IRIS Accounts Production v24.3.2.46 SC105373 Board of Directors Board of Directors 1.1.24 31.12.24 31.12.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC1053732023-12-31SC1053732024-12-31SC1053732024-01-012024-12-31SC1053732023-08-31SC1053732023-09-012023-12-31SC1053732023-12-31SC105373ns15:Scotland2024-01-012024-12-31SC105373ns14:PoundSterling2024-01-012024-12-31SC105373ns10:Director12024-01-012024-12-31SC105373ns10:Director22024-01-012024-12-31SC105373ns10:PrivateLimitedCompanyLtd2024-01-012024-12-31SC105373ns10:SmallEntities2024-01-012024-12-31SC105373ns10:AuditExemptWithAccountantsReport2024-01-012024-12-31SC105373ns10:SmallCompaniesRegimeForDirectorsReport2024-01-012024-12-31SC105373ns10:SmallCompaniesRegimeForAccounts2024-01-012024-12-31SC105373ns10:FullAccounts2024-01-012024-12-31SC105373ns10:CompanySecretary12024-01-012024-12-31SC105373ns10:RegisteredOffice2024-01-012024-12-31SC105373ns5:CurrentFinancialInstruments2024-12-31SC105373ns5:CurrentFinancialInstruments2023-12-31SC105373ns5:ShareCapital2024-12-31SC105373ns5:ShareCapital2023-12-31SC105373ns5:RetainedEarningsAccumulatedLosses2024-12-31SC105373ns5:RetainedEarningsAccumulatedLosses2023-12-31SC105373ns5:LandBuildings2023-12-31SC105373ns5:PlantMachinery2023-12-31SC105373ns5:FurnitureFittings2023-12-31SC105373ns5:LandBuildings2024-01-012024-12-31SC105373ns5:PlantMachinery2024-01-012024-12-31SC105373ns5:FurnitureFittings2024-01-012024-12-31SC105373ns5:LandBuildings2024-12-31SC105373ns5:PlantMachinery2024-12-31SC105373ns5:FurnitureFittings2024-12-31SC105373ns5:LandBuildings2023-12-31SC105373ns5:PlantMachinery2023-12-31SC105373ns5:FurnitureFittings2023-12-31SC105373ns5:MotorVehicles2023-12-31SC105373ns5:ComputerEquipment2023-12-31SC105373ns5:MotorVehicles2024-01-012024-12-31SC105373ns5:ComputerEquipment2024-01-012024-12-31SC105373ns5:MotorVehicles2024-12-31SC105373ns5:ComputerEquipment2024-12-31SC105373ns5:MotorVehicles2023-12-31SC105373ns5:ComputerEquipment2023-12-31SC105373ns5:WithinOneYearns5:CurrentFinancialInstruments2024-12-31SC105373ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-31
REGISTERED NUMBER: SC105373 (Scotland)















Financial Statements for the Year Ended 31 December 2024

for

PALAZZO KITCHENS & BATHROOMS LIMITED

PALAZZO KITCHENS & BATHROOMS LIMITED (REGISTERED NUMBER: SC105373)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 7

PALAZZO KITCHENS & BATHROOMS LIMITED

Company Information
for the Year Ended 31 December 2024







DIRECTORS: Eric Palazzo
Mrs Antonietta Palazzo





SECRETARY: Mrs Antonietta Palazzo





REGISTERED OFFICE: 151-153 Main Street
Uddingston
G71 7EN





REGISTERED NUMBER: SC105373 (Scotland)





ACCOUNTANTS: G O Thomson & Co
Chartered Accountants
11 Clyde Street
Carluke
ML8 5BA

PALAZZO KITCHENS & BATHROOMS LIMITED (REGISTERED NUMBER: SC105373)

Balance Sheet
31 December 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 419,367 328,596

CURRENT ASSETS
Stocks 143,320 134,330
Debtors 5 884,367 942,286
Cash at bank and in hand 152,366 182,732
1,180,053 1,259,348
CREDITORS
Amounts falling due within one year 6 403,997 499,081
NET CURRENT ASSETS 776,056 760,267
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,195,423

