General Information
Scuderia Vesuvio Limited is a private company, limited by shares, registered in England and Wales, registration number 07037909, registration address Santa Maria, 11 Bond Street, London, W5 5AP.
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of freehold land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The financial statements have been prepared on the going concern basis.
The company reports a loss for the period of £311,339 (2024: profit of £10,773) and has net liabilities of £55,631 at 2 November 2025 (2024: net assets of £653,244).
The directors do not consider this to reflect the underlying performance of the trade. Turnover grew by 15% to £4,691,243 and the gross profit margin improved from 64.9% to 67.2%. The loss arises from costs incurred in refurbishing and revamping the existing restaurants, in taking on and fitting out new sites, and from the change in management during the period. These include exceptional costs of £43,911 and legal and professional fees of £120,426 compared with £17,242 in the prior period.
The directors have prepared forecasts which indicate that the company will return to profitability and will have sufficient resources to meet its liabilities as they fall due. They believe the company is well placed to manage its business risks successfully. Accordingly they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, and they continue to adopt the going concern basis of accounting in preparing these financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
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.
Current and deferred tax assets and liabilities are not discounted.
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Land and Buildings - Leasehold |
7 to 12 years Straight Line |
| Plant and Machinery |
20% Reducing Balance
|
| Fixtures and Fittings |
20% Reducing Balance
|
| Improvements to leasehold property |
Lower of lease period or useful life Straight Line |
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
|
| 2. |
Average number of employees Average number of employees during the period was 93 (2024 : 72). |
| 3. |
Financial Commitments, Guarantees and Contingencies
The total of future minimum lease payments under non-cancellable operating leases are as following:
|
|
2025
£ |
|
2024
£ |
| Not later than one year |
|
65,000 |
|
65,000 |
| Later than one year and not later than five years |
|
260,000 |
|
260,000 |
| Later than five years |
|
65,000 |
|
130,000 |
|
|
390,000 |
|
455,000 |
|
| 4. |
Tangible fixed assets
| Cost or valuation |
Land and Buildings - Leasehold |
|
Plant and Machinery |
|
Fixtures and Fittings |
|
Improvements to leasehold property |
|
Total |
| |
£ |
|
£ |
|
£ |
|
£ |
|
£ |
| At 01 November 2024 |
216,698 |
|
266,832 |
|
704,519 |
|
- |
|
1,188,049 |
| Additions |
- |
|
156,425 |
|
364,746 |
|
188,464 |
|
709,635 |
| Disposals |
(75,000) |
|
- |
|
- |
|
- |
|
(75,000) |
| At 02 November 2025 |
141,698 |
|
423,257 |
|
1,069,265 |
|
188,464 |
|
1,822,684 |
| Depreciation |
| At 01 November 2024 |
84,046 |
|
156,239 |
|
473,397 |
|
- |
|
713,682 |
| Charge for period |
11,808 |
|
53,329 |
|
119,174 |
|
26,318 |
|
210,629 |
| On disposals |
(6,250) |
|
- |
|
- |
|
- |
|
(6,250) |
| At 02 November 2025 |
89,604 |
|
209,568 |
|
592,571 |
|
26,318 |
|
918,061 |
| Net book values |
| Closing balance as at 02 November 2025 |
52,094 |
|
213,689 |
|
476,694 |
|
162,146 |
|
904,623 |
| Opening balance as at 01 November 2024 |
132,652 |
|
110,218 |
|
231,122 |
|
- |
|
473,992 |
|
| 5. |
Stocks
|
2025
£ |
|
2024
£ |
| Stocks |
40,387 |
|
25,489 |
|
40,387 |
|
25,489 |
|
| 6. |
Debtors: amounts falling due within one year
|
2025
£ |
|
2024
£ |
| Trade Debtors |
35,498 |
|
27,730 |
| Cristo Velato Limited |
263,833 |
|
166,109 |
| Prepayments & Accrued Income |
94,563 |
|
- |
| Amounts Recoverable on Contracts |
- |
|
- |
| Other Debtors |
154,061 |
|
114,288 |
|
547,955 |
|
308,127 |
|
| 7. |
Creditors: amount falling due within one year
|
2025
£ |
|
2024
£ |
| Trade Creditors |
130,015 |
|
144,750 |
| Corporation Tax |
- |
|
21,050 |
| PAYE & Social Security |
90,027 |
|
32,119 |
| VAT |
235,303 |
|
121,465 |
| Accrued Expenses |
153,655 |
|
3,000 |
| Other Creditors |
202,781 |
|
162,046 |
| Directors' Current Accounts |
- |
|
5,367 |
|
811,781 |
|
489,797 |
|
| 8. |
Creditors: amount falling due after more than one year
|
2025
£ |
|
2024
£ |
| ZNAS Limited |
837,882 |
|
- |
|
837,882 |
|
- |
|
| 9. |
Provisions for liabilities
|
2025
£ |
|
2024
£ |
| Deferred Tax |
4,596 |
|
85,335 |
|
4,596 |
|
85,335 |
|
| 10. |
Share Premium Account
|
2025
£ |
|
2024
£ |
| Equity Share Premium - New Issue |
249,980 |
|
- |
|
249,980 |
|
- |
|
| 11. |
Share-based payment Reserve
|
2025
£ |
|
2024
£ |
| Equity-Settled Share-Based Payments in Year |
(197,536) |
|
- |
|
(197,536) |
|
- |
|
| 12. |
Capital Redemption Reserve
|
2025
£ |
|
2024
£ |
| Reduction of share capital |
180 |
|
- |
|
180 |
|
- |
|
| 13. |
Related Party Transactions
Summary of transactions with entities with joint control or significant interest at the year end
Cristo Velato Limited
Cristo Velato Limited is a connected party under common control and it owes £263,833 (2024 - £166,109) to Scuderia Vesuvio Limited, in respect an unsecured, interest free loan which is repayable on demand.
ZNAS Limited
ZNAS Limited is a connected party under common control and Scuderia Vesuvio Limited owes £837,882 (2024 - Nil) to ZNAS Limited in respect an interest bearing loan which is repayable within a period of three years.
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3
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