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REGISTERED NUMBER: 01608962















REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

FALONETTI LIMITED

FALONETTI LIMITED (Registered number: 01608962)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 OCTOBER 2023




Page

Company Information 1

Report of the Directors 2

Income Statement 3

Balance Sheet 4

Notes to the Financial Statements 6


FALONETTI LIMITED

COMPANY INFORMATION
for the Year Ended 31 OCTOBER 2023







DIRECTORS: B. P. Stratton
Mrs. M. Stratton
B. A. Stratton



SECRETARY: Mrs. M. Stratton



REGISTERED OFFICE: The Annexe,
Minerva House,
Bordyke,
Tonbridge,
Kent
TN9 1NR



REGISTERED NUMBER: 01608962



ACCOUNTANTS: Bennett & Co
The Annexe
Minerva House
Bordyke
Tonbridge
Kent
TN9 1NR



BANKERS: Barclays Bank PLC

FALONETTI LIMITED (Registered number: 01608962)

REPORT OF THE DIRECTORS
for the Year Ended 31 OCTOBER 2023

The directors present their report with the financial statements of the company for the year ended 31 October 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of Retail Discount Jewellers under the trading name of 'Strattons'.

DIVIDENDS
An interim dividend of £300 per share was paid on 20 October 2023. The directors recommend a final dividend of £100 per share, making a total of £400 per share for the year ended 31 October 2023.

The total distribution of dividends for the year ended 31 October 2023 will be £ 40,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 November 2022 to the date of this report.

B. P. Stratton
Mrs. M. Stratton
B. A. Stratton

ON BEHALF OF THE BOARD:





Mrs. M. Stratton - Secretary


6 June 2024

FALONETTI LIMITED (Registered number: 01608962)

INCOME STATEMENT
for the Year Ended 31 OCTOBER 2023

31.10.23 31.10.22
Notes £    £   

TURNOVER 532,229 540,421

Cost of sales 243,276 237,988
GROSS PROFIT 288,953 302,433

Administrative expenses 226,769 217,311
OPERATING PROFIT and
PROFIT BEFORE TAXATION 62,184 85,122

Tax on profit 5 12,829 16,361
PROFIT FOR THE FINANCIAL YEAR 49,355 68,761

FALONETTI LIMITED (Registered number: 01608962)

BALANCE SHEET
31 OCTOBER 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 7 9,800 14,500

CURRENT ASSETS
Stocks 8 152,500 141,000
Debtors 9 22,120 24,000
Cash at bank and in hand 101,140 107,552
275,760 272,552
CREDITORS
Amounts falling due within one year 10 34,942 41,308
NET CURRENT ASSETS 240,818 231,244
TOTAL ASSETS LESS CURRENT
LIABILITIES

250,618

245,744

CREDITORS
Amounts falling due after more than one
year

11

105,039

109,520
NET ASSETS 145,579 136,224

CAPITAL AND RESERVES
Called up share capital 12 100 100
Retained earnings 13 145,479 136,124
SHAREHOLDERS' FUNDS 145,579 136,224

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.

FALONETTI LIMITED (Registered number: 01608962)

BALANCE SHEET - continued
31 OCTOBER 2023


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

The financial statements were approved by the Board of Directors and authorised for issue on 6 June 2024 and were signed on its behalf by:




B. P. Stratton - Director



B. A. Stratton - Director


FALONETTI LIMITED (Registered number: 01608962)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 OCTOBER 2023

1. STATUTORY INFORMATION

FALONETTI LIMITED is a private company, limited by shares , registered in Not specified/Other. The company's registered number and registered office address can be found on the Company Information page.

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.

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 reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

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.

FALONETTI LIMITED (Registered number: 01608962)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 OCTOBER 2023

3. EMPLOYEES AND DIRECTORS
31.10.23 31.10.22
£    £   
Wages and salaries 138,472 132,502
Social security costs 3,762 5,011
Other pension costs 12,000 12,000
154,234 149,513

The average number of employees during the year was as follows:
31.10.23 31.10.22

Retail - Full time 7 7
Retail - Part time 1 1
8 8

31.10.23 31.10.22
£    £   
Directors' remuneration 53,100 53,100

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

4. OPERATING PROFIT

The operating profit is stated after charging:

31.10.23 31.10.22
£    £   
Depreciation - owned assets 4,765 4,833

5. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.10.23 31.10.22
£    £   
Current tax:
UK corporation tax 12,825 16,400
Previous year adjustment 4 (39 )

Tax on profit 12,829 16,361

UK corporation tax has been charged at 20% (2022 - 19%).

FALONETTI LIMITED (Registered number: 01608962)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 OCTOBER 2023

6. DIVIDENDS
31.10.23 31.10.22
£    £   
Ordinary Shares shares of £1 each
Final 10,000 30,000
Interim 30,000 20,000
40,000 50,000

7. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 November 2022 9,592 8,534 18,870 28,499 65,495
Additions - 65 - - 65
At 31 October 2023 9,592 8,599 18,870 28,499 65,560
DEPRECIATION
At 1 November 2022 9,592 7,534 17,370 16,499 50,995
Charge for year - 265 500 4,000 4,765
At 31 October 2023 9,592 7,799 17,870 20,499 55,760
NET BOOK VALUE
At 31 October 2023 - 800 1,000 8,000 9,800
At 31 October 2022 - 1,000 1,500 12,000 14,500

8. STOCKS
31.10.23 31.10.22
£    £   
Stocks 152,500 141,000

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Prepayments 22,120 24,000

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade Creditors 6,160 4,058
Corporation Tax 12,825 16,400
Social Security and PAYE 2,134 2,583
Value Added Tax 9,515 10,808
Accrued Expenses 4,308 7,459
34,942 41,308

FALONETTI LIMITED (Registered number: 01608962)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 OCTOBER 2023

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.10.23 31.10.22
£    £   
Directors Loan Accounts 105,039 109,520

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.10.23 31.10.22
value: £    £   
100 Ordinary Shares £1 100 100

13. RESERVES
Retained
earnings
£   

At 1 November 2022 136,124
Profit for the year 49,355
Dividends (40,000 )
At 31 October 2023 145,479