Corretto Limited 07071262 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of a property rental company Digita Accounts Production Advanced 6.30.9574.0 true 07071262 2023-04-01 2024-03-31 07071262 2024-03-31 07071262 core:CurrentFinancialInstruments 2024-03-31 07071262 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 07071262 core:Non-currentFinancialInstruments 2024-03-31 07071262 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 07071262 core:LandBuildings 2024-03-31 07071262 bus:SmallEntities 2023-04-01 2024-03-31 07071262 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 07071262 bus:FullAccounts 2023-04-01 2024-03-31 07071262 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 07071262 bus:RegisteredOffice 2023-04-01 2024-03-31 07071262 bus:CompanySecretaryDirector1 2023-04-01 2024-03-31 07071262 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07071262 core:Buildings 2023-04-01 2024-03-31 07071262 core:LandBuildings 2023-04-01 2024-03-31 07071262 core:OtherRelatedParties 2023-04-01 2024-03-31 07071262 countries:EnglandWales 2023-04-01 2024-03-31 07071262 core:LandBuildings 2023-03-31 07071262 2022-04-01 2023-03-31 07071262 2023-03-31 07071262 core:CurrentFinancialInstruments 2023-03-31 07071262 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 07071262 core:Non-currentFinancialInstruments 2023-03-31 07071262 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 07071262 core:LandBuildings 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 07071262

Prepared for the registrar

Corretto Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Corretto Limited

(Registration number: 07071262)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

313,152

314,843

Current assets

 

Cash at bank and in hand

 

298

14,524

Creditors: Amounts falling due within one year

5

(173,738)

(192,092)

Net current liabilities

 

(173,440)

(177,568)

Total assets less current liabilities

 

139,712

137,275

Creditors: Amounts falling due after more than one year

5

-

(14,622)

Net assets

 

139,712

122,653

Capital and reserves

 

Called up share capital

300

300

Profit and loss account

139,412

122,353

Shareholders' funds

 

139,712

122,653

For the financial year ending 31 March 2024 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 29 October 2024 and signed on its behalf by:
 


S J Bifulco
Company secretary and director

 

Corretto Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

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 Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

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

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Turnover comprises the fair value of the rents receivable in respect of the leasehold property in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when: the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation 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.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

 

Corretto Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

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

Leasehold property

Over the term of the lease

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments


Classification
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 on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
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.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

Corretto Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

 

4

Tangible assets

Land and buildings
£

Cost

At 1 April 2023

338,179

At 31 March 2024

338,179

Depreciation

At 1 April 2023

23,336

Charge for the year

1,691

At 31 March 2024

25,027

Carrying amount

At 31 March 2024

313,152

At 31 March 2023

314,843

Included within the net book value of land and buildings above is £313,152 (2023 - £314,843) in respect of long leasehold land and buildings.
 

 

5

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Loans and borrowings

6

-

13,591

Amounts due to related parties

7

164,546

171,446

Social security and other taxes

 

1,400

1,301

Other creditors

 

732

732

Accrued expenses

 

1,575

1,500

Corporation tax liability

5,485

3,522

 

173,738

192,092

 

Corretto Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

 

6

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

-

13,591

The bank loan is secured on the leasehold property.

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

-

14,622

 

7

Related party transactions

Summary of transactions with other related parties

At 31 March 2024 the company owed £164,546 (2023 - £171,446) to the directors in the form of a directors' loan. The loan is interest free and there are no fixed repayment terms.