REGISTERED NUMBER:
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Abbreviated Unaudited Accounts for the Year Ended 30 September 2015 |
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Italian Classics Ltd |
REGISTERED NUMBER:
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Abbreviated Unaudited Accounts for the Year Ended 30 September 2015 |
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for |
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Italian Classics Ltd |
Italian Classics Ltd (Registered number: 08047033) |
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Contents of the Abbreviated Accounts |
for the Year Ended 30 September 2015 |
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Company Information | 1 |
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Abbreviated Balance Sheet | 2 |
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Notes to the Abbreviated Accounts | 4 |
Italian Classics Ltd |
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Company Information |
for the Year Ended 30 September 2015 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Certified Accountants |
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Italian Classics Ltd (Registered number: 08047033) |
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Abbreviated Balance Sheet |
30 September 2015 |
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30.9.15 | 30.9.14 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 2 |
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CURRENT ASSETS |
Debtors |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT ASSETS/(LIABILITIES) |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 3 |
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Profit and loss account | ( |
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SHAREHOLDERS' FUNDS |
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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. |
Italian Classics Ltd (Registered number: 08047033) |
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Abbreviated Balance Sheet - continued |
30 September 2015 |
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The financial statements were approved by the Board of Directors on
by: |
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Italian Classics Ltd (Registered number: 08047033) |
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Notes to the Abbreviated Accounts |
for the Year Ended 30 September 2015 |
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1. | ACCOUNTING POLICIES |
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Accounting convention |
The financial statements have been prepared under the historical cost convention and in accordance with the |
Financial Reporting Standard for Smaller Entities (effective January 2015). |
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Turnover |
Turnover represents hire charges and consultancy fees net of VAT. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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The classic cars are not depreciated as their residual value is estimated to be greater than their cost. |
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2. | TANGIBLE FIXED ASSETS |
Total |
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COST |
At 1 October 2014 |
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Additions |
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At 30 September 2015 |
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DEPRECIATION |
At 1 October 2014 |
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Charge for year |
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At 30 September 2015 |
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NET BOOK VALUE |
At 30 September 2015 |
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At 30 September 2014 |
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3. | CALLED UP SHARE CAPITAL |
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Allotted and issued: |
Number: | Class: | Nominal | 30.9.15 | 30.9.14 |
value: | as restated |
£ | £ |
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Ordinary | £1 |
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The 60,000 £1 Ordinary shares which were issued during the period ended 30 April 2014 were called up and |
paid to 50p per share. |
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4. | CREDITORS AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
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The company has issued two convertible loan notes, one of £30,000 and one of £40,000 which bear interest at |
10% per annum and mature on 24 June 2017. These notes are convertible into a 3% and 4% equity interest |
respectively should certain conditions be met. |
There is also a loan from a director which is interest-free, unsecured and with no fixed repayment date. |