Registered number
09017013
Club 500 Italia Limited
Filleted Abridged Accounts
31 May 2024
Club 500 Italia Limited
Registered number: 09017013
Abridged Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 6,181 9,163
Current assets
Stocks 11,173 11,512
Debtors 1,644 1,967
Cash at bank and in hand 127,159 92,707
139,976 106,186
Creditors: amounts falling due within one year (73,034) (54,613)
Net current assets 66,942 51,573
Total assets less current liabilities 73,123 60,736
Creditors: amounts falling due after more than one year (10,733) (19,933)
Provisions for liabilities (1,130) -
Net assets 61,260 40,803
Capital and reserves
Called up share capital 4 4
Profit and loss account 61,256 40,799
Shareholder's funds 61,260 40,803
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 member has 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.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.
Mr R Rostern
Director
Approved by the board on 9 December 2024
Club 500 Italia Limited
Notes to the Abridged Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The abridged 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, excluding discounts, rebates, value added tax and other sales taxes.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor Vehicles 25% Reducing balance
Plant and machinery 25% Reducing balance
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.
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.
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 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Total
£
Cost
At 1 June 2023 28,636
Disposals (1,228)
At 31 May 2024 27,408
Depreciation
At 1 June 2023 19,473
Charge for the year 2,061
On disposals (307)
At 31 May 2024 21,227
Net book value
At 31 May 2024 6,181
At 31 May 2023 9,163
4 Other information
Club 500 Italia Limited is a private company limited by shares and incorporated in England. Its registered office is:
321 Turton Road
Tottington
Bury
Lancashire
BL8 3QG
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