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REGISTERED NUMBER: SC281880 (Scotland)











FRESCO COFFEE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 APRIL 2022 TO 30 MARCH 2023






FRESCO COFFEE LIMITED (REGISTERED NUMBER: SC281880)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 APRIL 2022 TO 30 MARCH 2023




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 10

Chartered Accountants' Report 11

FRESCO COFFEE LIMITED

COMPANY INFORMATION
FOR THE PERIOD 1 APRIL 2022 TO 30 MARCH 2023







DIRECTORS: Aldo Damian Nardini
Claudio Giacomo Giovanni Nardini



SECRETARY: Claudio Giacomo Giovanni Nardini



REGISTERED OFFICE: 2 Main Street
Largs
Ayrshire
KA30 8AB



REGISTERED NUMBER: SC281880 (Scotland)



ACCOUNTANTS: Milne Craig
Chartered Accountants
Abercorn House
79 Renfrew Road
Paisley
Renfrewshire
PA3 4DA



BANKERS: Bank of Scotland
32 Main Street
Largs
Ayrshire
KA30 8AD

FRESCO COFFEE LIMITED (REGISTERED NUMBER: SC281880)

BALANCE SHEET
30 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 165,078 347,326
165,078 347,326

CURRENT ASSETS
Stocks 6 1,750 1,750
Debtors 7 889 701
Cash at bank and in hand 7,353 52,916
9,992 55,367
CREDITORS
Amounts falling due within one year 8 325,328 212,679
NET CURRENT LIABILITIES (315,336 ) (157,312 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(150,258

)

190,014

CREDITORS
Amounts falling due after more than one
year

9

(36,157

)

(37,457

)

PROVISIONS FOR LIABILITIES 11 - (2,189 )
NET (LIABILITIES)/ASSETS (186,415 ) 150,368

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Fair value reserve (180,442 ) -
Retained earnings (6,973 ) 149,368
SHAREHOLDERS' FUNDS (186,415 ) 150,368

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 March 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 March 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.

FRESCO COFFEE LIMITED (REGISTERED NUMBER: SC281880)

BALANCE SHEET - continued
30 MARCH 2023


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 Profit and loss has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 February 2024 and were signed on its behalf by:





Claudio Giacomo Giovanni Nardini - Director


FRESCO COFFEE LIMITED (REGISTERED NUMBER: SC281880)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 APRIL 2022 TO 30 MARCH 2023

1. STATUTORY INFORMATION

Fresco Coffee Limited is a private company, limited by shares, registered in Scotland. The company's registered number is SC281880 and registered office address is 2 Main Street, Largs, Ayrshire, KA30 8AB.

The nature of the company's operations and its principal activity was that of restauranteurs.

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.

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

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In preparing these financial statements, the directors have made the following judgements:

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Assets are considered for indications of impairment. If required an impairment review will be carried out and a decision made on possible impairment. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.

Bad debts are provided for where objective evidence of the need for a provision exists.

Inventories are assessed for evidence of obsolescence and a provision is made against any inventory unlikely to be sold, or where stock is sold post year end at a loss.

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Consideration is given to the point at which the Company is entitled to receive the income, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Revenue from the provision of services is recognised in the period in which the services are provided when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due;
- the costs incurred can be measured reliably.

Rents received are recognised in the period to which they relate.

FRESCO COFFEE LIMITED (REGISTERED NUMBER: SC281880)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2022 TO 30 MARCH 2023

2. ACCOUNTING POLICIES - continued

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.
Freehold property - 2% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The Company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 ' Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transactions costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Government grants
Government grants received have been recognised in the period to which the related revenue expenditure has been incurred. The company has benefited from the Coronavirus Job Retention Scheme and RHLS grants amounting to £nil (2022 - £44,568).


FRESCO COFFEE LIMITED (REGISTERED NUMBER: SC281880)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2022 TO 30 MARCH 2023

2. ACCOUNTING POLICIES - continued
Taxation
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.

Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.

