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Registered Number: 11379177
England and Wales

 

 

 

SWEET ALLOYS LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 June 2019

End date: 31 May 2020
Director Gino Cataffo
Registered Number 11379177
Registered Office 1 The Bridgeway
Portsmouth Road
Southampton
Hampshire
SO19 7PE
Accountants JSR MANAGEMENT & HR CONSULTANCY SERVICES LTD
1 The Bridgeway
Portsmouth Road, Woolston
Southampton
SO19 7PE
1
The directors present their annual report and the financial statements for the year ended 31 May 2020.
Principal activities
Principal activity of the company during the financial year was of retail trade of motor vehicle parts and accessories
Director
The director who served the company throughout the year was as follows:
Gino Cataffo
Statement of director's responsibilities
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to :
  • select suitable accounting policies and then apply them consistently
  • make judgements and accounting estimates that are reasonable and prudent
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

On behalf of the board.


----------------------------------
Gino Cataffo
Director

Date approved: 16 December 2020
2
Accountants report
You consider that the company is exempt from an audit for the year ended 31 May 2020 . You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts. 



....................................................
JSR MANAGEMENT & HR CONSULTANCY SERVICES LTD
1 The Bridgeway
Portsmouth Road, Woolston
Southampton
SO19 7PE
16 December 2020
3
 
 
Notes
 
2020
£
  2019
£
Fixed assets      
Tangible fixed assets 2 65,410   
65,410   
Current assets      
Stocks 3 1,000    1,000 
Debtors 4 18,858    9,627 
Cash at bank and in hand (19,782)   (4,012)
76    6,615 
Creditors: amount falling due within one year 5 (650)   (6,448)
Net current assets (574)   167 
 
Total assets less current liabilities 64,836    167 
Creditors: amount falling due after more than one year 6 (60,482)  
Net assets 4,354    167 
 

Capital and reserves
     
Called up share capital 1    1 
Profit and loss account 4,353    166 
Shareholders funds 4,354    167 
 


For the year ended 31 May 2020 the company was entitled to exemption from audit under section 477 of the companies act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476
  2. 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
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 16 December 2020 and were signed by:


--------------------------------
Gino Cataffo
Director
4
  Equity share capital   Retained Earnings   Total
£ £ £
At 01 June 2018 1  (28,548) (28,547)
Profit for the year 28,714  28,714 
Total comprehensive income for the year 28,714  28,714 
Total investments by and distributions to owners
At 31 May 2019 1  166  167 
At 01 June 2019 1  166  167 
Profit for the year 6,187  6,187 
Total comprehensive income for the year 6,187  6,187 
Dividends (2,000) (2,000)
Total investments by and distributions to owners (2,000) (2,000)
At 31 May 2020 1  4,353  4,354 
5
General Information
SWEET ALLOYS LIMITED is a private company, limited by shares, registered in England and Wales, registration number 11379177, registration address 1 The Bridgeway, Portsmouth Road, Southampton, Hampshire, SO19 7PE

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared on the going concern basis and under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sale taxes.
Website cost
Planning and operating costs for the company's website are charged to the income statement as incurred.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 5 Straight Line
Motor Vehicles 5 Straight Line
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Total
  £   £   £
At 01 June 2019    
Additions 54,725    26,811    81,536 
Disposals    
At 31 May 2020 54,725    26,811    81,536 
Depreciation
At 01 June 2019    
Charge for year 10,823    5,303    16,126 
On disposals    
At 31 May 2020 10,823    5,303    16,126 
Net book values
Closing balance as at 31 May 2020 43,902    21,508    65,410 
Opening balance as at 01 June 2019    

The net book value of Plant and Machinery, Motor Vehicles includes £63,013 in respect of assets leased under finance leases or hire purchase contracts.

3.

Stocks

2020
£
  2019
£
Stocks 1,000    1,000 
1,000    1,000 

4.

Debtors: amounts falling due within one year

2020
£
  2019
£
Trade Debtors 643    643 
Directors' Current Accounts 18,215    8,984 
18,858    9,627 

5.

Creditors: amount falling due within one year

2020
£
  2019
£
Corporation Tax   5,548 
Accrued Expenses 650    900 
650    6,448 

6.

Creditors: amount falling due after more than one year

2020
£
  2019
£
Obligations Under HP/Financial Leases 60,482   
60,482   

7.

Average number of employees

The average monthly number of employees, including directors, during the year/period was 2 (2019 : 1)
8.

Advance and Credits



Mr G Cataffo
The following advances and credits to a Director subsisted during the year ended 31 May 2020 and the period ended 31 May 2019

Current year(2020)
Amount
£
Interest

Repaid
£
WrittenOff
£
Waived
£
Mr G Cataffo 31,198  12,984 
31198 12984 0 0
Previous year(2019)
Amount
£
Interest

Repaid
£
WrittenOff
£
Waived
£
Mr G Cataffo 41,511  32,527 
41511 32527 0 0
6