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COMPANY REGISTRATION NUMBER: SC272441
POZZI LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 January 2022
POZZI LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 JANUARY 2022
Contents
Page
Officers and professional advisers
1
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
POZZI LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
Mrs L. Robertson
Mr D. Robertson
Company secretary
Mrs L. Robertson
Registered office
26-30 Marine Place
Buckie
Moray
AB56 1UT
Accountants
Ritsons
Chartered Accountants
26-30 Marine Place
Buckie
Moray
AB56 1UT
POZZI LIMITED
CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF POZZI LIMITED
YEAR ENDED 31 JANUARY 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Pozzi Limited for the year ended 31 January 2022, which comprise the statement of financial position 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 ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of Pozzi Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Pozzi Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pozzi Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Pozzi 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 Pozzi Limited. You consider that Pozzi 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 Pozzi 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.
Ritsons Chartered Accountants
26-30 Marine Place Buckie Moray AB56 1UT
7 September 2022
POZZI LIMITED
STATEMENT OF FINANCIAL POSITION
31 January 2022
2022
2021
Note
£
£
FIXED ASSETS
Tangible assets
6
657,060
675,549
CURRENT ASSETS
Stocks
215,000
192,000
Debtors
7
46,835
10,608
Cash at bank and in hand
1,199
1,495
---------
---------
263,034
204,103
CREDITORS: amounts falling due within one year
8
427,593
329,737
---------
---------
NET CURRENT LIABILITIES
164,559
125,634
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
492,501
549,915
CREDITORS: amounts falling due after more than one year
9
442,304
556,362
PROVISIONS
Taxation including deferred tax
12,165
15,469
---------
---------
NET ASSETS/(LIABILITIES)
38,032
( 21,916)
---------
---------
CAPITAL AND RESERVES
Called up share capital
1,000
1,000
Profit and loss account
37,032
( 22,916)
--------
--------
SHAREHOLDERS FUNDS/(DEFICIT)
38,032
( 21,916)
--------
--------
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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 January 2022 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 .
POZZI LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 January 2022
These financial statements were approved by the board of directors and authorised for issue on 7 September 2022 , and are signed on behalf of the board by:
Mr D. Robertson
Director
Company registration number: SC272441
POZZI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JANUARY 2022
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 26-30 Marine Place, Buckie, Moray, AB56 1UT.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
Despite the deficit position, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence in the foreseeable future.
Turnover
The turnover shown in the detailed income statement represents amounts invoiced during the year, exclusive of Value Added Tax. In respect of long-term contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures, Fittings & Equipment
-
15% reducing balance
Motor Vehicles
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 28 (2021: 28 ).
5. Intangible assets
Goodwill
£
Cost
At 1 February 2021 and 31 January 2022
197,511
---------
Amortisation
At 1 February 2021 and 31 January 2022
197,511
---------
Carrying amount
At 31 January 2022
---------
At 31 January 2021
---------
6. Tangible assets
Freehold Property
Property Improvements
Fixtures, Fittings & Equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 February 2021
507,131
6,911
509,994
25,565
1,049,601
Additions
8,704
8,704
---------
-------
---------
--------
------------
At 31 January 2022
507,131
6,911
518,698
25,565
1,058,305
---------
-------
---------
--------
------------
Depreciation
At 1 February 2021
365,071
8,981
374,052
Charge for the year
23,047
4,146
27,193
---------
-------
---------
--------
------------
At 31 January 2022
388,118
13,127
401,245
---------
-------
---------
--------
------------
Carrying amount
At 31 January 2022
507,131
6,911
130,580
12,438
657,060
---------
-------
---------
--------
------------
At 31 January 2021
507,131
6,911
144,923
16,584
675,549
---------
-------
---------
--------
------------
7. Debtors
2022
2021
£
£
Trade debtors
7,000
10,052
Other debtors
39,835
556
--------
--------
46,835
10,608
--------
--------
8. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
177,985
149,727
Trade creditors
169,765
112,424
Corporation tax
17,668
7,008
Social security and other taxes
49,763
38,305
WJ Cruickshank loan
6,000
11,726
Other creditors
6,412
10,547
---------
---------
427,593
329,737
---------
---------
9. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
421,370
507,548
WJ Cruickshank loan
18,000
41,969
Other creditors
2,934
6,845
---------
---------
442,304
556,362
---------
---------
10. Directors' advances, credits and guarantees
At 31 January 2022, the directors owed the company £26,279 (2021: the company owed the directors £486) by way of directors loan accounts.
11. Related party transactions
During the year the company paid dividends of £2,857 to the directors (2021: £10,000).