Company registration number SC332524 (Scotland)
AMORE (GLASGOW) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
AMORE (GLASGOW) LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
AMORE (GLASGOW) LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mrs I Perella
Mr E Perella
Mr R Perella
Secretary
Mrs I Perella
Company number
SC332524
Registered office
C/O Consilium Chartered Accountants
169 West George Street
Glasgow
United Kingdom
G2 2LB
Accountants
Consilium Chartered Accountants
169 West George Street
Glasgow
Scotland
G2 2LB
Business address
30 Ingram Street
Merchant City
Glasgow
Scotland
G1 1EZ
AMORE (GLASGOW) LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
295,262
279,188
Current assets
Stocks
10,000
7,750
Debtors
4
392,280
300,677
Cash at bank and in hand
107,030
123,882
509,310
432,309
Creditors: amounts falling due within one year
5
(434,194)
(331,351)
Net current assets
75,116
100,958
Total assets less current liabilities
370,378
380,146
Creditors: amounts falling due after more than one year
6
(66,907)
(92,593)
Provisions for liabilities
8
(36,494)
(31,744)
Net assets
266,977
255,809
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
266,877
255,709
Total equity
266,977
255,809

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

AMORE (GLASGOW) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 29 January 2025 and are signed on its behalf by:
Mrs I Perella
Mr E Perella
Director
Director
Company Registration No. SC332524
AMORE (GLASGOW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information

Amore (Glasgow) Limited is a private company limited by shares incorporated in Scotland. The registered office is C/O Consilium Chartered Accountants, 169 West George Street, Glasgow, United Kingdom, G2 2LB. The principal place of business is 30 Ingram Street, Merchant City, Glasgow, Scotland, G1 1EZ. The company's registration number is SC332524.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional and presentational currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

 

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

The turnover shown in the profit and loss account represents the value of all goods sold during the year exclusive of Value Added Tax. Turnover is recognised at the point of sale to the customer.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
10% reducing balance
Fixtures and fittings
15% reducing balance
Computers
20% straight line
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit and loss account.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is calculated using the first-in first-out method and includes the normal cost of transporting stock to its present location and condition.

AMORE (GLASGOW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

AMORE (GLASGOW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Leases

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value, and are depreciated in accordance with the above depreciation policies.

 

Future instalments payable under such agreements, net of finance charges, are included within creditors. Rentals payable are apportioned between the capital element, which reduces the outstanding obligation included within creditors, and the finance element, which is charged to the profit and loss account on a straight line basis.

Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Total
34
33
AMORE (GLASGOW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
3
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
356,921
720,773
1,887
28,106
1,107,687
Additions
-
0
37,615
850
121,706
160,171
Disposals
-
0
-
0
-
0
(121,817)
(121,817)
At 31 March 2024
356,921
758,388
2,737
27,995
1,146,041
Depreciation and impairment
At 1 April 2023
255,887
548,229
1,280
23,103
828,499
Depreciation charged in the year
10,103
30,334
281
24,189
64,907
Eliminated in respect of disposals
-
0
-
0
-
0
(42,627)
(42,627)
At 31 March 2024
265,990
578,563
1,561
4,665
850,779
Carrying amount
At 31 March 2024
90,931
179,825
1,176
23,330
295,262
At 31 March 2023
101,034
172,544
607
5,003
279,188

 

4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
392,280
300,677
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
44,444
44,444
Trade creditors
73,567
65,939
Amounts due to associates
35,433
35,432
Taxation and social security
216,901
161,291
Other creditors
63,849
24,245
434,194
331,351

Bank loans of £44,444 (2023 - £44,444) are secured by a standard security and floating charge over the assets of the company.

 

Included within other creditors is £5,490 (2023 - £Nil) in relation to hire purchase contracts. These liabilities are secured over the assets to which they relate.

AMORE (GLASGOW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
48,148
92,593
Other creditors
18,759
-
0
66,907
92,593

Bank loans of £48,148 (2023 - £92,593) are secured by a standard security and floating charge over the assets of the company.

 

Included within other creditors is £18,759 (2023 - £Nil) in relation to hire purchase contracts. These liabilities are secured over the assets to which they relate.

7
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
8
36,494
31,744
8
Deferred taxation

The following are the major deferred tax liabilities recognised by the company and movements thereon:

2024
2023
Balances:
£
£
Accelerated capital allowances
36,494
31,744
2024
Movements in the year:
£
Liability at 1 April 2023
31,744
Charge to profit or loss
4,750
Liability at 31 March 2024
36,494

 

AMORE (GLASGOW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
9
Called up share capital
2022
2023
£
£
Ordinary share capital
Issued and fully paid
4,997 A shares of 1p each
50
50
4,997 B shares of 1p each
50
50
2 C shares of 1p each
-
-
2 D shares of 1p each
-
-
2 E shares of 1p each
-
-
100
100

All classes of shares are entitled to attend and vote at general meetings.

 

All classes of shares are entitled to receive dividends as may be declared by the company. The dividends declared may differ for each class of shareholding.

 

All classes of shares are entitled to a share of the assets in the event of a winding up of the company in proportion to the shareholdings.

10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
5,000
15,000
11
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

The company operated current accounts with associated companies. The amount outstanding at the year end owed from associates was £389,790 (2023 - £300,677). The amount outstanding at the year end owed to associates was £35,432 (2023 - £35,432).

 

Included in other creditors are amounts totalling £134 (2023 - £153) due to the directors. These loans are unsecured, interest free, with no fixed terms of repayment in place.

 

No further transactions with related parties were undertaken such as are required to be disclosed under the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

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