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REGISTERED NUMBER: SC439203 (Scotland)











MONTELEONE LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






MONTELEONE LIMITED (REGISTERED NUMBER: SC439203)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 9

Chartered Accountants' Report 10

MONTELEONE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: Michele Pagliocca



REGISTERED OFFICE: 151 Bath Street
Glasgow
G2 4SQ



REGISTERED NUMBER: SC439203 (Scotland)



ACCOUNTANTS: Milne Craig
Chartered Accountants
Abercorn House
79 Renfrew Road
Paisley
Renfrewshire
PA3 4DA



SOLICITORS: Franchi Law LLP
24 St Enoch Square
Glasgow
G1 4DB

MONTELEONE LIMITED (REGISTERED NUMBER: SC439203)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 66,741 56,728
Investments 5 401 396
67,142 57,124

CURRENT ASSETS
Debtors 6 537,351 186,002
Cash at bank 179,430 135,226
716,781 321,228
CREDITORS
Amounts falling due within one year 7 212,690 -
NET CURRENT ASSETS 504,091 321,228
TOTAL ASSETS LESS CURRENT
LIABILITIES

571,233

378,352

CREDITORS
Amounts falling due after more than one
year

8

(17,321

)

-

PROVISIONS FOR LIABILITIES 10 (16,685 ) (10,778 )
NET ASSETS 537,227 367,574

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 537,127 367,474
SHAREHOLDERS' FUNDS 537,227 367,574

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MONTELEONE LIMITED (REGISTERED NUMBER: SC439203)

BALANCE SHEET - continued
31 DECEMBER 2023


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 24 September 2024 and were signed by:





Michele Pagliocca - Director


MONTELEONE LIMITED (REGISTERED NUMBER: SC439203)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Monteleone Limited is a private company, limited by shares, registered in Scotland. The company's registration number is SC439203 and registered office address is 151 Bath Street, Glasgow, G2 4SQ.

The nature of the Company's operations and its principal activities are that of a holding company.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 £.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In preparing these financial statements, the directors have made the following judgements:

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Assets are considered for indications of impairment. If required an impairment review will be carried out and a decision made on possible impairment. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.

Bad debts are provided for where objective evidence of the need for a provision exists.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - 20% on cost
Fixtures and fittings - 33% on cost
Computer equipment - 33% on cost

MONTELEONE LIMITED (REGISTERED NUMBER: SC439203)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

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 and cash and bank balances, are initially measured at transaction price including transactions 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.

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, 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.

Leases
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the profit and loss account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

MONTELEONE LIMITED (REGISTERED NUMBER: SC439203)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Impairment of assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

Non-financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Financial assets
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal.

An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - 6 ).

MONTELEONE LIMITED (REGISTERED NUMBER: SC439203)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Short and Motor Computer
leasehold fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 103,296 68,295 41,747 8,657 221,995
Additions - 33,047 - - 33,047
Disposals (103,296 ) (49,250 ) - (8,024 ) (160,570 )
At 31 December 2023 - 52,092 41,747 633 94,472
DEPRECIATION
At 1 January 2023 103,296 51,933 1,739 8,299 165,267
Charge for year - 12,388 10,437 209 23,034
Eliminated on disposal (103,296 ) (49,250 ) - (8,024 ) (160,570 )
At 31 December 2023 - 15,071 12,176 484 27,731
NET BOOK VALUE
At 31 December 2023 - 37,021 29,571 149 66,741
At 31 December 2022 - 16,362 40,008 358 56,728

The net book value of tangible fixed assets includes £ 29,571 (2022 - £ 40,008 ) in respect of assets held under hire purchase contracts.

5. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 January 2023 396
Additions 100
Disposals (95 )
At 31 December 2023 401
NET BOOK VALUE
At 31 December 2023 401
At 31 December 2022 396

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 18,761 -
Amounts owed by group undertakings 488,592 186,002
Prepayments 29,998 -
537,351 186,002

MONTELEONE LIMITED (REGISTERED NUMBER: SC439203)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 5,576 -
Trade creditors 52,311 -
Amounts owed to group undertakings 9,860 -
Other creditors 8,915 -
Directors' current accounts 64,051 -
Accrued expenses 71,977 -
212,690 -

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts 17,321 -

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 22,897 -

The hire purchase and lease creditors are secured over the assets which they relate. The liabilities are now held in Monteleone HR Limited.

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 16,685 10,778

Deferred
tax
£   
Balance at 1 January 2023 10,778
Originating and reversal of
timing differences 5,907
Balance at 31 December 2023 16,685

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

Included within creditors at the year end is a balance due to Michele Pagliocca amounting to £64,051 (2022 - £Nil).

MONTELEONE LIMITED (REGISTERED NUMBER: SC439203)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

12. RELATED PARTY DISCLOSURES

At the year end there are loans with fellow group companies.

Included within debtors is an amount due to Scoozi R Us Limited amounting to £90,035 (2022: £nil), Pane Dengelo £59,588 (2022: £nil), Prenotari Limited £338,969 (2022: £nil) and a creditor due to Monteleone HR of £9,859 (2022: £186,004 debtor).

13. ULTIMATE CONTROLLING PARTY

The ultimate controlling party by virtue of her shareholding is Josephine Pagliocca.

CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
MONTELEONE LIMITED

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Monteleone Limited for the year ended 31 December 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the director of Monteleone Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Monteleone Limited and state those matters that we have agreed to state to the director of Monteleone Limited in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Monteleone Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Monteleone Limited. You consider that Monteleone Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Monteleone Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Milne Craig
Chartered Accountants
Abercorn House
79 Renfrew Road
Paisley
Renfrewshire
PA3 4DA


24 September 2024