Marina Cafe Limited SC284783 false 2022-06-01 2023-05-31 2023-05-31 The principal activity of the company is operating a licensed restaurant Digita Accounts Production Advanced 6.30.9574.0 true true SC284783 2022-06-01 2023-05-31 SC284783 2023-05-31 SC284783 bus:Revised 2023-05-31 SC284783 core:CurrentFinancialInstruments 2023-05-31 SC284783 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 SC284783 core:Non-currentFinancialInstruments 2023-05-31 SC284783 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 SC284783 core:Goodwill 2023-05-31 SC284783 core:FurnitureFittingsToolsEquipment 2023-05-31 SC284783 core:LandBuildings 2023-05-31 SC284783 bus:SmallEntities 2022-06-01 2023-05-31 SC284783 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 SC284783 bus:FullAccounts 2022-06-01 2023-05-31 SC284783 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 SC284783 bus:RegisteredOffice 2022-06-01 2023-05-31 SC284783 bus:Director1 2022-06-01 2023-05-31 SC284783 bus:Director2 2022-06-01 2023-05-31 SC284783 bus:Director3 2022-06-01 2023-05-31 SC284783 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 SC284783 core:Goodwill 2022-06-01 2023-05-31 SC284783 core:FurnitureFittingsToolsEquipment 2022-06-01 2023-05-31 SC284783 core:LandBuildings 2022-06-01 2023-05-31 SC284783 countries:Scotland 2022-06-01 2023-05-31 SC284783 2022-05-31 SC284783 core:Goodwill 2022-05-31 SC284783 core:FurnitureFittingsToolsEquipment 2022-05-31 SC284783 core:LandBuildings 2022-05-31 SC284783 2021-06-01 2022-05-31 SC284783 2022-05-31 SC284783 core:CurrentFinancialInstruments 2022-05-31 SC284783 core:CurrentFinancialInstruments core:WithinOneYear 2022-05-31 SC284783 core:Non-currentFinancialInstruments 2022-05-31 SC284783 core:Non-currentFinancialInstruments core:AfterOneYear 2022-05-31 SC284783 core:FurnitureFittingsToolsEquipment 2022-05-31 SC284783 core:LandBuildings 2022-05-31 iso4217:GBP xbrli:pure

Registration number: SC284783

Marina Cafe Limited

trading as La Locanda

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

Marina Cafe Limited

trading as La Locanda

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Marina Cafe Limited

trading as La Locanda

Company Information

Directors

Marina Crolla

Rebecca Crolla

Dominic Crolla

Registered office

61 Cockburn Street
Edinburgh
Midlothian
EH1 1BS

Accountants

Brown, Scott & Main
Chartered Accountants
91 West Savile Terrace
Edinburgh
Lothian
EH9 3DP

 

Marina Cafe Limited

trading as La Locanda

(Registration number: SC284783)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

6

524,707

547,735

Current assets

 

Stocks

7

13,000

8,175

Debtors

8

6,018

1,875

Cash at bank and in hand

 

199,511

169,756

 

218,529

179,806

Creditors: Amounts falling due within one year

9

(166,440)

(177,646)

Net current assets

 

52,089

2,160

Total assets less current liabilities

 

576,796

549,895

Creditors: Amounts falling due after more than one year

9

(216,313)

(301,229)

Provisions for liabilities

(8,360)

(12,735)

Net assets

 

352,123

235,931

Capital and reserves

 

Called up share capital

10

6

6

Retained earnings

352,117

235,925

Shareholders' funds

 

352,123

235,931

For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 8 November 2023 and signed on its behalf by:
 

.........................................
Marina Crolla
Director

 

Marina Cafe Limited

trading as La Locanda

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
61 Cockburn Street
Edinburgh
Midlothian
EH1 1BS
Scotland

These financial statements were authorised for issue by the Board on 8 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax..

Tax

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Equipment and fittings

25% straight line per annum

 

Marina Cafe Limited

trading as La Locanda

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

2

Accounting policies (continued)

Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
 

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% straight line per annum

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for goods sold in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Marina Cafe Limited

trading as La Locanda

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

The company operates a defined contribution pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 15 (2022 - 15).

 

4

Taxation

2023

2022

£

£

Current tax

UK Corporation tax

43,622

28,300

Deferred tax

(4,375)

8,156

Tax on profit on ordinary activities

39,247

36,456

 

Marina Cafe Limited

trading as La Locanda

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

5

Intangible assets

Goodwill
 £

Total
£

Cost

At 1 June 2022

32,000

32,000

At 31 May 2023

32,000

32,000

Amortisation

At 1 June 2022

32,000

32,000

At 31 May 2023

32,000

32,000

Carrying amount

At 31 May 2023

-

-

6

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost

At 1 June 2022

480,708

162,523

643,231

Additions

-

2,217

2,217

At 31 May 2023

480,708

164,740

645,448

Depreciation

At 1 June 2022

-

95,496

95,496

Charge for the year

-

25,245

25,245

At 31 May 2023

-

120,741

120,741

Carrying amount

At 31 May 2023

480,708

43,999

524,707

At 31 May 2022

480,708

67,027

547,735

7

Stocks

2023
£

2022
£

Goods for resale

13,000

8,175

 

Marina Cafe Limited

trading as La Locanda

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

8

Debtors

Current

2023
£

2022
£

Prepayments

1,551

1,875

Other debtors

4,467

-

 

6,018

1,875

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings (secured)

11

51,245

56,305

Trade creditors

 

25,865

38,115

Taxation and social security

 

82,008

70,405

Accruals and deferred income

 

6,456

5,592

Other creditors

 

866

7,229

 

166,440

177,646

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings (secured)

11

216,313

301,229

The bank loan is secured by a standard security over the company's heritable property.

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

6

6

6

6

         
 

Marina Cafe Limited

trading as La Locanda

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

11

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

216,313

301,229

2023
£

2022
£

Current loans and borrowings

Bank borrowings

51,245

56,305

12

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £6,667.00 (2022 - £5,000.00) per ordinary share

 

40,000

 

30,000