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REGISTERED NUMBER: SC058150 (Scotland)















Financial Statements for the Year Ended 31 May 2023

for

Romano Wines Limited

Romano Wines Limited (Registered number: SC058150)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Romano Wines Limited

Company Information
for the Year Ended 31 May 2023







DIRECTOR: Giancarlo Romano



REGISTERED OFFICE: 4th Floor
142 West Nile Street
Glasgow
G1 2RQ



REGISTERED NUMBER: SC058150 (Scotland)



SENIOR STATUTORY
AUDITOR:
Leon Marshall, CA



AUDITORS: Stevenson & Kyles
Chartered Accountants
Statutory Auditor
25 Sandyford Place
Glasgow
G3 7NG

Romano Wines Limited (Registered number: SC058150)

Balance Sheet
31 May 2023

31.5.23 31.5.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - -
Investments 5 12,442,844 13,032,332
12,442,844 13,032,332

CURRENT ASSETS
Debtors 6 35,530,891 37,859,598
Cash at bank 2,663,801 1,473,921
38,194,692 39,333,519
CREDITORS
Amounts falling due within one year 7 36,691,426 38,353,980
NET CURRENT ASSETS 1,503,266 979,539
TOTAL ASSETS LESS CURRENT
LIABILITIES

13,946,110

14,011,871

CAPITAL AND RESERVES
Called up share capital 8 41,813 41,813
Share premium 12,143,177 12,143,177
Capital redemption reserve 8,622 8,622
Retained earnings 1,752,498 1,818,259
SHAREHOLDERS' FUNDS 13,946,110 14,011,871

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 13 February 2024 and were signed by:





Giancarlo Romano - Director


Romano Wines Limited (Registered number: SC058150)

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

1. STATUTORY INFORMATION

Romano Wines 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 as modified by the revaluation of certain assets.

Preparation of consolidated financial statements
The financial statements contain information about Romano Wines Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fittings and equipment - 15% on reducing balance

Financial instruments
Basic financial instruments, including debtors and creditors with no stated interest and receivable or payable within one year, are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


Romano Wines Limited (Registered number: SC058150)

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.

Grant income
Where applicable, grants from the government are recognised at their fair value where there is a reasonable assurance that the grant will be received and that the company will comply with all attached conditions. Where the grant income relates to a particular expense item, the grant income is recognised in the profit and loss account over the same period as the expense it is intended to compensate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Fittings
and
equipment
£   
COST
At 1 June 2022
and 31 May 2023 15,854
DEPRECIATION
At 1 June 2022
and 31 May 2023 15,854
NET BOOK VALUE
At 31 May 2023 -
At 31 May 2022 -

Romano Wines Limited (Registered number: SC058150)

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

5. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST OR VALUATION
At 1 June 2022 13,032,332
Disposals (580,000 )
Revaluations (9,488 )
At 31 May 2023 12,442,844
NET BOOK VALUE
At 31 May 2023 12,442,844
At 31 May 2022 13,032,332

Cost or valuation at 31 May 2023 is represented by:

Unlisted
investments
£   
Valuation in 2023 12,442,844

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Other debtors 35,530,891 37,859,598

Included in other debtors are loans due by two subsidiary companies. The loan due by Lujo Properties Limited at 31 May 2023 is £35,130,627 (2022 £37,310,327). The loan is interest free and repayable on demand. The loan due by Broomielaw Limited (50% subsidiary) at 31 May 2023 is £549,271. The loan is interest free and repayable on demand.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Other creditors 36,691,426 38,353,980

Included in other creditors is a loan due to the director and shareholder Mr Giancarlo Romano. The amount due to Mr Giancarlo Romano at 31 May 2023 is £36,666,787 (2022 £37,760,672).This loan is interest free and repayable on demand.

Also due are loans to the employee and shareholder Ms Sheena Coburn of £20,160 (2022 - £21,120) and to the shareholder and employee Ms Anne Mulhern of £4,200 (2022 - £4,400). These loans are interest free and repayable on demand.

Romano Wines Limited (Registered number: SC058150)

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

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.23 31.5.22
value: £    £   
41,813 Ordinary £1 41,813 41,813

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Leon Marshall, CA (Senior Statutory Auditor)
for and on behalf of Stevenson & Kyles

10. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

11. ULTIMATE CONTROLLING PARTY

The controlling party is Giancarlo Romano.