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Registration number: 07366809

Posillipo At Broadstairs Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Posillipo At Broadstairs Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Posillipo At Broadstairs Limited

Company Information

Directors

Mr Espedito Tammaro

Mr Vincenzo Esposito

Company secretary

Mr Espedito Tammaro

Registered office

B3 Clover House
Harvey Drive
John Wilson Business Park
Whitstable
Kent
CT5 3QZ

Accountants

C W W Ltd
B3 Clover House
Harvey Drive
John Wilson Business Park
Whitstable
Kent
CT5 3QZ

 

Posillipo At Broadstairs Limited

(Registration number: 07366809)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

46,331

54,474

Current assets

 

Stocks

5

16,026

14,254

Debtors

6

338,093

230,631

Cash at bank and in hand

 

79,749

148,731

 

433,868

393,616

Creditors: Amounts falling due within one year

7

(309,798)

(242,299)

Net current assets

 

124,070

151,317

Net assets

 

170,401

205,791

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

170,400

205,790

Shareholders' funds

 

170,401

205,791

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 January 2025 and signed on its behalf by:
 

.........................................
Mr Espedito Tammaro
Company secretary and director

 

Posillipo At Broadstairs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
B3 Clover House
Harvey Drive
John Wilson Business Park
Whitstable
Kent
CT5 3QZ

These financial statements were authorised for issue by the Board on 30 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Posillipo At Broadstairs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

25% RB

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Posillipo At Broadstairs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 27 (2023 - 2).

4

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 May 2023

21,910

66,206

67,906

4,174

At 30 April 2024

21,910

66,206

67,906

4,174

Depreciation

At 1 May 2023

-

45,924

62,659

3,177

Charge for the year

-

5,071

1,312

250

At 30 April 2024

-

50,995

63,971

3,427

Carrying amount

At 30 April 2024

21,910

15,211

3,935

747

At 30 April 2023

21,910

20,282

5,247

997

 

Posillipo At Broadstairs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

18,513

178,709

At 30 April 2024

18,513

178,709

Depreciation

At 1 May 2023

12,475

124,235

Charge for the year

1,510

8,143

At 30 April 2024

13,985

132,378

Carrying amount

At 30 April 2024

4,528

46,331

At 30 April 2023

6,038

54,474

Included within the net book value of land and buildings above is £21,910 (2023 - £21,910) in respect of short leasehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

16,026

14,254

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

-

22,064

Amounts owed by related parties

336,059

200,532

Other debtors

 

2,034

8,035

   

338,093

230,631

 

Posillipo At Broadstairs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

62,164

72,520

Amounts owed to group undertakings and undertakings in which the company has a participating interest

64,889

37,713

Taxation and social security

 

121,909

117,316

Accruals and deferred income

 

2,205

3,310

Other creditors

 

58,631

11,440

 

309,798

242,299

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

       

9

Dividends

2024

2023

£

£

Final dividend of £Nil (2023 - £1.00) per ordinary share

203,047

231,420

Interim dividend of £Nil (2023 - £3.00) per ordinary share

-

-

203,047

231,420