Registered number
10875083
Prosecco House Limited
Filleted Accounts
31 July 2024
Prosecco House Limited
Registered number: 10875083
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 317,519 403,885
Current assets
Cash at bank and in hand - 377
Creditors: amounts falling due within one year 4 (590,932) (619,852)
Net current liabilities (590,932) (619,475)
Total assets less current liabilities (273,413) (215,590)
Creditors: amounts falling due after more than one year 5 (51,743) (23,961)
Net liabilities (325,156) (239,551)
Capital and reserves
Called up share capital 1 1
Profit and loss account (325,157) (239,552)
Shareholder's funds (325,156) (239,551)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Kristina Issa
Director
Approved by the board on 18 September 2024
Prosecco House Limited
Notes to the Accounts
for the year ended 31 July 2024
1 Accounting policies
Turnover
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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Going Concern
These financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseaable future. The validity of this assumption is dependent upon the continued support from the company's shareholder. If the company were unable to trade adjustments would have to be made to reduce the value of the assets to their recoverable amounts and to provide for further liabilities that may arise.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 August 2023 344,094 80,345 424,439
Deposit (60,000) - (60,000)
At 31 July 2024 284,094 80,345 364,439
Depreciation
At 1 August 2023 - 20,554 20,554
Charge for the year 22,940 3,426 26,366
At 31 July 2024 22,940 23,980 46,920
Net book value
At 31 July 2024 261,154 56,365 317,519
At 31 July 2023 344,094 59,791 403,885
4 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 4,104 3,048
Trade creditors 151,693 140,804
Taxation and social security costs 18,614 12,990
Other creditors 416,521 463,010
590,932 619,852
5 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 51,743 23,961
6 Related party transactions
Other creditors at the year end include amount of £416,522 (2023: £463,009) due to the director Kristina Issa. Amount is unsecured, interest free and repayable on demand.
7 Controlling party
The ultimate controlling party is Kristina Issa with virtue of her 100% shareholding in the company.
8 Other information
Prosecco House Limited is a private company limited by shares and incorporated in England. Its registered office is:
15 Chelsea Embankment
Flat 9 Delahay House
London SW3 4LA
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