1,088,863

PROVISIONS FOR LIABILITIES 13,103 18,610
NET ASSETS 1,182,320 1,070,253

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 1,182,318 1,070,251
SHAREHOLDERS' FUNDS 1,182,320 1,070,253

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

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

PALAZZO KITCHENS & BATHROOMS LIMITED (REGISTERED NUMBER: SC105373)

Balance Sheet - continued
31 December 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 March 2025 and were signed on its behalf by:




Eric Palazzo - Director



Mrs Antonietta Palazzo - Director


PALAZZO KITCHENS & BATHROOMS LIMITED (REGISTERED NUMBER: SC105373)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Palazzo KItchens & Bathrooms Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated life , useful or if held under a finance lease, over the lease term, whichever is the shorter.


Land & Buildings - 2% on cost
Showroom- 20% on reducing balance
Plant, fixtures & fittings - 25% on reducing balance
Motor vehicles- 25% on reducing balance
Computer Equipment- 33% on straight line


The showroom is revalued by the directors at the financial year end.

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 Income Statement, 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.

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.

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.

PALAZZO KITCHENS & BATHROOMS LIMITED (REGISTERED NUMBER: SC105373)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2023 - 15 ) .

4. TANGIBLE FIXED ASSETS
Plant,
Land & fixtures
Buildings Showroom & fittings
£    £    £   
COST
At 1 January 2024 281,533 172,205 30,755
Additions - 159,316 1,190
At 31 December 2024 281,533 331,521 31,945
DEPRECIATION
At 1 January 2024 47,050 152,532 29,125
Charge for year 4,690 43,019 705
At 31 December 2024 51,740 195,551 29,830
NET BOOK VALUE
At 31 December 2024 229,793 135,970 2,115
At 31 December 2023 234,483 19,673 1,630

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2024 170,872 4,249 659,614
Additions - - 160,506
At 31 December 2024 170,872 4,249 820,120
DEPRECIATION
At 1 January 2024 98,062 4,249 331,018
Charge for year 21,321 - 69,735
At 31 December 2024 119,383 4,249 400,753
NET BOOK VALUE
At 31 December 2024 51,489 - 419,367
At 31 December 2023 72,810 - 328,596

PALAZZO KITCHENS & BATHROOMS LIMITED (REGISTERED NUMBER: SC105373)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors & WIP 53,574 254,280
Other debtors - 10
Third party loans 20,000 20,000
Palazzo Buildworks Loan 667,000 667,000
Directors' current accounts 129,485 -
VAT 13,237 -
Prepayments 1,071 996
884,367 942,286

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 42,412 48,846
Tax 31,016 72,080
Social security and other taxes 23,062 29,122
VAT - 13,728
Customer deposits 303,540 319,255
Directors' current accounts - 193
Accrued expenses 3,967 15,857
403,997 499,081

7. RELATED PARTY DISCLOSURES

Eric and Antonietta Palazzo are both directors in Palazzo Dream Kitchens (Scotland) Ltd. At the year end there is a balance of £129,485 which Eric Palazzo owes to the company (2023 £193 was owed to Eric Palazzo).








8. ULTIMATE CONTROLLING PARTY

The company was under the control of Mr Eric Palazzo and Mrs Antoinetta Palazzo throughout the current and previous accounting periods.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Palazzo KItchens & Bathrooms Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Palazzo KItchens & Bathrooms Limited for the year ended 31 December 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Palazzo KItchens & Bathrooms Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Palazzo KItchens & Bathrooms Limited and state those matters that we have agreed to state to the Board of Directors of Palazzo KItchens & Bathrooms Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Palazzo KItchens & Bathrooms Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Palazzo KItchens & Bathrooms Limited. You consider that Palazzo KItchens & Bathrooms Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Palazzo KItchens & Bathrooms Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






G O Thomson & Co
Chartered Accountants
11 Clyde Street
Carluke
ML8 5BA


24 March 2025