Casa Julia Limited 01209630 false 2023-08-01 2024-07-31 2024-07-31 The principal activity of the company is The company's primary activity during the year continued to be that of a drinks wholesaler, supplying wine, beer, spirits, and soft drinks to the restaurant and hotel sectors, while also providing specialized flour and food products to the pizza industry Digita Accounts Production Advanced 6.30.9574.0 true true true Class 1 Class 2 Class 3 true 01209630 2023-08-01 2024-07-31 01209630 2024-07-31 01209630 bus:OrdinaryShareClass1 2024-07-31 01209630 bus:Consolidated 2024-07-31 01209630 core:AcceleratedTaxDepreciationDeferredTax 2024-07-31 01209630 core:OtherDeferredTax 2024-07-31 01209630 core:CapitalRedemptionReserve 2024-07-31 01209630 core:RetainedEarningsAccumulatedLosses 2024-07-31 01209630 core:ShareCapital 2024-07-31 01209630 core:FinancialAssetsCostLessImpairment core:CurrentFinancialInstruments 2024-07-31 01209630 core:CurrentFinancialInstruments 2024-07-31 01209630 core:CurrentFinancialInstruments core:WithinOneYear 2024-07-31 01209630 core:FurnitureFittingsToolsEquipment 2024-07-31 01209630 core:MotorVehicles 2024-07-31 01209630 core:OtherPropertyPlantEquipment 2024-07-31 01209630 core:DeferredTaxation 2024-07-31 01209630 bus:FRS102 2023-08-01 2024-07-31 01209630 bus:Audited 2023-08-01 2024-07-31 01209630 bus:FullAccounts 2023-08-01 2024-07-31 01209630 bus:RegisteredOffice 2023-08-01 2024-07-31 01209630 bus:CompanySecretaryDirector1 2023-08-01 2024-07-31 01209630 bus:Director1 2023-08-01 2024-07-31 01209630 bus:Director2 2023-08-01 2024-07-31 01209630 bus:Director3 2023-08-01 2024-07-31 01209630 bus:Director5 2023-08-01 2024-07-31 01209630 bus:OrdinaryShareClass1 2023-08-01 2024-07-31 01209630 bus:Consolidated 2023-08-01 2024-07-31 01209630 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 01209630 core:CapitalRedemptionReserve 2023-08-01 2024-07-31 01209630 core:RetainedEarningsAccumulatedLosses 2023-08-01 2024-07-31 01209630 core:ShareCapital 2023-08-01 2024-07-31 01209630 core:ReportableOperatingSegment1 2023-08-01 2024-07-31 01209630 core:ReportableOperatingSegment2 2023-08-01 2024-07-31 01209630 core:ReportableOperatingSegment3 2023-08-01 2024-07-31 01209630 core:ComputerEquipment 2023-08-01 2024-07-31 01209630 core:FurnitureFittings 2023-08-01 2024-07-31 01209630 core:FurnitureFittingsToolsEquipment 2023-08-01 2024-07-31 01209630 core:MotorVehicles 2023-08-01 2024-07-31 01209630 core:OtherPropertyPlantEquipment 2023-08-01 2024-07-31 01209630 core:PlantMachinery 2023-08-01 2024-07-31 01209630 core:DeferredTaxation 2023-08-01 2024-07-31 01209630 core:OtherRelatedParties 2023-08-01 2024-07-31 01209630 core:UKTax 2023-08-01 2024-07-31 01209630 4 2023-08-01 2024-07-31 01209630 countries:AllCountries 2023-08-01 2024-07-31 01209630 2023-07-31 01209630 core:CapitalRedemptionReserve 2023-07-31 01209630 core:RetainedEarningsAccumulatedLosses 2023-07-31 01209630 core:ShareCapital 2023-07-31 01209630 core:FurnitureFittingsToolsEquipment 2023-07-31 01209630 core:MotorVehicles 2023-07-31 01209630 core:OtherPropertyPlantEquipment 2023-07-31 01209630 core:DeferredTaxation 2023-07-31 01209630 2022-08-01 2023-07-31 01209630 2023-07-31 01209630 bus:OrdinaryShareClass1 2023-07-31 01209630 core:AcceleratedTaxDepreciationDeferredTax 2023-07-31 01209630 core:OtherDeferredTax 2023-07-31 01209630 core:FinancialAssetsCostLessImpairment core:CurrentFinancialInstruments 2023-07-31 01209630 core:CurrentFinancialInstruments 2023-07-31 01209630 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 01209630 core:FurnitureFittingsToolsEquipment 2023-07-31 01209630 core:MotorVehicles 2023-07-31 01209630 core:OtherPropertyPlantEquipment 2023-07-31 01209630 core:CapitalRedemptionReserve 2022-08-01 2023-07-31 01209630 core:RetainedEarningsAccumulatedLosses 2022-08-01 2023-07-31 01209630 core:ShareCapital 2022-08-01 2023-07-31 01209630 core:UKTax 2022-08-01 2023-07-31 01209630 2022-07-31 01209630 core:CapitalRedemptionReserve 2022-07-31 01209630 core:RetainedEarningsAccumulatedLosses 2022-07-31 01209630 core:ShareCapital 2022-07-31 iso4217:GBP xbrli:pure xbrli:shares

