14 false false false false false false false false false false true false false false false false false No description of principal activity 2023-02-01 Sage Accounts Production Advanced 2023 - FRS102_2023 84,481 113,390 xbrli:pure xbrli:shares iso4217:GBP SC525136 2023-02-01 2024-01-31 SC525136 2024-01-31 SC525136 2023-01-31 SC525136 2022-02-01 2023-01-31 SC525136 2023-01-31 SC525136 2022-01-31 SC525136 core:LandBuildings core:LongLeaseholdAssets 2023-02-01 2024-01-31 SC525136 core:PlantMachinery 2023-02-01 2024-01-31 SC525136 core:MotorVehicles 2023-02-01 2024-01-31 SC525136 bus:RegisteredOffice 2023-02-01 2024-01-31 SC525136 bus:LeadAgentIfApplicable 2023-02-01 2024-01-31 SC525136 bus:Director1 2023-02-01 2024-01-31 SC525136 core:LandBuildings core:LongLeaseholdAssets 2023-01-31 SC525136 core:PlantMachinery 2023-01-31 SC525136 core:MotorVehicles 2023-01-31 SC525136 core:LandBuildings core:LongLeaseholdAssets 2024-01-31 SC525136 core:PlantMachinery 2024-01-31 SC525136 core:MotorVehicles 2024-01-31 SC525136 core:WithinOneYear 2024-01-31 SC525136 core:WithinOneYear 2023-01-31 SC525136 core:AfterOneYear 2024-01-31 SC525136 core:AfterOneYear 2023-01-31 SC525136 core:RetainedEarningsAccumulatedLosses 2023-02-01 2024-01-31 SC525136 core:RetainedEarningsAccumulatedLosses 2023-01-31 SC525136 core:RetainedEarningsAccumulatedLosses 2022-01-31 SC525136 core:RetainedEarningsAccumulatedLosses 2024-01-31 SC525136 core:RetainedEarningsAccumulatedLosses 2023-01-31 SC525136 core:ShareCapital 2024-01-31 SC525136 core:ShareCapital 2023-01-31 SC525136 core:LandBuildings core:LongLeaseholdAssets 2023-01-31 SC525136 core:PlantMachinery 2023-01-31 SC525136 core:MotorVehicles 2023-01-31 SC525136 bus:SmallEntities 2023-02-01 2024-01-31 SC525136 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 SC525136 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 SC525136 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 SC525136 bus:FullAccounts 2023-02-01 2024-01-31
COMPANY REGISTRATION NUMBER: SC525136
Banco Restaurant Limited (Formerly Babbo (Glasgow) Limited)
Unaudited Financial Statements
31 January 2024
Banco Restaurant Limited (Formerly Babbo (Glasgow) Limited)
Financial Statements
Year ended 31 January 2024
Contents
Page
Director's report
1
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements
2
Statement of income and retained earnings
3
Statement of financial position
4
Notes to the financial statements
5
Banco Restaurant Limited (Formerly Babbo (Glasgow) Limited)
Director's Report
Year ended 31 January 2024
The director presents his report and the unaudited financial statements of the company for the year ended 31 January 2024 .
Director
The director who served the company during the year was as follows:
Mr R Cecchetti
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 28 October 2024 and signed on behalf of the board by:
Mr R Cecchetti
Director
Registered office:
2 Mains Avenue
Giffnock
Scotland
G466QY
Banco Restaurant Limited (Formerly Babbo (Glasgow) Limited)
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Banco Restaurant Limited (Formerly Babbo (Glasgow) Limited)
Year ended 31 January 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Banco Restaurant Limited (Formerly Babbo (Glasgow) Limited) for the year ended 31 January 2024, which comprise the statement of income and retained earnings, statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the director of Banco Restaurant Limited (Formerly Babbo (Glasgow) Limited). Our work has been undertaken solely to prepare for your approval the financial statements of Banco Restaurant Limited (Formerly Babbo (Glasgow) Limited) and state those matters that we have agreed to state to you in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Banco Restaurant Limited (Formerly Babbo (Glasgow) Limited) and its director for our work or for this report.
