Corretto Limited 07071262 false 2024-04-01 2025-03-31 2025-03-31 The principal activity of the company is that of a property rental company Digita Accounts Production Advanced 6.30.9574.0 true 07071262 2024-04-01 2025-03-31 07071262 2025-03-31 07071262 core:CurrentFinancialInstruments core:WithinOneYear 2025-03-31 07071262 core:LandBuildings 2025-03-31 07071262 bus:SmallEntities 2024-04-01 2025-03-31 07071262 bus:AuditExemptWithAccountantsReport 2024-04-01 2025-03-31 07071262 bus:FilletedAccounts 2024-04-01 2025-03-31 07071262 bus:SmallCompaniesRegimeForAccounts 2024-04-01 2025-03-31 07071262 bus:RegisteredOffice 2024-04-01 2025-03-31 07071262 bus:CompanySecretaryDirector1 2024-04-01 2025-03-31 07071262 bus:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 07071262 core:Buildings 2024-04-01 2025-03-31 07071262 core:LandBuildings 2024-04-01 2025-03-31 07071262 core:OtherRelatedParties 2024-04-01 2025-03-31 07071262 countries:EnglandWales 2024-04-01 2025-03-31 07071262 core:LandBuildings 2024-03-31 07071262 2023-04-01 2024-03-31 07071262 2024-03-31 07071262 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 07071262 core:LandBuildings 2024-03-31 iso4217:GBP xbrli:pure

Registration number: 07071262

Prepared for the registrar
Corretto Limited
Annual Report and Unaudited Financial Statements
for the Year Ended 31 March 2025

Corretto Limited

(Registration number: 07071262)
Balance Sheet as at 31 March 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 4 | 311,461 | 313,152
Current assets |  |  |
Cash at bank and in hand |  | 10,870 | 298
Creditors: Amounts falling due within one year | 5 | (160,255) | (173,738)
Net current liabilities |  | (149,385) | (173,440)
Net assets |  | 162,076 | 139,712
Capital and reserves |  |  |
Called up share capital |  | 300 | 300
Retained earnings |  | 161,776 | 139,412
Shareholders' funds |  | 162,076 | 139,712

For the financial year ending 31 March 2025 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 November 2025 and signed on its behalf by:

S J Bifulco
Company secretary and director

Corretto Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

| 1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

| 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.

Statement of compliance

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 using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Turnover comprises the fair value of the rents receivable in respect of the leasehold property in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.
The company recognises revenue when: the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in the profit and loss account, except that a charge 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Corretto Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Leasehold property | Over the term of the lease

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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Impairment
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 profit or loss.

| 3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2024 - 3).

Corretto Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

| 4 | Tangible assets

| Land and buildings £
Cost
At 1 April 2024 | 338,179
At 31 March 2025 | 338,179
Depreciation
At 1 April 2024 | 25,027
Charge for the year | 1,691
At 31 March 2025 | 26,718
Carrying amount
At 31 March 2025 | 311,461
At 31 March 2024 | 313,152

Included within the net book value of land and buildings above is £311,461 (2024 - £313,152) in respect of long leasehold land and buildings.

| 5 | Creditors

| 2025 £ | 2024 £
Due within one year |  |
Amounts due to related parties | 149,546 | 164,546
Taxation and social security | 9,029 | 6,885
Accruals and deferred income | 1,680 | 1,575
Other creditors | - | 732
| 160,255 | 173,738

| 6 | Related party transactions

Summary of transactions with other related parties

At 31 March 2025 the company owed £149,546 (2024 - £164,546) to the directors in the form of a directors' loan. The loan is interest free and there are no fixed repayment terms.