REGISTERED NUMBER: |
REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 |
FOR |
FALONETTI LIMITED |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
The Annexe |
Minerva House |
Bordyke |
Tonbridge |
Kent |
TN9 1NR |
BANKERS: |
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 £ |
The total distribution of dividends for the year ended 31 October 2023 will be £ |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 November 2022 to the date of this report. |
ON BEHALF OF THE BOARD: |
FALONETTI LIMITED (Registered number: 01608962) |
INCOME STATEMENT |
for the Year Ended 31 OCTOBER 2023 |
31.10.23 | 31.10.22 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT and |
PROFIT BEFORE TAXATION |
Tax on profit | 5 |
PROFIT FOR THE FINANCIAL YEAR |
FALONETTI LIMITED (Registered number: 01608962) |
BALANCE SHEET |
31 OCTOBER 2023 |
31.10.23 | 31.10.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 7 |
CURRENT ASSETS |
Stocks | 8 |
Debtors | 9 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 10 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
11 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Retained earnings | 13 |
SHAREHOLDERS' FUNDS |
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 were approved by the Board of Directors and authorised for issue on |
FALONETTI LIMITED (Registered number: 01608962) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 OCTOBER 2023 |
1. | STATUTORY INFORMATION |
FALONETTI LIMITED is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
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 |
Social security costs |
Other pension costs |
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 |
31.10.23 | 31.10.22 |
£ | £ |
Directors' remuneration |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
31.10.23 | 31.10.22 |
£ | £ |
Depreciation - owned assets |
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 |
Previous year adjustment | 4 | (39 | ) |
Tax on profit |
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 |
Interim |
7. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | Plant and | and | Motor |
leasehold | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 November 2022 |
Additions |
At 31 October 2023 |
DEPRECIATION |
At 1 November 2022 |
Charge for year |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
8. | STOCKS |
31.10.23 | 31.10.22 |
£ | £ |
Stocks |
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.23 | 31.10.22 |
£ | £ |
Prepayments |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.23 | 31.10.22 |
£ | £ |
Trade Creditors |
Corporation Tax |
Social Security and PAYE |
Value Added Tax | 9,515 | 10,808 |
Accrued Expenses |
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: | £ | £ |
Ordinary Shares | £1 | 100 | 100 |
13. | RESERVES |
Retained |
earnings |
£ |
At 1 November 2022 |
Profit for the year |
Dividends | ( |
) |
At 31 October 2023 |