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Registration number: SC601407

Romano 434 Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Romano 434 Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Romano 434 Ltd

Company Information

Directors

Mrs G L Whannel

Mrs G Ballantyne

Registered office

 

Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

Accountants

Glen Drummond Ltd
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

 

Romano 434 Ltd

(Registration number: SC601407)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

45,446

54,535

Tangible assets

5

28,305

8,185

 

73,751

62,720

Current assets

 

Debtors

6

46,129

2,008

Cash at bank and in hand

 

58,011

95,158

 

104,140

97,166

Creditors: Amounts falling due within one year

7

(125,214)

(119,574)

Net current liabilities

 

(21,074)

(22,408)

Total assets less current liabilities

 

52,677

40,312

Creditors: Amounts falling due after more than one year

7

(10,957)

(18,461)

Provisions for liabilities

(7,076)

(1,555)

Net assets

 

34,644

20,296

Capital and reserves

 

Called up share capital

9

2

2

Retained earnings

34,642

20,294

Shareholders' funds

 

34,644

20,296

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Romano 434 Ltd

(Registration number: SC601407)
Balance Sheet as at 31 December 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 7 October 2024 and signed on its behalf by:
 

.........................................
Mrs G Ballantyne
Director

 

Romano 434 Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

These financial statements were authorised for issue by the Board on 7 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of the financial statements is the Pound Sterling (£).

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration derived from property rental and maintenance. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

 

Romano 434 Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

At the balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £500 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings and equipment

20% straight line

 

Romano 434 Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

 

Romano 434 Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 4 (2022 - 5).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

90,892

90,892

At 31 December 2023

90,892

90,892

Amortisation

At 1 January 2023

36,357

36,357

Amortisation charge

9,089

9,089

At 31 December 2023

45,446

45,446

Carrying amount

At 31 December 2023

45,446

45,446

At 31 December 2022

54,535

54,535

 

Romano 434 Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

-

18,852

18,852

Additions

26,092

509

26,601

At 31 December 2023

26,092

19,361

45,453

Depreciation

At 1 January 2023

-

10,667

10,667

Charge for the year

2,609

3,872

6,481

At 31 December 2023

2,609

14,539

17,148

Carrying amount

At 31 December 2023

23,483

4,822

28,305

At 31 December 2022

-

8,185

8,185

Included within the net book value of land and buildings above is £23,482 (2022 - £Nil) in respect of long leasehold land and buildings.
 

6

Debtors

2023
£

2022
£

Prepayments

1,110

1,660

Other debtors

45,019

348

46,129

2,008

 

Romano 434 Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

7,504

7,319

Trade creditors

 

11,966

6,160

Taxation and social security

 

13,071

20,014

Accruals and deferred income

 

293

-

Other creditors

 

92,380

86,081

 

125,214

119,574

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

10,957

18,461

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

10,957

18,461

Current loans and borrowings

2023
£

2022
£

Bank borrowings

7,504

7,319

The bank loan is supported by a 100% guarantee from the UK Government.

 

Romano 434 Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

       

10

Related party transactions

The company operates a loan account with the director, Mrs G Ballantyne.
During the year, the company repaid loans totalling £2,519 to the director. At the year end, the balance due to the director was £34,266 (2022 - £31,748). This loan is unsecured, interest free and has no fixed repayment terms.

The company operates a loan account with the director, Mrs G L Whannel.
During the year, the company repaid loans totalling £4,331 to the director. At the year end, the balance due to the director was £34,491 (2022 - £30,159). This loan is unsecured, interest free and has no fixed repayment terms.