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Registered number: 03713776 BAR ITALIA HOLDINGS LIMITED UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 29 FEBRUARY 2024
BAR ITALIA HOLDINGS LIMITED REGISTERED NUMBER: 03713776 STATEMENT OF FINANCIAL POSITION AS AT 29 FEBRUARY 2024
|  | 29 February |  | 28 February
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investment property | 4 |  | 15,875,630 |  | 15,500,000
|  |  | 15,875,630 |  | 15,500,000
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 5 | 3,589,480 |  | 1,922,860 |
Cash at bank and in hand |  | 2,450 |  | 6,139 |
|  | 3,591,930 |  | 1,928,999 |
Creditors: amounts falling due within one year | 6 | (2,420,732) |  | (547,171) |
Net current assets |  |  | 1,171,198 |  | 1,381,828
Total assets less current liabilities |  |  | 17,046,828 |  | 16,881,828
Creditors: amounts falling due after more than one year | 7 |  | (7,040,000) |  | (7,040,000)
Provisions for liabilities |  |  |  |  |
Deferred tax | 8 | (2,536,218) |  | (2,442,310) |
|  |  | (2,536,218) |  | (2,442,310)
Net assets |  |  | 7,470,610 |  | 7,399,518
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 1 |  | 1
Revaluation reserve |  |  | 7,326,931 |  | 7,326,931
Profit and loss account |  |  | 143,678 |  | 72,586
|  |  | 7,470,610 |  | 7,399,518
Page 1
BAR ITALIA HOLDINGS LIMITED REGISTERED NUMBER: 03713776 STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 29 FEBRUARY 2024 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. 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. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 July 2026.
................................................ A G L Polledri
Director
The notes on pages 3 to 9 form part of these financial statements. Page 2
BAR ITALIA HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
1. | General information
Bar Italia Holdings Limited is a private company limited by shares and registered in England and Wales. The address of the registered office is 124 Finchley Road, London, England, NW3 5JS. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements and the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Currency
The company's functional and presentational currency is GBP.
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Revenue is recognised by the company in respect of rent due for the year on the company's investment properties.
| 2.4 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.5 | Government grants
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
| 2.6 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred. Page 3
BAR ITALIA HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 2.Accounting policies (continued)
| 2.7 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. The current 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 income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the company can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
| 2.8 | Revaluation of tangible fixed assets
Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date. Fair values are determined from market based evidence normally undertaken by professionally qualified valuers. Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
| 2.9 | Investment property
Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
| 2.10 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Page 4
BAR ITALIA HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 2.Accounting policies (continued)
| 2.11 | Creditors
Creditors are measured at the transaction price.
| 2.12 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.13 | Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and loans with related parties.
3. | Employees
| The average monthly number of employees, including directors, during the year was 2 (2023 - 2).
Page 5
BAR ITALIA HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
4. | Investment property
|  | Freehold investment property
|  | £
| Valuation |
| At 1 March 2023 | 15,500,000
| Additions at cost | 375,630
| At 29 February 2024 | 15,875,630
The 2024 valuations were made by directors, on an open market value basis.
| At 29 February 2024
| If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
|  |  |  |  | 29 February | 28 February
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Historic cost | 5,730,759 | 5,730,759
|  | 5,730,759 | 5,730,759
Page 6
BAR ITALIA HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
5. | Debtors
|  |  |  |  | 29 February | 28 February
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Amounts owed by group undertakings | - | 647,872
| Other debtors | 2,760,856 | 1,031,950
| Prepayments and accrued income | 2,080 | -
| Tax recoverable | 826,544 | 243,038
|  | 3,589,480 | 1,922,860
6. | Creditors: Amounts falling due within one year
|  |  |  |  | 29 February | 28 February
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank overdrafts | 3,141 | 200
| Amounts owed to group undertakings | 1,360,995 | 73,231
| Corporation tax | 1,000,739 | 425,474
| Accruals and deferred income | 55,857 | 48,266
|  | 2,420,732 | 547,171
Page 7
BAR ITALIA HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
7. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 29 February | 28 February
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank loan | 7,040,000 | 7,040,000
|  | 7,040,000 | 7,040,000
| The following liabilities were secured:
|  |  |  |  | 29 February | 28 February
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank loan | 7,040,000 | 7,040,000
|  | 7,040,000 | 7,040,000
| Details of security provided:
The bank loan is secured by a fixed charge on the company's properties.
8. | Deferred taxation
|  | 2024
|  | £
| At beginning of year | (2,442,310)
| Charged to profit or loss | (93,908)
| At end of year | (2,536,218)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 29 February | 28 February
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Accelerated capital allowances | (2,536,218) | (2,442,310)
|  | (2,536,218) | (2,442,310)
Page 8
BAR ITALIA HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
9. | Related party transactions
| Included in other creditors are amounts of £1,360,995 (2023: £574,641) owed to companies related by virtue of having common directors and shareholders. These companies are under the same control as Bar Italia Holdings Limited. Amounts due from related companies are unsecured, interest free, have no fixed date of repayment and are repayable on demand. Rent of £1,252,125 (2023 - £611,130) is received from companies related by virtue of having common directors and shareholders. The rent is based on the prevailing open market rent.
Page 9