true
Massimiliano Italia Limited
05888656
2016-07-31
-40708
-45268
-40707
-45267
1
1
-40707
-45267
-40707
-45267
-72193
-79569
77194
84901
5001
5332
2500
2500
2501
2832
31486
34302
15140
16140
16346
18162
Basis of accounting
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).
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over
the useful economic life of that asset as follows:
Goodwill-5% straight line
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance
for obsolete and slow moving items.
Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
Fixed Assets
All fixed assets are initially recorded at cost.
Financial Instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Going Concern
The accounts have been prepared on a going concern basis because the director has undertaken not to seek repayment of his loan to the business until such time as the company has sufficient funds to repay it.
Fixtures & Fittings
Reducing balance
0.1000
21140
21140
6000
5000
1000
46078
46078
29732
27916
1816
67218
67218
35732
32916
2816
Ordinary
1000
1
1000
1000
Ordinary
1
1
1
1
2017-04-24
Mr M Solazzo
true
true
true
true
xbrli:shares
iso4217:GBP
xbrli:pure
Massimiliano Italia Limited
2015-08-01
2016-07-31
Massimiliano Italia Limited
2014-08-01
2015-07-31
Massimiliano Italia Limited
2014-07-31
Massimiliano Italia Limited
2015-07-31
Massimiliano Italia Limited
2015-07-31
Massimiliano Italia Limited
2016-07-31
2017-04-27