Company Registration No. 00290976 (England and Wales)
GIORDANO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
GIORDANO LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
GIORDANO LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF GIORDANO LIMITED FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
The following reproduces text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited financial statements set out on pages 2 to 9 have been extracted.
"In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Giordano Limited for the year ended 31 March 2024 set out on pages 3 to 14 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/about-us/regulation/rulebook.html.
Our work has been undertaken solely to prepare for your approval the financial statements of Giordano Limited and state those matters that we have agreed to state to the Board of Directors of Giordano Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Giordano Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Giordano Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Giordano Limited. You consider that Giordano Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Giordano Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
"
23 September 2024
GIORDANO LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
9,786,101
10,073,927
Investment properties
4
13,625,000
13,625,000
Investments
5
3,320
3,320
23,414,421
23,702,247
Current assets
Debtors
6
23,961
28,602
Cash at bank and in hand
447,393
411,235
471,354
439,837
Creditors: amounts falling due within one year
7
(146,845)
(136,448)
Net current assets
324,509
303,389
Total assets less current liabilities
23,738,930
24,005,636
Provisions for liabilities
9
(4,912,274)
(4,984,231)
Net assets
18,826,656
19,021,405
Capital and reserves
Called up share capital
10
310,140
310,140
Revaluation reserve - non distributable reserves
11
8,999,177
9,122,117
Other reserves - non distributable reserves
12
8,817,999
8,817,999
Capital redemption reserve
113,861
113,861
Profit and loss reserves - distributable reserves
13
585,479
657,288
Total equity
18,826,656
19,021,405
The directortrues of the company have taken advantage under section 444 of the Companies Act 2006 to not deliver the profit and loss account and directors' report within the financial statements.
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
GIORDANO LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 20 September 2024
Miss A M M Giordano
Director
Company Registration No. 00290976
GIORDANO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information
Giordano Limited is a private company limited by shares incorporated in England and Wales. The registered office is 38/40 Windmill Street, London, W1T 2BE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
1.2
Turnover
Turnover represents amounts receivable for rental and service charges net of VAT. Turnover is recognised at the fair value of the rent received or receivable from letting business and service charges provided in the normal course of business.
1.3
Tangible fixed assets
Tangible fixed assets are measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold buildings
2% on straight line basis
Freehold land is not depreciated.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit and loss accountf.
1.4
Investment properties
Investment properties, which are properties held to earn rentals and/or for capital appreciation, are initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
1.5
Fixed asset investments
Interest in subsidiary is initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investment is assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit and loss account.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
GIORDANO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price, unless the arrangement constitutes a financing transactions, where the debt instruments is measured at the present value of the future payments discounted at market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited to other comprehensive income or directly to equity, in which case the deferred tax is dealt with in the same way as the underlying gain or loss. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
GIORDANO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
3
3
Tangible fixed assets
Land and buildings
£
Cost or valuation
At 1 April 2023 and 31 March 2024
11,513,057
Depreciation and impairment
At 1 April 2023
1,439,130
Depreciation charged in the year
287,826
At 31 March 2024
1,726,956
Carrying amount
At 31 March 2024
9,786,101
At 31 March 2023
10,073,927
The fair value of land and building has been arrived at on the basis of professional valuation carried out by independent valuers in the year ended 31 March 2018.
4
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
13,625,000
The fair value of the investment properties have been arrived at on the basis of a valuation carried out by the directors on 31 March 2023. The valuation was made on an open market value basis with reference to professional valuations carried out.
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
3,320
3,320
GIORDANO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
5
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023 & 31 March 2024
3,320
Carrying amount
At 31 March 2024
3,320
At 31 March 2023
3,320
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
5,573
889
Other debtors
18,056
27,308
23,629
28,197
Deferred tax asset
9
332
405
23,961
28,602
7
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
7,141
7,141
Corporation tax
11,755
Other taxation and social security
2,231
731
Other creditors
125,718
128,576
146,845
136,448
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
9
4,912,274
4,984,231
GIORDANO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Balances:
£
£
£
£
Accelerated capital allowances
-
-
332
405
Revaluations
1,997,568
2,069,525
-
-
Investment property fair value movement
2,914,706
2,914,706
-
-
4,912,274
4,984,231
332
405
2024
Movements in the year:
£
Liability at 1 April 2023
4,983,826
Charge to profit or loss
73
Credit to other comprehensive income
(71,957)
Liability at 31 March 2024
4,911,942
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued, allotted, called-up and fully paid
Ordinary shares of £1 each
310,140
310,140
310,140
310,140
11
Revaluation reserve
2024
2023
£
£
At beginning of year
9,122,117
9,245,057
Deferred tax on revaluation of tangible assets
71,957
71,957
Transfer to retained earnings
(194,897)
(194,897)
At end of year
8,999,177
9,122,117
GIORDANO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
12
Other reserves non-distributable
£
At the beginning of the prior year
8,817,999
At the end of the prior year
8,817,999
At the end of the current year
8,817,999
13
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
657,288
936,151
Loss for the year
(211,911)
(342,254)
Dividends declared and paid in the year
(54,795)
(131,506)
Transfer from revaluation reserve
194,897
194,897
At the end of the year
585,479
657,288
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