Registered number: 03299823
SUPERETTO LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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SUPERETTO LIMITED
COMPANY INFORMATION
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SUPERETTO LIMITED
CONTENTS
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Notes to the Financial Statements
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SUPERETTO LIMITED
REGISTERED NUMBER: 03299823
BALANCE SHEET
AS AT 31 DECEMBER 2023
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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Allotted, called up and fully paid share capital
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Equity shareholders' funds
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the Directors' Report and Statement of Income and Retained Earnings in accordance with provisions applicable to companies subject to the small companies regime, under section 444 of the Companies Act 2006.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 September 2024.
The notes on pages 2 to 6 form part of these financial statements.
Page 1
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SUPERETTO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Superetto Limited (company number: 03299823) is a private limited company limited by shares incorporated in England and Wales. The registered office is 113 Brent Street, London, NW4 2DX. The trading address is the same as the registered office.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the financial reporting standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements are prepared in GBP sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £ (GBP).
The Company has taken advantage of the exemption in Financial Reporting Standard 102, section 1A.7 from the requirements to produce a Statement of Cash Flows on the grounds that it is a small company.
The following principal accounting policies have been applied:
Investments held as fixed assets are shown at the net present value of future cash flows using the effective interest rate method.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Page 2
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SUPERETTO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and 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 rate 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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initally measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired when there is objective evidence that, as a result of one or more events that occured after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.
If there is a decrease in the impairment loss arising from an event occuring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the Statement of Income and Retained Earnings.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price.
Short-term creditors are measured at cost/transaction price and not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Page 3
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SUPERETTO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax.
The current corporation tax charge 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 and laws that have been enacted or substantively enacted by the Balance Sheet date.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
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The average monthly number of employees, including directors, during the year was 2 (2022 - 2).
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Other fixed asset investments
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Loan notes are shown at their net present value at the Balance Sheet date. The loan note is unsecured and accrues no interest. The nominal value of the loan notes held is £30m. The loan notes are redeemable at par, with the initial redemption of £2m scheduled for November 2029.
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Page 4
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SUPERETTO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Provision for liabilities
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At beginning and end of year
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Gains deferred on disposal of investments
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Allowable losses to be utilised
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Page 5
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SUPERETTO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Allotted, called up and fully paid
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1,000 (2022 - 1,000) Ordinary A shares of £1.00 each
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1,000 (2022 - 1,000) Ordinary B shares of £1.00 each
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1,000 (2022 - 1,000) Ordinary C shares of £1.00 each
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1,000 (2022 - 1,000) Ordinary D shares of £1.00 each
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1,000 (2022 - 1,000) Ordinary E shares of £1.00 each
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1,000 (2022 - 1,000) Ordinary F shares of £1.00 each
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1,000 (2022 - 1,000) Ordinary G shares of £1.00 each
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1,000 (2022 - 1,000) Ordinary H shares of £1.00 each
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1,000 (2022 - 1,000) Ordinary I shares of £1.00 each
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Page 6
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