22 01/06/2023 31/05/2024 2024-05-31 false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2023-06-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 10140901 2023-06-01 2024-05-31 10140901 2024-05-31 10140901 2023-05-31 10140901 2022-06-01 2023-05-31 10140901 2023-05-31 10140901 2022-05-31 10140901 core:LandBuildings core:ShortLeaseholdAssets 2023-06-01 2024-05-31 10140901 core:PlantMachinery 2023-06-01 2024-05-31 10140901 core:FurnitureFittingsToolsEquipment 2023-06-01 2024-05-31 10140901 core:MotorVehicles 2023-06-01 2024-05-31 10140901 bus:RegisteredOffice 2023-06-01 2024-05-31 10140901 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 10140901 bus:LeadAgentIfApplicable 2023-06-01 2024-05-31 10140901 bus:Director1 2023-06-01 2024-05-31 10140901 bus:Director2 2023-06-01 2024-05-31 10140901 bus:CompanySecretary1 2023-06-01 2024-05-31 10140901 core:LandBuildings core:ShortLeaseholdAssets 2023-05-31 10140901 core:FurnitureFittingsToolsEquipment 2023-05-31 10140901 core:MotorVehicles 2023-05-31 10140901 core:LandBuildings core:ShortLeaseholdAssets 2024-05-31 10140901 core:FurnitureFittingsToolsEquipment 2024-05-31 10140901 core:MotorVehicles 2024-05-31 10140901 core:WithinOneYear 2024-05-31 10140901 core:WithinOneYear 2023-05-31 10140901 core:AfterOneYear 2024-05-31 10140901 core:AfterOneYear 2023-05-31 10140901 core:UKTax 2023-06-01 2024-05-31 10140901 core:UKTax 2022-06-01 2023-05-31 10140901 core:RetainedEarningsAccumulatedLosses 2023-05-31 10140901 core:RetainedEarningsAccumulatedLosses 2022-05-31 10140901 core:RetainedEarningsAccumulatedLosses 2024-05-31 10140901 core:RetainedEarningsAccumulatedLosses 2023-05-31 10140901 core:ShareCapital 2024-05-31 10140901 core:ShareCapital 2023-05-31 10140901 bus:OrdinaryShareClass1 core:ShareCapital 2024-05-31 10140901 bus:OrdinaryShareClass1 core:ShareCapital 2023-05-31 10140901 core:BetweenOneFiveYears 2024-05-31 10140901 core:BetweenOneFiveYears 2023-05-31 10140901 core:MoreThanFiveYears 2024-05-31 10140901 core:MoreThanFiveYears 2023-05-31 10140901 core:DeferredTaxation 2023-06-01 2024-05-31 10140901 core:AcceleratedTaxDepreciationDeferredTax 2024-05-31 10140901 core:AcceleratedTaxDepreciationDeferredTax 2023-05-31 10140901 core:LandBuildings core:ShortLeaseholdAssets 2023-05-31 10140901 core:FurnitureFittingsToolsEquipment 2023-05-31 10140901 core:MotorVehicles 2023-05-31 10140901 core:DeferredTaxation 2023-05-31 10140901 core:DeferredTaxation 2024-05-31 10140901 bus:SmallEntities 2023-06-01 2024-05-31 10140901 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 10140901 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 10140901 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 10140901 bus:FullAccounts 2023-06-01 2024-05-31 10140901 core:Subsidiary1 2023-06-01 2024-05-31 10140901 core:Subsidiary1 core:SaleOrPurchaseGoods 2023-06-01 2024-05-31 10140901 core:Subsidiary1 core:SaleOrPurchaseGoods 2022-06-01 2023-05-31 10140901 core:Subsidiary1 core:AdministrativeServices 2023-06-01 2024-05-31 10140901 core:Subsidiary1 core:AdministrativeServices 2022-06-01 2023-05-31 10140901 core:ImmediateParent 2023-06-01 2024-05-31 10140901 core:ImmediateParent core:ManagementRechargesServices 2023-06-01 2024-05-31 10140901 core:ImmediateParent core:ManagementRechargesServices 2022-06-01 2023-05-31 10140901 core:ImmediateParent core:AdministrativeServices 2023-06-01 2024-05-31 10140901 core:ImmediateParent core:AdministrativeServices 2022-06-01 2023-05-31 10140901 core:Subsidiary1 2024-05-31 10140901 core:Subsidiary1 2023-05-31 10140901 core:ImmediateParent 2024-05-31 10140901 core:ImmediateParent 2023-05-31 10140901 1 2023-06-01 2024-05-31
Company registration number: 10140901
Curado Bar Limited
Unaudited financial statements
31 May 2024
Curado Bar Limited
Contents
Directors and other information
Directors report
