are deducted from the
outstanding balance and are amortised over the period to the due date for repayment of the financial liability.

An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of
its liabilities. A financial liability is any contractual arrangement for an entity to deliver cash to the holder of the associated
financial instrument.

Page 4 continued...
RAVEL (ITALY) LIMITED (REGISTERED NUMBER: SC477485)

NOTES TO THE ABBREVIATED ACCOUNTS - continued
FOR THE PERIOD 1 JANUARY 2015 TO 31 MAY 2016


2. TANGIBLE FIXED ASSETS
Total
£   
COST
Additions 488,767
At 31 May 2016 488,767
DEPRECIATION
Charge for period 97,809
At 31 May 2016 97,809
NET BOOK VALUE
At 31 May 2016 390,958

3. CREDITORS

Creditors include an amount of £ 284,524 for which security has been given.

4. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2016 2014
value: £    £   
100 Ordinary £1 100 100

Page 5