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REGISTERED NUMBER: SC258297 (Scotland)













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2022

FOR

VIVA ITALIA LTD

VIVA ITALIA LTD (REGISTERED NUMBER: SC258297)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


VIVA ITALIA LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2022







DIRECTORS: Giulia Mirella Marini
Giuseppe Marini





REGISTERED OFFICE: Old Bank Chambers
44 Civic Square
Motherwell
ML1 1TP





REGISTERED NUMBER: SC258297 (Scotland)






VIVA ITALIA LTD (REGISTERED NUMBER: SC258297)

BALANCE SHEET
31 MAY 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 8,571,442 8,499,740
Investments 5 101 101
Investment property 6 1,722,910 1,722,910
10,294,453 10,222,751

CURRENT ASSETS
Debtors 7 1,177,603 1,022,924
Cash at bank 22,474 20,012
1,200,077 1,042,936
CREDITORS
Amounts falling due within one year 8 3,093,757 2,811,114
NET CURRENT LIABILITIES (1,893,680 ) (1,768,178 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,400,773

8,454,573

CREDITORS
Amounts falling due after more than one
year

9

(3,293,914

)

(3,104,921

)

PROVISIONS FOR LIABILITIES (430,850 ) (430,850 )
NET ASSETS 4,676,009 4,918,802

CAPITAL AND RESERVES
Called up share capital 10 300,136 300,136
Retained earnings 4,375,873 4,618,666
SHAREHOLDERS' FUNDS 4,676,009 4,918,802

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2022 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.

VIVA ITALIA LTD (REGISTERED NUMBER: SC258297)

BALANCE SHEET - continued
31 MAY 2022


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 and authorised for issue by the Board of Directors and authorised for issue on 26 September 2022 and were signed on its behalf by:





Giuseppe Marini - Director


VIVA ITALIA LTD (REGISTERED NUMBER: SC258297)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022

1. STATUTORY INFORMATION

Viva Italia Ltd 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" and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are presented in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

Tangible fixed assets
Fixed assets are capitalised at cost. 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. Land is not depreciated.

Land & buildings - 2%- 4% on a straight line basis
Plant & machinery - 10% to 33% on a straight line & reducing balance basis

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value as at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.

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.

VIVA ITALIA LTD (REGISTERED NUMBER: SC258297)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2022

2. ACCOUNTING POLICIES - continued

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

Departure from the companies act
Due to information being unavailable the Directors have elected not to prepare the consolidated accounts at the year-end required under Section 399 of the Companies Act 2006.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2021 - 8 ) .

4. TANGIBLE FIXED ASSETS
Leasehold Fixtures
property and Motor Computer
improvements fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 June 2021 9,133,022 6,631,297 241,594 24,635 16,030,548
Additions 694,595 62,990 - - 757,585
At 31 May 2022 9,827,617 6,694,287 241,594 24,635 16,788,133
DEPRECIATION
At 1 June 2021 3,381,007 3,958,761 166,975 24,065 7,530,808
Charge for year 393,105 273,553 18,655 570 685,883
At 31 May 2022 3,774,112 4,232,314 185,630 24,635 8,216,691
NET BOOK VALUE
At 31 May 2022 6,053,505 2,461,973 55,964 - 8,571,442
At 31 May 2021 5,752,015 2,672,536 74,619 570 8,499,740

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 June 2021
and 31 May 2022 101
NET BOOK VALUE
At 31 May 2022 101
At 31 May 2021 101

VIVA ITALIA LTD (REGISTERED NUMBER: SC258297)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2022

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2021
and 31 May 2022 1,722,910
NET BOOK VALUE
At 31 May 2022 1,722,910
At 31 May 2021 1,722,910

The investment properties were revalued by the Directors in the period.

Fair value at 31 May 2022 is represented by:
£   
Cost 1,722,910

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Other debtors 1,177,603 1,022,924

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Hire purchase contracts 89,698 277,516
Trade creditors 947,401 801,400
Taxation and social security 217,130 2,101
Other creditors 1,839,528 1,730,097
3,093,757 2,811,114

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
£    £   
Bank loans 41,126 50,000
Hire purchase contracts 25,555 131,498
Other creditors 3,227,233 2,923,423
3,293,914 3,104,921

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
300,134 Ordinary £1 300,134 300,134
2 Ordinary A-J £1 2 2
300,136 300,136

VIVA ITALIA LTD (REGISTERED NUMBER: SC258297)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2022

10. CALLED UP SHARE CAPITAL - continued

All shares carry full dividend rights but the A-J Ordinary shares have no voting rights.