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REGISTERED NUMBER: SC619334 (Scotland)















Unaudited Financial Statements for the Year Ended 31 January 2023

for

Valerio's Fish and Chips Limited

Valerio's Fish and Chips Limited (Registered number: SC619334)






Contents of the Financial Statements
for the Year Ended 31 January 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Valerio's Fish and Chips Limited

Company Information
for the Year Ended 31 January 2023







DIRECTORS: Miss S Neilson
G McKendrick





REGISTERED OFFICE: Valerio's Fish & Chips
Bannatyne Street
Lanark
ML11 7LB





REGISTERED NUMBER: SC619334 (Scotland)





ACCOUNTANTS: ICW Accountancy Ltd
15 St Leonard Street
Lanark
Lanarkshire
ML11 7AB

Valerio's Fish and Chips Limited (Registered number: SC619334)

Balance Sheet
31 January 2023

31.1.23 31.1.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 176,735 204,641
Tangible assets 5 64,137 49,003
240,872 253,644

CURRENT ASSETS
Stocks 6,767 6,767
Debtors 6 41,502 71,962
Cash at bank and in hand 75,732 29,793
124,001 108,522
CREDITORS
Amounts falling due within one year 7 122,142 96,767
NET CURRENT ASSETS 1,859 11,755
TOTAL ASSETS LESS CURRENT
LIABILITIES

242,731

265,399

CREDITORS
Amounts falling due after more than one year 8 (236,611 ) (255,911 )

PROVISIONS FOR LIABILITIES (4,430 ) (9,310 )
NET ASSETS 1,690 178

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,590 78
1,690 178

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 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.

Valerio's Fish and Chips Limited (Registered number: SC619334)

Balance Sheet - continued
31 January 2023


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 9 October 2023 and were signed on its behalf by:





Miss S Neilson - Director


Valerio's Fish and Chips Limited (Registered number: SC619334)

Notes to the Financial Statements
for the Year Ended 31 January 2023

1. STATUTORY INFORMATION

Valerio's Fish and Chips 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 33% on cost and 15% on reducing balance

Plant & Machinery - 15% reducing balance
Computer Equipment - 33% straight line

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.


Valerio's Fish and Chips Limited (Registered number: SC619334)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2022 - 31 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 February 2022
and 31 January 2023 279,056
AMORTISATION
At 1 February 2022 74,415
Charge for year 27,906
At 31 January 2023 102,321
NET BOOK VALUE
At 31 January 2023 176,735
At 31 January 2022 204,641

Valerio's Fish and Chips Limited (Registered number: SC619334)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 February 2022 65,053
Additions 44,911
Disposals (24,995 )
At 31 January 2023 84,969
DEPRECIATION
At 1 February 2022 16,050
Charge for year 9,569
Eliminated on disposal (4,787 )
At 31 January 2023 20,832
NET BOOK VALUE
At 31 January 2023 64,137
At 31 January 2022 49,003

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
Additions 42,995
At 31 January 2023 42,995
DEPRECIATION
Charge for year 2,173
At 31 January 2023 2,173
NET BOOK VALUE
At 31 January 2023 40,822

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Trade debtors - (1,497 )
Other debtors 41,502 73,459
41,502 71,962

Valerio's Fish and Chips Limited (Registered number: SC619334)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Bank loans and overdrafts 54,618 54,618
Hire purchase contracts 6,142 -
Trade creditors 14,592 16,024
Taxation and social security 40,625 23,349
Other creditors 6,165 2,776
122,142 96,767

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.23 31.1.22
£    £   
Bank loans 201,294 255,911
Hire purchase contracts 35,317 -
236,611 255,911

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 32,823 57,440

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 January 2023 and 31 January 2022:

31.1.23 31.1.22
£    £   
G McKendrick
Balance outstanding at start of year - 9,949
Amounts advanced - 16,551
Amounts repaid - (26,500 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

Miss S Neilson
Balance outstanding at start of year 67,423 125,489
Amounts advanced 30,985 16,879
Amounts repaid (64,500 ) (74,945 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 33,908 67,423

Valerio's Fish and Chips Limited (Registered number: SC619334)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

There was no interest accrued on the balance. There are no set repayment terms. The maximum outstanding at any time throughout the year was £75,071 (2022: £134,818).