Registered number
04430089
Vincenzo Limited
Filleted Accounts
31 January 2024
Vincenzo Limited
Registered number: 04430089
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 269,934 258,794
Current assets
Stocks 62,291 80,909
Debtors 4 384,194 446,313
Cash at bank and in hand 255,027 65,447
701,512 592,669
Creditors: amounts falling due within one year 5 (674,363) (678,235)
Net current assets/(liabilities) 27,149 (85,566)
Total assets less current liabilities 297,083 173,228
Creditors: amounts falling due after more than one year 6 (161,933) (152,710)
Deferred income and provisions for liabilities (34,538) (19,538)
Net assets 100,612 980
Capital and reserves
Called up share capital 100 100
Profit and loss account 100,512 880
Shareholders' funds 100,612 980
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 23 October 2024
Vincenzo Limited
Notes to the Accounts
for the year ended 31 January 2024
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.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 17 17
3 Tangible fixed assets
Finance lease assets Plant and machinery incl delivery vans Short leasehold and integral plant & machinery Total
£ £ £ £
Cost
At 1 February 2023 29,627 369,521 51,869 451,017
Additions - 66,925 - 66,925
At 31 January 2024 29,627 436,446 51,869 517,942
Depreciation
At 1 February 2023 9,071 180,734 2,418 192,223
Charge for the year 7,407 44,422 3,956 55,785
At 31 January 2024 16,478 225,156 6,374 248,008
Net book value
At 31 January 2024 13,149 211,290 45,495 269,934
At 31 January 2023 20,556 188,787 49,451 258,794
4 Debtors 2024 2023
£ £
Trade debtors 343,862 358,717
Director's loan 803 -
VAT account balance - 8,749
Deposits and prepayments 38,701 22,495
Other debtors 828 56,352
384,194 446,313
5 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 55,813 32,784
Trade creditors 538,019 588,419
Amounts owed by associated company 32,273 2,273
Other taxes and social security costs 29,704 11,600
Directors loan account - 22,514
Other creditors 18,554 20,645
674,363 678,235
6 Creditors: amounts falling due after one year 2024 2023
£ £
Government backed loan 37,307 44,677
Obligations under finance lease and hire purchase contracts 124,626 108,033
161,933 152,710
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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