Silverfin false false 31/10/2023 01/11/2022 31/10/2023 J A Goodman 23/07/2020 M Goodman 23/07/2020 15 April 2024 The principal activity of the company during the financial year was property development. 00963793 2023-10-31 00963793 bus:Director1 2023-10-31 00963793 bus:Director2 2023-10-31 00963793 2022-10-31 00963793 core:CurrentFinancialInstruments 2023-10-31 00963793 core:CurrentFinancialInstruments 2022-10-31 00963793 core:Non-currentFinancialInstruments 2023-10-31 00963793 core:Non-currentFinancialInstruments 2022-10-31 00963793 core:ShareCapital 2023-10-31 00963793 core:ShareCapital 2022-10-31 00963793 core:RevaluationReserve 2023-10-31 00963793 core:RevaluationReserve 2022-10-31 00963793 core:RetainedEarningsAccumulatedLosses 2023-10-31 00963793 core:RetainedEarningsAccumulatedLosses 2022-10-31 00963793 bus:OrdinaryShareClass1 2023-10-31 00963793 2022-11-01 2023-10-31 00963793 bus:FilletedAccounts 2022-11-01 2023-10-31 00963793 bus:SmallEntities 2022-11-01 2023-10-31 00963793 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 00963793 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 00963793 bus:Director1 2022-11-01 2023-10-31 00963793 bus:Director2 2022-11-01 2023-10-31 00963793 core:Vehicles 2022-11-01 2023-10-31 00963793 2021-11-01 2022-10-31 00963793 core:Non-currentFinancialInstruments 2022-11-01 2023-10-31 00963793 bus:OrdinaryShareClass1 2022-11-01 2023-10-31 00963793 bus:OrdinaryShareClass1 2021-11-01 2022-10-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 00963793 (England and Wales)

MERCATINO ITALIANO LIMITED

Unaudited Financial Statements
For the financial year ended 31 October 2023
Pages for filing with the registrar

MERCATINO ITALIANO LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2023

Contents

MERCATINO ITALIANO LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 October 2023
MERCATINO ITALIANO LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 October 2023
Note 31.10.2023 31.10.2022
£ £
Fixed assets
Investment property 3 1,200,000 1,200,000
1,200,000 1,200,000
Current assets
Stocks 4 1,364,806 1,277,892
Debtors 5 20,009 24,531
Cash at bank and in hand 6 332,661 564,269
1,717,476 1,866,692
Creditors: amounts falling due within one year 7 ( 27,235) ( 31,283)
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 ( 720,811) ( 720,813)
Net assets 2,169,430 2,314,596
Capital and reserves
Called-up share capital 9 300,002 300,002
Revaluation reserve 703,145 703,145
Profit and loss account 1,166,283 1,311,449
Total shareholder's funds 2,169,430 2,314,596

For the financial year ending 31 October 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Mercatino Italiano Limited (registered number: 00963793) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

J A Goodman
Director

15 April 2024

MERCATINO ITALIANO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
MERCATINO ITALIANO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
1. Accounting policies

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.

General information and basis of accounting

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

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.

Taxation

Current tax
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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

2. Employees

31.10.2023 31.10.2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Investment property

Investment property
£
Valuation
As at 01 November 2022 1,200,000
As at 31 October 2023 1,200,000

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.

4. Stocks

31.10.2023 31.10.2022
£ £
Development Land 1,364,806 1,277,892

There are no material differences between the replacement cost of stock and the Balance Sheet amounts.

5. Debtors

31.10.2023 31.10.2022
£ £
Other debtors 20,009 24,531

6. Cash and cash equivalents

31.10.2023 31.10.2022
£ £
Cash at bank and in hand 332,661 564,269

7. Creditors: amounts falling due within one year

31.10.2023 31.10.2022
£ £
Taxation and social security 6,322 5,304
Other creditors 20,913 25,979
27,235 31,283

8. Creditors: amounts falling due after more than one year

31.10.2023 31.10.2022
£ £
Bank loans (secured) 720,811 720,813

The bank loans are secured against the freehold property described at land registry 51 Camden High Street, London NW1 7JH.

9. Called-up share capital

31.10.2023 31.10.2022
£ £
Allotted, called-up and fully-paid
300,002 Ordinary shares of £ 1.00 each 300,002 300,002