Sgaro Limited - Abbreviated accounts 16.3

Sgaro Limited - Abbreviated accounts 16.3

SGARO LIMITED - Company Information

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REGISTERED NUMBER: 07238433 (England and Wales)















Abbreviated Unaudited Accounts for the Year Ended 31 October 2016

for

Sgaro Limited

Sgaro Limited (Registered number: 07238433)






Contents of the Abbreviated Accounts
for the Year Ended 31 October 2016




Page

Company Information 1

Abbreviated Statement of Financial Position 2

Notes to the Abbreviated Accounts 3

Sgaro Limited

Company Information
for the Year Ended 31 October 2016







DIRECTORS: Mr Giorgio Sgariglia
Mr Gianni Paolo Sgariglia





REGISTERED OFFICE: 1st Floor
314 Regents Park Road
Finchley
London
N3 2LT





REGISTERED NUMBER: 07238433 (England and Wales)





ACCOUNTANTS: Wolfson Associates Limited
1st Floor
314 Regents Park Road
Finchley
London
N3 2LT
Page 1
Sgaro Limited (Registered number: 07238433)

Abbreviated Statement of Financial Position
31 October 2016

31.10.16 31.10.15
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 2 366,308 394,145

CURRENT ASSETS
Stocks 23,050 22,200
Debtors 39,578 34,848
Cash at bank 26,792 117,188
89,420 174,236
CREDITORS
Amounts falling due within one year 234,947 565,848
NET CURRENT LIABILITIES (145,527 ) (391,612 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
220,781
2,533

CAPITAL AND RESERVES
Called up share capital 3 300 300
Retained earnings 220,481 2,233
SHAREHOLDERS' FUNDS 220,781 2,533

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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 13 June 2017 and were signed on its
behalf by:





Mr Giorgio Sgariglia - Director


The notes form part of these abbreviated accounts

Page 2
Sgaro Limited (Registered number: 07238433)

Notes to the Abbreviated Accounts
for the Year Ended 31 October 2016

1. ACCOUNTING POLICIES

Going concern
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

During the year the company made a profit before tax of £255,748 (2015: £209,659). At the balance
sheet date the company's current liabilities exceeded its current assets by £145,527 (2015: £391,612).
This indicates a material uncertainty as to whether the going concern assumption is correct. The
company is wholly reliant on the continued support of its directors. The directors have indicated they
will continue to support the company for the next twelve months.

Financial reporting standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial
statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and
Republic of Ireland":

• the requirements of Section 7 Statement of Cash Flows.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,
rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 5% on cost
Plant and machinery - 25% on cost
Fixtures and fittings - 15% on reducing balance
Computer equipment - 25% 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 tax is recognised in respect of all timing differences that have originated but not reversed at
the statement of financial position date.

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 profit or loss in the period to which they relate.

Page 3 continued...
Sgaro Limited (Registered number: 07238433)

Notes to the Abbreviated Accounts - continued
for the Year Ended 31 October 2016

2. TANGIBLE FIXED ASSETS
Total
£   
COST
At 1 November 2015 455,484
Additions 2,716
At 31 October 2016 458,200
DEPRECIATION
At 1 November 2015 61,339
Charge for year 30,553
At 31 October 2016 91,892
NET BOOK VALUE
At 31 October 2016 366,308
At 31 October 2015 394,145

3. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.10.16 31.10.15
value: £    £   
100 Ordinary £1 100 100
200 D £1 200 200
300 300

4. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At 1 November 2015 the directors' loan account balance was credit balance of £382,040. During the
year, the company made a repayment of £295,080. As a result at the end of the year the company
owed £86,960 to the directors.

5. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the director, Mr G Sgariglia, by virtue of holding 60% of the issued
share capital.

Page 4