Paella Ink Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07874790 (England and Wales)

Financial Statements

for the Year Ended 31 December 2017

for

Paella Ink Ltd

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

J Weeks

REGISTERED OFFICE:

37A Bates Road

Brighton

BN1 6PF

REGISTERED NUMBER:

07874790 (England and Wales)

ACCOUNTANT:

Will Taylor Limited

Suites 12-14

3rd Floor, Vantage Point

New England Road

Brighton

East Sussex

BN1 4GW

FIXED ASSETS

Tangible assets

4

8,359

10,411

CURRENT ASSETS

Cash at bank

294

-

CREDITORS

Amounts falling due within one year

5

9,700

8,832

NET CURRENT LIABILITIES

(9,406

)

(8,832

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,047

)

1,579

CREDITORS

Amounts falling due after more than one year

6

-

1,970

NET LIABILITIES

(1,047

)

(391

)

CAPITAL AND RESERVES

Called up share capital

7

100

100

Retained earnings

8

(1,147

)

(491

)

SHAREHOLDERS' FUNDS

(1,047

)

(391

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Income Statement has not been delivered.

The financial statements were approved by the director on 13 September 2018 and were signed by:

J Weeks - Director

1.	STATUTORY INFORMATION

Paella Ink Ltd 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.

TANGIBLE FIXED ASSETS

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

Plant and machinery

-

25% reducing balance

Motor vehicles

-

20% on reducing balance

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment.

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 statement of financial position date.

GOING CONCERN NOTE

Total liabilities exceed current assets at the balance sheet date. The directors consider, however that the

company has sufficient liquid assets, to meet its liabilities as and when they fall due, and that the company has

sufficient support from its creditors. Accordingly the director considers that it is appropriate to prepare the

accounts on a going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2016 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 January 2017

4,381

21,258

25,639

Additions

154

-

154

At 31 December 2017

4,535

21,258

25,793

DEPRECIATION

At 1 January 2017

2,677

12,551

15,228

Charge for year

465

1,741

2,206

At 31 December 2017

3,142

14,292

17,434

NET BOOK VALUE

At 31 December 2017

1,393

6,966

8,359

At 31 December 2016

1,704

8,707

10,411

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Bank loans and overdrafts

-

45

HP loan < 1yr

3,303

3,925

Tax

467

135

Directors' loan accounts

5,030

3,827

Accrued expenses

900

900

9,700

8,832

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.17

31.12.16

£

£

Other loans - 2-5 years

-

1,970

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.17

31.12.16

value:

£

£

100

Ordinary

£1

100

100

8.

RESERVES

Retained

earnings

£

At 1 January 2017

(491

)

Deficit for the year

(656

)

At 31 December 2017

(1,147

)

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2017 and

31 December 2016:

31.12.17

31.12.16

£

£

J Weeks

Balance outstanding at start of year

(3,827

)

(2,137

)

Amounts advanced

8,072

4,294

Amounts repaid

(9,275

)

(5,984

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(5,030

)

(3,827

)

10.	RELATED PARTY DISCLOSURES

The controlling party is J Weeks.