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COMPANY REGISTRATION NUMBER: 08899288
Carlito's Group Ltd
Filleted Unaudited Financial Statements
31 March 2024
Carlito's Group Ltd
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
35,419
24,166
Current assets
Stocks
1,025
750
Debtors
6
138,534
140,093
Cash at bank and in hand
152,521
208,050
---------
---------
292,080
348,893
Creditors: amounts falling due within one year
7
90,640
146,710
---------
---------
Net current assets
201,440
202,183
---------
---------
Total assets less current liabilities
236,859
226,349
---------
---------
Net assets
236,859
226,349
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
236,759
226,249
---------
---------
Shareholders funds
236,859
226,349
---------
---------
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 income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Carlito's Group Ltd
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 16 January 2025 , and are signed on behalf of the board by:
Mr J C Lopez
Director
Company registration number: 08899288
Carlito's Group Ltd
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Chamberlayne Mews, 40 Chamberlayne Road, Eastleigh, Southampton, SO50 5JH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Tangible assets
Tangible assets are initially recorded at cost, and 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.
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:
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2023: 4 ).
5. Tangible assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 April 2023
1,875
53,799
55,674
Additions
25,000
25,000
Disposals
( 30,481)
( 30,481)
-------
--------
--------
At 31 March 2024
1,875
48,318
50,193
-------
--------
--------
Depreciation
At 1 April 2023
1,042
30,466
31,508
Charge for the year
125
8,794
8,919
Disposals
( 25,653)
( 25,653)
-------
--------
--------
At 31 March 2024
1,167
13,607
14,774
-------
--------
--------
Carrying amount
At 31 March 2024
708
34,711
35,419
-------
--------
--------
At 31 March 2023
833
23,333
24,166
-------
--------
--------
6. Debtors
2024
2023
£
£
Trade debtors
51,965
18,510
Other debtors
86,569
121,583
---------
---------
138,534
140,093
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,499
4,085
Corporation tax
5,846
22,696
Social security and other taxes
43,132
33,368
Other creditors
39,163
86,561
--------
---------
90,640
146,710
--------
---------
8. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr J C Lopez
( 66,287)
48,320
( 17,967)
--------
--------
--------
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr J C Lopez
( 2,832)
( 63,455)
( 66,287)
-------
--------
--------
9. Change of company name
On 20 December 2022 the company changed its name from Carlito's Kitchens and Bathrooms Ltd. to Carlito's Group Ltd .