MARIO CORREIA LIMITED


Director	CORREIA, Mario Arvino Joe


Company Secretary	CORREIA, Adriana


Registered Address	246 Church Hill Road
	East Barnet
	EN4 8PH


Registered Number	07211867 (England and Wales)

Notes to the Financial Statements
for the year ended 31 March 2025

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Turnover policy
	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.

	Employee benefits
	Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.

Employee benefits

Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Current taxation
	Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.

Current taxation

Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income.

Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Intangible assets
	Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.

	Goodwill
	Goodwill arising on an acquisition of a business is carried at cost less accumulated impairment losses, if any. Goodwill is amortised over its expected useful life which is estimated to be twenty years. Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the income statement. No reversals of impairment are recognised.

	Tangible fixed assets and depreciation
	Freehold building - 2% straight line balance Integral assets - 10% reducing balance No depreciation is charged on freehold land.


		Reducing balance (%)
	Plant and machinery	25
	Fixtures and fittings	25
	Vehicles	25
	Office Equipment	25

	Finance leases and hire purchase contracts
	Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.

	Stocks and work in progress
	Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.

Stocks and work in progress

Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss.

Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.

	Cash and cash equivalents
	Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less.

Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.

2.	Average number of employees


		2025		2024
	Average number of employees during the year	9		8

3.	Intangible assets

	Goodwill	Total
	£	£
Cost or valuation
At 01 April 24	1,062,683	1,062,683
Disposals	(134,000)	(134,000)
At 31 March 25	928,683	928,683
Amortisation and impairment
At 01 April 24	106,694	106,694
Charge for year	46,434	46,434
On disposals	(13,454)	(13,454)
At 31 March 25	139,674	139,674
Net book value
At 31 March 25	789,009	789,009
At 31 March 24	955,989	955,989

4.	Tangible fixed assets

	Land & buildings	Plant & machinery	Vehicles	Fixtures & fittings	Office Equipment	Total
	£	£	£	£	£	£
Cost or valuation
At 01 April 24	442,428	189,278	71,972	30,132	21,343	755,153
Additions	-	-	-	-	9,036	9,036
At 31 March 25	442,428	189,278	71,972	30,132	30,379	764,189
Depreciation and impairment
At 01 April 24	24,279	78,444	24,723	15,136	7,069	149,651
Charge for year	9,099	27,709	11,812	3,749	4,253	56,622
At 31 March 25	33,378	106,153	36,535	18,885	11,322	206,273
Net book value
At 31 March 25	409,050	83,125	35,437	11,247	19,057	557,916
At 31 March 24	418,149	110,834	47,249	14,996	14,274	605,502


	The freehold property above includes the value of the land £81,383.

5.	Stocks

	2025	2024
	£	£
Other stocks	5,450	3,419
Total	5,450	3,419

6.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	-	6,428
Bank borrowings and overdrafts	-	64,253
Taxation and social security	148,128	105,863
Finance lease and HP contracts	18,840	18,840
Other creditors	96,296	27,386
Accrued liabilities and deferred income	4,800	4,800
Total	268,064	227,570

7.	Creditors: amounts due after one year

	2025	2024
	£	£
Bank borrowings and overdrafts	-	425,040
Other creditors	39,122	191,962
Total	39,122	617,002

8.	Obligations under finance leases

		2025		2024
		£		£
	Finance lease and HP contracts	57,962		76,802

9.	Provisions for liabilities

	2025	2024
	£	£
Net deferred tax liability (asset)	43,041	53,197
Total	43,041	53,197

10.	Directors advances, credits and guarantees
	Other creditors include £53,024 (2024: £333) which related to director, Mr M A J Correia.

	Notes	2025		2024
		£	£	£	£
Fixed assets
Intangible assets	3		789,009		955,989
Tangible assets	4		557,916		605,502
			1,346,925		1,561,491
Current assets
Stocks	5	5,450		3,419
Cash at bank and on hand		138,531		162,878
		143,981		166,297
Creditors amounts falling due within one year	6	(268,064)		(227,570)
Net current assets (liabilities)			(124,083)		(61,273)
Total assets less current liabilities			1,222,842		1,500,218
Creditors amounts falling due after one year	7		(39,122)		(617,002)
Provisions for liabilities	9		(43,041)		(53,197)
Net assets			1,140,679		830,019
Capital and reserves
Called up share capital			500		500
Profit and loss account			1,140,179		829,519
Shareholders' funds			1,140,679		830,019