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Registered Number: 05385167
England and Wales

 

 

 


Report of the Director and Unaudited Financial Statements

for the year ended 31 March 2024

for

FIGARO IMPORTS LIMITED

 
 
Notes
 
2024
£
  2022
£
Current assets
Inventories 2 10,283    11,425 
Debtors 3 57,594    53,246 
67,877    64,671 
Creditors: amount falling due within one year 4 (121,987)   (117,814)
Net current assets (54,110)   (53,143)
 
Total assets less current liabilities (54,110)   (53,143)
Creditors: amount falling due after more than one year 5 (200,325)   (209,759)
Net assets (254,435)   (262,902)
 

Capital and reserves
Called up share capital 1    1 
Profit and loss account 6 (254,436)   (262,903)
Shareholders fund (254,435)   (262,902)
 
For the year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's Responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the companies act 2006.
  2. 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
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime of Part 15 of the Companies Act 2006.
Signed on behalf of the board of directors:


----------------------------------
Adam James Lees
Director

Date approved: 06 September 2024
1
Statutory Information
FIGARO IMPORTS LIMITED is a private limited company, limited by shares, domiciled in England and Wales, registration number 05385167, registration address 120 Westcombe Park Road, London, SE3 7RZ, United Kingdom.

The presentation currency is £ sterling.
1.

Accounting Policies

Basis of accounting
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Financial Reporting Standard for Smaller Entities (effective January 2016).
Going Concern
The financial statements have been prepared on a going concern basis. The company's ongoing activities are dependent upon the continued support of the director who has undertaken to provide such support for the foreseeable future. If the going concern basis were not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that may arise and to reclassify fixed assets as current assets and long term liabilities as current liabilities.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Foreign currencies 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.
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.
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.
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.
2.

Inventories

2024
£
  2022
£
Stocks 10,283    11,425 
10,283    11,425 
3.

Debtors: amounts falling due within one year

2024
£
  2022
£
Deferred tax 57,594    53,246 
57,594    53,246 
4.

Creditors: amount falling due within one year

2024
£
  2022
£
Trade creditors 12,972    12,972 
Accrued expenses 479   
Other creditors 74,082    77,081 
Inter company loan 5,000   
Bank loans & overdrafts 25,221    26,088 
Vat 4,233    1,673 
121,987    117,814 
5.

Creditors: amount falling due after more than one year

2024
£
  2022
£
Directors' loan accounts 200,325    209,759 
200,325    209,759 
6.

Profit and loss account

  2024
£
Balance at 01 April 2023 (262,903)
Profit for the year 8,467 
Balance at 31 March 2024 (254,436)

7.

Average number of employees

Average number of employees during the year was 1  (2022: 1).
2