Company registration number SC101845 (Scotland)
GARI FORTUNA LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
PAGES FOR FILING WITH REGISTRAR
GARI FORTUNA LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
GARI FORTUNA LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2025
31 January 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investment property
3
670,000
670,000
Current assets
Debtors
4
2,851
2,850
Cash at bank and in hand
35,510
28,303
38,361
31,153
Creditors: amounts falling due within one year
Taxation and social security
12,678
9,854
Other creditors
1,638
1,818
14,316
11,672
Net current assets
24,045
19,481
Net assets
694,045
689,481
Capital and reserves
Called up share capital
99
99
Revaluation reserve
257,522
257,522
Profit and loss reserves
436,424
431,860
Total equity
694,045
689,481

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

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 January 2025 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 members have 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.

GARI FORTUNA LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2025
31 January 2025
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 26 March 2025 and are signed on its behalf by:
Mr A Iannotti
Director
Company Registration No. SC101845
GARI FORTUNA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
- 3 -
1
Accounting policies
Company information

Gari Fortuna Limited is a private company limited by shares incorporated in Scotland. The registered office is 3 Wellington Square, Ayr, Ayrshire, United Kingdom, KA7 1EN.

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

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 inclusive of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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
Investment properties

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.

1.4
Cash at bank and in hand

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.

1.5
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.

GARI FORTUNA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
3
3
3
Investment property
2025
£
Fair value
At 1 February 2024 and 31 January 2025
670,000

Investment property comprises various properties. The fair value of the investment property has been arrived at on the basis of a valuation carried out on 28 May 2015 by Shepherd Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
2,851
2,850
5
Creditors: amounts falling due within one year
2025
2024
£
£
Corporation tax
12,678
9,854
Accruals and deferred income
1,638
1,818
14,316
11,672
GARI FORTUNA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 5 -
6
Related party transactions

Roberto Iannotti is a director and 50% shareholder in Iannotti Bros Limited, thereby making it a related party.

 

Alfonso, Roberto and Agostino Iannotti are all directors of Iannotti Bros (Property) Limited with Roberto owning 25% of the shares and Alfonso and Agostino each holding or having immediate family with holdings of 25% each, thereby making it a related party.

 

An administration charge of £2,000 (2024: £2,000) was paid to Iannotti Bros (Property) Limited.

7
Directors' transactions

Dividends totalling £44,748 (2024 - £44,748) were paid in the year in respect of shares held by the company's directors.

2025-01-312024-02-01falsefalsefalse26 March 2025CCH SoftwareCCH Accounts Production 2024.310No description of principal activityMr A IannottiMr R IannottiMr A IannottiMr R IannottiSC1018452024-02-012025-01-31SC1018452025-01-31SC1018452024-01-31SC101845core:CurrentFinancialInstruments2025-01-31SC101845core:CurrentFinancialInstruments2024-01-31SC101845core:CurrentFinancialInstrumentscore:WithinOneYear2025-01-31SC101845core:CurrentFinancialInstrumentscore:WithinOneYear2024-01-31SC101845core:ShareCapital2025-01-31SC101845core:ShareCapital2024-01-31SC101845core:RevaluationReserve2025-01-31SC101845core:RevaluationReserve2024-01-31SC101845core:RetainedEarningsAccumulatedLosses2025-01-31SC101845core:RetainedEarningsAccumulatedLosses2024-01-31SC101845bus:Director22024-02-012025-01-31SC1018452023-02-012024-01-31SC1018452024-01-31SC101845bus:PrivateLimitedCompanyLtd2024-02-012025-01-31SC101845bus:SmallCompaniesRegimeForAccounts2024-02-012025-01-31SC101845bus:FRS1022024-02-012025-01-31SC101845bus:AuditExemptWithAccountantsReport2024-02-012025-01-31SC101845bus:Director12024-02-012025-01-31SC101845bus:Director32024-02-012025-01-31SC101845bus:CompanySecretary12024-02-012025-01-31SC101845bus:FullAccounts2024-02-012025-01-31xbrli:purexbrli:sharesiso4217:GBP