2022-11-012023-10-312023-10-31falseSC643974GIOCA LEISURE 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GIOCA LEISURE LTD

Registered Number
SC643974
(Scotland)

Unaudited Financial Statements for the Year ended
31 October 2023

GIOCA LEISURE LTD
Company Information
for the year from 1 November 2022 to 31 October 2023

Director

CORTELLESSA, Jennifer

Registered Address

Blackrock House
2-8 Millar Crescent
Edinburgh
EH10 5HW

Registered Number

SC643974 (Scotland)
GIOCA LEISURE LTD
Balance Sheet as at
31 October 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets344,00056,000
Tangible assets470,46963,061
114,469119,061
Current assets
Debtors544,81627,563
Cash at bank and on hand28,28923,671
73,10551,234
Creditors amounts falling due within one year6(115,963)(112,305)
Net current assets (liabilities)(42,858)(61,071)
Total assets less current liabilities71,61157,990
Creditors amounts falling due after one year7(25,403)(25,833)
Net assets46,20832,157
Capital and reserves
Called up share capital100100
Profit and loss account46,10832,057
Shareholders' funds46,20832,157
The financial statements were approved and authorised for issue by the Director on 30 April 2024, and are signed on its behalf by:
CORTELLESSA, Jennifer
Director
Registered Company No. SC643974
GIOCA LEISURE LTD
Notes to the Financial Statements
for the year ended 31 October 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Operating leases
Where, substantially, all the risks and rewards of ownership of the asset do not transfer from the lessor to the company, the lease is treated as an operating lease. Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
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 profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Land and buildings10
Plant and machinery4
Fixtures and fittings4
Vehicles4
Office Equipment3
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

20232022
Average number of employees during the year1911
3.Intangible assets

Other

Total

££
Cost or valuation
At 01 November 2260,00060,000
At 31 October 2360,00060,000
Amortisation and impairment
At 01 November 224,0004,000
Charge for year12,00012,000
At 31 October 2316,00016,000
Net book value
At 31 October 2344,00044,000
At 31 October 2256,00056,000
4.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Office Equipment

Total

££££££
Cost or valuation
At 01 November 2234,48329,01513,85235,0162,004114,370
Additions20,078-14,498--34,576
At 31 October 2354,56129,01528,35035,0162,004148,946
Depreciation and impairment
At 01 November 228,70020,4118,08012,6651,45351,309
Charge for year4,0777,2546,7868,75429727,168
At 31 October 2312,77727,66514,86621,4191,75078,477
Net book value
At 31 October 2341,7841,35013,48413,59725470,469
At 31 October 2225,7838,6045,77222,35155163,061
5.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables38,66919,367
Other debtors2,6734,723
Prepayments and accrued income3,4743,473
Total44,81627,563
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables26,03134,718
Bank borrowings and overdrafts51,71656,216
Taxation and social security31,49818,390
Finance lease and HP contracts2,631-
Accrued liabilities and deferred income4,0872,981
Total115,963112,305
7.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts25,40325,833
Total25,40325,833
8.Obligations under finance leases