Registration number:
for the Year Ended
Chartered Accountants
1 Colleton Crescent
Exeter
Devon
EX2 4DG
Artigiano Retail Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Artigiano Retail Limited
Company Information
Directors |
S Keough M J Hill |
Registered office |
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Accountants |
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Artigiano Retail Limited
(Registration number: 08202516)
Balance Sheet as at 31 January 2017
2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Work in progress |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current 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 liabilities |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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Artigiano Retail Limited
(Registration number: 08202516)
Balance Sheet as at 31 January 2017
For the financial year ending 31 January 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
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As permitted by s444(5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's Profit and Loss Account. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
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M J Hill
Director
Artigiano Retail Limited
Notes to the Financial Statements for the Year Ended 31 January 2017
General information |
The company is a private company limited by share capital incorporated in United Kingdom.
The address of its registered office is:
The principal place of business is:
33-35 Southernhay East
Exeter
Devon
EX1 1NS
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis. The company has net liabilities and is reliant upon the continuing support of the directors until it becomes profitable.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Leasehold improvements |
10% straight line |
Plant and machinery |
10% straight line |
Fixtures and fittings |
10% straight line |
Computer equipment |
33% straight line |
Branding materials |
20% straight line |
Artigiano Retail Limited
Notes to the Financial Statements for the Year Ended 31 January 2017
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Artigiano Retail Limited
Notes to the Financial Statements for the Year Ended 31 January 2017
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Artigiano Retail Limited
Notes to the Financial Statements for the Year Ended 31 January 2017
Tangible assets |
Leasehold Improvements |
Fixtures and fittings |
Plant and machinery |
Branding |
Computer equipment |
Tangible assets |
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Cost or valuation |
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At 1 February 2016 |
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Additions |
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Disposals |
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At 31 January 2017 |
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Depreciation |
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At 1 February 2016 |
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Charge for the year |
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Eliminated on disposal |
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At 31 January 2017 |
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- |
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Carrying amount |
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At 31 January 2017 |
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- |
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At 31 January 2016 |
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Included within the net book value of land and buildings above is £ Nil (2016 - £Nil) in respect of long leasehold land and buildings and £9,089 (2016 - £65,524) in respect of short leasehold land and buildings.
Artigiano Retail Limited
Notes to the Financial Statements for the Year Ended 31 January 2017
Work In Progress |
2017 |
2016 |
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Stocks |
- |
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Debtors |
Note |
2017 |
2016 |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
- |
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Other debtors |
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Total current trade and other debtors |
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Creditors |
Note |
2017 |
2016 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2017 |
2016 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
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Other borrowings |
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Artigiano Retail Limited
Notes to the Financial Statements for the Year Ended 31 January 2017
2017 |
2016 |
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Non-current loans and borrowings |
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Bank borrowings |
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Transition to FRS 102 |