Registered number
04430089
Vincenzo Limited
Filleted Accounts
31 January 2023
Vincenzo Limited
Registered number: 04430089
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 258,794 85,203
Current assets
Stocks 80,909 71,435
Debtors 4 446,313 231,923
Cash at bank and in hand 65,447 44,791
592,669 348,149
Creditors: amounts falling due within one year 5 (678,235) (468,975)
Net current liabilities (85,566) (120,826)
Total assets less current liabilities 173,228 (35,623)
Creditors: amounts falling due after more than one year 6 (152,710) (67,002)
Deferred income and provisions for liabilities (19,538) (11,538)
Net assets/(liabilities) 980 (114,163)
Capital and reserves
Called up share capital 100 100
Profit and loss account 880 (114,263)
Shareholders' funds 980 (114,163)
The director is 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 director acknowledges his 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.
Mr V Zaccarini
Director
Approved by the board on 20 October 2023
Vincenzo Limited
Notes to the Accounts
for the year ended 31 January 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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Landlord financial contribution for fitting out new unit
Landlord financial contribution is apportioned to the fixed assets to which the contribution was applied. Depreciation for these assets is provided after taking into account landlord financial contribution.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost of group of assets at reducing balance method, at the following rate.
Short leasehold and integral plant and machinery - Over the period of lease
Plant and machinery - 25%
Fixtures, fittings, tools and equipment - 15%
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 recognised at transaction price including any transaction costs.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are recognised at transaction price net of any transaction costs.
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. 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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets. The finance charge is written off over the period of the life of the assets for which the finance lease is secured. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
Grant
The small business grant fund
The small business grant fund since this grant has no performance conditions attached to it, it is recognised as income, when the company became entitled to it and is received.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 17 13
3 Tangible fixed assets
Finance lease assets Plant and machinery incl delivery vans Short leasehold and integral plant & machinery Total
£ £ £ £
Cost
At 1 February 2022 29,627 188,892 - 218,519
Additions - 180,629 51,869 232,498
At 31 January 2023 29,627 369,521 51,869 451,017
Depreciation
At 1 February 2022 1,664 131,652 - 133,316
Charge for the year 7,407 49,082 2,418 58,907
At 31 January 2023 9,071 180,734 2,418 192,223
Net book value
At 31 January 2023 20,556 188,787 49,451 258,794
At 31 January 2022 27,963 57,240 - 85,203
4 Debtors 2023 2022
£ £
Trade debtors 358,717 140,648
Amounts owed by associated company - 53,913
VAT account balance 8,749 403
Deposits and prepayments 22,495 23,888
Other debtors 56,352 13,071
446,313 231,923
5 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 32,784 11,544
Trade creditors 588,419 448,456
Amounts owed by associated company 2,273 -
Other taxes and social security costs 11,600 8,886
Directors loan account 22,514 89
Other creditors 20,645 -
678,235 468,975
6 Creditors: amounts falling due after one year 2023 2022
£ £
Government backed loan 44,677 49,052
Obligations under finance lease and hire purchase contracts 108,033 17,950
152,710 67,002
7 Controlling party
The ultimate controlling party is Mr V Zaccarini, a director who in association with his wife controls the entire issued share capital of the company.
8 Other information
Vincenzo Limited is a private company limited by shares and incorporated in England. Its registered office is:
Outer Ground Floor Office
8 Paxton Terrace
Grosvenor Road
London
SWIV 3DA
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