Company registration number SC685058 (Scotland)
CAN ALEGRIA LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MAY 2024
PAGES FOR FILING WITH REGISTRAR
CAN ALEGRIA LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
CAN ALEGRIA LTD
BALANCE SHEET
- 1 -
30 May 2024
31 January 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
282,722
256,248
Investment property
4
574,496
574,496
857,218
830,744
Current assets
Debtors
5
156
Cash at bank and in hand
45,336
2,289
45,336
2,445
Creditors: amounts falling due within one year
6
(956,902)
(863,475)
Net current liabilities
(911,566)
(861,030)
Net liabilities
(54,348)
(30,286)
Capital and reserves
Called up share capital
5
5
Profit and loss reserves
(54,353)
(30,291)
Total equity
(54,348)
(30,286)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 30 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period 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.
The financial statements were approved and signed by the director and authorised for issue on 11 March 2025
Mr A Fairfull
Director
Company Registration No. SC685058
CAN ALEGRIA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MAY 2024
- 2 -
1
Accounting policies
Company information
Can Alegria Ltd is a private company limited by shares incorporated in Scotland. The registered office is Titanium 1, King's Inch Place, Renfrew, Scotland, PA4 8WF.
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
Turnover
Rental income relfects the rentals received for use of the investment property.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
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:
Property improvements
no depreciation charge in period
Fixtures and fittings
20% reducing balance
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.
1.4
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.
CAN ALEGRIA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MAY 2024
1
Accounting policies
(Continued)
- 3 -
1.5
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.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
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.
1.7
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2023
Number
Number
Total
CAN ALEGRIA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MAY 2024
- 4 -
3
Tangible fixed assets
Property improvements
Fixtures and fittings
Total
£
£
£
Cost
At 1 February 2023
206,224
50,024
256,248
Additions
26,474
26,474
At 30 May 2024
232,698
50,024
282,722
Depreciation and impairment
At 1 February 2023 and 30 May 2024
Carrying amount
At 30 May 2024
232,698
50,024
282,722
At 31 January 2023
206,224
50,024
256,248
4
Investment property
2024
£
Fair value
At 1 February 2023 and 30 May 2024
574,496
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
156
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
20,799
Other creditors
956,902
842,676
956,902
863,475
CAN ALEGRIA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MAY 2024
- 5 -
7
Related party transactions
Transactions with related parties
During the period the company entered into the following transactions with related parties:
2024
2023
Amounts due to related parties
£
£
Key management personnel
133,700
115,420
Other related parties
819,728
710,320