Company Registration No. NI665811 (Northern Ireland)
Scarpello NI Limited
Unaudited accounts
for the year ended 30 November 2023
Scarpello NI Limited
Unaudited accounts
Contents
Scarpello NI Limited
Company Information
for the year ended 30 November 2023
Directors
Kemal Scarpello
Rachel Scarpello
Company Number
NI665811 (Northern Ireland)
Registered Office
Unit 5
20 - 22 Buncrana Road
Derry
BT48 8AE
Northern Ireland
Accountants
Satori Accounting
11 Orchard Business Park
Pennyburn Industrial Estate
Derry
Northern Ireland
BT48 0LU
Scarpello NI Limited
Statement of financial position
as at 30 November 2023
Intangible assets
779
1,558
Tangible assets
138,010
104,836
Cash at bank and in hand
68,234
88,898
Creditors: amounts falling due within one year
(88,404)
(101,232)
Net current assets
3,369
9,259
Total assets less current liabilities
142,158
115,653
Creditors: amounts falling due after more than one year
(53,760)
(22,956)
Called up share capital
100
100
Profit and loss account
88,298
92,597
Shareholders' funds
88,398
92,697
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 29 February 2024 and were signed on its behalf by
Kemal Scarpello
Director
Company Registration No. NI665811
Scarpello NI Limited
Notes to the Accounts
for the year ended 30 November 2023
Scarpello NI Limited is a private company, limited by shares, registered in Northern Ireland, registration number NI665811. The registered office is Unit 5, 20 - 22 Buncrana Road, Derry, BT48 8AE, Northern Ireland.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The prior year accounts were prepared in accordance with the micro-entity provisions of FRS 105. There were no accounting adjustments arising on transition.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Scarpello NI Limited
Notes to the Accounts
for the year ended 30 November 2023
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Intangible fixed assets
Other
5
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 December 2022
106,451
42,617
36,112
185,180
Additions
275
91,704
5,654
97,633
Disposals
-
(32,888)
-
(32,888)
At 30 November 2023
106,726
101,433
41,766
249,925
At 1 December 2022
51,162
10,248
18,934
80,344
Charge for the year
20,529
14,454
7,054
42,037
Surplus on revaluation
-
(10,466)
-
(10,466)
At 30 November 2023
71,691
14,236
25,988
111,915
At 30 November 2023
35,035
87,197
15,778
138,010
At 30 November 2022
55,289
32,369
17,178
104,836
Scarpello NI Limited
Notes to the Accounts
for the year ended 30 November 2023
Amounts falling due within one year
7
Creditors: amounts falling due within one year
2023
2022
Obligations under finance leases and hire purchase contracts
13,002
8,395
Trade creditors
25,118
28,017
Taxes and social security
9,664
7,995
Other creditors
782
26,412
Loans from directors
7,389
2,897
8
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
16,914
15,956
Loans from directors
36,846
-
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
10
Transactions with related parties
During the year, the following transactions took place between the directors and the company:
- Expenses paid by directors on behalf of the company = £2,238
- Personal costs paid by company = £4,246
- Funds introduced by directors = £51,000
- Funds repaid to directors = £14,154
The amount owed to the directors at the year-end was £37,735. This is included in creditors at notes 7 and 8.
The company continued to service an interest free loan, which had been provided by close family members. The following transactions took place during the year in relation to this loan:
- Loan repayments to family members = £26,500
The amount outstanding on the loan at the year end was £6,500. This is included in notes 7 and 8.
Scarpello NI Limited
Notes to the Accounts
for the year ended 30 November 2023
11
Average number of employees
During the year the average number of employees was 24 (2022: 24).