IRIS Accounts Production v23.4.0.336 01209630 Board of Directors Board of Directors Board of Directors Board of Directors Board of Directors 1.8.22 31.7.23 31.7.23 The company's principal activity during the year continued to be that of an international drinks wholesaler, distributing high quality beverages to the London and South East restaurant and hotel markets and provision of specialist groceries to the pizza trade. true false true true false false true false Ordinary shares 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh012096302022-07-31012096302023-07-31012096302022-08-012023-07-31012096302021-07-31012096302021-08-012022-07-31012096302022-07-3101209630ns15:EnglandWales2022-08-012023-07-3101209630ns14:PoundSterling2022-08-012023-07-3101209630ns10:Director12022-08-012023-07-3101209630ns10:Director22022-08-012023-07-3101209630ns10:Director32022-08-012023-07-3101209630ns10:Director42022-08-012023-07-3101209630ns10:Director52022-08-012023-07-3101209630ns10:PrivateLimitedCompanyLtd2022-08-012023-07-3101209630ns10:FRS1022022-08-012023-07-3101209630ns10:Audited2022-08-012023-07-3101209630ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-08-012023-07-3101209630ns10:LargeMedium-sizedCompaniesRegimeForAccounts2022-08-012023-07-3101209630ns10:FullAccounts2022-08-012023-07-3101209630ns10:OrdinaryShareClass12022-08-012023-07-3101209630ns10:CompanySecretary12022-08-012023-07-3101209630ns10:RegisteredOffice2022-08-012023-07-3101209630ns5:CurrentFinancialInstruments2023-07-3101209630ns5:CurrentFinancialInstruments2022-07-3101209630ns5:ShareCapital2023-07-3101209630ns5:ShareCapital2022-07-3101209630ns5:CapitalRedemptionReserve2023-07-3101209630ns5:CapitalRedemptionReserve2022-07-3101209630ns5:RetainedEarningsAccumulatedLosses2023-07-3101209630ns5:RetainedEarningsAccumulatedLosses2022-07-3101209630ns5:ShareCapital2021-07-3101209630ns5:RetainedEarningsAccumulatedLosses2021-07-3101209630ns5:CapitalRedemptionReserve2021-07-3101209630ns5:RetainedEarningsAccumulatedLosses2021-08-012022-07-3101209630ns5:CapitalRedemptionReserve2021-08-012022-07-3101209630ns5:RetainedEarningsAccumulatedLosses2022-08-012023-07-3101209630ns5:CapitalRedemptionReserve2022-08-012023-07-3101209630ns5:OwnedAssets2022-08-012023-07-3101209630ns5:OwnedAssets2021-08-012022-07-3101209630112022-08-012023-07-3101209630112021-08-012022-07-3101209630122022-08-012023-07-3101209630122021-08-012022-07-3101209630132022-08-012023-07-3101209630132021-08-012022-07-3101209630ns5:PlantMachinery2022-07-3101209630ns5:FurnitureFittings2022-07-3101209630ns5:MotorVehicles2022-07-3101209630ns5:ComputerEquipment2022-07-3101209630ns5:PlantMachinery2022-08-012023-07-3101209630ns5:FurnitureFittings2022-08-012023-07-3101209630ns5:MotorVehicles2022-08-012023-07-3101209630ns5:ComputerEquipment2022-08-012023-07-3101209630ns5:PlantMachinery2023-07-3101209630ns5:FurnitureFittings2023-07-3101209630ns5:MotorVehicles2023-07-3101209630ns5:ComputerEquipment2023-07-3101209630ns5:PlantMachinery2022-07-3101209630ns5:FurnitureFittings2022-07-3101209630ns5:MotorVehicles2022-07-3101209630ns5:ComputerEquipment2022-07-3101209630ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-07-3101209630ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-07-3101209630ns5:AcceleratedTaxDepreciationDeferredTax2023-07-3101209630ns5:AcceleratedTaxDepreciationDeferredTax2022-07-3101209630ns5:DeferredTaxation2022-07-3101209630ns5:DeferredTaxation2022-08-012023-07-3101209630ns5:DeferredTaxation2023-07-3101209630ns10:OrdinaryShareClass12023-07-3101209630ns5:RetainedEarningsAccumulatedLosses2022-07-3101209630ns5:CapitalRedemptionReserve2022-07-31
REGISTERED NUMBER: 01209630 (England and Wales)















CASA JULIA LIMITED

STRATEGIC REPORT,

DIRECTORS' REPORT AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 JULY 2023






