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Registered number: SC563544










PICCOLO DUNDEE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

 
PICCOLO DUNDEE LIMITED
 

COMPANY INFORMATION


Director
Mr A Shepherd 




Registered number
SC563544



Registered office
210 Perth Road

Dundee

DD1 4JY




Accountants
EQ Accountants Limited
Chartered Accountants

14 City Quay

Dundee

DD1 3JA





 
PICCOLO DUNDEE LIMITED
REGISTERED NUMBER: SC563544

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
£
£

Fixed assets
  

Tangible assets
 4 
17,128
6,424

  
17,128
6,424

Current assets
  

Stocks
  
1,200
900

Debtors: amounts falling due within one year
 5 
38,503
15,014

Cash at bank and in hand
  
95,165
108,526

  
134,868
124,440

Creditors: amounts falling due within one year
 6 
(24,517)
(24,805)

Net current assets
  
 
 
110,351
 
 
99,635

Total assets less current liabilities
  
127,479
106,059

Creditors: amounts falling due after more than one year
 7 
(4,057)
(6,039)

Provisions for liabilities
  

Deferred tax
  
(4,282)
(1,606)

  
 
 
(4,282)
 
 
(1,606)

Net assets
  
119,140
98,414


Capital and reserves
  

Called up share capital 
 8 
100
100

Profit and loss account
  
119,040
98,314

  
119,140
98,414


Page 1

 
PICCOLO DUNDEE LIMITED
REGISTERED NUMBER: SC563544

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 November 2024.




Mr A Shepherd
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
PICCOLO DUNDEE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The company is limited by shares and incorporated in Scotland. The address of the registered office is 210 Perth Road, Dundee, DD1 4JY.
The financial statements are presented in Sterling which is the functional currency of the Company and
rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
PICCOLO DUNDEE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred 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.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 4

 
PICCOLO DUNDEE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
20%
Fixtures and fittings
-
20%
Computer equipment
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

2024
2023
£
£

Wages and salaries
53,612
49,843

Pension contributions
81
-

53,693
49,843


The average monthly number of employees, including directors, during the year was 4 (2023 - 4).

Page 5

 
PICCOLO DUNDEE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2023
-
21,980
1,083
23,063


Additions
14,725
2,430
-
17,155


Disposals
-
(11,775)
-
(11,775)



At 31 March 2024

14,725
12,635
1,083
28,443



Depreciation


At 1 April 2023
-
16,205
434
16,639


Charge for the year on owned assets
3,681
2,527
217
6,425


Disposals
-
(11,749)
-
(11,749)



At 31 March 2024

3,681
6,983
651
11,315



Net book value



At 31 March 2024
11,044
5,652
432
17,128



At 31 March 2023
-
5,775
649
6,424

Page 6

 
PICCOLO DUNDEE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Debtors

2024
2023
£
£


Other debtors
37,441
14,430

Prepayments and accrued income
1,062
584

38,503
15,014


Included within other debtors due within one year is a loan to A Shepherd, a director, amounting to 32,441 (2023 - £9430). The main conditions were as follows:

The loan is interest free and wholly repayable in the next 9 months.


6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
100
745

Accruals and deferred income
3,044
2,480

Other creditors
17
784

Other taxation and social security
19,374
18,861

Bank loans
1,982
1,935

24,517
24,805



7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
4,057
6,039

4,057
6,039



8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



Page 7