REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 19 June 2022 to 17 June 2023 |
for |
F.J. Esposito Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 19 June 2022 to 17 June 2023 |
for |
F.J. Esposito Limited |
F.J. Esposito Limited (Registered number: SC074183) |
Contents of the Financial Statements |
for the Period 19 June 2022 to 17 June 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
F.J. Esposito Limited |
Company Information |
for the Period 19 June 2022 to 17 June 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Kirk Farm Cottage |
Lundie |
Dundee |
Angus |
DD2 5NW |
SOLICITORS: |
One Edinburgh Quay |
133 Fountainbridge |
Edinburgh |
EH3 9QG |
F.J. Esposito Limited (Registered number: SC074183) |
Statement of Financial Position |
17 June 2023 |
17.6.23 | 18.6.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
F.J. Esposito Limited (Registered number: SC074183) |
Statement of Financial Position - continued |
17 June 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
F.J. Esposito Limited (Registered number: SC074183) |
Notes to the Financial Statements |
for the Period 19 June 2022 to 17 June 2023 |
1. | STATUTORY INFORMATION |
F.J. Esposito Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements and going concern |
At the time of approving the financial statements, the director has a reasonable expectation that the Company has adequate resources to continue operating for the foreseeable future. The director therefore continues to adopt the going concern basis of accounting in the preparation of the financial statements. |
Turnover |
Turnover is recognised at the fair value of the consideration received or receivable fot the sale of goods and |
services to customers in the ordinary nature of business. Turnover is shown net of value added tax. Turnover is recognised when goods have been delivered to the customer. Turnover is generated by the sale |
of food and drink. |
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration |
received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following |
criteria must also be met before turnover is recognised: |
Sale of goods: |
- turnover from the sale of goods is recognised when all of the following conditions are satisfied: |
- the Company has transferred the significant risks and rewards of ownership to the buyer; |
- the Company retains neither continuing managerial involvement to the degree usually associated with |
ownership nor effective control over the goods sold; |
- the amount of turnover can be measured reliably; |
- it is probable that the Company will receive the consideration due under the transaction; and |
- the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
F.J. Esposito Limited (Registered number: SC074183) |
Notes to the Financial Statements - continued |
for the Period 19 June 2022 to 17 June 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and |
any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to |
bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated |
useful lives, on a reducing balance basis. Depreciation is provided on the following basis: |
Tenant's Improvements - 15% reducing balance |
Motor vehicles - 25% reducing balance |
Fixtures, Fittings & Equipment - 20% reducing balance |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively |
if appropriate, or if there is an indication of a significant change since the last reporting date. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are |
recognised in the Statement of income and retained earnings. |
Investments in subsidiaries |
Investments in subsidiaries are measured at cost less accumulated impairment. |
Stocks |
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to |
complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and |
finished goods include labour and attributable overheads. |
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in |
profit or loss. |
Financial instruments |
The Company only enters into basic financial instrument transactions that result in the recognition of |
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other |
third parties, loans to related parties and investments in non-puttable ordinary shares. |
F.J. Esposito Limited (Registered number: SC074183) |
Notes to the Financial Statements - continued |
for the Period 19 June 2022 to 17 June 2023 |
2. | ACCOUNTING POLICIES - continued |
Current and deferred taxation |
The tax expense for the period comprises current and deferred tax. Tax is recognised in the Statement of |
income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in |
other comprehensive income or directly in equity respectively. |
The current income 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 |
income. |
Deferred tax balances are recognised in respect of all timing differences that have originated but not |
reversed by the Statement of financial position date, except that: |
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be |
recovered against the reversal of deferred tax liabilities or other future taxable profits; and |
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax |
allowances have been met. |
Deferred tax balances are not recognised in respect of permanent differences except in respect of business |
combinations, when deferred tax is recognised on the differences between the fair values of assets acquired |
and the future tax deductions available for them and the differences between the fair values of liabilities |
acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. |
Foreign currencies |
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. |
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary |
items measured at historical cost are translated using the exchange rate at the date of the transaction and |
non-monetary items measured at fair value are measured using the exchange rate when fair value was |
determined. |
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at |
period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are |
recognised in the Statement of income and retained earnings except when deferred in other comprehensive |
income as qualifying cash flow hedges. |
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented |
in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange |
gains and losses are presented in the Statement of income and retained earnings within 'other operating income'. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
F.J. Esposito Limited (Registered number: SC074183) |
Notes to the Financial Statements - continued |
for the Period 19 June 2022 to 17 June 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 19 June 2022 |
Additions |
At 17 June 2023 |
DEPRECIATION |
At 19 June 2022 |
Charge for period |
At 17 June 2023 |
NET BOOK VALUE |
At 17 June 2023 |
At 18 June 2022 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 19 June 2022 |
and 17 June 2023 |
NET BOOK VALUE |
At 17 June 2023 |
At 18 June 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
17.6.23 | 18.6.22 |
£ | £ |
Trade debtors |
Other debtors |
F.J. Esposito Limited (Registered number: SC074183) |
Notes to the Financial Statements - continued |
for the Period 19 June 2022 to 17 June 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
17.6.23 | 18.6.22 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 17.6.23 | 18.6.22 |
value: | £ | £ |
Ordinary | £1 | 2,000 | 2,000 |