CASA JULIA LIMITED (REGISTERED NUMBER: 01209630)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023










Page

Company Information 1

Strategic Report 2 to 3

Directors' Report 4 to 5

Report of the Independent Auditors 6 to 9

Statement of Comprehensive Income 10

Balance Sheet 11 to 12

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 16 to 22


CASA JULIA LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2023







DIRECTORS: C S Evans
L C Felton
P A Santomauro
N E Santomauro
J A Santomauro





SECRETARY: J A Santomauro





REGISTERED OFFICE: 11 Springwood Drive
Springwood Industrial Estate
Braintree
Essex
CM7 2YN





REGISTERED NUMBER: 01209630 (England and Wales)





AUDITORS: Haines Watts
Statutory Auditors
Town Wall House
Balkerne Hill
Colchester
Essex
CO3 3AD

CASA JULIA LIMITED (REGISTERED NUMBER: 01209630)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2023


The directors present their strategic report with the audited financial statements for the year ended 31 July 2023.

PRINCIPAL ACTIVITY
The principal activity of the company during the year continued to be that of an international drinks wholesaler, distributing high quality beverages to the London and South East restaurant and hotel markets and provision of specialist groceries to the pizza trade.

KEY PERFORMANCE INDICATORS
2023 2022
Turnover £32,929,987 £28,437,778
Gross profit £5,315,580 £4,738,453
Gross profit margin 16.1% 16.7%
Return on capital employed (pre-exceptional item) 22.1% 15.5%
Return on capital employed (post-exceptional item) -13.2% 15.5%

BUSINESS REVIEW
The directors are pleased to report an increase in operating profit despite challenging market conditions. The results are set out in pages 9 to 13 of these financial statements.

Exceptional items
During the year it was agreed that the loan due from Sorelle Properties Ltd in connection with the construction of the company's premises would no longer be required to be repaid. Previously the loan had no fixed repayment terms and did not attract any interest. The directors considered the reserves of the company before entering into the agreement and due to several recent years of significant profits have agreed that the write off of the loan would not significantly effect the trading ability of the company going forward but has contributions to the loss incurred in the year and the fall in capital employed.

POST BALANCE SHEET
Post year end the market continues to be challenging, however the company continues to maintain its key customers and has actively increased the range of products available.

FUTURE DEVELOPMENTS
The directors consider that there are opportunities in the marketplace in the next year for the new products currently being developed to meet the changing requirements and needs of its customer base. Given the cash reserves in the business and the experience of many years in the marketplace, the directors consider Casa Julia to be well placed to take advantage of these opportunities.

PRINCIPAL RISKS AND UNCERTAINTIES

UK economy and competition risk

As with many businesses of our size, the environment in which the company operates remains challenging. The principal market is the restaurant and hotel trade in the south east of England and turnover is dependent on the success of this sector.

This sector and particularly the London market has outperformed expectation due to less competition from the pub trade. However, this additional activity has put pressure on resources, especially on the availability and costs of employment of staff. The company continues to recruit despite this.


CASA JULIA LIMITED (REGISTERED NUMBER: 01209630)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2023

Financial risk management

The company's principal financial instruments are comprised of amounts due from related parties, trade debtors and trade creditors which arise directly from operations.

The company's approach to financial risk management is shown below:

Credit risk

Strong emphasis has been placed on ensuring the company's exposure to credit risk is minimalised. The company maintains a close relationship with key customers and credit checking is proactively used by the company to ensure the quality of both its customers and suppliers.

Currency risk

The company imports a significant amount of goods from Europe and is subject to exchange rate fluctuations. The directors have mitigated this risk by negotiating payment terms and holdings in foreign currency.

ON BEHALF OF THE BOARD:





C S Evans - Director


2 April 2024

CASA JULIA LIMITED (REGISTERED NUMBER: 01209630)

DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2023


The directors present their report with the financial statements of the company for the year ended 31 July 2023.

DIVIDENDS
The directors do not recommend any dividends for the year ended 31 July 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 August 2022 to the date of this report.

