Registered number
07264569
Donatellos Pizza Co Ltd
Filleted Accounts
31 May 2023
Donatellos Pizza Co Ltd
Registered number: 07264569
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 54,652 48,986
Current assets
Stocks 2,830 2,525
Cash at bank and in hand 40,508 69,120
43,338 71,645
Creditors: amounts falling due within one year 5 (52,507) (66,137)
Net current (liabilities)/assets (9,169) 5,508
Net assets 45,483 54,494
Capital and reserves
Called up share capital 3 3
Profit and loss account 45,480 54,491
Shareholders' funds 45,483 54,494
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.
………………………………………….
O Salehy
Director
Approved by the board on 12 June 2023
Donatellos Pizza Co Ltd
Notes to the Accounts
for the year ended 31 May 2023
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 (as applied to small entities by section 1A of the standard).
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. Goodwill is written off on a straight line basis over 10 years.
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:
Fixtures, fittings, tools and equipment 15% reducing balance
Motor Vehicles 25% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 11 11
3 Intangible fixed assets £
Goodwill:
Cost
At 1 June 2022 24,500
At 31 May 2023 24,500
Amortisation
At 1 June 2022 24,500
At 31 May 2023 24,500
Net book value
At 31 May 2023 -
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 June 2022 2,037 111,501 19,000 132,538
Additions - 15,021 - 15,021
At 31 May 2023 2,037 126,522 19,000 147,559
Depreciation
At 1 June 2022 - 65,153 18,399 83,552
Charge for the year - 9,205 150 9,355
At 31 May 2023 - 74,358 18,549 92,907
Net book value
At 31 May 2023 2,037 52,164 451 54,652
At 31 May 2022 2,037 46,348 601 48,986
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 4,281 4,561
Corporation tax 22,180 28,171
Other taxes and social security costs 18,354 22,213
Other creditors 7,692 11,192
52,507 66,137
6 Other information
Donatellos Pizza Co Ltd is a private company limited by shares and incorporated in England. Its registered office is:
101-103 Fowler Street
South Shields
Tyne & Wer
NE33 1NU
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