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Registered number: 07831074
Toscana Restaurant Ltd
Unaudited Financial Statements
For The Year Ended 30 November 2024
Major's Accounts & Co Ltd
ACCA
118
Sydenham Road
Sydenham
London
SE26 5JX
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07831074
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 9,249 11,470
9,249 11,470
CURRENT ASSETS
Stocks 5 11,000 10,500
Debtors 6 14,988 1,327
Cash at bank and in hand 205,576 149,193
231,564 161,020
Creditors: Amounts Falling Due Within One Year 7 (227,895 ) (124,994 )
NET CURRENT ASSETS (LIABILITIES) 3,669 36,026
TOTAL ASSETS LESS CURRENT LIABILITIES 12,918 47,496
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,710 ) (1,710 )
NET ASSETS 11,208 45,786
CAPITAL AND RESERVES
Called up share capital 8 3 3
Profit and Loss Account 11,205 45,783
SHAREHOLDERS' FUNDS 11,208 45,786
Page 1
Page 2
For the year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 Elton CUPI
Director
23rd May 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Toscana Restaurant Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07831074 . The registered office is 9 Central Parade, Station Road, Sidcup, Kent, DA15 7DH.
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. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. 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.
2.4. 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:
Plant & Machinery 20% SLM
Fixtures & Fittings 18% WDV
Computer Equipment 33% SLM
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. 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.
...CONTINUED
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2.6. Taxation - continued
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: 10 (2023: 13)
10 13
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 December 2023 600 18,432 618 19,650
As at 30 November 2024 600 18,432 618 19,650
Depreciation
As at 1 December 2023 133 7,893 154 8,180
Provided during the period 120 1,897 204 2,221
As at 30 November 2024 253 9,790 358 10,401
Net Book Value
As at 30 November 2024 347 8,642 260 9,249
As at 1 December 2023 467 10,539 464 11,470
5. Stocks
2024 2023
£ £
Materials 11,000 10,500
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 14,988 1,327
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Page 5
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 21,922 24,574
Corporation tax 26,502 26,844
Other taxes and social security 4,114 3,732
VAT 29,703 25,632
Net wages 15,353 14,037
Other creditors 617 390
Accruals and deferred income 1,476 1,655
Directors' loan accounts 128,208 28,130
227,895 124,994
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 3 3
Page 5