Company Registration No. 13034479 (England and Wales)
CI MILAN LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
CI MILAN LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
CI MILAN LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
-
0
2
Current assets
Debtors
5
-
0
34,359
Creditors: amounts falling due within one year
6
(59,847)
(78,212)
Net current liabilities
(59,847)
(43,853)
Total assets less current liabilities
(59,847)
(43,851)
Capital and reserves
Called up share capital
7
10,000
10,000
Profit and loss reserves
(69,847)
(53,851)
Total equity
(59,847)
(43,851)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 19 September 2024 and are signed on its behalf by:
J S Goldstein
Director
Company Registration No. 13034479
CI MILAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Acounting policies
Company information

CI Milan Limited is a private company limited by shares incorporated in England and Wales. The registered office was changed to 72 Welbeck Street, London, United Kingdom, W1G 0AY (previously 116 Upper Street, London, N1 1QP).

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost conversion unless otherwise specified within these accounting policies. The principal accounting policies are set out below.

1.2
Going concern

The financial statements have been prepared on a going concern basis, which assumes the company will be able to meet its liabilities as and when they fall due for a period of at least 12 months from the date of signature of the financial statements.

 

As the directors do not currently anticipate any cash generation in the company in the foreseeable future,  Cain International LP, Jampurchaseco Limited’s ultimate parent company, has agreed to provide £90,000 to enable the company to meet its liabilities and ongoing expenses during the period to 30 September 2025.

 

The directors therefore consider it appropriate to prepare the company's accounts on a going concern basis.

1.3
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

CI MILAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Acounting policies
(Continued)
- 3 -
Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and amounts due to fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

CI MILAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Acounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year and previous period was nil.

3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
-
0
2
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2023
2
Impairment
(2)
At 31 December 2023
-
Carrying amount
At 31 December 2023
-
At 31 December 2022
2

CI Milan Limited held an investment in PRZ Realisations (2) Limited of £2. However, this entity and two subsidiaries, PRZ Realisations Limited and Prezzo Restaurants Ireland Limited, were dissolved during the year. Therefore, the investment was impaired and reduced to a nil balance at the year end.

4
Subsidiaries

At 31 December 2023, the company did not have any investments in subsidiary undertakings.

 

This follows the dissolution of PRZ Realisations (2) Limited and and PRZ Realisations Limited on 15 May 2023 and transfer of shares in Prezzo Restaurant Ireland Limited to a director of the Company.

CI MILAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Prepayments and accrued income
-
0
34,359
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
-
0
16,800
Amounts owed to group undertakings
42,867
48,812
Accruals and deferred income
16,980
12,600
59,847
78,212
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10,000
10,000
10,000
10,000
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Carolyn Hazard.
The auditor was HW Fisher LLP.
9
Financial commitments, guarantees and contingent liabilities

In December 2020, Company became party to an agreement with a security agent which provided fixed and floating charges over all shares held by the Company and their related rights in addition to future assets and undertakings. These assets may not be used as further security.

10
Related party transactions

In 2023, a number of costs were incurred by the company and settled by fellow group entities:

 

 

CI MILAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
11
Parent company

The immediate parent undertaking is Jampurchaseco Limited, a company incorporated in England and Wales.

 

In 2023 the ultimate controlling parties were Mr T.L. Boehly and Mr J.S. Goldstein.

 

The largest group in which results of the company are consolidated is that headed by Eldridge Industries, LLC of 600 Steamboat Road, Greenwich, Connecticut, 06830, USA. The financial statements of these entities are not publicly available. The smallest group in which they are consolidated is that headed by Cain International LP, with a registered office address of 767 Fifth Avenue, 17th Floor, New York, NY 10153. The financial statements of this entity are not publicly available.

 

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