Company Registration No. 5748459 (England and Wales)
EMILIA ROMAGNA LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MAY 2017
PAGES FOR FILING WITH REGISTRAR
EMILIA ROMAGNA LIMITED
CONTENTS
Page
Directors' report
1
Balance sheet
2
Notes to the financial statements
3 - 7
EMILIA ROMAGNA LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 MAY 2017
- 1 -
The directors present their annual report and financial statements for the year ended 30 May 2017.
Principal activities
The principal activity of the company is the operation of a restaurant.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr G Guglielmoni
Mr G Tonelli
Results and dividends
The results for the year are set out on .
Ordinary dividends were paid amounting to £48,000. The directors do not recommend payment of a final dividend.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr G Guglielmoni
Director
19 June 2018
EMILIA ROMAGNA LIMITED
BALANCE SHEET
- 2 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
5
108,706
118,734
Current assets
Stocks
6
32,700
32,400
Debtors
7
112,166
119,674
Cash at bank and in hand
34,116
88,625
178,982
240,699
Creditors: amounts falling due within one year
8
(232,502)
(287,705)
Net current liabilities
(53,520)
(47,006)
Total assets less current liabilities
55,186
71,728
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
55,086
71,628
Total equity
55,186
71,728
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 May 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 19 June 2018 and are signed on its behalf by:
Mr G Guglielmoni
Director
Company Registration No. 5748459
EMILIA ROMAGNA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MAY 2017
- 3 -
1
Accounting policies
Company information
Emilia Romagna Limited is a
private
company
limited by shares
incorporated in
England
.
The registered office is
Beacon House, 113 Kingsway, London, WC2B 6PP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
These financial statements for the year ended 30 May 2017
are the
first
financial statements of Emilia Romagna Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 31 May 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Going concern
A
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
1.4
Tangible fixed assets
Tangible fixed assets
are measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold property
Over duration of lease
Fixtures, fittings & equipment
10% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply.
EMILIA ROMAGNA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MAY 2017
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.7
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand
.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method
. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, are assessed for indicators of impairment at each reporting end date.
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors
and
loans from
related
companies are
initially recognised at transaction price.
Financial liabilities classified as payable within one year are not amortised.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
EMILIA ROMAGNA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MAY 2017
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences. Such liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease
.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2017
2016
Number
Number
16
16
EMILIA ROMAGNA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MAY 2017
- 6 -
4
Directors' remuneration
2017
2016
£
£
Remuneration for qualifying services
20,000
20,000
5
Tangible fixed assets
Leasehold property
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 31 May 2016
154,185
173,223
327,408
Additions
-
8,336
8,336
At 30 May 2017
154,185
181,559
335,744
Depreciation and impairment
At 31 May 2016
116,629
92,043
208,672
Depreciation charged in the year
5,520
12,846
18,366
At 30 May 2017
122,149
104,889
227,038
Carrying amount
At 30 May 2017
32,036
76,670
108,706
At 30 May 2016
37,555
81,179
118,734
6
Stocks
2017
2016
£
£
Finished goods and goods for resale
32,700
32,400
7
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
14,776
17,877
Corporation tax recoverable
10,141
8,683
Other debtors
69,284
74,064
Prepayments and accrued income
17,965
19,050
112,166
119,674
EMILIA ROMAGNA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MAY 2017
- 7 -
8
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
133,345
159,865
Corporation tax
24,077
25,505
Other taxation and social security
39,478
52,698
Other creditors
23,257
35,717
Accruals and deferred income
12,345
13,920
232,502
287,705
9
Share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2017
2016
£
£
Between two and five years
56,000
54,000