Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-291145008595244truefalse2023-03-01No description of principal activity22trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 11842867 2023-03-01 2024-02-29 11842867 2022-03-01 2023-02-28 11842867 2024-02-29 11842867 2023-02-28 11842867 2 2023-03-01 2024-02-29 11842867 d:Director1 2023-03-01 2024-02-29 11842867 e:FreeholdInvestmentProperty 2023-03-01 2024-02-29 11842867 e:FreeholdInvestmentProperty 2024-02-29 11842867 e:FreeholdInvestmentProperty 2023-02-28 11842867 e:FreeholdInvestmentProperty 2 2023-03-01 2024-02-29 11842867 e:CurrentFinancialInstruments 2024-02-29 11842867 e:CurrentFinancialInstruments 2023-02-28 11842867 e:Non-currentFinancialInstruments 2024-02-29 11842867 e:Non-currentFinancialInstruments 2023-02-28 11842867 e:CurrentFinancialInstruments e:WithinOneYear 2024-02-29 11842867 e:CurrentFinancialInstruments e:WithinOneYear 2023-02-28 11842867 e:Non-currentFinancialInstruments e:AfterOneYear 2024-02-29 11842867 e:Non-currentFinancialInstruments e:AfterOneYear 2023-02-28 11842867 e:ShareCapital 2024-02-29 11842867 e:ShareCapital 2023-02-28 11842867 e:RevaluationReserve 2024-02-29 11842867 e:RevaluationReserve 2023-02-28 11842867 e:RetainedEarningsAccumulatedLosses 2024-02-29 11842867 e:RetainedEarningsAccumulatedLosses 2023-02-28 11842867 d:FRS102 2023-03-01 2024-02-29 11842867 d:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 11842867 d:FullAccounts 2023-03-01 2024-02-29 11842867 d:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 11842867 2 2023-03-01 2024-02-29 11842867 5 2023-03-01 2024-02-29 11842867 e:Right-of-useInvestmentProperty 2023-03-01 2024-02-29 11842867 e:Right-of-useInvestmentProperty 2024-02-29 11842867 e:Right-of-useInvestmentProperty 2023-02-28 11842867 e:Right-of-useInvestmentProperty 2 2023-03-01 2024-02-29 11842867 f:PoundSterling 2023-03-01 2024-02-29 iso4217:GBP xbrli:pure
Registered number: 11842867









CIRELLO LTD

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
CIRELLO LTD
REGISTERED NUMBER: 11842867

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
572,504
297,622

  
572,504
297,622

Current assets
  

Debtors: amounts falling due within one year
 5 
3,597
550

Cash at bank and in hand
  
49,339
55,836

  
52,936
56,386

Creditors: amounts falling due within one year
 6 
(350,628)
(137,136)

Net current liabilities
  
 
 
(297,692)
 
 
(80,750)

Total assets less current liabilities
  
274,812
216,872

Creditors: amounts falling due after more than one year
 7 
(145,250)
(155,818)

Provisions for liabilities
  

Deferred tax
  
(52,378)
-

  
 
 
(52,378)
 
 
-

Net assets
  
77,184
61,054


Capital and reserves
  

Called up share capital 
  
102
102

Non-distributable reserve
  
52,378
-

Profit and loss account
  
24,704
60,952

  
77,184
61,054


Page 1

 
CIRELLO LTD
REGISTERED NUMBER: 11842867

BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024

The directors consider 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 directors acknowledge their 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 profit and loss account 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 28 November 2024.




................................................
Mr R Collier
Director

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

Page 2

 
CIRELLO LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Cirello Ltd is a private company limited by shares, incorporated in England and Wales, with a company registration number of 11842867. The address of the registered office is 30 Whiffler Road, Norwich, England, NR3 2AZ.
The financial statements are prepared 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

Going concern

The directors are continually assessing the impact of the current economic climate. They have not encountered any significant adverse impacts as a result, and have traded profitably. The company operates with the support of an associated company which is expected to continue. Therefore, the directors deem it appropriate to prepare the accounts on a going concern basis.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

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

 
2.5

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.

Page 3

 
CIRELLO LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.6

Borrowing costs

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

 
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 balance sheet 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 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.

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 balance sheet date.

 
2.8

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.9

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 4

 
CIRELLO LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

 
2.14

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




The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 5

 
CIRELLO LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

4.


Investment property





Freehold investment property
Property under construction
Total

£
£
£



Valuation


At 1 March 2023
297,622
-
297,622


Additions at cost
-
222,504
222,504


Surplus on revaluation
52,378
-
52,378



At 29 February 2024
350,000
222,504
572,504

The 2024 valuations were made by the directors, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

29 February
28 February
2024
2023
£
£


Historic cost
508,358
297,622

508,358
297,622


5.


Debtors

29 February
28 February
2024
2023
£
£


Other debtors
3,000
-

Prepayments and accrued income
597
550



6.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Bank loans
10,568
10,568

Corporation tax
4,253
10,709

Other creditors
331,104
111,543

Accruals and deferred income
4,703
4,316

350,628
137,136


Page 6

 
CIRELLO LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

7.


Creditors: Amounts falling due after more than one year

29 February
28 February
2024
2023
£
£

Bank loans
145,250
155,818


Secured Creditors
The total amount of creditors for which security has been given amounted to £155,818 (2023: £166,386). The creditors are secured against the assets to which they relate.

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

29 February
28 February
2024
2023
£
£


Repayable by instalments
102,978
113,546

102,978
113,546

The loan is repayable in monthly installments. The interest is charged on a monthly basis at 3.25%. The amounts payable in more than 5 years are included in secured creditors.


8.


Related party transactions

At the balance sheet date, a loan existed between the company and a related company under common control, Sure Roofs Systems Ltd. The amount owed to the related company was £307,699 (2023: £95,543). The loan was interest free and repayable on demand.
A loan also existed between the company and a relalated business, Taverham Conservatories. The amount owed to the related business was £5,404. The loan was interest free and repayable on demand.


Page 7