Registered number
SC147563
Pasquale Limited
Filleted Accounts
31 May 2024
Pasquale Limited
Registered number: SC147563
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,085,594 1,074,454
Current assets
Debtors 4 4,718 7,152
Cash at bank and in hand 32,964 40,193
37,682 47,345
Creditors: amounts falling due within one year 5 (21,358) (19,628)
Net current assets 16,324 27,717
Total assets less current liabilities 1,101,918 1,102,171
Provisions for liabilities (81,399) (78,500)
Net assets 1,020,519 1,023,671
Capital and reserves
Called up share capital 1,000 1,000
Revaluation reserve 6 723,142 742,142
Profit and loss account 296,377 280,529
Shareholders' funds 1,020,519 1,023,671
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Pasquale Chierchia
Director
Approved by the board on 26 February 2025
Pasquale Limited
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Equipment 25% Reducing Balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 June 2023 1,074,000 2,863 1,076,863
Additions - 400 400
Movement on revaluation 11,000 - 11,000
Disposals - (260) (260)
At 31 May 2024 1,085,000 3,003 1,088,003
Depreciation
At 1 June 2023 - 2,409 2,409
Charge for the year - 198 198
On disposals - (198) (198)
At 31 May 2024 - 2,409 2,409
Net book value
At 31 May 2024 1,085,000 594 1,085,594
At 31 May 2023 1,074,000 454 1,074,454
Freehold land and buildings: 2024 2023
£ £
Historical cost 412,762 412,762
Cumulative depreciation based on historical cost 61,904 61,904
350,858 350,858
4 Debtors 2024 2023
£ £
Trade debtors 3,666 -
Other debtors 1,052 7,152
4,718 7,152
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors - 480
Taxation and social security costs 12,077 10,480
Other creditors 9,281 8,668
21,358 19,628
6 Revaluation reserve 2024 2023
£ £
At 1 June 2023 742,142 409,142
(Loss)/gain on revaluation of land and buildings (19,000) 333,000
At 31 May 2024 723,142 742,142
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Pasquale Chierchia
Unsecured, interest free 42 4,953 (4,985) 10
Lorraine Chierchia
Unsecured, interest free 42 4,953 (4,985) 10
84 9,906 (9,970) 20
8 Related party transactions
During the year £58,700 dividends were paid to the directors of the company.
9 Controlling party
The company is controlled by the directors by virtue of their majority shareholding in the company
10 Other information
Pasquale Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
20a Bridge Street
Musselburgh
East Lothian
EH21 6AG
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