B. Paletta Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05464750 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MAY 2018

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

192,500

220,000

Tangible assets

5

22,293

16,263

Investment property

6

110,192

110,192

324,985

346,455

CURRENT ASSETS

Stocks

7

42,189

38,541

Debtors

8

4,821

52,683

Cash at bank and in hand

194,850

78,899

241,860

170,123

CREDITORS

Amounts falling due within one year

9

225,937

250,654

NET CURRENT ASSETS/(LIABILITIES)

15,923

(80,531

)

TOTAL ASSETS LESS CURRENT LIABILITIES

340,908

265,924

CREDITORS

Amounts falling due after more than one year

10

(77,390

)

(30,854

)

PROVISIONS FOR LIABILITIES

12

(4,235

)

(3,252

)

NET ASSETS

259,283

231,818

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

259,183

231,718

SHAREHOLDERS' FUNDS

259,283

231,818

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2018 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 18th October 2018 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 (2017 - 17 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st June 2017

and 31st May 2018

550,000

AMORTISATION

At 1st June 2017

330,000

Amortisation for year

27,500

At 31st May 2018

357,500

NET BOOK VALUE

At 31st May 2018

192,500

At 31st May 2017

220,000

5.	TANGIBLE FIXED ASSETS

Fixtures

Short

and

Motor

Computer

leasehold

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1st June 2017

12,547

47,611

11,266

10,725

82,149

Additions

-

11,765

-

-

11,765

At 31st May 2018

12,547

59,376

11,266

10,725

93,914

DEPRECIATION

At 1st June 2017

12,545

33,109

11,265

8,967

65,886

Charge for year

-

5,192

-

543

5,735

At 31st May 2018

12,545

38,301

11,265

9,510

71,621

NET BOOK VALUE

At 31st May 2018

2

21,075

1

1,215

22,293

At 31st May 2017

2

14,502

1

1,758

16,263

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st June 2017

and 31st May 2018

110,192

NET BOOK VALUE

At 31st May 2018

110,192

At 31st May 2017

110,192

The directors consider that the value at the year end 31st May 2018 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

31.5.18

31.5.17

£

£

Goods for resale

42,189

38,541

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.18

31.5.17

£

£

Other debtors

-

48,483

Prepayments

4,821

4,200

4,821

52,683

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.18

31.5.17

£

£

Bank loans and overdrafts

14,023

23,915

Trade creditors

126,767

97,271

Tax

16,869

13,897

Social security and other taxes

7,147

6,542

Other creditors

7,113

5,000

Directors' current accounts

47,261

92,681

Accrued expenses

6,757

11,348

225,937

250,654

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.18

31.5.17

£

£

Bank loans - 1-2 years

7,923

6,516

Bank loans - 2-5 years

26,158

21,548

Bank loans more 5 yr by instal

43,309

2,790

77,390

30,854

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

43,309

2,790

11.	SECURED DEBTS

The following secured debts are included within creditors:

31.5.18

31.5.17

£

£

Bank overdrafts

6,467

17,732

Bank loans

84,946

37,037

91,413

54,769

12.	PROVISIONS FOR LIABILITIES

31.5.18

31.5.17

£

£

Deferred tax

4,235

3,252

Deferred

tax

£

Balance at 1st June 2017

3,252

Unprovided in previous year

Movement in year due to:-

changes in tax rates

(163

)

changes in tax allowances

1,146

changes is tax losses

Balance at 31st May 2018

4,235

13.	CAPITAL COMMITMENTS

31.5.18

31.5.17

£

£

Contracted but not provided for in the

financial statements

-

-

14.	RELATED PARTY DISCLOSURES

15.	ULTIMATE CONTROLLING PARTY

The controlling party is B Paletta.