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Company No: SC440268 (Scotland)

I CIACCA LTD

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024

I CIACCA LTD

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024

Contents

I CIACCA LTD

COMPANY INFORMATION

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
I CIACCA LTD

COMPANY INFORMATION (continued)

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
DIRECTORS S A M Di Ciacca Tana
C M Di Ciacca
L Tana
REGISTERED OFFICE C/O Johnston Carmichael
227 West George Street
Glasgow
G2 2ND
Scotland
United Kingdom
COMPANY NUMBER SC440268 (Scotland)
CHARTERED ACCOUNTANTS Johnston Carmichael LLP
227 West George Street
Glasgow
G2 2ND
I CIACCA LTD

DIRECTORS' REPORT

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
I CIACCA LTD

DIRECTORS' REPORT (continued)

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024

The directors present their annual report and the unaudited financial statements of the Company for the financial year ended 31 January 2024.

PRINCIPAL ACTIVITIES

The principal activity of the Company during the financial year was that of an importer and seller of wine.

GOING CONCERN

The directors' have prepared the financial statements on the going concern basis. Further details are provided in the notes to the financial statements.

DIRECTORS

The directors, who served during the financial year and to the date of this report except as noted, were as follows:

S A M Di Ciacca Tana
C M Di Ciacca
L Tana

This Directors' Report has been prepared in accordance with the provisions applicable to companies entitled to the small companies' exemption provided by section 415A of the Companies Act 2006.



Approved by the Board of Directors and signed on its behalf by:

S A M Di Ciacca Tana
Director
C/O Johnston Carmichael
227 West George Street
Glasgow
G2 2ND
Scotland
United Kingdom

27 January 2025

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF
THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF I CIACCA LTD

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF
THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF I CIACCA LTD (continued)

FOR THE FINANCIAL 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 I Ciacca Ltd for the financial year ended 31 January 2024 which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes 1 to 6 from the Company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.

It is your duty to ensure that I Ciacca Ltd 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 loss of I Ciacca Ltd. You consider that I Ciacca Ltd is exempt from the statutory audit requirement for the financial year.

We have not been instructed to carry out an audit or a review of the financial statements of I Ciacca Ltd. 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.

This report is made solely to the Board of Directors of I Ciacca Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of I Ciacca Ltd and state those matters that we have agreed to state to you in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than I Ciacca Ltd and its Board of Directors as a body for our work or for this report.

Johnston Carmichael LLP
Chartered Accountants

227 West George Street
Glasgow
G2 2ND

27 January 2025

I CIACCA LTD

PROFIT AND LOSS ACCOUNT

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
I CIACCA LTD

PROFIT AND LOSS ACCOUNT (continued)

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
2024 2023
£ £
Turnover 10,971 15,032
Cost of sales ( 16,330) ( 11,035)
Gross (loss)/profit ( 5,359) 3,997
Administrative expenses ( 2,717) ( 1,693)
Operating (loss)/profit and (loss)/profit before taxation ( 8,076) 2,304
Tax on (loss)/profit 0 0
(Loss)/profit for the financial year ( 8,076) 2,304
I CIACCA LTD

BALANCE SHEET

AS AT 31 JANUARY 2024
I CIACCA LTD

BALANCE SHEET (continued)

AS AT 31 JANUARY 2024
Note 2024 2023
£ £
Current assets
Stocks 5,600 9,827
Debtors 3 3,437 4,270
Cash at bank and in hand 1,687 3,531
10,724 17,628
Creditors: amounts falling due within one year 4 ( 32,248) ( 31,076)
Net current liabilities (21,524) (13,448)
Total assets less current liabilities (21,524) (13,448)
Net liabilities ( 21,524) ( 13,448)
Capital and reserves
Called-up share capital 5 1 1
Profit and loss account ( 21,525 ) ( 13,449 )
Total shareholder's deficit ( 21,524) ( 13,448)

For the financial 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.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of I Ciacca Ltd (registered number: SC440268) were approved and authorised for issue by the Board of Directors on 27 January 2025. They were signed on its behalf by:

S A M Di Ciacca Tana
Director
I CIACCA LTD

STATEMENT OF CHANGES IN EQUITY

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
I CIACCA LTD

STATEMENT OF CHANGES IN EQUITY (continued)

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
Called-up share capital Profit and loss account Total
£ £ £
At 01 February 2022 1 ( 15,753) ( 15,752)
Profit for the financial year 0 2,304 2,304
Total comprehensive income 0 2,304 2,304
At 31 January 2023 1 ( 13,449) ( 13,448)
At 01 February 2023 1 ( 13,449) ( 13,448)
Loss for the financial year 0 ( 8,076) ( 8,076)
Total comprehensive loss 0 ( 8,076) ( 8,076)
At 31 January 2024 1 ( 21,525) ( 21,524)
I CIACCA LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
I CIACCA LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

I Ciacca Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is C/O Johnston Carmichael, 227 West George Street, Glasgow, G2 2ND, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Debtors

2024 2023
£ £
Trade debtors 3,437 4,270

4. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 163 0
Other taxation and social security 38 0
Other creditors 32,047 31,076
32,248 31,076

5. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

6. Related party transactions

Transactions with owners holding a participating interest in the entity

2024 2023
£ £
Amounts due to key management personnel 20,804 19,999
I CIACCA LTD

DETAILED PROFIT AND LOSS ACCOUNT

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
I CIACCA LTD

DETAILED PROFIT AND LOSS ACCOUNT (continued)

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
2024 2023
£ £
Turnover
Sales 10,971 15,032
Cost of sales
Purchases ( 4,227) 0
Direct costs ( 12,103) ( 11,035)
(16,330) (11,035)
Gross (loss)/profit ( 5,359) 3,997
Gross (loss)/profit percentage 48.85% 26.59%
Administrative expenses
Travel and subsistence ( 213) 0
Printing, postage and stationery ( 181) ( 266)
Bank charges ( 119) ( 86)
Subscriptions ( 126) ( 44)
Bad debts ( 264) 0
Accountancy fees ( 1,814) ( 1,283)
General 0 ( 14)
(2,717) (1,693)
Operating (loss)/profit and (loss)/profit before taxation ( 8,076) 2,304