REGISTERED NUMBER: SC252781 (Scotland)

Unaudited Financial Statements for the Year Ended 31 December 2025

for

I. Fratelli Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTOR:

G P Capaldi

SECRETARY:

G P Capaldi

REGISTERED OFFICE:

29 Brandon Street

Hamilton

Lanarkshire

ML3 6DA

REGISTERED NUMBER:

SC252781 (Scotland)

ACCOUNTANTS:

Sharles Ltd

Chartered Accountants

29 Brandon Street

Hamilton

ML3 6DA

BANKERS:

The Royal Bank of Scotland plc

30 Sylvania Way South

Clyde Regional Centre

Clydebank

G81 1TS

FIXED ASSETS

Intangible assets

5

8,854

11,979

Tangible assets

6

292,343

318,254

301,197

330,233

CURRENT ASSETS

Stocks

800,475

804,570

Debtors

7

413,149

377,901

Cash at bank and in hand

525,813

263,012

1,739,437

1,445,483

CREDITORS

Amounts falling due within one year

8

702,925

590,754

NET CURRENT ASSETS

1,036,512

854,729

TOTAL ASSETS LESS CURRENT LIABILITIES

1,337,709

1,184,962

CREDITORS

Amounts falling due after more than one year

9

-

(33,543

)

PROVISIONS FOR LIABILITIES

(26,056

)

(31,024

)

NET ASSETS

1,311,653

1,120,395

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

1,311,651

1,120,393

SHAREHOLDERS' FUNDS

1,311,653

1,120,395

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 17 September 2026 and were signed by:

G P Capaldi - Director

1.	STATUTORY INFORMATION

I. Fratelli Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. There were no material departures from that standard.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is derived from the hire and retail of kilt and formal wear supplied by the company.

Turnover is measured at the fair value of kilt and formal wear supplied, net of discounts and excluding value added tax, and is recognised at the point that the company obtains the right to consideration.

Goodwill

Goodwill. being the amount paid in connection with the acquisition of a business in 2003, has been fully amortised.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of four years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

33% on cost, 25% on cost and 10% on cost

Tangible fixed assets held for the companies own use are stated at cost less accumulated depreciation and accumulated impairment loss.

At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £500 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit and loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amounts of stocks recognised as an expense in the period in which the reversal occurs.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account on a straight line basis.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 37 (2024 - 58 ) .

5.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 January 2025

and 31 December 2025

175,000

41,900

216,900

AMORTISATION

At 1 January 2025

175,000

29,921

204,921

Charge for year

-

3,125

3,125

At 31 December 2025

175,000

33,046

208,046

NET BOOK VALUE

At 31 December 2025

-

8,854

8,854

At 31 December 2024

-

11,979

11,979

6.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2025

619,995

Additions

35,125

Disposals

(15,300

)

At 31 December 2025

639,820

DEPRECIATION

At 1 January 2025

301,741

Charge for year

61,036

Eliminated on disposal

(15,300

)

At 31 December 2025

347,477

NET BOOK VALUE

At 31 December 2025

292,343

At 31 December 2024

318,254

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Other debtors

413,149

377,901

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

28,238

42,696

Trade creditors

334,685

299,856

Taxation and social security

210,445

137,448

Other creditors

129,557

110,754

702,925

590,754

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans

-

33,543

10.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Bank loans

28,238

76,239

The bank loan is supported by a 100% guarantee from the UK Government.

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year, the company advanced £38,147 to the directors, G P Capaldi and D C Capaldi. At the year end, the balance due from the directors was £151,809 (2024 - £113,662).

The loan has no fixed repayment terms and no interest is charged.

12.	RELATED PARTY DISCLOSURES

During the year the year, I. Fratelli Ltd advanced £17,335 to companies under common control. At the year end, the balance due to I. Fratelli Ltd from companies under common control was £128,774 (2024 - £111,438).

No interest was charged on outstanding amounts during this year or the previous year. The balances are unsecured, interest free and have no fixed repayment terms.

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of I. Fratelli Limited for the year ended 31 December 2025 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.

This report is made solely to the director of I. Fratelli Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of I. Fratelli Limited and state those matters that we have agreed to state to the director of I. Fratelli Limited in this report in accordance with the requirements of ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that I. Fratelli Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of I. Fratelli Limited. You consider that I. Fratelli Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of I. Fratelli Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Sharles Ltd

Chartered Accountants

29 Brandon Street

Hamilton

ML3 6DA

17 September 2026