| Italian Breaks Limited |
| Registered number: |
06761098 |
| Balance Sheet |
| as at 31 December 2019 |
|
| Notes |
|
|
2019 |
|
|
2018 |
| £ |
£ |
| Fixed assets |
| Intangible assets |
2 |
|
|
125,000 |
|
|
150,000 |
| Tangible assets |
3 |
|
|
3,015 |
|
|
3,475 |
|
|
|
|
128,015 |
|
|
153,475 |
|
| Current assets |
| Debtors |
4 |
|
314,191 |
|
|
198,514 |
| Cash at bank and in hand |
|
|
133,453 |
|
|
127,120 |
|
|
|
447,644 |
|
|
325,634 |
|
| Creditors: amounts falling due within one year |
5 |
|
(376,937) |
|
|
(385,411) |
|
| Net current assets/(liabilities) |
|
|
|
70,707 |
|
|
(59,777) |
|
| Total assets less current liabilities |
|
|
|
198,722 |
|
|
93,698 |
|
| Creditors: amounts falling due after more than one year |
6 |
|
|
(130,732) |
|
|
- |
|
|
|
| Net assets |
|
|
|
67,990 |
|
|
93,698 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
101 |
|
|
101 |
| Profit and loss account |
|
|
|
67,889 |
|
|
93,597 |
|
| Shareholders' funds |
|
|
|
67,990 |
|
|
93,698 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| M C Swift |
| Director |
| Approved by the board on 28 September 2020 |
|
| Italian Breaks Limited |
| Notes to the Accounts |
| for the year ended 31 December 2019 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
Intangible fixed assets |
|
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Plant and machinery |
over 3 years |
|
|
Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
|
|
| 2 |
Intangible fixed assets |
£ |
|
Goodwill: |
|
|
Cost |
|
At 1 January 2019 |
250,000 |
|
At 31 December 2019 |
250,000 |
|
|
|
|
|
|
|
|
|
|
Amortisation |
|
At 1 January 2019 |
100,000 |
|
Provided during the year |
25,000 |
|
At 31 December 2019 |
125,000 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2019 |
125,000 |
|
At 31 December 2018 |
150,000 |
|
|
|
|
|
|
|
|
|
|
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years. |
|
|
| 3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Plant and machinery etc |
| £ |
|
Cost |
|
At 1 January 2019 |
11,086 |
|
Additions |
1,047 |
|
At 31 December 2019 |
12,133 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 January 2019 |
7,611 |
|
Charge for the year |
1,507 |
|
At 31 December 2019 |
9,118 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2019 |
3,015 |
|
At 31 December 2018 |
3,475 |
|
|
|
|
|
|
|
|
|
|
|
|
| 4 |
Debtors |
2019 |
|
2018 |
| £ |
£ |
|
|
Trade debtors |
271,663 |
|
162,547 |
|
Corporation Tax refund due |
|
4,562 |
|
4,562 |
|
Other debtors |
37,966 |
|
31,405 |
|
|
|
|
|
|
314,191 |
|
198,514 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2019 |
|
2018 |
| £ |
£ |
|
|
Bank loans and overdrafts |
- |
|
900 |
|
Trade creditors |
- |
|
3,740 |
|
Other creditors |
376,937 |
|
380,771 |
|
|
|
|
|
|
376,937 |
|
385,411 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due after one year |
2019 |
|
2018 |
| £ |
£ |
|
|
Director's loan account M C Swift |
130,732 |
|
- |
|
|
|
|
|
|
|
|
|
|
| 7 |
Other information |
|
|
Italian Breaks Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
404 Brighton Road |
|
South Croydon |
|
Surrey |
|
CR2 6AN |
