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Registration number: NI644212

Al Gelato Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Al Gelato Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Al Gelato Limited

Company Information

Director

Mr Alastair David Macaulay

Registered office

8 Malone Park Central
Belfast
Co Antrim
BT9 6NP

Accountants

McKeague Morgan & Company
27 College Gardens
Belfast
BT9 6BS

 

Al Gelato Limited

(Registration number: NI644212)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

103,449

88,214

Current assets

 

Stocks

5

59,867

65,000

Debtors

6

17,106

8,620

Cash at bank and in hand

 

212,890

326,309

 

289,863

399,929

Creditors: Amounts falling due within one year

7

(209,004)

(246,552)

Net current assets

 

80,859

153,377

Total assets less current liabilities

 

184,308

241,591

Creditors: Amounts falling due after more than one year

7

(13,874)

(23,992)

Provisions for liabilities

(24,666)

(20,595)

Net assets

 

145,768

197,004

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

145,767

197,003

Total equity

 

145,768

197,004

For the financial year ending 29 February 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 26 February 2025

.........................................

Mr Alastair David Macaulay
Director

 

Al Gelato Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
8 Malone Park Central
Belfast
Co Antrim
BT9 6NP
Northern Ireland

These financial statements were authorised for issue by the director on 26 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Al Gelato Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% straight line

Fixtures and fittings

20% straight line

Motor vehicles

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Al Gelato Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

2

Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 25 (2023 - 25).

 

Al Gelato Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

96,225

134,129

7,370

237,724

Additions

42,048

28,801

-

70,849

At 29 February 2024

138,273

162,930

7,370

308,573

Depreciation

At 1 March 2023

62,456

81,841

5,213

149,510

Charge for the year

27,871

26,269

1,474

55,614

At 29 February 2024

90,327

108,110

6,687

205,124

Carrying amount

At 29 February 2024

47,946

54,820

683

103,449

At 28 February 2023

33,769

52,288

2,157

88,214

5

Stocks

2024
£

2023
£

Other inventories

59,867

65,000

 

Al Gelato Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

6

Debtors

2024
£

2023
£

Trade debtors

1,393

672

Prepayments

2,583

1,948

Other debtors

13,130

6,000

17,106

8,620

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

9

10,119

9,871

Trade creditors

 

11,101

26,758

Corporation tax liability

 

-

11,607

Taxation and social security

 

10,819

1,085

Other creditors

 

10,610

8,609

Loans from directors

 

160,251

184,954

Accruals and deferred income

 

6,104

3,668

 

209,004

246,552

Due after one year

 

Loans and borrowings

9

13,874

23,992

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

         
 

Al Gelato Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

9

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,119

9,871

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

13,874

23,992

10

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

13,200

10,400

Contributions paid to money purchase schemes

40,000

124

53,200

10,524