Maestro Calabrese International Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 04770743 (England and Wales)

MAESTRO CALABRESE INTERNATIONAL LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2017

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

6

DIRECTORS:

S A Calabrese

S M Calabrese

SECRETARY:

S M Calabrese

REGISTERED OFFICE:

24 Leadale Avenue

Chingford

London

E4 8AT

REGISTERED NUMBER:

04770743 (England and Wales)

ACCOUNTANTS:

John Crook & Partners

Chartered Accountants

255 Green Lanes

Palmers Green

London

N13 4XE

FIXED ASSETS

Intangible assets

4

4,193

6,797

Tangible assets

5

15,423

21,445

19,616

28,242

CURRENT ASSETS

Debtors

6

101,608

1,659

Cash at bank and in hand

126,563

241,605

228,171

243,264

CREDITORS

Amounts falling due within one year

7

15,493

41,610

NET CURRENT ASSETS

212,678

201,654

TOTAL ASSETS LESS CURRENT LIABILITIES

232,294

229,896

PROVISIONS FOR LIABILITIES

8

90

768

NET ASSETS

232,204

229,128

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

232,104

229,028

SHAREHOLDERS' FUNDS

232,204

229,128

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 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 26 February 2018 and were signed on its behalf by:

S A Calabrese - Director

S M Calabrese - Director

1.	STATUTORY INFORMATION

Maestro Calabrese International 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.

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 the amount receivable by the company for goods supplied and services provided.

Patents and licenses

Patent Rights are being amortised on a straight line basis over ten years.

Website

Website costs are being amortised on a straight line basis over five years.

Tangible fixed assets

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

Fixtures and fittings

-

10% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on cost

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 .

4.	INTANGIBLE FIXED ASSETS

Patents

and

Website

licences

costs

Totals

£

£

£

COST

At 1 June 2016

and 31 May 2017

11,534

8,468

20,002

AMORTISATION

At 1 June 2016

9,819

3,386

13,205

Amortisation for year

911

1,693

2,604

At 31 May 2017

10,730

5,079

15,809

NET BOOK VALUE

At 31 May 2017

804

3,389

4,193

At 31 May 2016

1,715

5,082

6,797

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 June 2016

and 31 May 2017

11,397

25,435

6,900

43,732

DEPRECIATION

At 1 June 2016

8,199

7,949

6,139

22,287

Charge for year

1,140

4,371

511

6,022

At 31 May 2017

9,339

12,320

6,650

28,309

NET BOOK VALUE

At 31 May 2017

2,058

13,115

250

15,423

At 31 May 2016

3,198

17,486

761

21,445

6.

DEBTORS

2017

2016

£

£

Amounts falling due within one year:

Value added tax

317

406

Prepayments

1,291

1,253

1,608

1,659

Amounts falling due after more than one year:

Loan

100,000

-

Aggregate amounts

101,608

1,659

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Corporation tax

6,018

31,412

Social security and other taxes

1,832

1,655

Other creditors

5,256

6,364

Directors' current accounts

2,387

2,179

15,493

41,610

8.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

90

768

Deferred

tax

£

Balance at 1 June 2016

768

Accelerated capital allowances

(678

)

Balance at 31 May 2017

90

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

100

Ordinary

£1

100

100

10.	RELATED PARTY DISCLOSURES

During the year the company made a loan to Calabrese Holdings Limited, a company registered in the Isle

of Man in the sum of £100,000. S A Calabrese owns 25% of the shared in that company. The loan

agreement provides for interest at 8% per annum. However no interest has been received and there is no

prospect of any being received for the foreseeable future. Consequently no income has been included in

these accounts.

11.	ULTIMATE CONTROLLING PARTY