Company No:
Contents
Note | 31.10.2023 | 31.10.2022 | ||
£ | £ | |||
Fixed assets | ||||
Investment property | 3 |
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1,200,000 | 1,200,000 | |||
Current assets | ||||
Stocks | 4 |
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Debtors | 5 |
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Cash at bank and in hand | 6 |
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1,717,476 | 1,866,692 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current assets | 1,690,241 | 1,835,409 | ||
Total assets less current liabilities | 2,890,241 | 3,035,409 | ||
Creditors: amounts falling due after more than one year | 8 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 9 |
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Revaluation reserve |
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Profit and loss account |
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Total shareholder's funds |
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Directors' responsibilities:
The financial statements of Mercatino Italiano Limited (registered number:
J A Goodman
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Mercatino Italiano Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 35 Ballards Lane, London, N3 1XW, England, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Vehicles |
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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.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
The fair value is determined annually by external valuers and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.
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.
31.10.2023 | 31.10.2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Investment property | |
£ | |
Valuation | |
As at 01 November 2022 |
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As at 31 October 2023 |
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Valuation
The fair value of the company's investment property at 31 October 2023 has been arrived at on the basis of valuations carried out on that date by the directors.
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£ | £ | ||
Development Land |
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31.10.2023 | 31.10.2022 | ||
£ | £ | ||
Other debtors |
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31.10.2023 | 31.10.2022 | ||
£ | £ | ||
Cash at bank and in hand |
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31.10.2023 | 31.10.2022 | ||
£ | £ | ||
Taxation and social security |
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Other creditors |
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31.10.2023 | 31.10.2022 | ||
£ | £ | ||
Bank loans (secured) |
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31.10.2023 | 31.10.2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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