C S Evans
L C Felton
P A Santomauro
N E Santomauro
J A Santomauro

GOING CONCERN
The directors have every expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

DISCLOSURE IN THE STRATEGIC REPORT
The business review and principal risks and uncertainties are located in the strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

CASA JULIA LIMITED (REGISTERED NUMBER: 01209630)

DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2023



STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Haines Watts, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





C S Evans - Director


2 April 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CASA JULIA LIMITED


Opinion
We have audited the financial statements of Casa Julia Limited (the 'company') for the year ended 31 July 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 July 2023 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Directors' Report, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CASA JULIA LIMITED


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CASA JULIA LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

In identifying and assessing the risk of material misstatement in respect of irregularities, including fraud, the engagement team:

-
enquired of management and those charged with governance about their own identification and assessment
of the risks of irregularities, including any known, actual, suspected or alleged instances of fraud;
-
discussed instances of non-compliance with laws or regulations and how fraud might occur including
assessment of how and where the financial statements may be susceptible to fraud;
- incorporated testing of manual journal entries into our audit approach;
- incorporated testing of revenue recognition into our audit approach;
- reviewed and scrutinised accounting estimates in order to detect possible management bias.

Our audit did not identify any significant matters relating to the detection of irregularities, including fraud. However, despite the audit being planned and conducted in accordance with ISAs (UK) there remains an unavoidable risk that material misstatement in the financial statements may not be detected owing to the inherent limitations of the audit. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CASA JULIA LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Melinda J Simpson (Senior Statutory Auditor)
for and on behalf of Haines Watts
Statutory Auditors
Town Wall House
Balkerne Hill
Colchester
Essex
CO3 3AD

10 April 2024

CASA JULIA LIMITED (REGISTERED NUMBER: 01209630)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2023

2023 2022
Notes £    £   

TURNOVER 3 32,929,987 28,437,778

Cost of sales (27,614,407 ) (23,699,325 )
GROSS PROFIT 5,315,580 4,738,453

Distribution costs (2,018,298 ) (1,919,871 )
Administrative expenses (857,867 ) (813,787 )
OPERATING PROFIT 2,439,415 2,004,795

Related party loan written off 6 (3,897,944 ) -
(1,458,529 ) 2,004,795

Interest receivable and similar income 112,625 5,933
(LOSS)/PROFIT BEFORE TAXATION 7 (1,345,904 ) 2,010,728

Tax on (loss)/profit 8 (551,483 ) (372,061 )
(LOSS)/PROFIT FOR THE FINANCIAL YEAR (1,897,387 ) 1,638,667

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

(1,897,387

)

1,638,667

CASA JULIA LIMITED (REGISTERED NUMBER: 01209630)

BALANCE SHEET
31 JULY 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 9 442,339 364,772

CURRENT ASSETS
Stocks 10 3,283,635 2,765,151
Debtors 11 5,767,431 9,133,497
Cash at bank and in hand 5,790,882 4,225,367
14,841,948 16,124,015
CREDITORS
Amounts falling due within one year 12 (4,146,321 ) (3,492,228 )
NET CURRENT ASSETS 10,695,627 12,631,787
TOTAL ASSETS LESS CURRENT LIABILITIES 11,137,966 12,996,559

PROVISIONS FOR LIABILITIES 14 (95,041 ) (56,247 )
NET ASSETS 11,042,925 12,940,312

CASA JULIA LIMITED (REGISTERED NUMBER: 01209630)

BALANCE SHEET - continued
31 JULY 2023

2023 2022
Notes £    £   
CAPITAL AND RESERVES
Called up share capital 15 22,650 22,650
Capital redemption reserve 16 27,950 27,950
Retained earnings 16 10,992,325 12,889,712
SHAREHOLDERS' FUNDS 11,042,925 12,940,312


The financial statements were approved by the Board of Directors and authorised for issue on 2 April 2024 and were signed on its behalf by:




J A Santomauro - Director N E Santomauro - Director




P A Santomauro - Director C S Evans - Director




L C Felton - Director


CASA JULIA LIMITED (REGISTERED NUMBER: 01209630)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 August 2021 22,650 11,251,045 27,950 11,301,645

Changes in equity
Total comprehensive income - 1,638,667 - 1,638,667
Balance at 31 July 2022 22,650 12,889,712 27,950 12,940,312

Changes in equity
Total comprehensive income - (1,897,387 ) - (1,897,387 )
Balance at 31 July 2023 22,650 10,992,325 27,950 11,042,925

CASA JULIA LIMITED (REGISTERED NUMBER: 01209630)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JULY 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,111,935 781,841
Tax paid (481,996 ) (89,357 )
Net cash from operating activities 1,629,939 692,484

