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COMPANY REGISTRATION NUMBER: 09743020
MIKEL COFFEE COMPANY LIMITED
Unaudited Financial Statements
31 December 2023
MIKEL COFFEE COMPANY LIMITED
Financial Statements
Year ended 31 December 2023
Contents
Page
Director's report
1
Income statement
2
Statement of financial position
3
Statement of changes in equity
4
Notes to the financial statements
5
MIKEL COFFEE COMPANY LIMITED
Director's Report
Year ended 31 December 2023
The director presents his report and the unaudited financial statements of the company for the year ended 31 December 2023 .
Principal activities
The principal activity of the company during the year was licensing of trademarks and operating coffee shop.
Directors
The directors who served the company during the year were as follows:
Mr Eleftherios Kyriakakis
Fiduci-Corp Directors Limited
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 29 July 2024 and signed on behalf of the board by:
Mr Eleftherios Kyriakakis
Director
MIKEL COFFEE COMPANY LIMITED
Income Statement
Year ended 31 December 2023
2023
2022
Note
Turnover
759,806
1,076,302
Cost of sales
( 132,360)
( 166,391)
---------
------------
Gross profit
627,446
909,911
Administrative expenses
( 542,841)
( 639,236)
---------
---------
Operating profit
84,605
270,675
Interest payable and similar expenses
( 290)
---------
---------
Profit before taxation
84,605
270,385
Tax on profit
( 18,172)
( 51,620)
--------
---------
Profit for the financial year
66,433
218,765
--------
---------
All the activities of the company are from continuing operations.
MIKEL COFFEE COMPANY LIMITED
Statement of Financial Position
31 December 2023
2023
2022
Note
Fixed assets
Tangible assets
5
2,976
Current assets
Debtors
6
2,011,581
2,002,969
Cash at bank and in hand
5,409
19,253
------------
------------
2,016,990
2,022,222
Creditors: amounts falling due within one year
7
429,622
506,233
------------
------------
Net current assets
1,587,368
1,515,989
------------
------------
Total assets less current liabilities
1,587,368
1,518,965
------------
------------
Net assets
1,587,368
1,518,965
------------
------------
Capital and reserves
Called up share capital
8
37,521
37,521
Profit and loss account
9
1,549,847
1,481,444
------------
------------
Shareholders funds
1,587,368
1,518,965
------------
------------
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 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 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 29 July 2024 , and are signed on behalf of the board by:
Mr Eleftherios Kyriakakis
Director
Company registration number: 09743020
MIKEL COFFEE COMPANY LIMITED
Statement of Changes in Equity
Year ended 31 December 2023
Called up share capital
Profit and loss account
Total
At 1 January 2022
37,521
1,260,065
1,297,586
Profit for the year
218,765
218,765
Other comprehensive income for the year:
Foreign currency retranslation
2,614
2,614
--------
------------
------------
Total comprehensive income for the year
221,379
221,379
At 31 December 2022
37,521
1,481,444
1,518,965
Profit for the year
66,433
66,433
Other comprehensive income for the year:
Foreign currency retranslation
1,970
1,970
--------
------------
------------
Total comprehensive income for the year
68,403
68,403
--------
------------
------------
At 31 December 2023
37,521
1,549,847
1,587,368
--------
------------
------------
MIKEL COFFEE COMPANY LIMITED
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is St Georges House, 6th floor, 15 Hanover Square, London, W1S1HS, United Kingdom.
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 are prepared in euro, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company.
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.
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.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 10 (2022: 10 ).
5. Tangible assets
Equipment
Total
Cost
At 1 January 2023
2,976
2,976
Disposals
( 2,976)
( 2,976)
-------
-------
At 31 December 2023
-------
-------
Depreciation
At 1 January 2023 and 31 December 2023
-------
-------
Carrying amount
At 31 December 2023
-------
-------
At 31 December 2022
2,976
2,976
-------
-------
6. Debtors
2023
2022
Trade debtors
1,381,846
1,482,259
Prepayments and accrued income
82,387
82,381
Mikel SA
271,830
88,330
Shareholder account
317,060
317,359
Other debtors
( 41,542)
32,640
------------
------------
2,011,581
2,002,969
------------
------------
7. Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
290
489
Trade creditors
289,809
365,498
Accruals and deferred income
24,662
12,637
Corporation tax
34,067
51,910
Other creditors
76,114
71,019
Other creditors
4,680
4,680
---------
---------
429,622
506,233
---------
---------
8. Called up share capital
Issued, called up and fully paid
2023
2022
No.
No.
Ordinary shares of € 1.2507 each
30,000
37,521
30,000
37,521
--------
--------
--------
--------
9. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
10. Related party transactions
The company was under the control of Mikel Coffee Company Global Limited throughout the current year. Mikel Coffee Company Global Limited is the sole shareholder.