Bambino Mio Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03364441 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

1 DECEMBER 2019 TO 31 DECEMBER 2020

FOR

BAMBINO MIO LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

G J Schanschieff MBE, DL.

REGISTERED OFFICE:

12 Staveley Way

Brixworth

Northampton

Northamptonshire

NN6 9EU

REGISTERED NUMBER:

03364441 (England and Wales)

ACCOUNTANTS:

Fortus East Limited

2a Chequers Court

Huntingdon

Cambridgeshire

PE29 3LJ

SOLICITORS:

Howes Percival LLP

Nene House

4 Rushmills

Northampton

NN4 7YB

FIXED ASSETS

Intangible assets

4

141,477

42,027

Tangible assets

5

616,121

138,124

757,598

180,151

CURRENT ASSETS

Stocks

2,757,690

1,026,261

Debtors

6

1,243,316

1,621,268

Cash at bank

32,912

13,440

4,033,918

2,660,969

CREDITORS

Amounts falling due within one year

7

2,090,780

1,016,520

NET CURRENT ASSETS

1,943,138

1,644,449

TOTAL ASSETS LESS CURRENT LIABILITIES

2,700,736

1,824,600

PROVISIONS FOR LIABILITIES

10

142,412

32,054

NET ASSETS

2,558,324

1,792,546

CAPITAL AND RESERVES

Called up share capital

11

10,000

10,000

Retained earnings

2,548,324

1,782,546

SHAREHOLDERS' FUNDS

2,558,324

1,792,546

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2020 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 10 May 2021 and were signed by:

G J Schanschieff MBE, DL. - Director

1.	STATUTORY INFORMATION

Bambino Mio Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover is the total amount receivable by the company for goods supplied and services provided, excluding VAT and trade discounts.

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.

Trademarks are being amortised evenly over their estimated useful life of ten years.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets

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

Improvements to property

-

20% on cost and 10% on cost

Plant and machinery

-

33% on cost

Computer equipment

-

33% on cost

Government grants

Government grants relating to the Coronavirus Job Retention Scheme are recognised in income in the period in which it becomes receivable under the performance model.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowances for obsolete and slow moving items.

Taxation

Taxation for the period 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 period 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 or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their useful lives or the lease term , whichever is shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

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.

Going concern

The COVID-19 pandemic developed rapidly in 2020, with a significant number of cases. Measures

taken by various governments to contain the virus have affected economic activity. At this stage, the impact on the company's operations and results has not been significant and therefore management has determined that the going concern basis is still appropriate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 72 (2019 - 56 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 December 2019

157,518

Additions

175,909

At 31 December 2020

333,427

AMORTISATION

At 1 December 2019

115,491

Charge for period

76,459

At 31 December 2020

191,950

NET BOOK VALUE

At 31 December 2020

141,477

At 30 November 2019

42,027

5.	TANGIBLE FIXED ASSETS

Improvements

to

Plant and

Computer

property

machinery

equipment

Totals

£

£

£

£

COST

At 1 December 2019

107,428

16,033

94,555

218,016

Additions

492,846

7,252

70,595

570,693

At 31 December 2020

600,274

23,285

165,150

788,709

DEPRECIATION

At 1 December 2019

22,261

12,199

45,432

79,892

Charge for period

48,808

2,912

40,976

92,696

At 31 December 2020

71,069

15,111

86,408

172,588

NET BOOK VALUE

At 31 December 2020

529,205

8,174

78,742

616,121

At 30 November 2019

85,167

3,834

49,123

138,124

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

1,116,585

1,483,269

Other debtors

126,731

137,999

1,243,316

1,621,268

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

783,310

158,447

Trade creditors

520,509

361,630

Taxation and social security

10,601

312,519

Other creditors

776,360

183,924

2,090,780

1,016,520

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2020

2019

£

£

Within one year

50,008

28,508

Between one and five years

156,643

24,429

In more than five years

8,384

-

215,035

52,937

9.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank overdrafts

783,310

158,447

The Bank overdrafts are secured by a fixed and floating charge over all the assets and undertakings of the company.

The company has issued a guarantee to HM Revenue & Customs for the amount of £200,000. The guarantee was issued on 12 October 2000.

10.	PROVISIONS FOR LIABILITIES

2020

2019

£

£

Deferred tax

142,412

32,054

Deferred

tax

£

Balance at 1 December 2019

32,054

Accelerated capital allowances

110,358

Balance at 31 December 2020

142,412

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

10,000

Ordinary

£1

10,000

10,000

12.	RELATED PARTY DISCLOSURES

During the period ended 31 December 2020, the company paid Mr G Schanschieff £33,801 (2019 - £21,500) for the rental of business premises. The company also paid £20,000 (2019 - £20,000) for the rental of business premises to the director's pension fund.

Included within creditors: amounts falling due within one year is £34,579 owed to the Director (2019 - £1,079).This loan is unsecured, interest free and repayable on demand.

13.	ULTIMATE CONTROLLING PARTY

Mr G J Schanschieff is the ultimate controlling party by virtue of his office and shareholding.