Company Registration No. SC284783 (Scotland)
Marina Cafe Limited
Unaudited accounts
for the year ended 31 May 2022
Marina Cafe Limited
Company Information
for the year ended 31 May 2022
Directors
Marina Crolla
Dominic Crolla
Rebecca Crolla
Company Number
SC284783 (Scotland)
Registered Office
61 Cockburn Street
Edinburgh
EH1 1BS
Accountants
Jean S Macnab LLB CA CTA
1 Medwyn Drive
West Linton
Peeblesshire
EH46 7HW
Marina Cafe Limited
Statement of financial position
as at 31 May 2022
Tangible assets
547,735
24,099
Cash at bank and in hand
169,756
153,124
Creditors: amounts falling due within one year
(177,646)
(102,260)
Net current assets
2,160
70,253
Total assets less current liabilities
549,895
94,352
Creditors: amounts falling due after more than one year
(301,229)
-
Provisions for liabilities
Deferred tax
(12,735)
(4,579)
Called up share capital
6
4
Profit and loss account
235,925
89,769
Shareholders' funds
235,931
89,773
For the year ending 31 May 2022 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 12 August 2022 and were signed on its behalf by
Marina Crolla
Director
Company Registration No. SC284783
Marina Cafe Limited
Notes to the Accounts
for the year ended 31 May 2022
Marina Cafe Limited is a private company, limited by shares, registered in Scotland, registration number SC284783. The registered office is 61 Cockburn Street, Edinburgh, EH1 1BS.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover represents the value of sales to customers, net of discounts and allowances, and excludes VAT. Sales of goods and services are recognised when the company has delivered the product, the customer has accepted the products or services and collectability of the related receivable is reasonably assured.
Tangible fixed assets policy
Fittings and equipment are stated at cost less accumulated depreciation. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, evenly over the estimated economic life of that asset as follows:
Equipment and fittings 25%
Land & buildings
No depreciation is provided as the directors consider that the value of the premises exceeds cost
Amortisation of goodwill is calculated so as to write off the cost of the goodwill, less its estimated residual value, evenly over the estimated economic life of that asset as follows:
Goodwill 20%
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or aright to pay less tax in the future have occurred at the balance sheet date.
A net deferred tax asset is regarded as recoverable and therefore recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the reversal of the underlying timing differences can be deducted.
Marina Cafe Limited
Notes to the Accounts
for the year ended 31 May 2022
4
Intangible fixed assets
Goodwill
5
Tangible fixed assets
Land & buildings
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 June 2021
-
142,095
142,095
Additions
480,708
69,111
549,819
Disposals
-
(48,683)
(48,683)
At 31 May 2022
480,708
162,523
643,231
At 1 June 2021
-
117,996
117,996
Charge for the year
-
26,183
26,183
On disposals
-
(48,683)
(48,683)
At 31 May 2022
-
95,496
95,496
At 31 May 2022
480,708
67,027
547,735
At 31 May 2021
-
24,099
24,099
6
Debtors: amounts falling due within one year
2022
2021
Marina Cafe Limited
Notes to the Accounts
for the year ended 31 May 2022
7
Creditors: amounts falling due within one year
2022
2021
Bank loans and overdrafts
56,305
50,000
Trade creditors
38,115
31,988
Taxes and social security
60,783
20,272
Loans from directors
7,229
-
The business premises were acquired during the year with funding from the National Westminster Bank plc. The loan is secured by a Standing Security over the premises and is repayable by 13 January 2042.
8
Creditors: amounts falling due after more than one year
2022
2021
The business premises were acquired during the year with funding from the National Westminster Bank plc. The loan is secured by a Standing Security over the premises and is repayable by 13 January 2042.
Allotted, called up and fully paid:
6 Ordinary shares of £1 each
6
4
Shares issued during the period:
2 Ordinary shares of £1 each
2
10
Transactions with related parties
The company was under the control of Marina Crolla, director, throughout the current and previous year.
In the course of the year, the director paid certain costs of the company from her personal funds, and drew money from the company.
Dividends paid during the year to the directors were as follows:
Marina Crolla: £30,000 (2021 - £32,000)
Dominic Crolla: nil (2021 - £nil)
11
Average number of employees
During the year the average number of employees was 15 (2021: 16).