It is your duty to ensure that Banco Restaurant Limited (Formerly Babbo (Glasgow) Limited) has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Banco Restaurant Limited (Formerly Babbo (Glasgow) Limited). You consider that Banco Restaurant Limited (Formerly Babbo (Glasgow) Limited) is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Banco Restaurant Limited (Formerly Babbo (Glasgow) Limited). For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
GILLILAND & COMPANY Chartered Accountants
216 West George Street Glasgow G2 2PQ
28 October 2024
Banco Restaurant Limited (Formerly Babbo (Glasgow) Limited)
Statement of Income and Retained Earnings
Year ended 31 January 2024
2024
2023
Note
£
£
Turnover
1,318,833
1,072,656
Cost of sales
485,516
403,624
------------
------------
Gross profit
833,317
669,032
Administrative expenses
723,761
524,643
Other operating income
1,000
---------
---------
Operating profit
110,556
144,389
Other interest receivable and similar income
2,755
594
Interest payable and similar expenses
104
340
---------
---------
Profit before taxation
5
113,207
144,643
Tax on profit
28,726
31,253
---------
---------
Profit for the financial year and total comprehensive income
84,481
113,390
---------
---------
Dividends paid and payable
( 115,000)
Retained earnings at the start of the year
249,605
136,215
---------
---------
Retained earnings at the end of the year
219,086
249,605
---------
---------
All the activities of the company are from continuing operations.
Banco Restaurant Limited (Formerly Babbo (Glasgow) Limited)
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
223,901
239,215
Current assets
Debtors
7
118,016
158,030
Cash at bank and in hand
92,044
78,360
---------
---------
210,060
236,390
Creditors: amounts falling due within one year
8
173,448
174,683
---------
---------
Net current assets
36,612
61,707
---------
---------
Total assets less current liabilities
260,513
300,922
Creditors: amounts falling due after more than one year
9
14,969
26,064
Provisions
26,358
25,153
---------
---------
Net assets
219,186
249,705
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
219,086
249,605
---------
---------
Shareholders funds
219,186
249,705
---------
---------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 28 October 2024 , and are signed on behalf of the board by:
Mr R Cecchetti
Director
Company registration number: SC525136
Banco Restaurant Limited (Formerly Babbo (Glasgow) Limited)
Notes to the Financial Statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 2 Mains Avenue, Giffnock, G466QY, Scotland.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are 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. Deferred tax is measured 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property
-
5% straight line
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2023: 14 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2024
2023
£
£
Depreciation of tangible assets
29,969
33,410
--------
--------
6. Tangible assets
Long leasehold property
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 February 2023
125,000
272,232
3,000
400,232
Additions
14,655
14,655
---------
---------
-------
---------
At 31 January 2024
125,000
286,887
3,000
414,887
---------
---------
-------
---------
Depreciation
At 1 February 2023
31,250
128,329
1,438
161,017
Charge for the year
6,250
22,969
750
29,969
---------
---------
-------
---------
At 31 January 2024
37,500
151,298
2,188
190,986
---------
---------
-------
---------
Carrying amount
At 31 January 2024
87,500
135,589
812
223,901
---------
---------
-------
---------
At 31 January 2023
93,750
143,903
1,562
239,215
---------
---------
-------
---------
7. Debtors
2024
2023
£
£
Other debtors
118,016
158,030
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
11,908
11,908
Trade creditors
20,981
22,453
Corporation tax
35,274
39,658
Social security and other taxes
62,159
44,459
Other creditors
43,126
56,205
---------
---------
173,448
174,683
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
14,969
26,064
--------
--------
10. Director's advances, credits and guarantees
As at 31 January 2024 Mr R Cecchetti , Director, owed the company £103,689 (2023: £144,625). Interest has been charged on this loan at 2.5%.