Company Registration No. 07404610 (England and Wales)
VINI ITALIANI LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
PAGES FOR FILING WITH REGISTRAR
VINI ITALIANI LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
VINI ITALIANI LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2017
31 December 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
432,961
270,749
Current assets
Stocks
179,155
156,240
Debtors
4
235,145
231,612
Cash at bank and in hand
9,825
202,481
424,125
590,333
Creditors: amounts falling due within one year
5
(657,754)
(613,080)
Net current liabilities
(233,629)
(22,747)
Total assets less current liabilities
199,332
248,002
Creditors: amounts falling due after more than one year
6
(193,157)
(152,032)
Net assets
6,175
95,970
Capital and reserves
Called up share capital
7
2,315,226
2,051,746
Share premium account
172,621
62,621
Profit and loss reserves
(2,481,672)
(2,018,397)
Total equity
6,175
95,970
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 28 September 2018 and are signed on its behalf by:
B Cernecca
Director
Company Registration No. 07404610
VINI ITALIANI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
- 2 -
1
Accounting policies
Company information
Vini Italiani Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
5 College Approach, Royal Borough of Greenwich, London, SE10 9HY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents net invoiced sales of goods, excluding value added tax. Turnover is recognised on the date that the goods are supplied to the customer.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold buildings improvements
15 years straight line
Fixtures, fittings & equipment
15% reducing balance
Website development
33.3% straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
VINI ITALIANI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 3 -
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash and cash equivalents
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’
, which are measured at amortised costs. The company does not have any Other Financial Instruments as covered by Section 12 of FRS 102.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was
28
(2016
- 28
).
VINI ITALIANI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 4 -
3
Tangible fixed assets
Leasehold buildings improvements
Fixtures, fittings & equipment
Website development
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2017
80,571
431,734
54,947
4,300
571,552
Additions
-
236,585
-
-
236,585
At 31 December 2017
80,571
668,319
54,947
4,300
808,137
Depreciation and impairment
At 1 January 2017
32,045
211,325
54,947
2,486
300,803
Depreciation charged in the year
5,371
68,549
-
453
74,373
At 31 December 2017
37,416
279,874
54,947
2,939
375,176
Carrying amount
At 31 December 2017
43,155
388,445
-
1,361
432,961
At 31 December 2016
48,526
220,409
-
1,814
270,749
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
95,581
93,562
Other debtors
80,129
80,129
Prepayments and accrued income
59,435
57,921
235,145
231,612
5
Creditors: amounts falling due within one year
2017
2016
£
£
Obligations under finance leases
54,606
7,296
Other borrowings
50,000
-
Trade creditors
423,743
323,391
Other taxation and social security
74,252
117,481
Other creditors
-
67,646
Accruals and deferred income
55,153
97,266
657,754
613,080
VINI ITALIANI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 5 -
6
Creditors: amounts falling due after more than one year
2017
2016
£
£
Other creditors
193,157
152,032
7
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
1,990,226 Ordinary shares of £1 each
1,990,226
1,770,224
464,286 Ordinary shares of £0.70 each
325,000
281,522
2,315,226
2,051,746
During the year 62,112 ordinary shares of 70p each were allotted and fully paid at a consideration of £43,478.
During the year 220,002 ordinary shares of £1 each were allotted and fully paid at a consideration of £330,002.
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2017
2016
£
£
1,340,575
851,333