B. Paletta Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 05464750 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MAY 2017

FOR

B. PALETTA LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

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

4

220,000

247,500

Tangible assets

5

16,263

17,197

Investment property

6

110,192

110,192

346,455

374,889

CURRENT ASSETS

Stocks

7

38,541

48,015

Debtors

8

52,683

18,718

Cash at bank and in hand

78,899

102,782

170,123

169,515

CREDITORS

Amounts falling due within one year

9

250,654

260,020

NET CURRENT LIABILITIES

(80,531

)

(90,505

)

TOTAL ASSETS LESS CURRENT LIABILITIES

265,924

284,384

CREDITORS

Amounts falling due after more than one year

10

(30,854

)

(37,091

)

PROVISIONS FOR LIABILITIES

(3,252

)

(739

)

NET ASSETS

231,818

246,554

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

231,718

246,454

SHAREHOLDERS' FUNDS

231,818

246,554

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2017 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 16th November 2017 and were signed on its behalf by:

B Paletta - Director

1.	STATUTORY INFORMATION

B. Paletta Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

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.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

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

fair value is recognised in profit or loss.

Stocks

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

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of

the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss 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 profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st June 2016

and 31st May 2017

550,000

AMORTISATION

At 1st June 2016

302,500

Amortisation for year

27,500

At 31st May 2017

330,000

NET BOOK VALUE

At 31st May 2017

220,000

At 31st May 2016

247,500

5.	TANGIBLE FIXED ASSETS

Fixtures

Short

and

Motor

Computer

leasehold

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1st June 2016

30,547

31,908

11,266

8,555

82,276

Additions

-

15,703

-

2,170

17,873

Disposals

(18,000

)

-

-

-

(18,000

)

At 31st May 2017

12,547

47,611

11,266

10,725

82,149

DEPRECIATION

At 1st June 2016

14,045

31,312

11,265

8,457

65,079

Charge for year

-

1,797

-

510

2,307

Eliminated on disposal

(1,500

)

-

-

-

(1,500

)

At 31st May 2017

12,545

33,109

11,265

8,967

65,886

NET BOOK VALUE

At 31st May 2017

2

14,502

1

1,758

16,263

At 31st May 2016

16,502

596

1

98

17,197

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st June 2016

and 31st May 2017

110,192

NET BOOK VALUE

At 31st May 2017

110,192

At 31st May 2016

110,192

The directors consider that the value at the year end 31st May 2017 is not significantly different from that of the

cost price of the Investment property and therefore considered the value of £110,192 to be appropriate.

7.

STOCKS

31.5.17

31.5.16

£

£

Goods for resale

38,541

48,015

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.17

31.5.16

£

£

Other debtors

48,483

2,130

Prepayments

4,200

16,588

52,683

18,718

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.17

31.5.16

£

£

Bank loans and overdrafts

23,915

7,377

Trade creditors

97,271

131,894

Tax

13,897

18,629

Social security and other taxes

6,542

3,922

Other creditors

5,000

-

Directors' current accounts

92,681

92,124

Accrued expenses

11,348

6,074

250,654

260,020

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.17

31.5.16

£

£

Bank loans - 1-2 years

6,516

6,183

Bank loans - 2-5 years

21,548

20,548

Bank loans more 5 yr by instal

2,790

10,360

30,854

37,091

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

2,790

10,360

11.	SECURED DEBTS

The following secured debts are included within creditors:

31.5.17

31.5.16

£

£

Bank overdrafts

17,732

1,528

Bank loans

37,037

42,940

54,769

44,468

12.	CAPITAL COMMITMENTS

31.5.17

31.5.16

£

£

Contracted but not provided for in the

financial statements

-

-

13.	RELATED PARTY DISCLOSURES

14.	ULTIMATE CONTROLLING PARTY

The controlling party is B Paletta.

15.	FIRST YEAR ADOPTION

This is the first year that the company has presented its results under FRS 102 (Section 1A). The last financial

statements prepared under UK GAAP were for the period ended 31st May 2016. The date of transition to FRS

102 (Section 1A) was the 1st June 2016. There were no adjustments on the transition to FRS 102 (Section 1A)

for the period 1st June 2015 to 31st May 2016.