REGISTERED NUMBER: |
Financial Statements |
for the Period 25 January 2023 to 31 December 2023 |
for |
Heylo Coffee Ltd |
REGISTERED NUMBER: |
Financial Statements |
for the Period 25 January 2023 to 31 December 2023 |
for |
Heylo Coffee Ltd |
Heylo Coffee Ltd (Registered number: 14616158) |
Contents of the Financial Statements |
for the Period 25 January 2023 to 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Heylo Coffee Ltd |
Company Information |
for the Period 25 January 2023 to 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
2 Craven Road |
Ealing |
London |
W5 2UA |
Heylo Coffee Ltd (Registered number: 14616158) |
Balance Sheet |
31 December 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
) |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET LIABILITIES | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings | 9 | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
Heylo Coffee Ltd (Registered number: 14616158) |
Notes to the Financial Statements |
for the Period 25 January 2023 to 31 December 2023 |
1. | STATUTORY INFORMATION |
Heylo Coffee Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is derived from the sale of coffee machines and other related items which is measured at fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Fixtures and fittings | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Heylo Coffee Ltd (Registered number: 14616158) |
Notes to the Financial Statements - continued |
for the Period 25 January 2023 to 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Debtors |
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. |
Cash and cash equivalents |
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
Creditors |
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment. |
Going concern |
The financial statements have been prepared on the basis of going concern, which assumes that the company will be in operational existence for the foreseeable future. The validity of this assumption depends on the company being able to trade profitably in the future and the continued support from the director, Mr U Doglioni Majer, an ultimate controlling party. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
Additions |
At 31 December 2023 |
DEPRECIATION |
Charge for period |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
Heylo Coffee Ltd (Registered number: 14616158) |
Notes to the Financial Statements - continued |
for the Period 25 January 2023 to 31 December 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
£ |
Amounts owed to group undertakings |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal |
value: | £ |
Ordinary Shares | €1 | 882 |
1,000 Ordinary Shares shares of €1 each were allotted and fully paid for |
9. | RESERVES |
Retained |
earnings |
£ |
Deficit for the period | ( |
) |
At 31 December 2023 | ( |
) |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
Heylo Coffee Ltd (Registered number: 14616158) |
Notes to the Financial Statements - continued |
for the Period 25 January 2023 to 31 December 2023 |
11. | RELATED PARTY DISCLOSURES |
During the period 31 December 2023, Heylo Coffee Ltd received two loans from VEA Ventures s.r.l., Heylo Coffee Ltd's holding company. As at 31 December 2023 a total of £125,000 was outstanding. Interest is charged on these loans at 2% per annum. During the year a total of £746 interest was charged of which £375 is outstanding at the year-end. |
Furthermore, VEA Ventures s.r.l. has paid for various expenses upon incorporation, these costs amounted to £20,974. This balance is outstanding to VEA Ventures s.r.l. at the year-end. |
During the period ended 31 December 2023, Heylo Coffee Ltd purchased stock from Heylo s.r.l., a group company. As at 31 December 2023, a total of £78,859 remained outstanding to Heylo s.r.l. which is included within trade creditors. This transaction is at arms length. |
Heylo s.r.l. has also paid for various expenses upon incorporation, these costs amounted to £2,903. This balance is outstanding to Heylo s.r.l. at the year-end. |