0 false false false false true false false false false false false true false false false false true true false 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 12,134,337 1,500 12,135,837 12,135,837 12,134,337 37,521 37,521 37,521 xbrli:pure xbrli:shares iso4217:EUR 09741809 2023-01-01 2023-12-31 09741809 2023-12-31 09741809 2022-12-31 09741809 2022-01-01 2022-12-31 09741809 2022-12-31 09741809 2021-12-31 09741809 core:Subsidiary1 2023-01-01 2023-12-31 09741809 bus:Director1 2023-01-01 2023-12-31 09741809 bus:Director2 2023-01-01 2023-12-31 09741809 core:WithinOneYear 2023-12-31 09741809 core:WithinOneYear 2022-12-31 09741809 core:PatentsTrademarksLicencesConcessionsSimilar 2023-01-01 2023-12-31 09741809 core:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 09741809 core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 09741809 core:ShareCapital 2023-12-31 09741809 core:ShareCapital 2022-12-31 09741809 core:SharePremium 2023-12-31 09741809 core:SharePremium 2022-12-31 09741809 core:RetainedEarningsAccumulatedLosses 2023-12-31 09741809 core:RetainedEarningsAccumulatedLosses 2022-12-31 09741809 core:ShareCapital 2021-12-31 09741809 core:SharePremium 2021-12-31 09741809 core:RetainedEarningsAccumulatedLosses 2021-12-31 09741809 core:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 09741809 core:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 09741809 core:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 09741809 core:CostValuation core:Non-currentFinancialInstruments 2023-12-31 09741809 core:Non-currentFinancialInstruments 2023-12-31 09741809 core:Non-currentFinancialInstruments 2022-12-31 09741809 bus:SmallEntities 2023-01-01 2023-12-31 09741809 bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 09741809 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 09741809 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09741809 bus:FullAccounts 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 09741809
MIKEL COFFEE COMPANY GLOBAL LIMITED
Unaudited Financial Statements
31 December 2023
MIKEL COFFEE COMPANY GLOBAL 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
5
Notes to the financial statements
6
MIKEL COFFEE COMPANY GLOBAL 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 holding of shares and licensing of trademarks.
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 30 July 2024 and signed on behalf of the board by:
Mr Eleftherios Kyriakakis
Director
MIKEL COFFEE COMPANY GLOBAL LIMITED
Income Statement
Year ended 31 December 2023
2023
2022
Note
Turnover
34,000
34,000
--------
--------
Gross profit
34,000
34,000
Administrative expenses
( 11,146)
( 28,139)
--------
--------
Operating profit
22,854
5,861
Other interest receivable and similar income
28
--------
--------
Profit before taxation
22,882
5,861
Tax on profit
( 4,229)
--------
-------
Profit for the financial year
18,653
5,861
--------
-------
All the activities of the company are from continuing operations.
The company has no other recognised items of income and expenses other than the results for the year as set out above.
MIKEL COFFEE COMPANY GLOBAL LIMITED
Statement of Financial Position
31 December 2023
2023
2022
Note
Fixed assets
Intangible assets
4
12,135,837
12,134,337
Investments
5
37,521
37,521
-------------
-------------
12,173,358
12,171,858
Current assets
Debtors
6
257,399
216,593
Cash at bank and in hand
98
524
---------
---------
257,497
217,117
Creditors: amounts falling due within one year
7
397,472
374,245
---------
---------
Net current liabilities
139,975
157,128
-------------
-------------
Total assets less current liabilities
12,033,383
12,014,730
-------------
-------------
Net assets
12,033,383
12,014,730
-------------
-------------
Capital and reserves
Called up share capital
147,638
147,638
Share premium account
8
11,880,000
11,880,000
Profit and loss account
8
5,745
( 12,908)
-------------
-------------
Shareholders funds
12,033,383
12,014,730
-------------
-------------
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 .
MIKEL COFFEE COMPANY GLOBAL LIMITED
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 30 July 2024 , and are signed on behalf of the board by:
Mr Eleftherios Kyriakakis
Director
Company registration number: 09741809
MIKEL COFFEE COMPANY GLOBAL LIMITED
Statement of Changes in Equity
Year ended 31 December 2023
Called up share capital
Share premium account
Profit and loss account
Total
At 1 January 2022
147,638
11,880,000
( 18,769)
12,008,869
Profit for the year
5,861
5,861
---------
-------------
--------
-------------
Total comprehensive income for the year
5,861
5,861
At 31 December 2022
147,638
11,880,000
( 12,908)
12,014,730
Profit for the year
18,653
18,653
---------
-------------
--------
-------------
Total comprehensive income for the year
18,653
18,653
---------
-------------
--------
-------------
At 31 December 2023
147,638
11,880,000
5,745
12,033,383
---------
-------------
--------
-------------
MIKEL COFFEE COMPANY GLOBAL 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, W1S 1HS, 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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being 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.
4. Intangible assets
Patents, trademarks and licences
Cost
At 1 January 2023
12,134,337
Additions
1,500
-------------
At 31 December 2023
12,135,837
-------------
Amortisation
At 1 January 2023 and 31 December 2023
-------------
Carrying amount
At 31 December 2023
12,135,837
-------------
At 31 December 2022
12,134,337
-------------
5. Investments
Shares in group undertakings
Cost
At 1 January 2023 and 31 December 2023
37,521
--------
Impairment
At 1 January 2023 and 31 December 2023
--------
Carrying amount
At 31 December 2023
37,521
--------
At 31 December 2022
37,521
--------
Subsidiaries, associates and other investments
Class of share
Percentage of shares held
Subsidiary undertakings
Mikel Coffee Company Limited
Ordinary
100
6. Debtors
2023
2022
Trade debtors
238,000
197,200
Prepayments and accrued income
1,183
1,177
Shareholder account - debit balance
18,216
18,216
---------
---------
257,399
216,593
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
Trade creditors
20,957
20,548
Accruals and deferred income
2,294
2,311
Corporation tax
4,229
Social security and other taxes
1,610
1,454
Mikel Coffee Company Limited
266,382
247,932
Mikel SA
102,000
102,000
---------
---------
397,472
374,245
---------
---------
8. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
9. Related party transactions
The company was under the control of Mr Eleftherios Kyriakakis throughout the current year. Mr Eleftherios Kyriakakis is the managing director and is the sole shareholder.