Company Registration No. 08029104 (England and Wales)
CAPELLI 32 LIMITED
DIRECTORS' REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2016
CAPELLI 32 LIMITED
COMPANY INFORMATION
Directors
Ms L Russell
Ms V Kiely
Company number
08029104
Registered office
Lynwood House
373-375 Station Road
Harrow
Middlesex
HA1 2AW
Accountants
RDP Newmans LLP
Lynwood House
373-375 Station Road
Harrow
Middlesex
HA1 2AW
Business address
32 High Street
Bushey
Hertfordshire
WD23 3HL
CAPELLI 32 LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4
Notes to the financial statements
5 - 8
CAPELLI 32 LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2016
- 1 -
The directors present their report and financial statements for the year ended 30 April 2016.
Directors
The following directors have held office since 1 May 2015:
Ms L Russell
Ms V Kiely
This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
On behalf of the board
Ms L Russell
Director
8 November 2016
CAPELLI 32 LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CAPELLI 32 LIMITED FOR THE YEAR ENDED 30 APRIL 2016
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Capelli 32 Limited for the year ended 30 April 2016 set out on pages 3 to 8 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, we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.
This report is made solely to the Board of Directors of Capelli 32 Limited, as a body, in accordance with the terms of our engagement letter dated 13 October 2016. Our work has been undertaken solely to prepare for your approval the financial statements of Capelli 32 Limited and state those matters that we have agreed to state to the Board of Directors of Capelli 32 Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Capelli 32 Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Capelli 32 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 profit of Capelli 32 Limited. You consider that Capelli 32 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 Capelli 32 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.
RDP Newmans LLP
9 November 2016
Chartered Accountants
Lynwood House
373-375 Station Road
Harrow
Middlesex
HA1 2AW
CAPELLI 32 LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2016
- 3 -
2016
2015
Notes
£
£
Turnover
194,996
183,322
Cost of sales
(40,218)
(39,859)
Gross profit
154,778
143,463
Administrative expenses
(92,000)
(82,431)
Operating profit
2
62,778
61,032
Other interest receivable and similar income
3
246
318
Interest payable and similar charges
-
(10)
Profit on ordinary activities before taxation
63,024
61,340
Tax on profit on ordinary activities
4
(12,418)
(12,727)
Profit for the year
11
50,606
48,613
CAPELLI 32 LIMITED
BALANCE SHEET
AS AT
30 APRIL 2016
30 April 2016
- 4 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
6
8,033
9,936
Current assets
Stocks
5,182
4,355
Debtors
7
11,463
8,292
Cash at bank and in hand
55,177
58,590
71,822
71,237
Creditors: amounts falling due within one year
8
(73,565)
(75,191)
Net current liabilities
(1,743)
(3,954)
Total assets less current liabilities
6,290
5,982
Provisions for liabilities
9
(653)
(951)
5,637
5,031
Capital and reserves
Called up share capital
10
100
100
Profit and loss account
11
5,537
4,931
Shareholders' funds
5,637
5,031
For the financial year ended 30 April 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and the Financial Reporting Standard for Smaller Entities (effective January 2015).
Approved by the Board for issue on 8 November 2016
Ms L Russell
Ms V Kiely
Director
Director
Company Registration No. 08029104
CAPELLI 32 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2016
- 5 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Leasehold land and buildings
over length of the lease of 10 years
Fixtures, fittings and equipment
20% reducing balance
1.4
Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.5
Stock
Stock is valued at the lower of cost and net realisable value.
1.6
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
2
Operating profit
2016
2015
£
£
Operating profit is stated after charging:
Depreciation of tangible assets
1,746
1,993
Directors' remuneration
17,880
15,860
3
Investment income
2016
2015
£
£
Bank interest
246
318
246
318
CAPELLI 32 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2016
- 6 -
4
Taxation
2016
2015
£
£
Domestic current year tax
U.K. corporation tax
12,716
12,537
Adjustment for prior years
-
366
Total current tax
12,716
12,903
Deferred tax
Origination and reversal of timing differences
(298)
(176)
12,418
12,727
5
Dividends
2016
2015
£
£
Ordinary interim paid
50,000
52,000
6
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2015
6,547
9,925
16,472
Additions
-
774
774
Disposals
-
(1,308)
(1,308)
At 30 April 2016
6,547
9,391
15,938
Depreciation
At 1 May 2015
1,964
4,572
6,536
On disposals
-
(377)
(377)
Charge for the year
655
1,091
1,746
At 30 April 2016
2,619
5,286
7,905
Net book value
At 30 April 2016
3,928
4,105
8,033
At 30 April 2015
4,583
5,353
9,936
CAPELLI 32 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2016
- 7 -
7
Debtors
2016
2015
£
£
Trade debtors
4,794
1,690
Other debtors
6,669
6,602
11,463
8,292
Debtors include an amount of £3,250 (2015 - £3,250) which is due after more than one year.
8
Creditors: amounts falling due within one year
2016
2015
£
£
Trade creditors
194
1,581
Taxation and social security
19,784
19,293
Other creditors
53,587
54,317
73,565
75,191
9
Provisions for liabilities
Deferred tax liability
£
Balance at 1 May 2015
951
Profit and loss account
(298)
Balance at 30 April 2016
653
The deferred tax liability is made up as follows:
2016
2015
£
£
Accelerated capital allowances
653
951
10
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 Ordinary shares of £1 each
100
100
CAPELLI 32 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2016
- 8 -
11
Statement of movements on profit and loss account
Profit
and loss
account
£
Balance at 1 May 2015
4,931
Profit for the year
50,606
Dividends paid
(50,000)
Balance at 30 April 2016
5,537
12
Financial commitments
At 30 April 2016 the company was committed to making the following payments under non-cancellable operating leases in the year to 30 April 2017:
2016
2015
£
£
Operating leases which expire:
In over five years
13,000
13,000
13
Control
The ultimate controlling interest is held by Ms V Kiely and Ms L Russell, who are the directors
and shareholders
of the company.
14
Related party relationships and transactions
Included within other creditors are amounts of £
2
5
,
563
(2015: £2
6
,
1
49)
and £
2
4
,
637
(2015: £2
5
,
341
)
d
ue
to Ms V Kiely and Ms L Russell respectively,
who are
the directors of the company.
During the
year
, the company
paid
dividends of £
25,000 (2015: £2
5
,000) and £2
5
,000 (2015: £2
7
,000)
to Ms V Kiely and Ms L Russell
respectively
, the directors of the company
, in relation to their shareholdings.
CAPELLI 32 LIMITED
MANAGEMENT INFORMATION
FOR THE YEAR ENDED 30 APRIL 2016
CAPELLI 32 LIMITED
SCHEDULE OF ADMINISTRATIVE EXPENSES
FOR THE YEAR ENDED 30 APRIL 2016
2016
2015
£
£
Administrative expenses
Wages and salaries (excl. N.I.)
33,290
29,466
Directors' remuneration
17,880
15,860
Rent and rates
17,630
18,580
Insurance
1,460
1,409
Light and heat
2,410
2,295
Cleaning
2,320
2,161
Repairs and maintenance
3,488
1,827
Printing, postage and stationery
295
212
Telephone
1,564
1,447
Computer running costs
240
285
Legal and professional fees
2,881
2,563
Accountancy fees
2,100
1,980
Bank charges
620
605
Sundry expenses
2,415
1,057
Subscriptions
730
691
Amortisation on short leasehold
655
655
Depreciation on furniture, fixtures and fittings
1,091
1,338
Loss on disposal of assets
931
-
92,000
82,431
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