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REGISTERED NUMBER: SC259556 (Scotland)




















Mastrocinque Bella Italia Ltd.

Unaudited Financial Statements

for the Year Ended 31 May 2023






Mastrocinque Bella Italia Ltd. (Registered number: SC259556)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Mastrocinque Bella Italia Ltd.

Company Information
for the Year Ended 31 May 2023







DIRECTORS: L Mastrocinque
M E Mastrocinque
C Calabrese
A Calabrese





SECRETARY: L Mastrocinque





REGISTERED OFFICE: The Lighthouse
Heugh Road
North Berwick
EH39 5PX





REGISTERED NUMBER: SC259556 (Scotland)





ACCOUNTANTS: Whitelaw Wells
The Lighthouse
Heugh Road
North Berwick
EH39 5PX

Mastrocinque Bella Italia Ltd. (Registered number: SC259556)

Balance Sheet
31 May 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 117,852 122,300
117,852 122,300

CURRENT ASSETS
Stocks 4,500 4,200
Debtors 6 5,460 924
Cash at bank and in hand 102,045 147,575
112,005 152,699
CREDITORS
Amounts falling due within one year 7 40,060 79,048
NET CURRENT ASSETS 71,945 73,651
TOTAL ASSETS LESS CURRENT
LIABILITIES

189,797

195,951

CREDITORS
Amounts falling due after more than
one year

8

(11,524

)

(17,049

)

PROVISIONS FOR LIABILITIES (145 ) (287 )
NET ASSETS 178,128 178,615

Mastrocinque Bella Italia Ltd. (Registered number: SC259556)

Balance Sheet - continued
31 May 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 177,128 177,615
SHAREHOLDERS' FUNDS 178,128 178,615

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

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

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 18 October 2023 and were signed on its behalf by:





L Mastrocinque - Director


Mastrocinque Bella Italia Ltd. (Registered number: SC259556)

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

1. STATUTORY INFORMATION

Mastrocinque Bella 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" 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 represents sales of restaurant food net of value added tax.
Revenues are recognised as those services are provided to customers.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a restaurant business previously operated as a Partnership, has been amortised over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery etc - 20% on cost

Stock
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.


Mastrocinque Bella Italia Ltd. (Registered number: SC259556)

Notes to the Financial Statements - continued
for the Year Ended 31 May 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.

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.

Going concern
The financial statements have been prepared on the going concern principle, which assumes that the company will continue to trade for the foreseeable future. The directors have no concerns that the company will continue to trade for at least 12 months from the signing of these financial statements.

Financial instruments
Financial instruments comprise financial assets and financial liabilities which are recognised when the company become a party to the contractual provisions of the instrument. Financial instruments are classified as "basic" in accordance with FRS102 and are accounted for at amortised cost using the effective interest method.The effective interest rate is the rate that exactly discounts estimated future cash flows over the life of the financial assets or liability to the net carrying amount on initial recognition. Discounting is not applied to short-term receivables and payables, where the effect is immaterial.

Financial assets at cost compromise bank, cash and other debtors. Financial liabilities compromise trade creditors, hire purchase, accruals and other creditors.

Provisions
Provisions are recognised where the company has a present obligation as a result of a past event, it is probable the company will be required to settle the obligations, and a reliable estimate can be made of the obligations. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 7 ) .

Mastrocinque Bella Italia Ltd. (Registered number: SC259556)

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

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2022
and 31 May 2023 100,000
AMORTISATION
At 1 June 2022
and 31 May 2023 100,000
NET BOOK VALUE
At 31 May 2023 -
At 31 May 2022 -

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 June 2022 180,428 33,085 213,513
Additions - 116 116
At 31 May 2023 180,428 33,201 213,629
DEPRECIATION
At 1 June 2022 61,219 29,994 91,213
Charge for year 3,609 955 4,564
At 31 May 2023 64,828 30,949 95,777
NET BOOK VALUE
At 31 May 2023 115,600 2,252 117,852
At 31 May 2022 119,209 3,091 122,300

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 5,460 924

Mastrocinque Bella Italia Ltd. (Registered number: SC259556)

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 6,438 6,438
Trade creditors 5,024 6,036
Taxation and social security 22,150 34,108
Other creditors 6,448 32,466
40,060 79,048

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Other creditors 11,524 17,049

9. SECURED DEBTS

Bank of Scotland plc hold a floating charge over the undertaking, all property and assets.