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REGISTERED NUMBER: 05464750 (England and Wales)




UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MAY 2024

FOR

B. PALETTA LIMITED

B. PALETTA LIMITED (REGISTERED NUMBER: 05464750)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


B. PALETTA LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MAY 2024







DIRECTORS: B Paletta
J Paletta



SECRETARY: L Hemmings



REGISTERED OFFICE: 29-31 Darby Road
Brynteg
Wrexham
LL11 6LW



REGISTERED NUMBER: 05464750 (England and Wales)



ACCOUNTANTS: M. D. Coxey and Co. Limited
Chartered Accountants
25 Grosvenor Road
Wrexham
LL11 1BT



BANKERS: Barclays Bank plc
51-52 Hope Street
Wrexham
LL11 1BB

B. PALETTA LIMITED (REGISTERED NUMBER: 05464750)

BALANCE SHEET
31ST MAY 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 27,500 55,000
Tangible assets 5 10,307 16,326
Investment property 6 195,197 195,197
233,004 266,523

CURRENT ASSETS
Stocks 7 54,703 59,905
Debtors 8 5,073 5,542
Cash at bank and in hand 72,656 69,234
132,432 134,681
CREDITORS
Amounts falling due within one year 9 204,343 231,618
NET CURRENT LIABILITIES (71,911 ) (96,937 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

161,093

169,586

CREDITORS
Amounts falling due after more than one
year

10

(189

)

(2,461

)

PROVISIONS FOR LIABILITIES 13 (2,577 ) (4,080 )
NET ASSETS 158,327 163,045

CAPITAL AND RESERVES
Called up share capital 14 100 100
Retained earnings 158,227 162,945
SHAREHOLDERS' FUNDS 158,327 163,045

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2024 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.

B. PALETTA LIMITED (REGISTERED NUMBER: 05464750)

BALANCE SHEET - continued
31ST MAY 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16th October 2024 and were signed on its behalf by:




B Paletta - Director



J Paletta - Director


B. PALETTA LIMITED (REGISTERED NUMBER: 05464750)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2024

1. STATUTORY INFORMATION

B. Paletta Limited 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 2005, is being amortised evenly over its estimated useful life of twenty 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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - The length of the lease
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost
Computer equipment - 25% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 Statement of Income and Retained Earnings, 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.


B. PALETTA LIMITED (REGISTERED NUMBER: 05464750)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2024

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 17 (2023 - 17 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st June 2023
and 31st May 2024 550,000
AMORTISATION
At 1st June 2023 495,000
Amortisation for year 27,500
At 31st May 2024 522,500
NET BOOK VALUE
At 31st May 2024 27,500
At 31st May 2023 55,000

B. PALETTA LIMITED (REGISTERED NUMBER: 05464750)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Short and Motor Computer
leasehold fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1st June 2023 12,547 75,958 24,261 12,557 125,323
Additions - 919 - 250 1,169
At 31st May 2024 12,547 76,877 24,261 12,807 126,492
DEPRECIATION
At 1st June 2023 12,545 63,659 21,012 11,781 108,997
Charge for year 2 3,428 3,249 509 7,188
At 31st May 2024 12,547 67,087 24,261 12,290 116,185
NET BOOK VALUE
At 31st May 2024 - 9,790 - 517 10,307
At 31st May 2023 2 12,299 3,249 776 16,326

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1st June 2023
and 31st May 2024 12,995
DEPRECIATION
At 1st June 2023 9,747
Charge for year 3,248
At 31st May 2024 12,995
NET BOOK VALUE
At 31st May 2024 -
At 31st May 2023 3,248

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st June 2023
and 31st May 2024 195,197
NET BOOK VALUE
At 31st May 2024 195,197
At 31st May 2023 195,197

B. PALETTA LIMITED (REGISTERED NUMBER: 05464750)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2024

7. STOCKS
31.5.24 31.5.23
£    £   
Goods for resale 54,703 59,905

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Other debtors - 835
Social security & other taxes - 1,686
Prepayments 5,073 3,021
5,073 5,542

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans and overdrafts 4,582 13,887
Hire purchase contracts (see note 11) 2,272 2,272
Trade creditors 84,070 114,021
Tax 25,203 17,887
Pension 696 -
Social security and other taxes 1,099 -
VAT 15,095 11,668
Other creditors 30,000 10,630
Directors' current accounts 37,983 57,618
Accrued expenses 3,343 3,635
204,343 231,618

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.24 31.5.23
£    £   
Hire purchase contracts (see note 11) 189 2,461

11. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.5.24 31.5.23
£    £   
Net obligations repayable:
Within one year 2,272 2,272
Between one and five years 189 2,461
2,461 4,733

B. PALETTA LIMITED (REGISTERED NUMBER: 05464750)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2024

11. LEASING AGREEMENTS - continued

Non-cancellable operating leases
31.5.24 31.5.23
£    £   
Within one year 19,172 19,172
Between one and five years 76,688 76,688
In more than five years 92,665 111,837
188,525 207,697

12. SECURED DEBTS

The following secured debts are included within creditors:

31.5.24 31.5.23
£    £   
Bank overdrafts 4,582 13,887

13. PROVISIONS FOR LIABILITIES
31.5.24 31.5.23
£    £   
Deferred tax
Accelerated capital allowances 2,577 4,080

Deferred
tax
£   
Balance at 1st June 2023 4,080
Movement in year due to:-
changes in tax rates
changes in tax allowances (1,503 )
Balance at 31st May 2024 2,577

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.24 31.5.23
value: £    £   
100 Ordinary £1 100 100

15. CAPITAL COMMITMENTS
31.5.24 31.5.23
£    £   
Contracted but not provided for in the
financial statements - -

16. ULTIMATE CONTROLLING PARTY

The controlling party is B Paletta.