Registrar copy

Registration number: 01209630

Casa Julia Limited

Annual Report and Financial Statements

for the Year Ended 31 July 2024

 

Casa Julia Limited

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 9

Profit and Loss Account

10

Statement of Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Statement of Cash Flows

14

Notes to the Financial Statements

15 to 23

 

Casa Julia Limited

Company Information


 

Directors

C S Evans

L Felton

P A Santomauro

J A Santomauro

N E Santomauro


 

Company secretary

J A Santomauro


 

Registered office

11 Springwood Drive
Springwood Industrial Estate
Braintree
Essex
CM7 2YN


 

Auditors

Lambert Chapman LLP
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

Casa Julia Limited

Strategic Report for the Year Ended 31 July 2024

The directors present their strategic report for the year ended 31 July 2024.

Principal activity

The company's primary activity during the year continued to be that of a drinks wholesaler, supplying wine, beer, spirits, and soft drinks to the restaurant and hotel sectors, while also providing specialized flour and food products to the pizza industry.

Key performance indicators

2024

2023

Turnover

£35,327,383

£32,929,987

Gross profit

£5,908,476

£5,315,580

Gross profit margin

16.72%

16.14%

Return on capital employed

20.05%

21.90%

Fair review of the business

The directors are pleased to report an increase in operating profit despite challenging market conditions. The results are set out in these financial statements.

Post balance sheet trading

Post year end the market continues to be challenging, however the company continues to maintain its key customers and has actively increased the range of products available.

Future developments

The directors believe that there are opportunities in the market over the coming year for the new products currently in development to address the evolving needs and demands of their customer base. With the company's cash reserves and extensive experience in the marketplace, the directors are confident that Casa Julia is well-positioned to capitalize on these opportunities.

 

Casa Julia Limited

Strategic Report for the Year Ended 31 July 2024

Principal risks and uncertainties

UK economy and competition risk
Like many businesses of our size, the environment in which we operate remains challenging. Our primary market is the restaurant and hotel industry in London and the South East of England. While the London market has exceeded expectations, the UK economy continues to put pressure on the hospitality sector. Rising duties and the cost of living are likely to have significant effects in the coming year. Additionally, the company faces higher costs related to staffing, though we remain committed to ongoing recruitment despite these challenges.

Financial risk management
The company's principal financial instruments are comprised of amounts due from trade debtors and trade creditors which arise directly from operations.

The company's approach to financial risk management is shown below:

Credit risk
The company places a strong emphasis on minimizing exposure to credit risk. We maintain close relationships with key customers and proactively conduct credit checks to ensure the reliability of both our customers and suppliers.

Currency risk
The company imports a significant amount of goods from Europe and is subject to exchange rate fluctuations. The directors have mitigated this risk by negotiating payment terms and holdings in foreign currency.
 

Approved by the Board on 24 April 2025 and signed on its behalf by:


C S Evans
Director

 

Casa Julia Limited

Directors' Report for the Year Ended 31 July 2024

The directors present their report and the financial statements for the year ended 31 July 2024.

Directors of the company

The directors who held office during the year were as follows:

C S Evans

L Felton

P A Santomauro

J A Santomauro - Company secretary and director

N E Santomauro

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditors

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Lambert Chapman LLP as auditors of the company is to be proposed at the forthcoming Annual General Meeting.

