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Registered number: 09770395
Salotto One Ltd
Unaudited Financial Statements
For The Year Ended 31 January 2025
TaxAssist Accountants
64 Southwark Bridge Road
London
SE1 0AS
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 09770395
2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 17,257 22,467
17,257 22,467
CURRENT ASSETS
Debtors 5 18,333 59,752
Cash at bank and in hand 433,628 269,797
451,961 329,549
Creditors: Amounts Falling Due Within One Year 6 (122,893 ) (115,077 )
NET CURRENT ASSETS (LIABILITIES) 329,068 214,472
TOTAL ASSETS LESS CURRENT LIABILITIES 346,325 236,939
Creditors: Amounts Falling Due After More Than One Year 7 (15,000 ) (25,000 )
NET ASSETS 331,325 211,939
CAPITAL AND RESERVES
Called up share capital 8 200 200
Profit and Loss Account 331,125 211,739
SHAREHOLDERS' FUNDS 331,325 211,939
Page 1
Page 2
For the year ending 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Alvise Dal Mas
Director
8 May 2025
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Salotto One Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09770395 . The registered office is 64 Southwark Bridge Road, London, SE1 0AS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold Over the term of the lease
Fixtures & Fittings 25% reducing balance
Computer Equipment 25% reducing balance
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 17 (2024: 17)
17 17
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4. Tangible Assets
Land & Property
Leasehold Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 February 2024 82,399 125,336 7,075 214,810
Additions - - 1,268 1,268
As at 31 January 2025 82,399 125,336 8,343 216,078
Depreciation
As at 1 February 2024 82,399 108,397 1,547 192,343
Provided during the period - 4,235 2,243 6,478
As at 31 January 2025 82,399 112,632 3,790 198,821
Net Book Value
As at 31 January 2025 - 12,704 4,553 17,257
As at 1 February 2024 - 16,939 5,528 22,467
5. Debtors
2025 2024
£ £
Due within one year
Other debtors 18,333 59,752
6. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Other creditors 43,218 24,385
Taxation and social security 79,675 90,692
122,893 115,077
7. Creditors: Amounts Falling Due After More Than One Year
2025 2024
£ £
Bank loans 15,000 25,000
8. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 200 200
Page 4