J & N Rossi Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04066582 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2017

for

J & N Rossi Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

N D Rossi

J Rossi

F Rossi

SECRETARY:

J Rossi

REGISTERED OFFICE:

Ancient Gatehouse Hotel

20 Sadler Street

Wells

Somerset

BA5 2SE

REGISTERED NUMBER:

04066582 (England and Wales)

ACCOUNTANTS:

Stephen Cook

5 Bella View Gardens

Glastonbury

Somerset

BA6 9HQ

FIXED ASSETS

Intangible assets

4

63,750

67,500

Tangible assets

5

455,662

463,627

Investment property

6

800,000

800,000

1,319,412

1,331,127

CURRENT ASSETS

Stocks

13,500

12,150

Debtors

29,354

27,854

Cash at bank and in hand

126,989

107,375

169,843

147,379

CREDITORS

Amounts falling due within one year

306,484

303,601

NET CURRENT LIABILITIES

(136,641

)

(156,222

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,182,771

1,174,905

CREDITORS

Amounts falling due after more than one year

7

(174,830

)

(246,522

)

PROVISIONS FOR LIABILITIES

(59,673

)

(65,552

)

NET ASSETS

948,268

862,831

CAPITAL AND RESERVES

Called up share capital

4,000

4,000

Fair value reserve

8

687,672

692,078

Retained earnings

256,596

166,753

948,268

862,831

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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 December 2017 in accordance with Section 444(2A) of the Companies Act 2006.

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 25 September 2018 and were signed on its behalf by:

N D Rossi - Director

J Rossi - Director

1.	STATUTORY INFORMATION

J & N Rossi 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 as modified by the revaluation of certain assets.

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 2007, 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.

Land and buildings

-

not provided

Plant and machinery etc

-

25% on reducing balance

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 35 (2016 - 37 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2017

and 31 December 2017

75,000

AMORTISATION

At 1 January 2017

7,500

Amortisation for year

3,750

At 31 December 2017

11,250

NET BOOK VALUE

At 31 December 2017

63,750

At 31 December 2016

67,500

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2017

643,118

Additions

15,203

Disposals

(5,033

)

At 31 December 2017

653,288

DEPRECIATION

At 1 January 2017

179,491

Charge for year

20,825

Eliminated on disposal

(2,690

)

At 31 December 2017

197,626

NET BOOK VALUE

At 31 December 2017

455,662

At 31 December 2016

463,627

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2017

and 31 December 2017

871,561

DEPRECIATION

At 1 January 2017

and 31 December 2017

71,561

NET BOOK VALUE

At 31 December 2017

800,000

At 31 December 2016

800,000

Fair value at 31 December 2017 is represented by:

£

Valuation in 2015

673,820

Valuation in 2016

65,000

Cost

132,741

871,561

If investment property had not been revalued it would have been included at the following

historical cost:

31.12.17

31.12.16

£

£

Cost

132,741

132,741

Aggregate depreciation

71,561

71,561

Investment property was valued on an open market basis on 24 February 2017 by the directors

.

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

31.12.17

31.12.16

£

£

Repayable by instalments

Bank loans more 5 yr by instal

-

72,522

8.

RESERVES

Fair

value

reserve

£

At 1 January 2017

692,078

Undistributable gains

(4,406

)

At 31 December 2017

687,672