Approved by the Board on 24 April 2025 and signed on its behalf by:


C S Evans
Director

 

Casa Julia Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Casa Julia Limited

Independent Auditor's Report to the Members of Casa Julia Limited

Opinion

We have audited the financial statements of Casa Julia Limited (the 'company') for the year ended 31 July 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 July 2024 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

 

Casa Julia Limited

Independent Auditor's Report to the Members of Casa Julia Limited

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

 

Casa Julia Limited

Independent Auditor's Report to the Members of Casa Julia Limited

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the wholesaling sectors;

we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, employment and health and safety legislation;

we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining

an understanding of how fraud might occur, by;

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;

tested journal entries to identify unusual transactions;

assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation; and

enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing
standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

Casa Julia Limited

Independent Auditor's Report to the Members of Casa Julia Limited

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.





Sean Wiegand FCA (Senior Statutory Auditor)
For and on behalf of Lambert Chapman LLP, Statutory Auditor

3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

29 April 2025

 

Casa Julia Limited

Profit and Loss Account for the Year Ended 31 July 2024

Note

2024
£

2023
£

Turnover

3

35,327,383

32,929,987

Cost of sales

 

(29,418,907)

(27,614,407)

Gross profit

 

5,908,476

5,315,580

Distribution costs

 

(2,068,540)

(2,018,298)

Administrative expenses

 

(1,145,400)

(857,867)

Operating profit

2,694,536

2,439,415

Related party loan written off

6

-

(3,897,944)

Other interest receivable and similar income

5

368,865

112,625

   

368,865

(3,785,319)

Profit/(loss) before tax

 

3,063,401

(1,345,904)

Tax on profit/(loss)

10

(760,096)

(551,483)

Profit/(loss) for the financial year

 

2,303,305

(1,897,387)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Casa Julia Limited

Statement of Comprehensive Income for the Year Ended 31 July 2024

2024
£

2023
£

Profit/(loss) for the year

2,303,305

(1,897,387)

Total comprehensive income for the year

2,303,305

(1,897,387)

 

Casa Julia Limited

(Registration number: 01209630)
Balance Sheet as at 31 July 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Tangible assets

11

470,148

442,339

Current assets

 

Stocks

13

2,866,696

3,283,635

Debtors

14

5,903,062

5,767,431

Other financial assets

12

3,981,230

3,621,534

Cash at bank and in hand

15

3,476,449

2,169,348

 

16,227,437

14,841,948

Creditors: Amounts falling due within one year

16

(3,233,827)

(4,146,321)

Net current assets

 

12,993,610

10,695,627

Total assets less current liabilities

 

13,463,758

11,137,966

Provisions for liabilities

17

(117,528)

(95,041)

Net assets

 

13,346,230

11,042,925

Capital and reserves

 

Called up share capital

19

22,650

22,650

Capital redemption reserve

27,950

27,950

Retained earnings

13,295,630

10,992,325

Shareholders' funds

 

13,346,230

11,042,925

Approved and authorised by the Board on 24 April 2025 and signed on its behalf by:
 

.........................................
C S Evans
Director

.........................................
J A Santomauro
Company secretary and director

.........................................
L Felton
Director

.........................................
N E Santomauro
Director

.........................................
P A Santomauro
Director

     
 

Casa Julia Limited

Statement of Changes in Equity for the Year Ended 31 July 2024

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 August 2023

22,650

27,950

10,992,325

11,042,925

Profit for the year

-

-

2,303,305

2,303,305

At 31 July 2024

22,650

27,950

13,295,630

13,346,230


 

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 August 2022

22,650

27,950

12,889,712

12,940,312

Loss for the year

-

-

(1,897,387)

(1,897,387)

At 31 July 2023

22,650

27,950

10,992,325

11,042,925


 


 

 

Casa Julia Limited

Statement of Cash Flows for the Year Ended 31 July 2024

2024
£

(As restated)

2023
£

Cash flows from operating activities

Profit/(loss) for the year

2,303,305

(1,897,387)

Adjustments to cash flows from non-cash items

Depreciation

109,550

101,803

Profit on disposal of tangible assets

(709)

(2,242)

Finance income

(368,865)

(112,625)

Tax expense

760,096

551,483

Related party loan written off

-

3,897,944

2,803,377

2,538,976

Working capital adjustments

Decrease/(increase) in stock

416,939

(518,484)

Increase in debtors

(110,866)

(531,878)

