Valerio's Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06230107 (England and Wales)

VALERIO'S LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH APRIL 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

C. Carnevale

SECRETARY:

A. Maroso

REGISTERED OFFICE:

Carnevale House,

107, Blundell Street,

London,

N7 9BN

REGISTERED NUMBER:

06230107 (England and Wales)

ACCOUNTANTS:

Findlay, Wetherfield, Scott & Co.

Chartered Accountants

135/137, Station Road,

Chingford,

London

E4 6AG

FIXED ASSETS

Intangible assets

4

6,334

8,334

Tangible assets

5

1,588,699

1,633,054

1,595,033

1,641,388

CURRENT ASSETS

Stocks

683,059

245,978

Debtors

6

1,382,622

1,157,546

Cash in hand

397

37

2,066,078

1,403,561

CREDITORS

Amounts falling due within one year

7

3,941,096

3,424,724

NET CURRENT LIABILITIES

(1,875,018

)

(2,021,163

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(279,985

)

(379,775

)

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

(279,987

)

(379,777

)

SHAREHOLDERS' FUNDS

(279,985

)

(379,775

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th April 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th April 2018 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 16th January 2019 and were signed by:

C. Carnevale - Director

1.	STATUTORY INFORMATION

Valerio's 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 measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

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.

Trademarks are being amortised evenly over their estimated useful life of six years.

Tangible fixed assets

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

Freehold property

-

not provided

Plant and machinery

-

Straight line over 15 years

Motor vehicles

-

25% on reducing balance

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance

sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date

of transaction. Exchange differences are taken into account in arriving at the operating result.

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 21 (2017 - 19 ) .

4.	INTANGIBLE FIXED ASSETS

Trademarks

£

COST

At 1st May 2017

and 30th April 2018

10,000

AMORTISATION

At 1st May 2017

1,666

Amortisation for year

2,000

At 30th April 2018

3,666

NET BOOK VALUE

At 30th April 2018

6,334

At 30th April 2017

8,334

5.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

property

machinery

vehicles

Totals

£

£

£

£

COST

At 1st May 2017

1,255,000

1,071,686

23,098

2,349,784

Additions

-

7,066

22,000

29,066

At 30th April 2018

1,255,000

1,078,752

45,098

2,378,850

DEPRECIATION

At 1st May 2017

-

694,200

22,530

716,730

Charge for year

-

71,904

1,517

73,421

At 30th April 2018

-

766,104

24,047

790,151

NET BOOK VALUE

At 30th April 2018

1,255,000

312,648

21,051

1,588,699

At 30th April 2017

1,255,000

377,486

568

1,633,054

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

1,321,517

1,105,295

Taxes

50,209

38,027

Prepayments

10,896

14,224

1,382,622

1,157,546

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

171,350

88,599

Trade creditors

758,152

329,669

Social security and other taxes

19,136

12,512

Other creditors

116,828

99,451

Directors' current accounts

2,850,000

2,850,000

Accrued expenses

25,630

44,493

3,941,096

3,424,724

8.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

Mr. C. Carnevale is the sole shareholder and director of the company.

During the year, sales of £4,650,412 and purchases of £231,662 were made to or by other businesses owned by

the director.

The company was owed £1,074,794 by, and £nil owed to, businesses owned by the director.

The company owed £2,850,000 to the director.

9.	ULTIMATE CONTROLLING PARTY

The controlling party is C. Carnevale.

10.	GOING CONCERN

The accounts have been prepared on the Going Concern basis as the director considers that the company will

continue for the foreseeable future.

The sole director and shareholder, Mr. C. Carnevale, is the largest creditor and has agreed not to withdraw funds

unless the company is able to pay all other creditors.