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Registration number: SC748485

Paolo & Lucia Properties Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Paolo & Lucia Properties Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Paolo & Lucia Properties Ltd

Company Information

Directors

Mr Paolo Di Sotto

Mrs Lucia Di Sotto

Registered office



Registration number

197 Canongate
Edinburgh
EH8 8BN

SC748485 (Scotland)

Accountants

Brown, Scott & Main 91 West Savile Terrace
Edinburgh
Lothian
EH9 3DP

 

Paolo & Lucia Properties Ltd

(Registration number: SC748485)
Balance Sheet as at 31 October 2024

Note

2024
£

Fixed assets

 

Tangible assets

5

304

Investment property

6

154,962

 

155,266

Current assets

 

Cash at bank and in hand

 

832

Creditors: Amounts falling due within one year

7

(151,119)

Net current liabilities

 

(150,287)

Net assets

 

4,979

Capital and reserves

 

Called up share capital

8

2

Retained earnings

4,977

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 11 July 2025 and signed on its behalf by:


 

.........................................
Mr Paolo Di Sotto
Director

 

Paolo & Lucia Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
197 Canongate
Edinburgh
EH8 8BN
United Kingdom

These financial statements were authorised for issue by the Board on 11 July 2025.

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.

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)

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,

Asset class

Depreciation method and rate

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

Investment properties are initially recognised at cost and subsequently shown at fair valuation. Any aggregate surplus or deficit arising from changes in fair value during the year is recognised in the profit and loss. This is transferred, for ease of identification, to a non distributable reserve which displays the cumulative net unrealised surplus on revaluation.

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
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.

 

3

Staff numbers

The average number of persons employed by the company (including directors) was 2 during the year.

 

Paolo & Lucia Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

Taxation

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 November 2023

488

488

At 31 October 2024

488

488

Depreciation

At 1 November 2023

92

92

Charge for the year

92

92

At 31 October 2024

184

184

Carrying amount

At 31 October 2024

304

304

At 31 October 2023

396

396

6

Investment properties

2024
£

At 1 November

154,962

At 31 October

154,962

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)

7

Creditors

Creditors: amounts falling due within one year

2024
£

Due within one year

Taxation and social security

1,096

Accruals and deferred income

810

Directors loan

149,213

151,119

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

2

2

2

2

       

9

Related party transactions

Loans from related parties

2024

Key management
£

Total
£

At start of period

159,213

159,213

At end of period

159,213

159,213

2023

Key management
£

Total
£

Advanced

159,213

159,213

At end of period

159,213

159,213

Terms of loans from related parties

The amounts owed to the directors are interest free and have no fixed repayment date.