L'Antica Bottega Limited - Period Ending 2021-03-31

L'Antica Bottega Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 9

L'Antica Bottega Limited

Company Information

Directors

G Della Ragione M A Della Ragione L Della Ragione

Registered office

Unit 8 Cobbett Park Moorfield Road Guildford Surrey GU1 1RU

Accountants

Azets Ashcombe Court Woolsack Way Godalming Surrey GU7 1LQ

L'Antica Bottega Limited

(Registration number: 07211548)
Balance Sheet as at 31 March 2021

	Note	2021 £	2020 £
Fixed assets
Tangible assets	4	100,817	43,291
Current assets
Stocks		28,500	15,717
Debtors	5	401,709	345,820
Cash at bank and in hand		16,635	25,499
		446,844	387,036
Creditors: Amounts falling due within one year	6	(325,553)	(368,110)
Net current assets		121,291	18,926
Total assets less current liabilities		222,108	62,217
Creditors: Amounts falling due after more than one year	6	(99,332)	(14,756)
Provisions for liabilities		(7,450)	(8,300)
Net assets		115,326	39,161
Capital and reserves
Called up share capital	7	125	126
Profit and loss account		115,201	39,035
Shareholders' funds		115,326	39,161

For the financial year ending 31 March 2021 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 accounts for the year in question in accordance with section 476; and
•	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.

L'Antica Bottega Limited

(Registration number: 07211548)
Balance Sheet as at 31 March 2021

Approved and authorised by the Board on 5 June 2021 and signed on its behalf by:
 

.........................................

G Della Ragione
Director

L'Antica Bottega Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021

1	General information

The company is a private company limited by share capital, incorporated in England and Wales. The company's registered office address can be found on the company information page.

2	Accounting policies

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 that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

We have paid particular attention to the likely effects on the business of the current Covid-19 outbreak and the directors remain confident that sufficient funding is in place and that the company has adequate resources to enable the company to continue as a going concern for the foreseeable future.

The hospitality sector has suffered as a result of Covid-19 and the trading limitations the restrictions have imposed. Suppliers and customers in the industry continue to work together to manage cashflow with extended payment terms.

The company has received Government support during the period in the form of the Bounce Back Loan Scheme.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Government grants

Grants represent income received in respect of the Government support for businesses in light of the Covid-19 pandemic. Grants are accounted for when approved for payment.

L'Antica Bottega Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021

2	Accounting policies (continued)

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the balance sheet 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
Plant and machinery	25% on reducing balance
Computer equipment	25% on cost
Motor vehicles	25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

L'Antica Bottega Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021

2	Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2020 - 8).

4	Tangible assets

	Computer equipment  £	Motor vehicles  £	Plant and machinery  £	Total £
Cost or valuation
At 1 April 2020	10,765	60,655	23,239	94,659
Additions	-	83,689	-	83,689
Disposals	-	(5,850)	-	(5,850)
At 31 March 2021	10,765	138,494	23,239	172,498
Depreciation
At 1 April 2020	9,433	22,778	19,157	51,368
Charge for the year	823	20,175	1,021	22,019
Eliminated on disposal	-	(1,706)	-	(1,706)
At 31 March 2021	10,256	41,247	20,178	71,681
Carrying amount
At 31 March 2021	509	97,247	3,061	100,817
At 31 March 2020	1,332	37,877	4,082	43,291

L'Antica Bottega Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021

5

Debtors

	2021 £	2020 £
Trade debtors	322,530	306,491
Prepayments	34,318	16,731
Other debtors	44,861	22,598
	401,709	345,820

6

Creditors

	Note	2021 £	2020 £
Due within one year
Loans and borrowings	8	8,333	-
Hire purchase liabilities	8	24,952	12,203
Trade creditors		227,357	302,179
Directors' current account		2,947	-
Taxation and social security		3,483	5,583
Accruals and deferred income		21,800	32,257
Other creditors		3,348	1,288
Corporation tax		33,333	14,600
		325,553	368,110

	Note	2021 £	2020 £
Due after one year
Loans and borrowings	8	41,667	-
Hire purchase liabilities	8	57,665	14,756
		99,332	14,756

The hire purchase liabilities are secured against the assets to which they relate.

L'Antica Bottega Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021

7	Share capital

Allotted, called up and fully paid shares

	2021		2020
	No.	£	No.	£
Ordinary A shares of £0.05 each	2,250	112.50	2,250	112.50
Ordinary B shares of £0.05 each	250	12.50	250	12.50
	2,500	125	2,500	125

8	Loans and borrowings

	2021 £	2020 £
Non-current loans and borrowings
Bank borrowings	41,667	-
Hire purchase contracts	57,665	14,756
	99,332	14,756

	2021 £	2020 £
Current loans and borrowings
Bank borrowings	8,333	-
Hire purchase contracts	24,952	12,203
	33,285	12,203

9	Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

	2021 £	2020 £
Not later than one year	92,750	20,433
Later than one year and not later than five years	355,542	-
	448,292	20,433

L'Antica Bottega Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021

10	Related party transactions

Expenditure with and payables to related parties

2021	Key management £
Amounts payable to related party	2,947

Terms of loans from/to related parties
The amount due is a loan balance that has no formal terms, is interest free and repayable on demand.