Company No: 05551772 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	Henry John Brantly
	Jonathan Charles Ian Heilbron (Resigned 30 May 2024)
	Maximilian John Leese
	Anna Lesley Sweeting

SECRETARY

Maximilian John Leese

REGISTERED OFFICE	2nd Floor
	201 Great Portland Street
	Marylebone
	London
	United Kingdom

COMPANY NUMBER

05551772 (England and Wales)

ACCOUNTANT	Shaw Gibbs Limited
	2nd Floor
	201 Great Portland Street
	Marylebone
	London
	W1W 5AB
	United Kingdom

	Note	31.12.2024		30.09.2023
		£		£
Fixed assets
Intangible assets	4	45,000		0
Tangible assets	5	10,351		16,899
Investments	6	1,710		1,710
		57,061		18,609
Current assets
Stocks		0		1,360
Debtors	7	3,172,681		2,653,101
Cash at bank and in hand		105,144		36,049
		3,277,825		2,690,510
Creditors: amounts falling due within one year	8	( 732,306)		( 450,115)
Net current assets		2,545,519		2,240,395
Total assets less current liabilities		2,602,580		2,259,004
Creditors: amounts falling due after more than one year	9	( 411,899)		( 559,399)
Provision for liabilities		( 2,588)		( 4,225)
Net assets		2,188,093		1,695,380
Capital and reserves
Called-up share capital	10	294,124		294,124
Share premium account		5,446,833		5,446,833
Profit and loss account		( 3,552,864 )		( 4,045,577 )
Total shareholders' funds		2,188,093		1,695,380

For the financial period ending 31 December 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 financial statements for the financial period in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Frescobol Carioca Limited (registered number: 05551772) were approved and authorised for issue by the Board of Directors on 29 September 2025. They were signed on its behalf by:

Maximilian John Leese Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Frescobol Carioca Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Floor 2, 201 Great Portland Street, London, England, W1W 5AB.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

Reporting period length

Reporting period length has increased so that the period is in line with the rest of the group. Therefore comparative amounts presented in the financial statements (including related party notes) are not entirely comparable.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Website costs

6 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc.

3 years straight line

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3. Employees

	Period from 01.10.2023 to 31.12.2024		Year ended 30.09.2023
	Number		Number
Monthly average number of persons employed by the Company during the period, including directors	21		21

4. Intangible assets

	Website costs		Total
	£		£
Cost
At 01 October 2023	0		0
Additions	54,000		54,000
At 31 December 2024	54,000		54,000
Accumulated amortisation
At 01 October 2023	0		0
Charge for the financial period	9,000		9,000
At 31 December 2024	9,000		9,000
Net book value
At 31 December 2024	45,000		45,000
At 30 September 2023	0		0

5. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 01 October 2023	27,139		27,139
Additions	3,638		3,638
At 31 December 2024	30,777		30,777
Accumulated depreciation
At 01 October 2023	10,240		10,240
Charge for the financial period	10,186		10,186
At 31 December 2024	20,426		20,426
Net book value
At 31 December 2024	10,351		10,351
At 30 September 2023	16,899		16,899

6. Fixed asset investments

Investments in subsidiaries

	31.12.2024
	£
Cost
At 01 October 2023	1,710
At 31 December 2024	1,710
Carrying value at 31 December 2024	1,710
Carrying value at 30 September 2023	1,710

7. Debtors

	31.12.2024		30.09.2023
	£		£
Trade debtors	3,579		27,612
Amounts owed by own subsidiaries	2,939,776		2,493,289
Other debtors	229,326		132,200
	3,172,681		2,653,101

8. Creditors: amounts falling due within one year

	31.12.2024		30.09.2023
	£		£
Bank loans and overdrafts	276,772		177,292
Trade creditors	95,755		123,500
Amounts owed to own subsidiaries	0		7,497
Other taxation and social security	30,859		44,020
Other creditors	328,920		97,806
	732,306		450,115

9. Creditors: amounts falling due after more than one year

	31.12.2024		30.09.2023
	£		£
Bank loans	375,000		500,000
Amounts owed to directors	36,899		59,399
	411,899		559,399

10. Called-up share capital

	31.12.2024		30.09.2023
	£		£
Allotted, called-up and fully-paid
1,244,556 Ordinary shares of £ 0.001 each	1,245		1,245
292,879 Ordinary A shares of £ 1.00 each	292,879		292,879
	294,124		294,124

11. Financial commitments

Commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments
under non-cancellable operating leases, as follows: £39,216 (2023: £109,661)

12. Related party transactions

In accordance with FRS 102 paragraph 33.1A, the exemption has been taken from disclosing transactions and balances with other group companies on the basis they are all wholly owned within the group.

13. Directors' transactions

Directors' transactions

Included within creditors is an amount of £54,899 split between current and non-current (2023: £77,399) owed to the directors as at the balance sheet date.

£287,500 (2023: £268,990) was paid to the directors in remuneration during the year