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Registered number: 06492651
Gelato Mio Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
Fidcorp ltd
3rd Floor Portman House
2, Portman Street
London
W1H 6DU
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 06492651
2023 2022
Notes £ £ £ £
CURRENT ASSETS
Debtors 4 2,148 60,136
Cash at bank and in hand 13,505 1,316
15,653 61,452
Creditors: Amounts Falling Due Within One Year 5 (262,849 ) (230,326 )
NET CURRENT ASSETS (LIABILITIES) (247,196 ) (168,874 )
TOTAL ASSETS LESS CURRENT LIABILITIES (247,196 ) (168,874 )
Creditors: Amounts Falling Due After More Than One Year 6 (1,345,021 ) (1,419,258 )
NET LIABILITIES (1,592,217 ) (1,588,132 )
CAPITAL AND RESERVES
Called up share capital 7 200,788 200,788
Share premium account 1,608,951 1,608,951
Profit and Loss Account (3,401,956 ) (3,397,871 )
SHAREHOLDERS' FUNDS (1,592,217) (1,588,132)
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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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Maurizio Bonfiglioli
Director
07/02/2025
The notes on pages 3 to 4 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3rd Floor Portman House, 2 Portman Street, London, W1H 6DU, England
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
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'.
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
2.2. Going Concern Disclosure
The financial statements have been prepared on a going concern basis, which assumes that the company will continue in operational existence for the foreseeable future.
At the balance sheet date, the company had outstanding loans to Unico Gelato & Caffe Ltd, a company under common control and management, amounting to £1,204,525. The directors of Unico Gelato & Caffe Ltd have provided formal confirmation that repayment of these loans will not be demanded within the next 12 months.
Additionally, the company has received written assurances from its shareholders that existing loans will not be recalled within the next financial year. The director is also actively seeking to expand the company’s operations, including new retail locations, to strengthen financial performance.
2.3. Turnover
Turnover consists entirely of cost recharges for salaries and associated employment expenses billed to Unico Gelato & Caffe Ltd. The company does not engage in the sale of goods or services to external customers. Revenue is recognised when the payroll expenses are incurred and subsequently invoiced to Unico Gelato & Caffe Ltd.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2022: 5)
5 5
4. Debtors
2023 2022
£ £
Due within one year
Trade debtors (522 ) 57,652
Prepayments and accrued income 719 533
Other debtors 1,951 1,951
2,148 60,136
5. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 202,454 211,141
Other taxes and social security 2,301 5,401
VAT 49,018 -
Net wages 5,519 12,730
Other creditors - 449
Accruals and deferred income 3,557 605
262,849 230,326
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6. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Other creditors 1,345,021 1,329,868
Taxation and social security - 89,390
1,345,021 1,419,258
7. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 200,788 200,788
8. Pension Commitments
The company operates a defined contribution pension scheme. Contributions are recognised as an expense in the period they relate to.
9. Related Party Transactions
During the year, cost recharges were made to Unico Gelato & Caffe Ltd, a company under common management, totalling £219,244 (2022: £269,254). Of this amount, £219,244 was for staff recharges.
At the balance sheet date, Gelato Mio Ltd owed Unico Gelato & Caffe Ltd £1,204,525 (2022: £1,296,840). This loan accrues interest at a rate of 2% per annum, and no repayments were made during the year. The loan is not expected to be called for repayment within 12 months.
10. Ultimate Controlling Party
At the balance sheet date, the directors considered Alma Srl to be the ultimate parent company by virtue of its ownership of the entire issued share capital of Gelato Mio Ltd. Alma Srl has provided confirmation of continued financial support for the foreseeable future.
11. Subsequent Events
There were no material subsequent events requiring disclosure. However, management continues to explore strategic options to enhance the company’s financial stability, including potential restructuring of existing liabilities and expansion plans.
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