Cash flows from investing activities
Purchase of tangible fixed assets (188,049 ) (82,014 )
Sale of tangible fixed assets 11,000 5,499
Interest received 112,625 5,933
Net cash from investing activities (64,424 ) (70,582 )

Increase in cash and cash equivalents 1,565,515 621,902
Cash and cash equivalents at beginning of
year

2

4,225,367

3,603,465

Cash and cash equivalents at end of year 2 5,790,882 4,225,367

CASA JULIA LIMITED (REGISTERED NUMBER: 01209630)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JULY 2023


1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
(Loss)/profit before taxation (1,345,904 ) 2,010,728
Depreciation charges 101,803 89,904
(Profit)/loss on disposal of fixed assets (2,242 ) 3,653
Exceptional item 3,897,944 -
Finance income (112,625 ) (5,933 )
2,538,976 2,098,352
Increase in stocks (518,484 ) (892,658 )
Increase in trade and other debtors (531,878 ) (1,031,484 )
Increase in trade and other creditors 623,321 607,631
Cash generated from operations 2,111,935 781,841

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 July 2023
31.7.23 1.8.22
£    £   
Cash and cash equivalents 5,790,882 4,225,367
Year ended 31 July 2022
31.7.22 1.8.21
£    £   
Cash and cash equivalents 4,225,367 3,603,465


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.8.22 Cash flow At 31.7.23
£    £    £   
Net cash
Cash at bank and in hand 4,225,367 1,565,515 5,790,882
4,225,367 1,565,515 5,790,882
Total 4,225,367 1,565,515 5,790,882

CASA JULIA LIMITED (REGISTERED NUMBER: 01209630)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023


1. STATUTORY INFORMATION

Casa Julia Limited is a Private Limited Company, limited by shares, registered in England and Wales. The company's registered number and registered office 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The presentational and functional currency of these financial statements is pound sterling (£). Values are rounded to the nearest pound.

Significant judgements and estimates
The directors do not consider there to be any key sources of estimation uncertainty or judgement that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the financial statements.

Turnover
Turnover represents the invoiced value of high-quality goods and prestige specialised food items supplied by the company, net of discounts and value added taxes.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer which is deemed to be upon delivery to the customer.

Depreciation
Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

Motor vehicles & computer system- 25% pa (reducing balance)
Plant and equipment & fixtures and fittings- 15% pa (reducing balance)

An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain of loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the income statement in the year the asset is derecognised.

Stocks
Stock is valued at the lower of cost and net realisable value on a first in first out basis. Regular stock counts are carried out and stock lines are reviewed on an ongoing basis for obsolete or damaged goods and any such items are written off to the income statement at the time of the discovery.

Financial instruments
Basic financial instruments are recognised at amortised cost with changes in value recognised in the income statement.


CASA JULIA LIMITED (REGISTERED NUMBER: 01209630)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

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.

Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction.

At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the income statement.

Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company. All turnover is generated within the United Kingdom.

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 1,374,623 1,248,713
Social security costs 120,820 108,632
Other pension costs 45,741 38,925
1,541,184 1,396,270

CASA JULIA LIMITED (REGISTERED NUMBER: 01209630)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2023 2022

Administration and management 12 13
Selling and distribution 44 44
56 57

5. DIRECTORS' EMOLUMENTS
2023 2022
£    £   
Directors' remuneration 74,006 72,223
Directors' pension contributions to money purchase schemes 2,960 3,207

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

6. EXCEPTIONAL ITEMS
2023 2022
£    £   
Related party loan written off (3,897,944 ) -

7. (LOSS)/PROFIT BEFORE TAXATION

The loss (2022 - profit) is stated after charging/(crediting):

2023 2022
£    £   
Depreciation - owned assets 101,809 89,905
(Profit)/loss on disposal of fixed assets (2,242 ) 3,653
Auditors' remuneration 14,000 13,000
Defined contribution pension cost 45,741 39,026
Foreign exchange loss/(gain) (80,596 ) (192,509 )

CASA JULIA LIMITED (REGISTERED NUMBER: 01209630)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


8. TAXATION

Analysis of the tax charge
The tax charge on the loss for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 512,689 385,463

Deferred tax 38,794 (13,402 )
Tax on (loss)/profit 551,483 372,061

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
(Loss)/profit before tax (1,345,904 ) 2,010,728
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
25% (2022 - 19%)

(336,476

)

382,038

Effects of:
Expenses not deductible for tax purposes 974,942 3,219
Capital allowances in excess of depreciation (27,721 ) (488 )
Profit on disposal of tangible fixed assets (561 ) 694
Marginal relief and rate differences (97,495 ) -
Deferred tax 38,794 (13,402 )
Total tax charge 551,483 372,061

The Finance Act 2021 announced an increase of the main rate of UK Corporation Tax from 19% to 25% applying to profits over £250,000. A small profits rate (SPR) will also be introduced for companies with profits of £50,000 or less so that they will continue to pay Corporation Tax at 19%. Companies with profits between £50,000 and £250,000 will pay tax at the main rate reduced by a marginal relief providing a gradual increase in the effective Corporation Tax rate. Accordingly, deferred tax liabilities are stated at 25%.

