4 false false false false false false false false false true false false false false false false No description of principal activity 2021-01-01 Sage Accounts Production Advanced 2021 - FRS102_2021 241,013 177,219 xbrli:pure xbrli:shares iso4217:GBP 11770251 2021-01-01 2021-12-31 11770251 2021-12-31 11770251 2020-12-31 11770251 2020-01-01 2020-12-31 11770251 2020-12-31 11770251 bus:RegisteredOffice 2021-01-01 2021-12-31 11770251 bus:Director1 2021-01-01 2021-12-31 11770251 core:PlantMachinery 2021-12-31 11770251 core:PlantMachinery 2021-01-01 2021-12-31 11770251 core:ShareCapital 2020-01-01 2020-12-31 11770251 core:RetainedEarningsAccumulatedLosses 2020-01-01 2020-12-31 11770251 core:RetainedEarningsAccumulatedLosses 2021-01-01 2021-12-31 11770251 core:WithinOneYear 2021-12-31 11770251 core:WithinOneYear 2020-12-31 11770251 core:ShareCapital 2021-12-31 11770251 core:ShareCapital 2020-12-31 11770251 core:RetainedEarningsAccumulatedLosses 2021-12-31 11770251 core:RetainedEarningsAccumulatedLosses 2020-12-31 11770251 core:RetainedEarningsAccumulatedLosses 2019-12-31 11770251 core:RestatedAmount 2019-12-31 11770251 core:RestatedAmount 2020-12-31 11770251 core:PlantMachinery 2020-12-31 11770251 bus:SmallEntities 2021-01-01 2021-12-31 11770251 bus:AuditExempt-NoAccountantsReport 2021-01-01 2021-12-31 11770251 bus:FullAccounts 2021-01-01 2021-12-31 11770251 bus:SmallCompaniesRegimeForAccounts 2021-01-01 2021-12-31 11770251 bus:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31
COMPANY REGISTRATION NUMBER: 11770251
MONNALISA UK LTD
Unaudited Financial Statements
31 December 2021
MONNALISA UK LTD
Financial Statements
Year ended 31 December 2021
Contents
Page
Director's report
1
Statement of comprehensive income
2
Statement of financial position
3
Statement of changes in equity
4
Notes to the financial statements
5
MONNALISA UK LTD
Director's Report
Year ended 31 December 2021
The director presents his report and the unaudited financial statements of the company for the year ended 31 December 2021 .
Director
The director who served the company during the year was as follows:
Mr Christian Simoni
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 23 March 2022 and signed on behalf of the board by:
Mr Christian Simoni
Director
Registered office:
Unit 2 Bedford Mews
London
UK
N2 9DF
MONNALISA UK LTD
Statement of Comprehensive Income
Year ended 31 December 2021
2021
2020
Note
£
£
Turnover
487,318
378,938
Cost of sales
172,940
137,759
---------
---------
Gross profit
314,378
241,179
Distribution costs
4,160
68
Administrative expenses
566,902
494,954
Other operating income
15,671
35,239
---------
---------
Operating loss
( 241,013)
( 218,604)
---------
---------
Loss before taxation
5
( 241,013)
( 218,604)
Tax on loss
( 41,385)
---------
---------
Loss for the financial year and total comprehensive income
( 241,013)
( 177,219)
---------
---------
All the activities of the company are from continuing operations.
The company has no other recognised items of income and expenses other than the results for the year as set out above.
MONNALISA UK LTD
Statement of Financial Position
31 December 2021
2021
2020
Note
£
£
Fixed assets
Intangible assets
6
788
Tangible assets
7
42,127
27,520
--------
--------
42,127
28,308
Current assets
Stocks
49,536
77,735
Debtors
8
129,998
127,363
Cash at bank and in hand
143,857
102,716
---------
---------
323,391
307,814
Creditors: amounts falling due within one year
9
550,545
271,118
---------
---------
Net current (liabilities)/assets
( 227,154)
36,696
---------
--------
Total assets less current liabilities
( 185,027)
65,004
---------
--------
Capital and reserves
Called up share capital
199,993
199,993
Profit and loss account
( 385,020)
( 134,989)
---------
---------
Shareholders (deficit)/funds
( 185,027)
65,004
---------
---------
These financial statements have been prepared 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'.
For the year ending 31 December 2021 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 .
These financial statements were approved by the board of directors and authorised for issue on 23 March 2022 , and are signed on behalf of the board by:
Mr Christian Simoni
Director
Company registration number: 11770251
MONNALISA UK LTD
Statement of Changes in Equity
Year ended 31 December 2021
Called up share capital
Profit and loss account
Total
£
£
£
At 1 January 2020
42,230
42,230
Loss for the year
( 177,219)
( 177,219)
----
---------
---------
Total comprehensive income for the year
( 177,219)
( 177,219)
Issue of shares
199,993
199,993
---------
---------
---------
Total investments by and distributions to owners
199,993
199,993
At 31 December 2020
199,993
(144,007)
55,986
Loss for the year
( 241,013)
( 241,013)
---------
---------
---------
Total comprehensive income for the year
( 241,013)
( 241,013)
---------
---------
---------
At 31 December 2021
199,993
( 385,020)
( 185,027)
---------
---------
---------
MONNALISA UK LTD
Notes to the Financial Statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 2 Bedford Mews, London, N2 9DF, UK.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20%
User defined asset
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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.
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 4 (2020: 4 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2021
2020
£
£
Amortisation of intangible assets
788
6,629
Depreciation of tangible assets
6,752
7,682
-------
-------
6. Intangible assets
Intangible asset user defined 2
£
Cost
At 1 January 2021 and 31 December 2021
12,238
--------
Amortisation
At 1 January 2021 and 31 December 2021
12,238
--------
Carrying amount
At 31 December 2021
--------
At 31 December 2020
--------
7. Tangible assets
Plant and machinery
Equipment
User defined asset
Total
£
£
£
£
Cost
At 1 January 2021
12,225
24,840
37,065
Additions
18,014
3,345
21,359
--------
--------
--------
--------
At 31 December 2021
18,014
12,225
28,185
58,424
--------
--------
--------
--------
Depreciation
At 1 January 2021 and 31 December 2021
1,126
7,125
8,046
16,297
--------
--------
--------
--------
Carrying amount
At 31 December 2021
16,888
5,100
20,139
42,127
--------
--------
--------
--------
At 31 December 2020
( 1,126)
5,100
16,794
20,768
--------
--------
--------
--------
8. Debtors
2021
2020
£
£
Trade debtors
62,460
52,654
Other debtors
67,538
74,709
---------
---------
129,998
127,363
---------
---------
9. Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
511,306
269,692
Social security and other taxes
3,323
1,426
Other creditors
35,916
---------
---------
550,545
271,118
---------
---------
10. Director's advances, credits and guarantees
The Loan from the director is interest free and repayable on demand