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Registered number: 08611809
Cielo Costa Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Max Accountants Ltd
Ketton Suite
The King Centre
Oakham
Rutland
LE15 7WD
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08611809
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 25,086 16,915
25,086 16,915
CURRENT ASSETS
Debtors 5 674,208 543,266
Cash at bank and in hand 970,256 434,137
1,644,464 977,403
Creditors: Amounts Falling Due Within One Year 6 (612,367 ) (493,651 )
NET CURRENT ASSETS (LIABILITIES) 1,032,097 483,752
TOTAL ASSETS LESS CURRENT LIABILITIES 1,057,183 500,667
Creditors: Amounts Falling Due After More Than One Year 7 (15,000 ) (25,000 )
NET ASSETS 1,042,183 475,667
CAPITAL AND RESERVES
Called up share capital 9 10 10
Profit and Loss Account 1,042,173 475,657
SHAREHOLDERS' FUNDS 1,042,183 475,667
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For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Ali Sanaei
Director
25 September 2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Cielo Costa Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08611809 . The registered office is Ketton Suite, The King Centre Main Road, Barleythorpe, Oakham, Rutland, LE15 7WD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
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 £.
2.2. Turnover
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.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 4 years, straight line
Computer Equipment 3 years, straight line
2.4. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.5. 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.
Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.
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 recognised at transaction price including transaction costs.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the profit / loss before taxation.
2.7. Taxation
Tax is recognised in profit or loss except that a charge is attributable to an item of income and expense recognised as other comphrehensive income or to an item recognised directly in equity is also recognised in other comphrehensive 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 balance sheet date in the countries where the company operates and generates income.
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2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 18 (2022: 12)
18 12
4. Tangible Assets
Motor Vehicles Computer Equipment Total
£ £ £
Cost
As at 1 January 2023 103,150 67,608 170,758
Additions - 19,988 19,988
As at 31 December 2023 103,150 87,596 190,746
Depreciation
As at 1 January 2023 103,119 50,724 153,843
Provided during the period - 11,817 11,817
As at 31 December 2023 103,119 62,541 165,660
Net Book Value
As at 31 December 2023 31 25,055 25,086
As at 1 January 2023 31 16,884 16,915
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 126,132 244,049
Prepayments and accrued income 4,227 1,629
Other debtors 543,849 297,588
674,208 543,266
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 187,750 56,226
Bank loans and overdrafts 10,000 10,000
Corporation tax 92,882 86,329
Other taxes and social security 75,394 27,307
VAT 33,999 46,538
Other creditors 26,811 12,767
Accruals and deferred income 185,531 254,484
612,367 493,651
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7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 15,000 25,000
8. Loans
An analysis of the maturity of loans is given below:
2023 2022
£ £
Amounts falling due within one year or on demand:
Bank loans 10,000 10,000
2023 2022
£ £
Amounts falling due between one and five years:
Bank loans 15,000 25,000
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 10 10
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 January 2023 Amounts advanced Amounts repaid Amounts written off As at 31 December 2023
£ £ £ £ £
Mr Ali Sanaei 275,745 335,521 225,280 - 385,986
The above loan is unsecured, interest free and repayable on demand.
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