Company No:
Contents
| Note | 2025 | 2024 | ||
| £ | £ | |||
| Current assets | ||||
| Stocks |
|
|
||
| Debtors | 3 |
|
|
|
| Cash at bank and in hand |
|
|
||
| 555,528 | 562,918 | |||
| Creditors: amounts falling due within one year | 4 | (
|
(
|
|
| Net current assets | 554,489 | 550,061 | ||
| Total assets less current liabilities | 554,489 | 550,061 | ||
| Net assets |
|
|
||
| Capital and reserves | ||||
| Called-up share capital | 5 |
|
|
|
| Profit and loss account |
|
|
||
| Total shareholders' funds |
|
|
Directors' responsibilities:
The financial statements of S. Notaro Land Limited (registered number:
|
Joseph Notaro
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
S. Notaro Land 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 Notaro House, Huntworth, Bridgewater, Somerset, TA7 0AJ, United Kingdom.
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 directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
The Company as lessor
Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
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.
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.
| 2025 | 2024 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
|
|
| 2025 | 2024 | ||
| £ | £ | ||
| Amounts owed by connected companies |
|
|
|
| Other debtors |
|
|
|
|
|
|
| 2025 | 2024 | ||
| £ | £ | ||
| Deferred income |
|
|
|
| Taxation and social security |
|
|
|
|
|
|
| 2025 | 2024 | ||
| £ | £ | ||
| Allotted, called-up and not yet paid | |||
|
|
|
|
Transactions with owners holding a participating interest in the entity
| 2025 | 2024 | ||
| £ | £ | ||
| Amounts owed by companies under common control | 16,272 | 18,532 |
The amounts are interest free and repayable on demand.
Transactions with the entity's directors
| 2025 | 2024 | ||
| £ | £ | ||
| Amounts owed by directors | 10,000 | 10,000 |
The amounts are interest free and there are no repayment terms.