CASA JULIA LIMITED (REGISTERED NUMBER: 01209630)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


9. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 August 2022 230,289 161,529 923,021 18,023 1,332,862
Additions 48,371 - 137,987 1,691 188,049
Disposals (4,844 ) (770 ) (49,776 ) - (55,390 )
At 31 July 2023 273,816 160,759 1,011,232 19,714 1,465,521
DEPRECIATION
At 1 August 2022 145,939 141,003 669,750 11,398 968,090
Charge for year 19,707 3,086 77,108 1,908 101,809
Eliminated on disposal (4,547 ) (736 ) (41,434 ) - (46,717 )
At 31 July 2023 161,099 143,353 705,424 13,306 1,023,182
NET BOOK VALUE
At 31 July 2023 112,717 17,406 305,808 6,408 442,339
At 31 July 2022 84,350 20,526 253,271 6,625 364,772

10. STOCKS
2023 2022
£    £   
Goods for resale 3,283,635 2,765,151

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 5,532,858 5,094,856
Amounts due from related parties - 3,897,944
Other debtors 50,000 -
Prepayments and accrued income 184,573 140,697
5,767,431 9,133,497

CASA JULIA LIMITED (REGISTERED NUMBER: 01209630)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 3,395,581 2,792,367
Corporation tax 416,156 385,463
Other tax and social security 320,486 219,625
Other creditors 9,346 6,802
Accruals and deferred income 4,752 87,971
4,146,321 3,492,228

13. SECURED DEBTS

There is a fixed and floating charge in place dated 29 February 2016 secured on the assets of the company in favour of Barclays Bank PLC. This security relates to facilities provided by Barclays Bank PLC which the client has not utilised during the current or previous year.

14. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 110,585 67,790
Other timing differences (15,544 ) (11,543 )
95,041 56,247

Deferred
tax
£   
Balance at 1 August 2022 56,247
Provided during year 38,794
Balance at 31 July 2023 95,041

Deferred tax liabilities have been recognised in respect of accelerated capital allowances. The deferred tax balance reflected above has been calculated at 25% in line with the introduction of the main rate increase of UK Corporation Tax. This has given rise to an increase in deferred tax due to the rate change of £22,811.

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
22,650 Ordinary shares £1 each 22,650 22,650

CASA JULIA LIMITED (REGISTERED NUMBER: 01209630)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


16. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 August 2022 12,889,712 27,950 12,917,662
Deficit for the year (1,897,387 ) - (1,897,387 )
At 31 July 2023 10,992,325 27,950 11,020,275

17. RELATED PARTY TRANSACTIONS

During the current financial year the company rented their property from Sorelle Properties Limited, a company that is owned by the shareholders and directors of Casa Julia Limited. Rents were paid in the year by Casa Julia Limited totalling £144,000 (2022: £144,000). At the year end a balance of £30,000 (2022: £12,000) was due to Sorelle Properties Limited and has been included within trade creditors.

The amount due of £3,897,944 from Sorelle Properties Limited in respect of a loan was written off against the profit and loss account in the year. Previously this loan had no fixed repayment terms and was interest free.

During the current financial year the company made sales to Chiarli Limited, a company that is owned by one of the shareholders and directors of Casa Julia Limited. Sales made in the year totalled £80,423 (2022: £81,587). At the year end a balance of £15 (2022: £Nil) was due from Chiarli Limited and has been included within trade debtors.

During the year, the company provided a loan amounting to £50,000 to a family member of the shareholders. At the balance sheet date, the loan was still outstanding and is presented within debtors: amounts falling due within one year.

18. ULTIMATE CONTROLLING PARTY

No one individual controls the company.

19. KEY MANAGEMENT PERSONNEL

Key management personnel are considered to the directors and their remuneration is disclosed in note 6 to the financial statements.