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REGISTERED NUMBER: 04682399 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

GELATO FAMOSO LIMITED

GELATO FAMOSO LIMITED (REGISTERED NUMBER: 04682399)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GELATO FAMOSO LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2022







DIRECTORS: Mrs L Reynolds
Mr J Reynolds





REGISTERED OFFICE: Unit 2.02
High Weald House
Glovers End
Bexhill on Sea
East Sussex
TN39 5ES





REGISTERED NUMBER: 04682399 (England and Wales)





ACCOUNTANTS: Acuity Professional Partnership LLP
Unit 2.02
High Weald House
Glovers End
Bexhill
East Sussex
TN39 5ES

GELATO FAMOSO LIMITED (REGISTERED NUMBER: 04682399)

BALANCE SHEET
31 DECEMBER 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 124,474 114,449
124,474 114,449

CURRENT ASSETS
Stocks 10,500 9,830
Debtors 6 342,831 265,557
Prepayments and accrued income 240 -
Cash at bank and in hand 76,006 94,540
429,577 369,927
CREDITORS
Amounts falling due within one year 7 39,612 80,325
NET CURRENT ASSETS 389,965 289,602
TOTAL ASSETS LESS CURRENT
LIABILITIES

514,439

404,051

CREDITORS
Amounts falling due after more than one
year

8

(32,499

)

(50,000

)

PROVISIONS FOR LIABILITIES 9 (23,796 ) (21,745 )
NET ASSETS 458,144 332,306

CAPITAL AND RESERVES
Called up share capital 10 504 504
Retained earnings 457,640 331,802
SHAREHOLDERS' FUNDS 458,144 332,306

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

GELATO FAMOSO LIMITED (REGISTERED NUMBER: 04682399)

BALANCE SHEET - continued
31 DECEMBER 2022


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 November 2023 and were signed on its behalf by:





Mr J Reynolds - Director


GELATO FAMOSO LIMITED (REGISTERED NUMBER: 04682399)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022


1. STATUTORY INFORMATION

Gelato Famoso 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 measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

GOODWILL
Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of seven years.

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.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

FINANCIAL INSTRUMENTS
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties.

Financial assets that are measured at cost and amortized cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognized in profit or loss.

For financial assets measured at amortized cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognized amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

GELATO FAMOSO LIMITED (REGISTERED NUMBER: 04682399)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


2. ACCOUNTING POLICIES - continued

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 year 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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
Cost
At 1 January 2022
and 31 December 2022 115,000
Amortisation
At 1 January 2022
and 31 December 2022 115,000
Net book value
At 31 December 2022 -
At 31 December 2021 -

GELATO FAMOSO LIMITED (REGISTERED NUMBER: 04682399)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


5. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
Cost
At 1 January 2022 319,415 25,459 2,591 347,465
Additions 29,399 - - 29,399
At 31 December 2022 348,814 25,459 2,591 376,864
Depreciation
At 1 January 2022 207,418 23,618 1,980 233,016
Charge for year 18,710 460 204 19,374
At 31 December 2022 226,128 24,078 2,184 252,390
Net book value
At 31 December 2022 122,686 1,381 407 124,474
At 31 December 2021 111,997 1,841 611 114,449

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Amounts owed by participating interests 331,487 259,019
Other debtors 11,344 6,538
342,831 265,557

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 10,000 -
Trade creditors 9,444 14,974
Taxation and social security 9,754 50,699
Other creditors 10,414 14,652
39,612 80,325

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
£    £   
Other creditors 32,499 50,000

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Loan 32,499 50,000

GELATO FAMOSO LIMITED (REGISTERED NUMBER: 04682399)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


9. PROVISIONS FOR LIABILITIES
2022 2021
£    £   
Deferred tax 23,796 21,745

Deferred
tax
£   
Balance at 1 January 2022 21,745
Charge to Statement of Income and Retained Earnings during year 2,051
Balance at 31 December 2022 23,796

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
504 Ordinary Shares 1 504 504