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REGISTERED NUMBER: SC619334 (Scotland)















Unaudited Financial Statements for the Year Ended 31 January 2024

for

Valerio's Fish and Chips Limited

Valerio's Fish and Chips Limited (Registered number: SC619334)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Valerio's Fish and Chips Limited

Company Information
for the Year Ended 31 January 2024







DIRECTORS: Miss S Neilson
G McKendrick





REGISTERED OFFICE: Valerio's Fish & Chips
Bannatyne Street
Lanark
ML11 7LB





REGISTERED NUMBER: SC619334 (Scotland)





ACCOUNTANTS: ICW Accountancy Ltd
15 St Leonard Street
Lanark
Lanarkshire
ML11 7AB

Valerio's Fish and Chips Limited (Registered number: SC619334)

Balance Sheet
31 January 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 148,830 176,735
Tangible assets 5 83,958 64,137
232,788 240,872

CURRENT ASSETS
Stocks 11,267 6,767
Debtors 6 36,240 41,502
Cash at bank and in hand 67,246 75,732
114,753 124,001
CREDITORS
Amounts falling due within one year 7 142,914 122,142
NET CURRENT (LIABILITIES)/ASSETS (28,161 ) 1,859
TOTAL ASSETS LESS CURRENT
LIABILITIES

204,627

242,731

CREDITORS
Amounts falling due after more than one year 8 (184,016 ) (236,611 )

PROVISIONS FOR LIABILITIES (6,218 ) (4,430 )
NET ASSETS 14,393 1,690

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 14,293 1,590
14,393 1,690

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 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.

Valerio's Fish and Chips Limited (Registered number: SC619334)

Balance Sheet - continued
31 January 2024


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 August 2024 and were signed on its behalf by:





Miss S Neilson - Director


Valerio's Fish and Chips Limited (Registered number: SC619334)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

Valerio's Fish and Chips Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.


Plant & Machinery - 15% reducing balance
Computer Equipment - 33% straight line
Motor Vehicles - 15% reducing balance
Fixtures & Fittings - 15% reducing balance

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


Valerio's Fish and Chips Limited (Registered number: SC619334)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2023 - 30 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 February 2023
and 31 January 2024 279,056
AMORTISATION
At 1 February 2023 102,321
Charge for year 27,905
At 31 January 2024 130,226
NET BOOK VALUE
At 31 January 2024 148,830
At 31 January 2023 176,735

Valerio's Fish and Chips Limited (Registered number: SC619334)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 February 2023 84,969
Additions 31,207
At 31 January 2024 116,176
DEPRECIATION
At 1 February 2023 20,832
Charge for year 11,386
At 31 January 2024 32,218
NET BOOK VALUE
At 31 January 2024 83,958
At 31 January 2023 64,137

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 February 2023 42,995
Additions 12,750
At 31 January 2024 55,745
DEPRECIATION
At 1 February 2023 2,173
Charge for year 6,286
At 31 January 2024 8,459
NET BOOK VALUE
At 31 January 2024 47,286
At 31 January 2023 40,822

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Other debtors 36,240 41,502

Valerio's Fish and Chips Limited (Registered number: SC619334)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Bank loans and overdrafts 56,903 54,618
Hire purchase contracts 8,692 6,142
Trade creditors 21,057 14,592
Taxation and social security 52,806 40,625
Other creditors 3,456 6,165
142,914 122,142

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.24 31.1.23
£    £   
Bank loans 144,391 201,294
Hire purchase contracts 39,625 35,317
184,016 236,611

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 5,920 32,823

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 January 2024 and 31 January 2023:

31.1.24 31.1.23
£    £   
Miss S Neilson
Balance outstanding at start of year 33,908 67,423
Amounts advanced 31 30,985
Amounts repaid (4,719 ) (64,500 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 29,220 33,908

There was no interest accrued on the balance. There are no set repayment terms. The maximum outstanding at any time throughout the year was £33,908 (2023: £75,071).