Registration number:
Paolo & Lucia Properties Ltd
for the Year Ended 31 October 2024
Paolo & Lucia Properties Ltd
Contents
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Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Paolo & Lucia Properties Ltd
Company Information
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Directors |
Mr Paolo Di Sotto Mrs Lucia Di Sotto |
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Registered office |
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Accountants |
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Paolo & Lucia Properties Ltd
(Registration number: SC748485)
Balance Sheet as at 31 October 2024
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Note |
2024 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
2 |
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Retained earnings |
4,977 |
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Shareholders' funds |
4,979 |
For the financial year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
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Paolo & Lucia Properties Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024
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General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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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.
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These Financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102"The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006 using the historical cost convention as modified by the revaluation of investment properties.
The presentation currency is Sterling.
Going concern
Revenue recognition
Turnover represents the total value, excluding value added tax, of the revenue earned on rent and insurance receivable for the year.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, 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 corporation 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 in respect of all timing differences between taxable profits and profits reported in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
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.
Tangible assets
Tangible assets are stated at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Paolo & Lucia Properties Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)
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2 |
Accounting policies (continued) |
Depreciation
Depreciation is provided at rate calculated to write off the cost less residual value of each asset over its expected useful like, as follows,
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Asset class |
Depreciation method and rate |
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Fixtures, fittings and equipment |
25% per annum straight line |
Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
Investment property
Investments
Fixed asset investments, other than investment properties which are disclosed separately, comprise equity shares in subsidiary undertakings. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.
Financial instruments
Recognition and measurement
Basic financial assets, including debtors and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement costitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market value rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic Financial Liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitues a financing transaction. Financial liabilities classified as payable within one year are not amortised. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amount payables are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
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Staff numbers |
The average number of persons employed by the company (including directors) was
Paolo & Lucia Properties Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)
Taxation
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Tangible assets |
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Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 November 2023 |
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At 31 October 2024 |
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Depreciation |
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At 1 November 2023 |
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Charge for the year |
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At 31 October 2024 |
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Carrying amount |
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At 31 October 2024 |
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At 31 October 2023 |
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Investment properties |
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2024 |
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At 1 November |
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At 31 October |
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The investment property has capitalised costs totalling £154,962. There has been no valuation of investment property by an independent valuer.
Paolo & Lucia Properties Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)
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Creditors |
Creditors: amounts falling due within one year
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2024 |
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Due within one year |
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Taxation and social security |
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Accruals and deferred income |
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Directors loan |
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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Ordinary Shares of £1 each |
2 |
2 |
2 |
2 |
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Related party transactions |
Loans from related parties
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2024 |
Key management |
Total |
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At start of period |
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At end of period |
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2023 |
Key management |
Total |
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Advanced |
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At end of period |
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Terms of loans from related parties