Gelato Mio Ltd Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 06492651

Gelato Mio Ltd

Filleted Unaudited Financial Statements

31 December 2022

Gelato Mio Ltd

Statement of Financial Position

31 December 2022

	2022	2021
Note	£	£

Current assets

Debtors	5	60,136	81,985
Cash at bank and in hand		1,316	15,896
		--------	--------
		61,452	97,881

Creditors: amounts falling due within one year	6	230,326	333,052
		---------	---------
Net current liabilities		168,874	235,171
		---------	---------
Total assets less current liabilities		( 168,874)	( 235,171)

Creditors: amounts falling due after more than one year	7	1,419,258	1,317,711
		------------	------------
Net liabilities		( 1,588,132)	( 1,552,882)
		------------	------------

Capital and reserves

Called up share capital	200,788	200,788
Share premium account	1,608,951	1,608,951
Profit and loss account	( 3,397,871)	( 3,362,621)
	------------	------------
Shareholders deficit	( 1,588,132)	( 1,552,882)
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Gelato Mio Ltd

Statement of Financial Position (continued)

31 December 2022

These financial statements were approved by the board of directors and authorised for issue on 14 December 2023 , and are signed on behalf of the board by:

Maurizio Bonfiglioli
Director

Company registration number: 06492651

Gelato Mio Ltd

Notes to the Financial Statements

Year ended 31 December 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3rd Floor Portman House, 2 Portman Street, London, W1H 6DU, England.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 5 (2021: 11 ).

5. Debtors

	2022	2021
	£	£
Trade debtors	57,652	79,203
Other debtors	2,484	2,782
	--------	--------
	60,136	81,985
	--------	--------

6. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	211,141	206,845
Social security and other taxes	18,580	126,207
Other creditors	605	–
	---------	---------
	230,326	333,052
	---------	---------

7. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	1,329,868	1,296,840
Social security and other taxes	89,390	–
Other creditors	–	20,871
	------------	------------
	1,419,258	1,317,711
	------------	------------

8. Related party transactions

During the year cost recharges were made to Unico Gelato Caffe Ltd, a company under common day to day management totalling £269,254 (2021: £335,572), of this amount £269,254 (2021: £335,340) was for staff recharges. At the balance sheet date Gelato Mio Ltd owed Unico Gelato Caffe Ltd £1,296,840 (2021: £1,296,840). Interest is charged on the loan at the rate of 2% per annum.

9. Controlling party

At the balance sheet date the directors considered Alcor Investments S.R.L to be the ultimate parent company, by virtue of its ownership of the entire issued share capital of Gelato Mio Ltd.