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Registration number: 05240527

Mondo Unico Limited

Filleted Financial Statements

for the Year Ended 28 February 2023

 

Mondo Unico Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Mondo Unico Limited

Company Information

Director

Mr Raimondo Graziano Guidetti

Registered office

The Old Smithy
Stocktons Courtyard
Overbury
Tewkesbury
Gloucestershire
GL20 7NT

Accountants

Arubus Chartered Accountants
The Old Smithy
Stocktons Courtyard
Overbury
Tewkesbury
Gloucestershire
GL20 7NT

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Mondo Unico Limited
for the Year Ended 28 February 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Mondo Unico Limited for the year ended 28 February 2023 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Mondo Unico Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Mondo Unico Limited and state those matters that we have agreed to state to the Board of Directors of Mondo Unico Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mondo Unico Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Mondo Unico Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Mondo Unico Limited. You consider that Mondo Unico Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Mondo Unico Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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

Arubus Chartered Accountants
The Old Smithy
Stocktons Courtyard
Overbury
Tewkesbury
Gloucestershire
GL20 7NT

14 November 2023

 

Mondo Unico Limited

(Registration number: 05240527)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

6,389

9,581

Tangible assets

6

42,929

50,377

 

49,318

59,958

Current assets

 

Stocks

7

2,679

2,782

Debtors

8

1,010

978

Cash at bank and in hand

 

19,699

8,938

 

23,388

12,698

Creditors: Amounts falling due within one year

9

(77,624)

(77,864)

Net current liabilities

 

(54,236)

(65,166)

Net liabilities

 

(4,918)

(5,208)

Capital and reserves

 

Called up share capital

10

70,000

70,000

Share premium reserve

23,000

23,000

Retained earnings

(97,918)

(98,208)

Shareholders' deficit

 

(4,918)

(5,208)

 

Mondo Unico Limited

(Registration number: 05240527)
Balance Sheet as at 28 February 2023

For the financial year ending 28 February 2023 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his 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.

Approved and authorised by the director on 1 November 2023
 

.........................................
Mr Raimondo Graziano Guidetti
Director

 

Mondo Unico Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
The Old Smithy
Stocktons Courtyard
Overbury
Tewkesbury
Gloucestershire
GL20 7NT
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Mondo Unico Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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

Short leasehold Property

5% straight line

Fixtures & Fittings

20% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Mondo Unico Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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 the director) during the year, was 5 (2022 - 5).

 

Mondo Unico Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Profit/loss before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

7,448

7,960

Amortisation expense

3,192

3,192

 

Mondo Unico Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2022

63,847

63,847

At 28 February 2023

63,847

63,847

Amortisation

At 1 March 2022

54,266

54,266

Amortisation charge

3,192

3,192

At 28 February 2023

57,458

57,458

Carrying amount

At 28 February 2023

6,389

6,389

At 28 February 2022

9,581

9,581

6

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 March 2022

107,990

88,415

196,405

At 28 February 2023

107,990

88,415

196,405

Depreciation

At 1 March 2022

67,855

78,173

146,028

Charge for the year

5,400

2,048

7,448

At 28 February 2023

73,255

80,221

153,476

Carrying amount

At 28 February 2023

34,735

8,194

42,929

At 28 February 2022

40,135

10,242

50,377

Included within the net book value of land and buildings above is £34,735 (2022 - £40,135) in respect of short leasehold land and buildings.
 

 

Mondo Unico Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

7

Stocks

2023
£

2022
£

Other inventories

2,679

2,782

8

Debtors

Current

2023
£

2022
£

Other debtors

1,010

978

9

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

3,063

2,548

Taxation and social security

9,815

9,055

Accruals and deferred income

1,978

1,850

Other creditors

62,768

64,411

77,624

77,864

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

70,000

70,000

70,000

70,000