1 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 false false No description of principal activities is disclosed 2023-06-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP SC075520 2023-06-01 2024-05-31 SC075520 2024-05-31 SC075520 2023-05-31 SC075520 2022-06-01 2023-05-31 SC075520 2023-05-31 SC075520 2022-05-31 SC075520 core:MotorVehicles 2023-06-01 2024-05-31 SC075520 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 SC075520 bus:OrdinaryShareClass2 2023-06-01 2024-05-31 SC075520 bus:Director1 2023-06-01 2024-05-31 SC075520 core:FurnitureFittingsToolsEquipment 2023-05-31 SC075520 core:MotorVehicles 2023-05-31 SC075520 core:FurnitureFittingsToolsEquipment 2024-05-31 SC075520 core:MotorVehicles 2024-05-31 SC075520 core:WithinOneYear 2024-05-31 SC075520 core:WithinOneYear 2023-05-31 SC075520 core:AfterOneYear 2024-05-31 SC075520 core:AfterOneYear 2023-05-31 SC075520 core:ShareCapital 2024-05-31 SC075520 core:ShareCapital 2023-05-31 SC075520 core:SharePremium 2024-05-31 SC075520 core:SharePremium 2023-05-31 SC075520 core:RevaluationReserve 2024-05-31 SC075520 core:RevaluationReserve 2023-05-31 SC075520 core:RetainedEarningsAccumulatedLosses 2024-05-31 SC075520 core:RetainedEarningsAccumulatedLosses 2023-05-31 SC075520 bus:OrdinaryShareClass1 core:ShareCapital 2024-05-31 SC075520 bus:OrdinaryShareClass1 core:ShareCapital 2023-05-31 SC075520 bus:OrdinaryShareClass2 core:ShareCapital 2024-05-31 SC075520 bus:OrdinaryShareClass2 core:ShareCapital 2023-05-31 SC075520 core:FurnitureFittingsToolsEquipment 2023-06-01 2024-05-31 SC075520 core:CostValuation core:Non-currentFinancialInstruments 2024-05-31 SC075520 core:Non-currentFinancialInstruments 2024-05-31 SC075520 core:Non-currentFinancialInstruments 2023-05-31 SC075520 core:FurnitureFittingsToolsEquipment 2023-05-31 SC075520 bus:SmallEntities 2023-06-01 2024-05-31 SC075520 bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 SC075520 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 SC075520 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 SC075520 bus:FullAccounts 2023-06-01 2024-05-31
Company registration number: SC075520
Policella Brothers Ltd
Unaudited filleted financial statements
31 May 2024
Policella Brothers Ltd
Statement of financial position
31 May 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 5,569 6,188
Investments 6 2,000,000 2,000,000
_______ _______
2,005,569 2,006,188
Current assets
Debtors 7 35,543 47,746
Cash at bank and in hand 163,854 105,131
_______ _______
199,397 152,877
Creditors: amounts falling due
within one year 8 ( 121,813) ( 120,700)
_______ _______
Net current assets 77,584 32,177
_______ _______
Total assets less current liabilities 2,083,153 2,038,365
Creditors: amounts falling due
after more than one year 9 ( 69,254) ( 110,170)
Provisions for liabilities ( 977) ( 1,041)
_______ _______
Net assets 2,012,922 1,927,154
_______ _______
Capital and reserves
Called up share capital 10 1,166 1,166
Share premium account 99,834 99,834
Revaluation reserve 698,733 698,733
Profit and loss account 1,213,189 1,127,421
_______ _______
Shareholders funds 2,012,922 1,927,154
_______ _______
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.
Director's 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 director acknowledges 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 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 25 February 2025 , and are signed on behalf of the board by:
V Policella
Director
Company registration number: SC075520
Policella Brothers Ltd
Notes to the financial statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in Scotland ( SC075520 ). The address of the registered office is 29 York Place, Edinburgh, EH1 3HP.
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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rent from the company's investment properties, stated net of discounts and of Value Added Tax.
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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Fittings fixtures and equipment - 10 % reducing balance & 33.33% straight line
Motor vehicles - 25 % 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.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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.
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
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.Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.Cash at bank and in hand includes cash and short term highly liquid investments.Creditors are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due .
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 June 2023 and 31 May 2024 21,305 8,415 29,720
_______ _______ _______
Depreciation
At 1 June 2023 15,117 8,415 23,532
Charge for the year 619 - 619
_______ _______ _______
At 31 May 2024 15,736 8,415 24,151
_______ _______ _______
Carrying amount
At 31 May 2024 5,569 - 5,569
_______ _______ _______
At 31 May 2023 6,188 - 6,188
_______ _______ _______
6. Investments
Investment properties Total
£ £
Cost or valuation
At 1 June 2023 and 31 May 2024 2,000,000 2,000,000
_______ _______
Impairment
At 1 June 2023 and 31 May 2024 - -
_______ _______
Carrying amount
At 31 May 2024 2,000,000 2,000,000
_______ _______
At 31 May 2023 2,000,000 2,000,000
_______ _______
7. Debtors
2024 2023
£ £
Other debtors 35,543 47,746
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 40,915 38,375
Corporation tax 24,537 21,350
Other creditors 56,361 60,975
_______ _______
121,813 120,700
_______ _______
Bank loans due within one year of £40,915 are secured by a bond and floating charge.
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 69,254 110,170
_______ _______
Bank loans due after one year of £69,254 are secured by a bond and floating charge.
10. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 1,000 1,000 1,000 1,000
Ordinary "A" shares of £ 1.00 each 166 166 166 166
_______ _______ _______ _______
1,166 1,166 1,166 1,166
_______ _______ _______ _______