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

With the exception of changes arising on the initial recognition of a business combination, the tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income).

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Deferred tax assets and deferred tax liabilities are offset only if the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously.

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.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

FRESCO COFFEE LIMITED (REGISTERED NUMBER: SC281880)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2022 TO 30 MARCH 2023

2. ACCOUNTING POLICIES - continued

Impairment of assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

Non-financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Financial assets
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal.

An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 26 (2022 - 12 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 30 March 2023 250,000
AMORTISATION
At 1 April 2022
and 30 March 2023 250,000
NET BOOK VALUE
At 30 March 2023 -
At 31 March 2022 -

FRESCO COFFEE LIMITED (REGISTERED NUMBER: SC281880)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2022 TO 30 MARCH 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
COST OR VALUATION
At 1 April 2022 350,000 61,011 22,697 433,708
Additions - 3,746 2,400 6,146
Revaluations (200,000 ) - - (200,000 )
At 30 March 2023 150,000 64,757 25,097 239,854
DEPRECIATION
At 1 April 2022 16,764 49,108 20,510 86,382
Charge for period 2,794 4,267 891 7,952
Revaluation adjustments (19,558 ) - - (19,558 )
At 30 March 2023 - 53,375 21,401 74,776
NET BOOK VALUE
At 30 March 2023 150,000 11,382 3,696 165,078
At 31 March 2022 333,236 11,903 2,187 347,326

Included in the cost of freehold property is freehold land of £135,066 (2022 - £135,066) which is not depreciated.

Cost or valuation at 30 March 2023 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
Valuation in 2016 75,259 - - 75,259
Valuation in 2023 (200,000 ) - - (200,000 )
Cost 274,741 64,757 25,097 364,595
150,000 64,757 25,097 239,854

If Freehold land and buildings had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 274,741 274,741

Freehold land and buildings were valued on an open market basis on 30 March 2023 by the directors. .

6. STOCKS
2023 2022
£    £   
Stocks 1,750 1,750

FRESCO COFFEE LIMITED (REGISTERED NUMBER: SC281880)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2022 TO 30 MARCH 2023

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Prepayments 889 701

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 5,555
Other loans 92,217 70,000
Trade creditors 66,230 20,540
Corporation tax 318 13,028
Social security and other taxes 13,751 3,242
Value added tax 44,159 13,911
Other creditors 5,685 958
Directors' current accounts 98,275 71,303
Accruals and deferred income 4,693 14,142
325,328 212,679

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other loans - 1-2 years 24,490 15,790
Other loans - 2-5 years 11,667 21,667
36,157 37,457

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans - 5,555
Other loans 96,708 65,790
96,708 71,345

The Bank of Scotland loan and the loan from Nardini at the Moorings Limited are secured over the title deeds to the company's heritable property with the bank having a prior ranking in any claim. Further security is provided by the company's directors.

Other loans are secured by personal guarantees from the directors of the company.

11. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax - 2,189

FRESCO COFFEE LIMITED (REGISTERED NUMBER: SC281880)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2022 TO 30 MARCH 2023

11. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 April 2022 2,189
Originating and reversal
of timing differences (2,189 )
Balance at 30 March 2023 -

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the company benefited from interest free loans from the directors. The balance due on these loans at the balance sheet date was £98,275 (2022 - £71,303).

13. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are Aldo Damian Nardini and Claudio Giacomo Giovanni Nardini by virtue of their 100% shareholding in the ultimate controlling company, Fresco Property Limited.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
FRESCO COFFEE LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Fresco Coffee Limited for the period ended 30 March 2023 which comprise the Profit and loss, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Fresco Coffee Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Fresco Coffee Limited and state those matters that we have agreed to state to the Board of Directors of Fresco Coffee Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Fresco Coffee Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Fresco Coffee Limited. You consider that Fresco Coffee Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Fresco Coffee Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Milne Craig
Chartered Accountants
Abercorn House
79 Renfrew Road
Paisley
Renfrewshire
PA3 4DA


7 February 2024