Accountants report
Statement of income and retained earnings
Statement of financial position
Notes to the financial statements
Curado Bar Limited
Directors and other information
Directors Mr P W Grimwood
Ms S Palit
Secretary Mr P W Grimwood
Company number 10140901
Registered office 31 Pier Street
Aberystwyth
Ceredigion
SY23 2LN
Business address 2 Guildhall Place
Westgate Street
Cardiff
CF10 1EB
Accountants Davies Lewis Baker
31 Bridge Street
Aberystwyth
Ceredigion
SY23 1QB
Bankers Barclays Bank PLC
Leicester
Leicestershire
LE87 2BB
Curado Bar Limited
Directors report
Year ended 31 May 2024
The directors present their report and the unaudited financial statements of the company for the year ended 31 May 2024.
Directors
The directors who served the company during the year were as follows:
Mr P W Grimwood
Ms S Palit
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 14 February 2025 and signed on behalf of the board by:
Mr P W Grimwood
Secretary
Curado Bar Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Curado Bar 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 Curado Bar Limited for the year ended 31 May 2024 which comprise the statement of income and retained earnings, statement of financial position and 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 http://www.accaglobal.com/ gb/en/about-us/regulation/rulebook.html.
This report is made solely to the board of directors of Curado Bar Limited, 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 Curado Bar Limited and state those matters that we have agreed to state to the board of directors of Curado Bar Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Curado Bar Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Curado Bar Limited 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 profit of Curado Bar Limited. You consider that Curado Bar Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Curado Bar Limited. 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.
Davies Lewis Baker
Chartered Certified Accountants
31 Bridge Street
Aberystwyth
Ceredigion
SY23 1QB
14 February 2025
Curado Bar Limited
Statement of income and retained earnings
Year ended 31 May 2024
2024 2023
Note £ £
Turnover 1,369,246 1,275,986
Cost of sales ( 453,507) ( 412,168)
_______ _______
Gross profit 915,739 863,818
Administrative expenses ( 797,741) ( 789,227)
_______ _______
Operating profit 117,998 74,591
Interest payable and similar expenses ( 568) ( 568)
Profit before taxation 5 117,430 74,023
Tax on profit 6 ( 33,238) ( 23,823)
_______ _______
Profit for the financial year and total comprehensive income 84,192 50,200
_______ _______
Retained earnings at the start of the year 293,184 242,983
_______ _______
Retained earnings at the end of the year 377,376 293,183
_______ _______
All the activities of the company are from continuing operations.
Curado Bar Limited
Statement of financial position
31 May 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 7 137,108 164,887
_______ _______
137,108 164,887
Current assets
Stocks 43,360 43,948
Debtors 8 805,677 639,248
Cash at bank and in hand 26,205 18,121
_______ _______
875,242 701,317
Creditors: amounts falling due
within one year 9 ( 357,919) ( 287,283)
_______ _______
Net current assets 517,323 414,034
_______ _______
Total assets less current liabilities 654,431 578,921
Creditors: amounts falling due
after more than one year 10 ( 26,333) ( 32,242)
Provisions for liabilities 11 ( 20,722) ( 23,496)
_______ _______
Net assets 607,376 523,183
_______ _______
Capital and reserves
Called up share capital 13 230,000 230,000
Profit and loss account 377,376 293,183
_______ _______
Shareholders funds 607,376 523,183
_______ _______
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.
These financial statements have been prepared 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'.
