Registered number
06761098
Italian Breaks Limited
Filleted Accounts
31 December 2024
Italian Breaks Limited
Registered number: 06761098
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 - 25,000
Tangible assets 4 - 527
- 25,527
Current assets
Debtors 5 374,523 444,633
Cash at bank and in hand 108,076 179,907
482,599 624,540
Creditors: amounts falling due within one year 6 (490,087) (601,455)
Net current (liabilities)/assets (7,488) 23,085
Total assets less current liabilities (7,488) 48,612
Creditors: amounts falling due after more than one year 7 (8) (246)
Net (liabilities)/assets (7,496) 48,366
Capital and reserves
Called up share capital 101 101
Profit and loss account (7,597) 48,265
Shareholders' funds (7,496) 48,366
The directors are 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 directors acknowledge their 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.
M C Swift
Director
Approved by the board on 11 April 2025
Italian Breaks Limited
Notes to the Accounts
for the year ended 31 December 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 and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Plant and machinery over 3 years
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2024 250,000
At 31 December 2024 250,000
Amortisation
At 1 January 2024 225,000
Provided during the year 25,000
At 31 December 2024 250,000
Net book value
At 31 December 2024 -
At 31 December 2023 25,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2024 6,419
At 31 December 2024 6,419
Depreciation
At 1 January 2024 5,892
Charge for the year 527
At 31 December 2024 6,419
Net book value
At 31 December 2024 -
At 31 December 2023 527
5 Debtors 2024 2023
£ £
Trade debtors 333,722 370,115
VAT 1,935 3,777
Prepaid holiday deposits for following year 38,866 70,741
374,523 444,633
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 31,563 36,848
Advanced sales 437,906 533,201
Trade creditors 14,761 24,084
Taxation and social security costs 4,137 4,705
Other creditors 1,720 2,617
490,087 601,455
7 Creditors: amounts falling due after one year 2024 2023
£ £
Director's loan account M C Swift 8 246
8 Other information
Italian Breaks Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 139 Airport House
Purley Way
Croydon
CR0 0XZ
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