(Decrease)/increase in creditors

(954,291)

623,321

Cash generated from operations

2,155,159

2,111,935

Taxes paid

(720,576)

(481,996)

Net cash flow from operating activities

1,434,583

1,629,939

Cash flows from investing activities

Interest received

368,865

112,625

Acquisitions of tangible assets

(143,019)

(188,049)

Proceeds from sale of tangible assets

6,368

11,000

Cash flows from other financial investments

(359,696)

(3,621,534)

Net cash flows from investing activities

(127,482)

(3,685,958)

Net increase/(decrease) in cash and cash equivalents

1,307,101

(2,056,019)

Cash and cash equivalents at 1 August

2,169,348

4,225,367

Cash and cash equivalents at 31 July

3,476,449

2,169,348

 

Casa Julia Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office and trading address is: 11 Springwood Drive, Springwood Industrial Estate, Braintree, Essex, CM7 2YN.

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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Going concern

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

Reclassification of comparative amounts

A bank account previously recognised within cash at bank has been reclassified as a current asset investment following a review of the terms and conditions over the fixed term nature of the holdings. An amount of £3,621,534 was reclassified in the comparative period ended 31 July 2023.

Judgements

The preparation of the financial statement requires management to make significant judgements and estimates. 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.

Other than those involving estimations there are no judgements that management has made in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial statements.

Key sources of estimation uncertainty

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of alcoholic and non-alcoholic beverages and other food products in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue upon delivery of the goods, whereby the significant risks and rewards of ownership are transferred to the customer.

 

Casa Julia Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

Foreign currency transactions and balances

Monetary assets and liabilities expressed in foreign currencies are translated into Sterling at the rates of exchange ruling at the balance sheet date or at the agreed contractual rate. Transactions in foreign currencies are converted into Sterling at the rate ruling on the date of the transaction. All differences on exchange are taken to the profit and loss account.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit or loss account, 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.

Deferred tax is recognised on material temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

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

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% reducing balance

Fixtures & fittings

15% reducing balance

Motor vehicles

25% reducing balance

Plant & machinery

15% reducing balance

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.

At the end of each reporting period stock is assessed for impairment. If an item of stock is impaired, the identified items is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is recognised the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

Trade debtors

Trade debtors are amounts due from customers for alcoholic and non-alcoholic beverages and other food items sold in the ordinary course of business.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Share capital

Ordinary shares are classified as equity.

 

Casa Julia Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

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.

Financial instruments

All financial instruments are classified as basic financial instruments and are held at either amortised cost or cost less impairment.

Holiday pay accrual

A liability is recognised to the extent of any material unused holiday pay entitlement which has accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

3

Turnover

The analysis of the company's turnover for the year from continuing operations is as follows:

2024
£

2023
£

Sale of goods

35,327,383

32,929,987

All turnover was generated in the United Kingdom.

4

Other gains and losses

The analysis of the company's other gains and losses for the year is as follows:

2024
£

2023
£

Gain on disposal of tangible assets

709

2,242

5

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

368,865

111,754

Other finance income

-

871

368,865

112,625

6

Exceptional item

In the comparative period, a loan amount owed to a company under common control, was written off.

2024
£

2023
£

Related party loan written off

-

(3,897,944)

 

Casa Julia Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

7

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

1,550,728

1,374,623

Social security costs

134,690

120,820

Pension costs, defined contribution scheme

53,205

45,741

Other employee expense

33,455

-

1,772,078

1,541,184

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

10

12

Sales, marketing and distribution

51

44

61

56

8

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

84,735

74,006

Contributions paid to money purchase schemes

3,066

2,960

87,801

76,966

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

2

2

9

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

16,000

14,000


 

 

Casa Julia Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

10

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

768,969

512,689

UK corporation tax adjustment to prior periods

(6,596)

-

762,373

512,689

Deferred taxation

Arising from origination and reversal of timing differences

(2,277)

38,794

Tax expense in the income statement

760,096

551,483

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK of 25% (2023 - 25%).

