Registration number:
for the
Year Ended
Corretto Limited
(Registration number: 07071262)
Balance Sheet as at 31 March 2017
Note |
2017 |
2016 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Cash at bank and in hand |
|
|
|
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
S J Bifulco
Company secretary and director
Corretto Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Leasehold property |
Over lease term |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Corretto Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Financial instruments
Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Corretto Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Tangible assets |
Land and buildings |
|
Cost |
|
At 1 April 2016 |
|
At 31 March 2017 |
|
Depreciation |
|
At 1 April 2016 |
|
Charge for the year |
|
At 31 March 2017 |
|
Carrying amount |
|
At 31 March 2017 |
|
At 31 March 2016 |
|
Included within the net book value of land and buildings above is £324,989 (2016 - £326,680) in respect of freehold land and buildings.
Creditors |
Note |
2017 |
2016 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Social security and other taxes |
|
|
|
Other creditors |
|
|
|
Accrued expenses |
|
|
|
Corporation tax liability |
2,855 |
2,743 |
|
|
|
||
Due after one year |
|||
Loans and borrowings |
|
|
Corretto Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Loans and borrowings |
2017 |
2016 |
|
Current loans and borrowings |
||
Bank borrowings |
|
|
Other borrowings |
|
|
|
|
The bank loans are secured.
2017 |
2016 |
|
Non-current loans and borrowings |
||
Bank borrowings |
|
|
Related party transactions |
Summary of transactions with other related parties
At 31 March 2017 the company owed £50,432 (2016 - £50,432) to SJ Bifulco in the form of a director's loan. The loan is interest free and there are no fixed repayment terms.
At 31 March 2017 the company owed £53,277 (2016 - £53,277) to LG Bifulco in the form of a director's loan. The loan is interest free and there are no fixed repayment terms.
At 31 March 2017 the company owed £732 (2016 - £732) to Caffe Corretto Limited, a company under common control. The loan is interest free and there are no fixed repayment terms.
Transition to FRS 102 |
This is the first period that the company has presented its financial statements under Financial Reporting Standard 102 (FRS 102) issued by the Financial Reporting Council. The last financial statements under previous UK GAAP were for the period from 1 April 2015 to 31 March 2016 and the date of transition to FRS 102 was therefore 1 April 2015. There are no transitional adjustments as a result of adopting FRS 102 for the first time.