14 December 2020 v2022.13.1 limited_company_frs_102_section_1a_v1_0_8 companies_houseSoftwarefalsetruetruetrueNo description of principal activityxbrli:purexbrli:sharesiso4217:GBPNI6749512020-12-142021-12-31NI6749512021-12-31NI674951bus:Director12020-12-142021-12-31NI674951bus:Director12021-12-31NI674951bus:CompanySecretary12020-12-142021-12-31NI674951bus:RegisteredOffice2020-12-142021-12-31NI674951core:WithinOneYear2021-12-31NI674951core:ShareCapital2021-12-31NI674951core:RetainedEarningsAccumulatedLosses2021-12-31NI674951core:RetainedEarningsAccumulatedLosses2020-12-142021-12-31NI674951core:ShareCapital2020-12-142021-12-31NI674951core:NetGoodwill2020-12-142021-12-31NI67495112020-12-142021-12-31NI674951countries:NorthernIreland2020-12-142021-12-31NI674951bus:AuditExemptWithAccountantsReport2020-12-142021-12-31NI674951bus:PrivateLimitedCompanyLtd2020-12-142021-12-31NI674951bus:SmallEntities2020-12-142021-12-31NI674951bus:AbridgedAccounts2020-12-142021-12-31
Company registration number:
NI674951
Caffe Volare Ltd
Unaudited Abridged Financial Statements for the period ended
31 December 2021
Tregonning & Co Limited
Staney Brae, Dunrossness, Shetland, ZE2 9JG, United Kingdom
Caffe Volare Ltd
Officers and Professional Advisers
Period ended
31 December 2021
Director
R Crosby
(appointed
14 December 2020
)
Company secretary
M Tregonning
Registered office
Forsyth House
Cromac Square
Belfast
Aberdeenshire
BT2 8LA
United Kingdom
Accountant
Tregonning & Co Limited
Staney Brae
Dunrossness
Shetland
ZE2 9JG
United Kingdom
Caffe Volare Ltd
Director's Report
Period ended
31 December 2021
The director presents the report and the unaudited
abridged financial statements
of the company for the period from 14 December 2020 to 31 December 2021.

Directors

The director who served the company during the period was as follows:
R Crosby
(appointed
14 December 2020
)

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on
2 September 2022
and signed on behalf of the board by:
R Crosby
Director
Caffe Volare Ltd
Report to the board of directors on the preparation of the unaudited statutory financial statements of Caffe Volare Ltd
Period ended
31 December 2021
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the
abridged financial statements
of
Caffe Volare Ltd
for the period ended
31 December 2021
which comprise the abridged income statement, abridged statement of financial position, statement of changes in equity and related notes from the company’s accounting records and from information and explanations you have given me.
As a practising member of the Association of Chartered Certified Accountants, I am subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/​content/​dam/​ACCA_Global/​Members/​Doc/​rule/​2018-rulebook.pdf.
This report is made solely to the Board of Directors of
Caffe Volare Ltd
, as a body. My work has been undertaken solely to prepare for your approval the
abridged financial statements
of
Caffe Volare Ltd
and state those matters that I have agreed to state to the Board of Directors of
Caffe Volare Ltd
, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/​content/​dam/​ACCA_Global/​Technical/​fact/​technical-factsheet-163.pdf. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than
Caffe Volare Ltd
and its Board of Directors, as a body, for my work or for this report.
It is your duty to ensure that
Caffe Volare Ltd
has kept adequate accounting records and to prepare statutory
abridged financial statements
that give a true and fair view of the assets, liabilities, financial position and profit of
Caffe Volare Ltd
. You consider that
Caffe Volare Ltd
is exempt from the statutory audit requirement for the period.
I have not been instructed to carry out an audit or a review of the abridged financial statements of Caffe Volare Ltd. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory abridged financial statements.
Tregonning & Co Limited
Staney Brae
Dunrossness
Shetland
ZE2 9JG
United Kingdom
Date:
2 September 2022
Caffe Volare Ltd
Abridged Income Statement
Period ended
31 December 2021
Period from 14 Dec 2020 to 31 Dec 2021
£
Gross profit
175,969
 
Administrative expenses
(86,791
)
Operating profit
89,178
 
Profit before tax
89,178
 
Tax on profit -  
Profit for the financial period
89,178
 
The company has no other recognised items of income or expense other than the results for the period as set out above.
Caffe Volare Ltd
Abridged Statement of Financial Position
31 December 2021
31 Dec 2021
Note£
Fixed assets  
Intangible assets 5
10,000
 
Tangible assets 5
17,316
 
27,316
 
Current assets  
Stocks
2,970
 
Debtors
7,575
 
Cash at bank and in hand
79,509
 
90,054
 
Creditors: amounts falling due within one year
(47,193
)
Net current assets
42,861
 
Total assets less current liabilities 70,177  
Capital and reserves  
Called up share capital
(1
)
Profit and loss account
70,178
 
Shareholders funds
70,177
 
For the period ending
31 December 2021
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
  • The members have not required the company to obtain an audit of its abridged financial statements for the period in question in accordance with section 476;
  • The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements.
All of the members have consented to the preparation of the abridged statement of financial position and the abridged income statement for the period ended
31 December 2021
in accordance with Section 444(2A) of the Companies Act 2006.
These
abridged financial statements
have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These
abridged financial statements
were approved by the board of directors and authorised for issue on
2 September 2022
, and are signed on behalf of the board by:
R Crosby
Director
Company registration number:
NI674951
Caffe Volare Ltd
Statement of Changes in Equity
Period ended
31 December 2021
Called up share capitalProfit and loss accountTotal
£££
At
14 December 2020
-   -   -  
Profit for the period -   89,178   89,178  
Total comprehensive income for the period -  
89,178
 
89,178
 
Issue of shares
(1
)- 
(1
)
Dividends declared and paid or payable during the period- 
(19,000
)
(19,000
)
Total investments by and distributions to owners
(1
)
(19,000
)
(19,001
)
At
31 December 2021
(1
)
70,178
 
70,177
 
Caffe Volare Ltd
Notes to the Abridged Financial Statements
Period ended
31 December 2021

1 General information

The company is a private company limited by shares and is registered in Northern Ireland. The address of the registered office is
Forsyth House
,
Cromac Square
,
Belfast
,
Aberdeenshire
,
BT2 8LA
, United Kingdom.

2 Statement of compliance

These
abridged financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
abridged financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
abridged financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Goodwill

Purchased goodwill arises on business acquisitions and represents the difference between the cost of acquisition and the fair values of the identifiable assets and liabilities acquired.
Goodwill is initially recorded at cost, and is subsequently stated at cost less any accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over the useful economic life of the asset. Where a reliable estimate of the useful life of goodwill cannot be made, the life is presumed not to exceed five years.

Intangible assets

Intangible assets are initially measured at cost and are subsequently measured at cost less any accumulated amortisation and accumulated impairment losses or at a revalued amount. However, Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Any intangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4 Average number of employees

The average number of persons employed by the company during the period was
4
.

5 Fixed assets

Intangible assetsTangible assetsTotal
£££
Cost      
At
14 December 2020
-   -   -  
Additions
10,000
 
19,737
  29,737  
At
31 December 2021
10,000
 
19,737
  29,737  
Impairment      
At
14 December 2020
-   -   -  
Charge -  
2,421
  2,421  
At
31 December 2021
-  
2,421
  2,421  
Carrying amount      
At
31 December 2021
10,000
 
17,316
 
27,316