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COMPANY REGISTRATION NUMBER: 13273115
Gustatio Limited
Filleted Unaudited Financial Statements
31 May 2024
Gustatio Limited
Financial Statements
Year ended 31 May 2024
Contents
Page
Report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
Gustatio Limited
Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Gustatio Limited
Year ended 31 May 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 Gustatio Limited for the year ended 31 May 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
JAY & JAY PARTNERSHIP LIMITED Chartered Certified Accountants
2 Chesterfield Buildings Westbourne Place Clifton Bristol BS8 1RU
20 January 2025
Gustatio Limited
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
Fixed assets
Investments
5
1,508,599
1,585,385
Current assets
Debtors
6
120,000
120,000
Creditors: amounts falling due within one year
7
3,130
1,860
---------
---------
Net current assets
116,870
118,140
------------
------------
Total assets less current liabilities
1,625,469
1,703,525
Creditors: amounts falling due after more than one year
8
1,760,089
1,685,385
------------
------------
Net (liabilities)/assets
( 134,620)
18,140
------------
------------
Capital and reserves
Called up share capital
10,000
10,000
Profit and loss account
( 144,620)
8,140
---------
--------
Shareholders (deficit)/funds
( 134,620)
18,140
---------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Gustatio Limited
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 18 December 2024 , and are signed on behalf of the board by:
B J Newton
Director
Company registration number: 13273115
Gustatio Limited
Notes to the Financial Statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is YVHQ, Rhodyate, Blagdon, North Somerset, BS40 7YE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company is reliant on the continued support of its directors and shareholders. The directors have a reasonable expectation that with the support of its shareholders the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.
Investments
Investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4. Employees
The average number of employees, including directors, during the year was 2 (2023 - 2).
5. Investments
Shares in participating interests
£
Cost or valuation
At 1 June 2023
1,585,385
Revaluations
( 76,786)
------------
At 31 May 2024
1,508,599
------------
Impairment
At 1 June 2023 and 31 May 2024
------------
Carrying amount
At 31 May 2024
1,508,599
------------
At 31 May 2023
1,585,385
------------
The basis for the revaluation of the company's investment at 31st May 2024 is an enterprise pre-money equity valuation based on an offer for the associate company.
6. Debtors
2024
2023
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
100,000
100,000
Other debtors
20,000
20,000
---------
---------
120,000
120,000
---------
---------
The debtors above include the following amounts falling due after more than one year:
2024
2023
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
100,000
100,000
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to related party
1,930
900
Other creditors
1,200
960
-------
-------
3,130
1,860
-------
-------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Amounts owed to related party
1,760,089
1,685,385
------------
------------
9. Related party transactions
The company loaned £100,000 to an associate company in January 2023. The loan is interest free and repayable in January 2028.