Company No:
Contents
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 |
The directors present their annual report and the unaudited financial statements of the Company for the financial year ended 31 January 2024.
PRINCIPAL ACTIVITIES
GOING CONCERN
DIRECTORS
The directors, who served during the financial year and to the date of this report except as noted, were as follows:
|
|
|
|
|
Approved by the Board of Directors and signed on its behalf by:
S A M Di Ciacca Tana
Director |
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.
Chartered Accountants
Glasgow
G2 2ND
2024 | 2023 | |||
£ | £ | |||
Turnover |
|
|
||
Cost of sales | (
|
(
|
||
Gross (loss)/profit | (
|
|
||
Administrative expenses | (
|
(
|
||
Operating (loss)/profit and (loss)/profit before taxation | (
|
|
||
Tax on (loss)/profit |
|
|
||
(Loss)/profit for the financial year | (
|
|
Note | 2024 | 2023 | ||
£ | £ | |||
Current assets | ||||
Stocks |
|
|
||
Debtors | 3 |
|
|
|
Cash at bank and in hand |
|
|
||
10,724 | 17,628 | |||
Creditors: amounts falling due within one year | 4 | (
|
(
|
|
Net current liabilities | (21,524) | (13,448) | ||
Total assets less current liabilities | (21,524) | (13,448) | ||
Net liabilities | (
|
(
|
||
Capital and reserves | ||||
Called-up share capital | 5 |
|
|
|
Profit and loss account | (
|
(
|
||
Total shareholder's deficit | (
|
(
|
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:
S A M Di Ciacca Tana
Director |
Called-up share capital | Profit and loss account | Total | |||
£ | £ | £ | |||
At 01 February 2022 |
|
(
|
(
|
||
Profit for the financial year |
|
|
|
||
Total comprehensive income |
|
|
|
||
At 31 January 2023 |
|
(
|
(
|
||
At 01 February 2023 |
|
(
|
(
|
||
Loss for the financial year |
|
(
|
(
|
||
Total comprehensive loss |
|
(
|
(
|
||
At 31 January 2024 |
|
(
|
(
|
||
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.
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 £.
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 is recognised when the significant risks and rewards are considered to have been transferred to the customer.
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.
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 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.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
|
|
2024 | 2023 | ||
£ | £ | ||
Trade debtors |
|
|
2024 | 2023 | ||
£ | £ | ||
Trade creditors |
|
|
|
Other taxation and social security |
|
|
|
Other creditors |
|
|
|
|
|
2024 | 2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
|
|
|
Transactions with owners holding a participating interest in the entity
2024 | 2023 | ||
£ | £ | ||
Amounts due to key management personnel | 20,804 | 19,999 |
2024 | 2023 | ||
£ | £ | ||
Turnover | |||
Sales |
|
|
|
Cost of sales | |||
Purchases | (
|
|
|
Direct costs | (
|
(
|
|
(16,330) | (11,035) | ||
Gross (loss)/profit | (
|
|
|
Gross (loss)/profit percentage | 48.85% | 26.59% | |
Administrative expenses | |||
Travel and subsistence | (
|
|
|
Printing, postage and stationery | (
|
(
|
|
Bank charges | (
|
(
|
|
Subscriptions | (
|
(
|
|
Bad debts | (
|
|
|
Accountancy fees | (
|
(
|
|
General |
|
(
|
|
(2,717) | (1,693) | ||
Operating (loss)/profit and (loss)/profit before taxation | (
|
|
|