These financial statements were approved by the board of directors and authorised for issue on 14 February 2025 , and are signed on behalf of the board by:
Mr P W Grimwood Ms S Palit
Director Director
Company registration number: 10140901
Curado Bar 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 31 Pier Street, Aberystwyth, Ceredigion, SY23 2LN.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Consolidation
The company has taken advantage of the exemption from preparing consolidated financial statements contained in Section 400 of the Companies Act 2006 on the basis that it is a subsidiary undertaking and its immediate parent undertaking is established under the law of any part of the United Kingdom.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losse
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property - 10 % straight line
Plant and machinery - 10 % straight line
Fittings fixtures and equipment - 10 % straight line
Motor vehicles - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 22 (2023: 24 ).
5. Profit before taxation
Profit before taxation is stated after charging/(crediting):
2024 2023
£ £
Depreciation of tangible assets 35,020 34,492
_______ _______
6. Tax on profit
Major components of tax expense
2024 2023
£ £
Current tax:
UK current tax expense 36,012 20,726
_______ _______
Deferred tax:
Origination and reversal of timing differences ( 2,774) 3,097
_______ _______
Tax on profit 33,238 23,823
_______ _______
Included in the above tax charge is a payment of £25,898 made to a subsidiary company for group relief (2023: £20,726)
7. Tangible assets
Short leasehold property Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 June 2023 185,815 152,877 6,750 345,442
Additions - 7,241 - 7,241
_______ _______ _______ _______
At 31 May 2024 185,815 160,118 6,750 352,683
_______ _______ _______ _______
Depreciation
At 1 June 2023 101,246 77,284 2,025 180,555
Charge for the year 18,581 15,764 675 35,020
_______ _______ _______ _______
At 31 May 2024 119,827 93,048 2,700 215,575
_______ _______ _______ _______
Carrying amount
At 31 May 2024 65,988 67,070 4,050 137,108
_______ _______ _______ _______
At 31 May 2023 84,569 75,593 4,725 164,887
_______ _______ _______ _______
8. Debtors
2024 2023
£ £
Trade debtors 789,450 623,741
Other debtors 16,227 15,507
_______ _______
805,677 639,248
_______ _______
9. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 6,836 6,725
Trade creditors 239,824 187,488
Amounts owed to group undertakings and undertakings in which the company has a participating interest 20,861 20,861
Corporation tax 10,113 12,904
Social security and other taxes 68,390 48,406
Other creditors 11,895 10,899
_______ _______
357,919 287,283
_______ _______
Barclays Bank PLC have a fixed and floating charge over the assets of the company in respect of any borrowings. At the year end the total outstanding to Barclays was £789 (2023: £678). This excludes funds of £32,380 (2023: £38,289) borrowed under the Bounce Back Loan Scheme, provided with a government backed guarantee.
10. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 26,333 32,242
_______ _______
11. Provisions
Deferred tax (note 12) Total
£ £
At 1 June 2023 23,496 23,496
Charges against provisions ( 2,774) ( 2,774)
_______ _______
At 31 May 2024 20,722 20,722
_______ _______
12. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024 2023
£ £
Included in provisions (note 11) 20,722 23,496
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2024 2023
£ £
Accelerated capital allowances 20,722 23,496
_______ _______
13. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
A Ordinary shares shares of £ 1.00 each 230,000 230,000 230,000 230,000
_______ _______ _______ _______
14. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 85,822 85,822
Later than 1 year and not later than 5 years 291,600 293,400
Later than 5 years 183,000 255,000
_______ _______
560,422 634,222
_______ _______
15. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2024 2023 2024 2023
£ £ £ £
Ultracomida Trading Co. Limited - - 784,013 618,328
Stock purchases 400,244 367,888 - -
Wages recharged 16,872 22,707 - -
Ultracomida Limited - - ( 232,898) ( 151,217)
Management fees paid 36,000 36,400 - -
Wages recharged 40,255 39,890 - -
_______ _______ _______ _______
Curado Bar Limited is a subsidiary of Ultracomida Limited. Ultracomida Trading Co. Limited is a wholly owned subsidiary of Ultracomida Limited.
16. Controlling party
The company is a subsidiary of Ultracomida Limited. Both companies are controlled by the directors, Mr P Grimwood an d Ms S Palit .