Prego Restaurant Ltd Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: SC229083

Prego Restaurant Ltd

Filleted Unaudited Financial Statements

For the year ended

31 March 2025

Prego Restaurant Ltd

Financial Statements

Year ended 31 March 2025

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Prego Restaurant Ltd

Statement of Financial Position

31 March 2025

	2025	2024
Note	£	£

Fixed assets

Tangible assets	5	51,240	52,711

Current assets

Debtors	6	9,455	8,876
Cash at bank and in hand		1,868	5,714
		--------	--------
		11,323	14,590

Creditors: amounts falling due within one year	7	62,347	67,109
		--------	--------
Net current liabilities		51,024	52,519
		--------	--------
Total assets less current liabilities		216	192

Provisions	101	115
	----	----
Net assets	115	77
	----	----

Prego Restaurant Ltd

Statement of Financial Position (continued)

31 March 2025

	2025	2024
Note	£	£

Capital and reserves

Called up share capital	4	4
Profit and loss account	111	73
	----	----
Shareholders funds	115	77
	----	----

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the 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 financial statements for the year in question in accordance with section 476 ;

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

These financial statements were approved by the board of directors and authorised for issue on 29 December 2025 , and are signed on behalf of the board by:

Mr R Jannetta

Director

Company registration number: SC229083

Prego Restaurant Ltd

Notes to the Financial Statements

Year ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is The Mechanics Workshop, New Lanark, Lanark, ML11 9DB.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The accounts have been prepared on the going concern basis reflecting the continuing support of the directors, who intend to ensure there are sufficient funds to meet the company's working capital requirement for the foreseeable future.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and Machinery	-	15% reducing balance
Fixtures & Fittings	-	15% reducing balance
Improvements	-	2% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Employee numbers

The average number of persons employed by the company during the year amounted to nil (2023: nil).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 April 2024 and 31 March 2025	18,039	25,832	99,877	143,748
	--------	--------	--------	---------
Depreciation
At 1 April 2024	17,599	25,051	48,387	91,037
Charge for the year	66	117	1,288	1,471
	--------	--------	--------	---------
At 31 March 2025	17,665	25,168	49,675	92,508
	--------	--------	--------	---------
Carrying amount
At 31 March 2025	374	664	50,202	51,240
	--------	--------	--------	---------
At 31 March 2024	440	781	51,490	52,711
	--------	--------	--------	---------

6. Debtors

	2025	2024
	£	£
Other debtors	9,455	8,876
	-------	-------

7. Creditors: amounts falling due within one year

	2025	2024
	£	£
Corporation tax	8,158	13,421
Other creditors	54,189	53,688
	--------	--------
	62,347	67,109
	--------	--------

8. Operating leases

The total future minimum lease payments under non-cancellable operating leases are £22,961 (2023 - £27,575).

9. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2025
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mrs R M Faccenda	–	–	–	–
Mrs R Jannetta	–	–	–	–
Mr R Faccenda	–	–	–	–
Mr R Jannetta	–	–	–	–
	----	----	----	----
	–	–	–	–
	----	----	----	----

	2024
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mrs R M Faccenda	1,481	6,903	( 6,000)	2,384
Mrs R Jannetta	1,233	6,375	( 6,000)	1,608
Mr R Faccenda	( 794)	6,375	( 6,000)	( 419)
Mr R Jannetta	1,233	6,375	( 6,000)	1,608
	-------	--------	--------	-------
	3,153	26,028	( 24,000)	5,181
	-------	--------	--------	-------

No interest is chargeable on this balance and the loan is repayable on demand.

10. Related party transactions

The company was under the control of Mr R Facenda, Mrs R Facenda and Mr and Mrs R Jannetta throughout the current and previous years. During the year the company rented premises from Waverlee Properties Limited, a company controlled by the directors. The rent payable during the year was £4,614 (2023 - £7,000). At the balance sheet date the amount due to Waverlee Properties Ltd was £17,358 (2023 - £17,358). At the balance sheet date the amount due by the company to Prego Restaurant (Carluke) Ltd, a company controlled by the directors, was £33,102 (2023 - £32,643). During the year the company paid dividends of £24,000 (2023 - £20,000) to the directors.