Company Registration No. SC538376 (Scotland)
Miele's Gelateria Limited
Unaudited financial statements
for the period ended 31 October 2021
Pages for filing with the Registrar
Miele's Gelateria Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 10
Miele's Gelateria Limited
Statement of financial position
As at 31 October 2021
Page 1
31 October 2021
30 June 2020
Notes
£
£
£
£
Fixed assets
Tangible assets
5
370,753
278,178
Current assets
Stocks
56,477
19,110
Debtors
6
41,038
36,673
Cash at bank and in hand
97,316
86,542
194,831
142,325
Creditors: amounts falling due within one year
7
(214,491)
(151,432)
Net current liabilities
(19,660)
(9,107)
Total assets less current liabilities
351,093
269,071
Creditors: amounts falling due after more than one year
8
(256,461)
(166,616)
Provisions for liabilities
(51,443)
(33,854)
Net assets
43,189
68,601
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
43,089
68,501
Total equity
43,189
68,601
Miele's Gelateria Limited
Statement of financial position (continued)
As at 31 October 2021
Page 2
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial period ended 31 October 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 15 August 2022 and are signed on its behalf by:
R Miele
M Miele
Director
Director
D R Miele
N J Miele
Director
Director
Company Registration No. SC538376
Miele's Gelateria Limited
Notes to the financial statements
For the period ended 31 October 2021
Page 3
1
Accounting policies
Company information
Miele's Gelateria Limited is a private company limited by shares incorporated in Scotland. The registered office is c/o Saffery Champness LLP, Kintail House, Beechwood Park, Inverness, IV2 3BW.
1.1
Reporting period
The reporting period has been extended from 30 June 2021 to 31 October 2021. The period was extended for operational purposes. As a result, comparative amounts presented in these financial statements (including the related notes) are not entirely comparable.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Miele's Gelateria Limited
Notes to the financial statements (continued)
For the period ended 31 October 2021
1
Accounting policies (continued)
Page 4
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
nil
Plant and equipment
20% reducing balance per annum
Fixtures and fittings
20% reducing balance per annum
Computers
20%-33% reducing balance per annum
Motor vehicles
25% reducing balance per annum
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Miele's Gelateria Limited
Notes to the financial statements (continued)
For the period ended 31 October 2021
1
Accounting policies (continued)
Page 5
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Miele's Gelateria Limited
Notes to the financial statements (continued)
For the period ended 31 October 2021
1
Accounting policies (continued)
Page 6
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Miele's Gelateria Limited
Notes to the financial statements (continued)
For the period ended 31 October 2021
1
Accounting policies (continued)
Page 7
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.13
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2021
2020
Number
Number
Total
10
10
Miele's Gelateria Limited
Notes to the financial statements (continued)
For the period ended 31 October 2021
Page 8
4
Taxation
2021
2020
£
£
Current tax
UK corporation tax on profits for the current period
12,806
Adjustments in respect of prior periods
(10,592)
Total current tax
(10,592)
12,806
Deferred tax
Origination and reversal of timing differences
17,589
2,886
Total tax charge
6,997
15,692
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2020
108,366
332,543
440,909
Additions
188,003
188,003
Disposals
(22,782)
(22,782)
At 31 October 2021
108,366
497,764
606,130
Depreciation and impairment
At 1 July 2020
162,731
162,731
Depreciation charged in the period
81,672
81,672
Eliminated in respect of disposals
(9,026)
(9,026)
At 31 October 2021
235,377
235,377
Carrying amount
At 31 October 2021
108,366
262,387
370,753
At 30 June 2020
108,366
169,812
278,178
Miele's Gelateria Limited
Notes to the financial statements (continued)
For the period ended 31 October 2021
Page 9
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
16,376
12,671
Other debtors
24,662
24,002
41,038
36,673
7
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
63,791
18,800
Trade creditors
22,564
50,219
Corporation tax
22,984
Other taxation and social security
26,438
9,413
Other creditors
101,698
50,016
214,491
151,432
8
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
218,819
143,015
Other creditors
37,642
23,601
256,461
166,616
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2021
2020
£
£
427,500
Miele's Gelateria Limited
Notes to the financial statements (continued)
For the period ended 31 October 2021
Page 10
10
Directors' transactions
Dividends totalling £36,000 (2020 - £68,700) were paid in the period in respect of shares held by the company's directors.
At 31 October 2021 the company owed the directors £15,176 (30 June 2020 - £24,695). The loan is included in other creditors.
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