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REGISTERED NUMBER: 13883750 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

CIAO DEVELOPMENTS LTD

CIAO DEVELOPMENTS LTD (REGISTERED NUMBER: 13883750)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


CIAO DEVELOPMENTS LTD

COMPANY INFORMATION
for the year ended 31 March 2024







DIRECTORS: D Dalpra
A Penna





SECRETARY: A Penna





REGISTERED OFFICE: Unit 207 Mare Street Studios
203-213 Mare Street
London
E8 3JS





REGISTERED NUMBER: 13883750 (England and Wales)





ACCOUNTANTS: Magma Audit LLP
16 Davy Court
Castle Mound Way
Rugby, CV23 0UZ
Magma Audit LLP is part
Of the Dains Group

CIAO DEVELOPMENTS LTD (REGISTERED NUMBER: 13883750)

BALANCE SHEET
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Investment property 4 450,000 281,424

CURRENT ASSETS
Debtors 5 2 2
Cash at bank 8,703 5,109
8,705 5,111
CREDITORS
Amounts falling due within one year 6 (103,577 ) (297,200 )
NET CURRENT LIABILITIES (94,872 ) (292,089 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

355,128

(10,665

)

CREDITORS
Amounts falling due after more than one
year

7

(258,486

)

-

PROVISIONS FOR LIABILITIES (24,160 ) -
NET ASSETS/(LIABILITIES) 72,482 (10,665 )

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 72,480 (10,667 )
72,482 (10,665 )

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

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

The directors acknowledge their 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.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 October 2024 and were signed on its behalf by:





D Dalpra - Director


CIAO DEVELOPMENTS LTD (REGISTERED NUMBER: 13883750)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2024


1. STATUTORY INFORMATION

CIAO Developments Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number is 13883750 and the registered office address is Unit 207 Mare Street Studios, 203-213 Mare Street, London, England, E8 3JS.

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 as modified by the revaluation of certain assets.

The presentational currency of the financial statements is Pound Sterling (£) and figures are rounded to the nearest £1.

Going Concern
At 31 March 2024 the company had net current liabilities of £94,872 (2023: £292,089). The directors have considered this and prepared the financial statements on a going concern basis. The directors are confident that the company will be able to meeting liabilities as they fall due for the foreseeable future with support of a company under common directorship.

Turnover
Turnover represents rents receivable from investment properties.

Turnover is recognised as it falls due, in accordance with the lease to which it relates. Any lease incentives are spread evenly across the period of the lease.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
(i) Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest rate method.

(ii) Financial liabilities

Basic financial liabilities, including trade and other 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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.


CIAO DEVELOPMENTS LTD (REGISTERED NUMBER: 13883750)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


2. ACCOUNTING POLICIES - continued
Taxation
The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 281,424
Additions 43,500
Revaluations 125,076
At 31 March 2024 450,000
NET BOOK VALUE
At 31 March 2024 450,000
At 31 March 2023 281,424

The investment property was valued on an open market value basis on 31 March 2024 by experts.

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2024 450,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 2 2

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 18,289 198,750
Other creditors 85,288 98,450
103,577 297,200

CIAO DEVELOPMENTS LTD (REGISTERED NUMBER: 13883750)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 258,486 -

Amounts falling due in more than five years:

Repayable by instalments
Bank loans due in more than 5 years by
instalments

203,617

-

8. SECURED DEBTS

On 13 October 2023, a fixed charge was registered over the company's investment property in relation to an increase in credit facility provided by a lender.

9. RELATED PARTY DISCLOSURES

As at the year end £83,350 (2023: £96,650) was owed to a company with common directors.