Palazzo Dream Kitchen's (Scotland) Ltd. - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC105373 (Scotland)

Financial Statements for the Year Ended 31 December 2017

for

PALAZZO DREAM KITCHEN'S (SCOTLAND) LTD.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTORS:

Eric Palazzo

Mrs Antonietta Palazzo

SECRETARY:

Mrs Antonietta Palazzo

REGISTERED OFFICE:

151-153 Main Street

Uddingston

G71 7EN

REGISTERED NUMBER:

SC105373 (Scotland)

ACCOUNTANTS:

G O Thomson & Co

Chartered Accountants

13 Hope Street

Lanark

Lanarkshire

ML11 7NL

FIXED ASSETS

Tangible assets

4

350,421

326,865

CURRENT ASSETS

Stocks

44,408

57,128

Debtors

5

185,835

25,094

Cash at bank and in hand

238,885

239,742

469,128

321,964

CREDITORS

Amounts falling due within one year

6

322,457

223,777

NET CURRENT ASSETS

146,671

98,187

TOTAL ASSETS LESS CURRENT LIABILITIES

497,092

425,052

CREDITORS

Amounts falling due after more than one year

7

(4,444

)

(9,475

)

PROVISIONS FOR LIABILITIES

(10,774

)

(4,120

)

NET ASSETS

481,874

411,457

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

481,872

411,455

SHAREHOLDERS' FUNDS

481,874

411,457

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 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 31 August 2018 and were signed on its behalf by:

Eric Palazzo - Director

Mrs Antonietta Palazzo - Director

1.	STATUTORY INFORMATION

Palazzo Dream Kitchen's (Scotland) Ltd. is a private company, limited by shares , registered in Scotland. 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 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 life ,

useful or if held under a finance lease, over the lease term, whichever is the shorter.

Land & Buildings

- 2% on cost

Showroom

- 20% on reducing balance

Plant, fixtures & fittings

- 25% on reducing balance

Motor vehicles

- 25% on reducing balance

Computer Equipment

- 33% on straight line

The showroom is revalued by the directors at the financial year end.

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.

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 15 (2016 - 14 ) .

4.	TANGIBLE FIXED ASSETS

Plant,

Land &

fixtures

Buildings

Showroom

& fittings

£

£

£

COST

At 1 January 2017

281,533

35,000

36,284

At 31 December 2017

281,533

35,000

36,284

DEPRECIATION

At 1 January 2017

11,203

12,600

17,536

Charge for year

5,630

4,480

5,939

At 31 December 2017

16,833

17,080

23,475

NET BOOK VALUE

At 31 December 2017

264,700

17,920

12,809

At 31 December 2016

270,330

22,400

18,748

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2017

38,960

4,757

396,534

Additions

58,850

-

58,850

At 31 December 2017

97,810

4,757

455,384

DEPRECIATION

At 1 January 2017

24,488

3,842

69,669

Charge for year

18,330

915

35,294

At 31 December 2017

42,818

4,757

104,963

NET BOOK VALUE

At 31 December 2017

54,992

-

350,421

At 31 December 2016

14,472

915

326,865

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors & WIP

27,285

16,219

Third party loans

7,295

7,295

Palazzo Buildworks Loan

150,000

-

Prepayments

1,255

1,580

185,835

25,094

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

9,086

10,037

Hire purchase contracts

3,333

2,753

Trade creditors

35,869

15,422

Tax

38,439

44,575

Social security and other taxes

14,970

11,648

VAT

24,872

29,238

Customer deposits

182,030

95,000

Directors' current accounts

1,221

4,752

Accrued expenses

12,637

10,352

322,457

223,777

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans - 1-2 years

-

9,475

Hire purchase contracts

4,444

-

4,444

9,475

8.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

9,086

19,512

Both the Bank Overdraft and the Bank Loan are secured by a Bond and floating charge over the property.

9.	RELATED PARTY DISCLOSURES

Eric and Antonietta Palazzo are both directors in Palazzo Dream Kitchens (Scotland) Ltd. At the year end there

is a balance owed to Eric Palazzo by the company amounting to £1,221 (2016 £4,751). Dividends amounting to

£55,000 were paid to Eric Palazzo and dividends amounting to £55,000 were also paid to Antonietta Palazzo

during the year.

10.	ULTIMATE CONTROLLING PARTY

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Palazzo Dream Kitchen's (Scotland) Ltd. for the year ended 31 December 2017 which comprise

the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information

and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Palazzo Dream Kitchen's (Scotland) Ltd., as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Palazzo Dream Kitchen's (Scotland) Ltd. and state those matters that we have agreed to state to the Board of Directors of Palazzo Dream Kitchen's (Scotland) Ltd., as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Palazzo Dream Kitchen's (Scotland) Ltd. has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Palazzo Dream Kitchen's (Scotland) Ltd.. You consider that Palazzo Dream Kitchen's (Scotland) Ltd. is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Palazzo Dream Kitchen's (Scotland) Ltd.. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

G O Thomson & Co

Chartered Accountants

13 Hope Street

Lanark

Lanarkshire

ML11 7NL

31 August 2018