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REGISTERED NUMBER: SC525772 (Scotland)















TONINO'S PIZZERIA LTD.

FINANCIAL STATEMENTS

FOR THE PERIOD 1 MARCH 2023 TO 31 MARCH 2024






TONINO'S PIZZERIA LTD. (REGISTERED NUMBER: SC525772)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 MARCH 2023 TO 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 9


TONINO'S PIZZERIA LTD.

COMPANY INFORMATION
FOR THE PERIOD 1 MARCH 2023 TO 31 MARCH 2024







DIRECTOR: Antony Bonatti





REGISTERED OFFICE: 25 Grey Place
Greenock
PA15 1YF





REGISTERED NUMBER: SC525772 (Scotland)





ACCOUNTANTS: Azets
Accountants
Abercorn House
79 Renfrew Road
Paisley
Renfrewshire
PA3 4DA

TONINO'S PIZZERIA LTD. (REGISTERED NUMBER: SC525772)

BALANCE SHEET
31 MARCH 2024

31/3/24 28/2/23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 22,182 23,184

CURRENT ASSETS
Stocks 5 5,000 4,000
Debtors 6 203,977 90,606
Cash at bank and in hand 157,243 220,521
366,220 315,127
CREDITORS
Amounts falling due within one year 7 106,390 114,061
NET CURRENT ASSETS 259,830 201,066
TOTAL ASSETS LESS CURRENT
LIABILITIES

282,012

224,250

CREDITORS
Amounts falling due after more than one
year

8

(17,187

)

(28,225

)

PROVISIONS FOR LIABILITIES 9 (5,338 ) (4,345 )
NET ASSETS 259,487 191,680

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 259,486 191,679
SHAREHOLDERS' FUNDS 259,487 191,680

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

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

TONINO'S PIZZERIA LTD. (REGISTERED NUMBER: SC525772)

BALANCE SHEET - continued
31 MARCH 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 16 September 2024 and were signed by:





Antony Bonatti - Director


TONINO'S PIZZERIA LTD. (REGISTERED NUMBER: SC525772)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 MARCH 2023 TO 31 MARCH 2024

1. STATUTORY INFORMATION

Tonino's Pizzeria Limited is a private company, limited by shares, registered in Scotland. The company’s registered number is SC525772 and registered office address is 25 Grey Place, Greenock, PA15 1YF.

The nature of the company's operations and its principal activities are that of operating a pizza restaurant and take-away outlet.

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.

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 £.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In preparing these financial statements, the directors have made the following judgements:

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Assets are considered for indications of impairment. If required an impairment review will be carried out and a decision made on possible impairment. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.

Bad debts are provided for where objective evidence of the need for a provision exists.

Inventories are assessed for evidence of obsolescence and a provision is made against any inventory unlikely to be sold, or where stock is sold post year end at a loss.

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Consideration is given to the point at which the Company is entitled to receive the income, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Revenue from the provision of services is recognised in the period in which the services are provided when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due;
- the costs incurred can be measured reliably.

TONINO'S PIZZERIA LTD. (REGISTERED NUMBER: SC525772)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 MARCH 2023 TO 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

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

Motor Vehicles - 10% on cost
Plant and Machinery- 20% reducing balance
Plant and Machinery- 33% on cost
Leasehold Improvements- 20% on cost
Computer Equipment- 40% reducing balance

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. 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 transactions 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.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.


TONINO'S PIZZERIA LTD. (REGISTERED NUMBER: SC525772)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 MARCH 2023 TO 31 MARCH 2024

2. ACCOUNTING POLICIES - continued
Taxation
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.

Deferred tax assets are only 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.

If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.

Deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

With the exception of changes arising on the initial recognition of a business combination, the tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income).

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Deferred tax assets and deferred tax liabilities are offset only if the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

TONINO'S PIZZERIA LTD. (REGISTERED NUMBER: SC525772)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 MARCH 2023 TO 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Impairment of assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

Non-financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Financial assets
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal.

An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 24 (2023 - 29 ) .

TONINO'S PIZZERIA LTD. (REGISTERED NUMBER: SC525772)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 MARCH 2023 TO 31 MARCH 2024

4. TANGIBLE FIXED ASSETS
Short Plant and Motor Computer
leasehold machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 March 2023 24,364 54,867 7,500 2,909 89,640
Additions 3,506 1,309 8,070 1,143 14,028
Disposals (20,578 ) (40,033 ) (3,000 ) (2,643 ) (66,254 )
At 31 March 2024 7,292 16,143 12,570 1,409 37,414
DEPRECIATION
At 1 March 2023 18,738 42,671 3,000 2,047 66,456
Charge for period 5,432 6,697 1,248 696 14,073
Eliminated on disposal (20,564 ) (40,017 ) (2,425 ) (2,291 ) (65,297 )
At 31 March 2024 3,606 9,351 1,823 452 15,232
NET BOOK VALUE
At 31 March 2024 3,686 6,792 10,747 957 22,182
At 28 February 2023 5,626 12,196 4,500 862 23,184

5. STOCKS
31/3/24 28/2/23
£    £   
Stocks 5,000 4,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 28/2/23
£    £   
Other debtors 202,222 87,844
Prepayments 1,755 2,762
203,977 90,606

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 28/2/23
£    £   
Bank loans and overdrafts 10,209 9,666
Trade creditors 26,763 22,851
Corporation Tax 28,550 15,172
Social security and other taxes 30,201 21,436
Other creditors 509 4,380
Directors' current accounts - 31,320
Accrued expenses 10,158 9,236
106,390 114,061

TONINO'S PIZZERIA LTD. (REGISTERED NUMBER: SC525772)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 MARCH 2023 TO 31 MARCH 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/3/24 28/2/23
£    £   
Bank loans - 1-2 years 10,709 10,167
Bank loans - 2-5 years 6,478 18,058
17,187 28,225

9. PROVISIONS FOR LIABILITIES
31/3/24 28/2/23
£    £   
Deferred tax 5,338 4,345

Deferred
tax
£   
Balance at 1 March 2023 4,345
Originating and reversal of 993
timing differences
Balance at 31 March 2024 5,338

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

Included within creditors is an interest free loan from the director amounting to £Nil (2023 - £31,320).

11. RELATED PARTY DISCLOSURES

During the period the company paid rent amounting to £9,100 to Doughbro (Scotland) Limited. Included
within debtors is an amount due from Doughbro (Scotland) Limited amounting to £69,445. The balance is interest free and repayable on demand.

Included within debtors is an amount due from Vino by Tonino Limited amounting to £111,148. The balance is interest free and repayable on demand.

Doughbro (Scotland) Limited & Vino by Tonino Limited both share common ownership with Tonino's Pizzeria Limited.

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party by virtue of his majority shareholding is Antony Bonatti.