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REGISTERED NUMBER: 10415930 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 October 2023

for

Simon Santucci Decorators Ltd

Simon Santucci Decorators Ltd (Registered number: 10415930)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Simon Santucci Decorators Ltd

Company Information
for the Year Ended 31 October 2023







DIRECTORS: S Santucci
Miss L M Wartnaby



REGISTERED OFFICE: c/o Baines & Co
46 Rolle Street
Exmouth
Devon
EX8 2SQ



REGISTERED NUMBER: 10415930 (England and Wales)



ACCOUNTANTS: Baines & Co
46 Rolle Street
Exmouth
Devon
EX8 2SQ



BANKERS: Barclays Bank plc
Business Direct
Leicester
Leicestershire
LE54 2BB

Simon Santucci Decorators Ltd (Registered number: 10415930)

Balance Sheet
31 October 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 3,000 4,000
Tangible assets 5 5,767 5,228
8,767 9,228

CURRENT ASSETS
Stocks 6 2,205 3,500
Debtors 7 25,321 20,215
Cash at bank and in hand 86,612 181,473
114,138 205,188
CREDITORS
Amounts falling due within one year 8 98,454 179,536
NET CURRENT ASSETS 15,684 25,652
TOTAL ASSETS LESS CURRENT
LIABILITIES

24,451

34,880

PROVISIONS FOR LIABILITIES 9 755 630
NET ASSETS 23,696 34,250

CAPITAL AND RESERVES
Called up share capital 10 10 10
Retained earnings 11 23,686 34,240
SHAREHOLDERS' FUNDS 23,696 34,250

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Simon Santucci Decorators Ltd (Registered number: 10415930)

Balance Sheet - continued
31 October 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 January 2024 and were signed on its behalf by:




S Santucci - Director



Miss L M Wartnaby - Director


Simon Santucci Decorators Ltd (Registered number: 10415930)

Notes to the Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

Simon Santucci Decorators Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 20% on cost
Computer equipment - 25% on cost

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Simon Santucci Decorators Ltd (Registered number: 10415930)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 November 2022
and 31 October 2023 10,000
AMORTISATION
At 1 November 2022 6,000
Amortisation for year 1,000
At 31 October 2023 7,000
NET BOOK VALUE
At 31 October 2023 3,000
At 31 October 2022 4,000

Simon Santucci Decorators Ltd (Registered number: 10415930)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 November 2022 6,357 682 14,020 932 21,991
Additions - - 4,500 - 4,500
Disposals - - (1,100 ) - (1,100 )
At 31 October 2023 6,357 682 17,420 932 25,391
DEPRECIATION
At 1 November 2022 3,577 382 11,872 932 16,763
Charge for year 1,270 103 2,463 - 3,836
Eliminated on disposal - - (975 ) - (975 )
At 31 October 2023 4,847 485 13,360 932 19,624
NET BOOK VALUE
At 31 October 2023 1,510 197 4,060 - 5,767
At 31 October 2022 2,780 300 2,148 - 5,228

6. STOCKS
31.10.23 31.10.22
£    £   
Work-in-progress 2,205 3,500

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade debtors 25,321 20,215

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade creditors 6,895 4,790
Tax 2,329 6,943
VAT 16,579 15,223
Directors' current accounts 70,731 150,930
Accrued expenses 1,920 1,650
98,454 179,536

9. PROVISIONS FOR LIABILITIES
31.10.23 31.10.22
£    £   
Deferred tax 755 630

Simon Santucci Decorators Ltd (Registered number: 10415930)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

9. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 November 2022 630
Charge to Income Statement during year 125
Balance at 31 October 2023 755

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.10.23 31.10.22
value: £    £   
10 Ordinary 1 10 10

11. RESERVES
Retained
earnings
£   

At 1 November 2022 34,240
Profit for the year 9,446
Dividends (20,000 )
At 31 October 2023 23,686

12. RELATED PARTY DISCLOSURES

During the year, total dividends of £20,000 (2022 - £20,000) were paid to the directors .

13. POST BALANCE SHEET EVENTS

There have been no events since the balance sheet date which will have a material effect on the financial statements of the company to that date.

14. ULTIMATE CONTROLLING PARTY

The controlling party is S Santucci.

The ultimate controlling party is S Santucci.