Company registration number SC535130 (Scotland)
Bar Napoli Ltd
unaudited financial statements
for the year ended 31 May 2024
Pages for filing with Registrar
Bar Napoli Ltd
Contents
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
Bar Napoli Ltd
Balance sheet
as at 31 May 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
28,571
51,002
Investment property
5
771,320
156,720
799,891
207,722
Current assets
Stocks
5,840
6,437
Debtors
6
40,712
93,471
Cash at bank and in hand
752,566
1,268,898
799,118
1,368,806
Creditors: amounts falling due within one year
7
(352,372)
(664,592)
Net current assets
446,746
704,214
Total assets less current liabilities
1,246,637
911,936
Creditors: amounts falling due after more than one year
8
(13,333)
(23,333)
Provisions for liabilities
(3,022)
(10,161)
Net assets
1,230,282
878,442
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
1,230,281
878,441
Total equity
1,230,282
878,442
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 May 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 member has 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.
Bar Napoli Ltd
Balance sheet (continued)
as at 31 May 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 27 February 2025 and are signed on its behalf by:
Gianpiero Crolla
Director
Company Registration No. SC535130
Bar Napoli Ltd
Statement of changes in equity
for the year ended 31 May 2024
- 3 -
Share capital
Profit and loss reserves
Total
£
£
£
As restated for the period ended 31 May 2023:
Balance at 1 June 2022
1
522,584
522,585
Prior year adjustment
-
(78,549)
(78,549)
As restated
1
444,035
444,036
Year ended 31 May 2023:
Profit and total comprehensive income for the year
-
434,406
434,406
Balance at 31 May 2023
1
878,441
878,442
Year ended 31 May 2024:
Profit and total comprehensive income for the year
-
351,840
351,840
Balance at 31 May 2024
1
1,230,281
1,230,282
Bar Napoli Ltd
Notes to the financial statements
for the year ended 31 May 2024
- 4 -
1
Accounting policies
Company information
Bar Napoli Ltd is a private company limited by shares incorporated in Scotland. The registered office is 1F1, 85 Hanover Street, Edinburgh, EH2 1EE.
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 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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
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:
Fixtures, fittings & equipment
15%-20% straight line
Motor vehicles
20% straight line
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 profit or loss.
1.5
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
Bar Napoli Ltd
Notes to the financial statements (continued)
for the year ended 31 May 2024
1
Accounting policies (continued)
- 5 -
1.6
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.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
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.
1.9
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.
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.
Classification of financial liabilities
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.
Bar Napoli Ltd
Notes to the financial statements (continued)
for the year ended 31 May 2024
1
Accounting policies (continued)
- 6 -
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.
1.10
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.
1.11
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.
1.12
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.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Bar Napoli Ltd
Notes to the financial statements (continued)
for the year ended 31 May 2024
1
Accounting policies (continued)
- 7 -
1.14
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss 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.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.15
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
14
15
Bar Napoli Ltd
Notes to the financial statements (continued)
for the year ended 31 May 2024
- 8 -
4
Tangible fixed assets
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
Cost
At 1 June 2023
169,193
33,127
202,320
Additions
6,106
6,106
At 31 May 2024
175,299
33,127
208,426
Depreciation and impairment
At 1 June 2023
141,347
9,971
151,318
Depreciation charged in the year
21,912
6,625
28,537
At 31 May 2024
163,259
16,596
179,855
Carrying amount
At 31 May 2024
12,040
16,531
28,571
At 31 May 2023
27,846
23,156
51,002
5
Investment property
2024
£
Fair value
At 1 June 2023
156,720
Additions
614,600
At 31 May 2024
771,320
Investment property comprises 106 Rose Street and 17/17a Raeburn Place. The fair value of the investment properties is deemed to be the purchase price of the property which reflects the market value.
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
68,060
Amounts owed by group undertakings
5,672
Other debtors
40,712
19,739
40,712
93,471
Bar Napoli Ltd
Notes to the financial statements (continued)
for the year ended 31 May 2024
- 9 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
10,000
Trade creditors
65,164
172,782
Corporation tax
22,067
95,933
Other taxation and social security
141,299
257,600
Other creditors
113,842
128,277
352,372
664,592
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
13,333
23,333
9
Related party transactions
Costs of £2,564 have been paid on behalf of Bar Napoli Ltd by G Crolla & Family Limited and is included within other creditors at the year end. A Crolla is a director of both Bar Napoli Limited and G Crolla & Family Limited.
10
Prior period adjustment
Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 May 2023
£
£
£
Current assets
Debtors due within one year
190,445
(96,974)
93,471
Creditors due within one year
Taxation
(371,958)
18,425
(353,533)
Net assets
956,991
(78,549)
878,442
Capital and reserves
Profit and loss reserves
956,990
(78,549)
878,441
Notes to reconciliation
The prior year adjustment represents a VAT adjustment in the year ended 31 May 2022 as a result of the incorrect VAT rate being applied to some sales during the COVID-19 pandemic, and the corporation tax refund due in relation to the adjustment. The 2022 accounts previously reported profit and loss reserves of £522,584 and, after the adjustment, the restated profit and loss reserves at 31 May 2022 are £444,035.
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