The differences are reconciled below:

2024
£

2023
£

Profit/(loss) before tax

3,063,401

(1,345,904)

Corporation tax at standard rate

765,850

(336,476)

Tax adjustment for overprovision in prior periods

(6,596)

-

Capital allowances in excess of depreciation

(6,952)

(28,282)

Expenses not deductible for tax purposes

851

974,942

Deferred tax

(2,277)

38,794

Marginal relief and rate differences

-

(97,495)

Tax increase from changes in provisions

9,220

-

Total tax charge

760,096

551,483

 

Casa Julia Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

Deferred tax

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Accelerated capital allowances

-

117,258

Movements in general provisions

24,765

-

24,765

117,258

2023

Asset
£

Liability
£

Accelerated capital allowances

-

110,585

Movements in general provisions

15,544

-

15,544

110,585

The amount of the net reversal of deferred tax assets and deferred tax liabilities expected to occur during the year beginning after the reporting period is £26,046 (2023 - £6,673).

 

Casa Julia Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

11

Tangible assets

Office equipment
 £

Fixtures & fittings
£

Motor vehicles
 £

Plant & machinery
£

Total
£

Cost or valuation

At 1 August 2023

19,714

160,759

1,011,232

273,816

1,465,521

Additions

1,292

1,475

116,709

23,543

143,019

Disposals

-

(8,150)

(135,358)

-

(143,508)

At 31 July 2024

21,006

154,084

992,583

297,359

1,465,032

Depreciation

At 1 August 2023

13,306

143,353

705,424

161,099

1,023,182

Charge for the year

1,804

2,669

85,896

19,181

109,550

Eliminated on disposal

-

(7,383)

(130,465)

-

(137,848)

At 31 July 2024

15,110

138,639

660,855

180,280

994,884

Carrying amount

At 31 July 2024

5,896

15,445

331,728

117,079

470,148

At 31 July 2023

6,408

17,406

305,808

112,717

442,339

12

Other financial assets (current and non-current)

2024
£

(As restated)

2023
£

Current financial assets

Other financial assets

3,981,230

3,621,534

13

Stocks

2024
£

2023
£

Goods for resale

2,866,696

3,283,635

14

Debtors

Current

2024
£

2023
£

Trade debtors

5,721,657

5,532,858

Other debtors

24,765

50,000

Prepayments

156,640

184,573

 

5,903,062

5,767,431

 

Casa Julia Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

15

Cash and cash equivalents

2024
£

(As restated)
2023
£

Cash on hand

137

208

Cash at bank

3,476,312

2,169,140

3,476,449

2,169,348

16

Creditors

2024
£

2023
£

Due within one year

Trade creditors

2,345,246

3,395,581

Other creditors

18,179

9,346

Social security and other taxes

360,253

320,486

Corporation tax

457,953

416,156

Accruals

52,196

4,752

3,233,827

4,146,321

Secured debts

There is a fixed and floating charge in place dated 29 February 2016 secured on the assets of the company in favour of Barclays Bank PLC. This security relates to facilities provided by Barclays Bank PLC which the client has not utilised during the current or previous year.

17

Provisions for liabilities

Deferred tax
£

Total
£

At 1 August 2023

95,041

95,041

Reclassification adjustment

24,765

24,765

Decrease in existing provisions

(2,278)

(2,278)

At 31 July 2024

117,528

117,528

18

Pension and other schemes

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £53,205 (2023 - £45,741).

Contributions totalling £9,958 (2023 - £8,047) were payable to the scheme at the end of the year and are included in creditors.

 

Casa Julia Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

19

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share capital of £1 each

22,650

22,650

22,650

22,650

       

20

Analysis of changes in net debt

At 1 August 2023
£

Financing cash flows
£

At 31 July 2024
£

Cash and cash equivalents

Cash

5,790,882

1,666,797

7,457,679

 

5,790,882

1,666,797

7,457,679

21

Related party transactions

Summary of transactions with other related parties

During the financial year the company rented their property from a company that is owned by the shareholders and directors of Casa Julia Limited. Rents were paid by Casa Julia Limited totalling £300,000 (2023: £144,000). At the year end a balance of £30,000 (2023: £30,000) was due and has been included within trade creditors.

In the previous period, an amount due of £3,897,944 in respect of a loan was written off against the profit and loss account in the year. Previously this loan had no fixed repayment terms and was interest free.

During the current financial year the company made sales to a company that is owned by one of the shareholders and directors of Casa Julia Limited. Sales made in the year totalled £32,790 (2023: £80,423). At the year end a balance of £Nil (2023: £15) was due.

In the previous period, the company provided a loan amounting to £50,000 to a family member of the shareholders. This was repaid in full within 9 months of the end of the prior period.