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Registered number: 09213668
Piccolo Foods Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 09213668
2024 2023
as restated
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 6,674 9,206
Tangible Assets 5 31,428 46,147
38,102 55,353
CURRENT ASSETS
Stocks 6 845,368 1,256,545
Debtors 7 3,039,674 2,618,719
Cash at bank and in hand 121,265 232,461
4,006,307 4,107,725
Creditors: Amounts Falling Due Within One Year 8 (1,297,545 ) (1,350,141 )
NET CURRENT ASSETS (LIABILITIES) 2,708,762 2,757,584
TOTAL ASSETS LESS CURRENT LIABILITIES 2,746,864 2,812,937
Creditors: Amounts Falling Due After More Than One Year 9 (166,500 ) (257,500 )
NET ASSETS 2,580,364 2,555,437
CAPITAL AND RESERVES
Called up share capital 10 4,255 4,255
Share premium account 8,831,254 8,831,254
Profit and Loss Account (6,255,145 ) (6,280,072 )
SHAREHOLDERS' FUNDS 2,580,364 2,555,437
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Massimo Zorzi
Director
30/01/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Piccolo Foods Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09213668 . The registered office is Collar Factory, 112, St. Augustine Street, Taunton, Somerset, TA1 1QN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are trademarks and patents, they are amortised to profit and loss account over their estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 25% Straight line
Computer Equipment 20% Straight line
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
Page 3
Page 4
2.7. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 14 (2023: 17)
14 17
4. Intangible Assets
Other
£
Cost
As at 1 April 2023 25,807
As at 31 March 2024 25,807
Amortisation
As at 1 April 2023 16,601
Provided during the period 2,532
As at 31 March 2024 19,133
Net Book Value
As at 31 March 2024 6,674
As at 1 April 2023 9,206
5. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 April 2023 224,666 7,203 231,869
Additions 3,361 10,817 14,178
As at 31 March 2024 228,027 18,020 246,047
Depreciation
As at 1 April 2023 181,687 4,035 185,722
Provided during the period 26,703 2,194 28,897
As at 31 March 2024 208,390 6,229 214,619
Net Book Value
As at 31 March 2024 19,637 11,791 31,428
As at 1 April 2023 42,979 3,168 46,147
Page 4
Page 5
6. Stocks
2024 2023
as restated
£ £
Stock 845,368 1,256,545
7. Debtors
2024 2023
as restated
£ £
Due within one year
Trade debtors 1,428,510 1,096,355
Prepayments and accrued income 60,760 71,312
Other debtors 136,309 65,487
Corporation tax recoverable assets - 31,953
VAT 79,750 57,085
Other taxes and social security 1,332 -
1,706,661 1,322,192
Due after more than one year
Deferred tax current asset 1,333,013 1,296,527
3,039,674 2,618,719
8. Creditors: Amounts Falling Due Within One Year
2024 2023
as restated
£ £
Trade creditors 723,778 874,227
Bank loans and overdrafts 91,000 91,000
Other taxes and social security - 18,782
Net wages 249 -
Other creditors 5,364 6,613
Accruals and deferred income 395,240 94,605
Directors' loan accounts 81,914 264,914
1,297,545 1,350,141
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
as restated
£ £
Bank loans 136,500 227,500
Other loans 30,000 30,000
166,500 257,500
10. Share Capital
2024 2023
as restated
£ £
Allotted, Called up and fully paid 4,255 4,255
Page 5