Assaggi Limited - Accounts to registrar (filleted) - small 18.2
Assaggi Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2019 |
for |
Assaggi Limited |
Assaggi Limited (Registered number: 04106296) |
Contents of the Financial Statements |
for the Year Ended 31 March 2019 |
Page |
Chartered Accountants' Report | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Assaggi Limited |
The following reproduces the text of the report prepared for the directors in respect of the company's annual |
unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file |
a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and |
the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of Assaggi Limited for the year ended 31 March 2019 which comprise the Income Statement, |
Balance Sheet and the related notes from the company's accounting records and from information and explanations you |
have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of Assaggi Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Assaggi Limited and state those matters that we have agreed to state to the Board of Directors of Assaggi Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Assaggi Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Assaggi Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Assaggi Limited. You consider that Assaggi Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Assaggi Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Chartered Accountants |
2nd Floor, Heathmans House |
19 Heathmans Road |
London |
SW6 4TJ |
Assaggi Limited (Registered number: 04106296) |
Balance Sheet |
31 March 2019 |
31.3.19 | 31.3.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Share premium | 8 |
Retained earnings | 8 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors on by: |
Assaggi Limited (Registered number: 04106296) |
Notes to the Financial Statements |
for the Year Ended 31 March 2019 |
1. | STATUTORY INFORMATION |
Assaggi Ltd is a private company, limited by shares, registered in England and Wales. The company's registered |
number is 04106296 and its registered address is 39 Chepstow Place, London, W2 4TS. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and |
assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and |
are based on experience and other factors, including expectations of future events that are believed to be |
reasonable under the circumstances. In the opinion of the directors there are no judgements or key sources of |
estimation uncertainty that affect the preparation of the financial statements. |
Turnover |
Turnover is stated net of VAT. Turnover represents the value of services provided under contracts to the extent |
that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has |
only been partially completed at the balance sheet date, turnover represents the value of the services provided |
to date based on a proportion of the total contract value. Where payments are received from customers in |
advance of services provided, the amounts are recorded as Deferred Income and included as part of Creditors |
due within one year. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
slow moving items. |
Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual |
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any |
contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
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. |
Assaggi Limited (Registered number: 04106296) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
2. | ACCOUNTING POLICIES - continued |
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 makes payments to a defined contribution pension scheme. Contributions payable to the pension |
scheme are charged to profit or loss in the period to which they relate. |
Going concern |
The financial statements have been prepared on the going concern basis, which assumes that the company will |
continue in operational existence for the foreseeable future. The directors consider that the company is a going |
concern on the basis that they will continue to provide financial support for the foreseeable future. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2018 |
Additions |
At 31 March 2019 |
DEPRECIATION |
At 1 April 2018 |
Charge for year |
At 31 March 2019 |
NET BOOK VALUE |
At 31 March 2019 |
At 31 March 2018 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.19 | 31.3.18 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.19 | 31.3.18 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.19 | 31.3.18 |
value: | £ | £ |
Ordinary | 1 | 5,000 | 5,000 |
Assaggi Limited (Registered number: 04106296) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
8. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 April 2018 | ( |
) | 3,891 |
Deficit for the year | ( |
) | ( |
) |
At 31 March 2019 | ( |
) | (64,445 | ) |
9. | POST BALANCE SHEET EVENTS |
Assaggi Ltd is a licenced restaurant which operates two classes of revenue streams: bar and restaurant. On 28 |
September 2019, the company directors decided that because of extremely difficult trading conditions, and a |
heavy loss, it would discontinue the bar stream. The impact will be a reduction in the business rates costs of |
£16,118 and staff costs of £97,662. |
This is a non-adjusting event because the decision to discontinue the bar stream took place after the balance |
sheet date. However, because bar stream is considered to be material to the financial statements, it would need |
to make disclosure concerning the closure of the bar stream. |