Acorah Software Products - Accounts Production 16.1.300 false true true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 09386560 Miss Elena MANFRONI Miss Elisabetta MOSCHIONI Mr Francesco VITA iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 09386560 2022-12-31 09386560 2023-12-31 09386560 2023-01-01 2023-12-31 09386560 frs-core:CurrentFinancialInstruments 2023-12-31 09386560 frs-core:Non-currentFinancialInstruments 2023-12-31 09386560 frs-core:ComputerEquipment 2023-12-31 09386560 frs-core:ComputerEquipment 2023-01-01 2023-12-31 09386560 frs-core:ComputerEquipment 2022-12-31 09386560 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 09386560 frs-core:FurnitureFittings 2023-12-31 09386560 frs-core:FurnitureFittings 2023-01-01 2023-12-31 09386560 frs-core:FurnitureFittings 2022-12-31 09386560 frs-core:MotorVehicles 2023-12-31 09386560 frs-core:MotorVehicles 2023-01-01 2023-12-31 09386560 frs-core:MotorVehicles 2022-12-31 09386560 frs-core:OtherResidualIntangibleAssets 2023-12-31 09386560 frs-core:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 09386560 frs-core:OtherResidualIntangibleAssets 2022-12-31 09386560 frs-core:PlantMachinery 2023-12-31 09386560 frs-core:PlantMachinery 2023-01-01 2023-12-31 09386560 frs-core:PlantMachinery 2022-12-31 09386560 frs-core:ShareCapital 2023-12-31 09386560 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 09386560 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09386560 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 09386560 frs-bus:SmallEntities 2023-01-01 2023-12-31 09386560 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 09386560 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 09386560 frs-core:UnlistedNon-exchangeTraded 2023-12-31 09386560 frs-core:UnlistedNon-exchangeTraded 2022-12-31 09386560 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2022-12-31 09386560 frs-core:AdditionsToInvestments frs-core:UnlistedNon-exchangeTraded 2023-12-31 09386560 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2023-12-31 09386560 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2022-12-31 09386560 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2023-12-31 09386560 frs-bus:Director1 2023-01-01 2023-12-31 09386560 frs-bus:Director2 2023-01-01 2023-12-31 09386560 frs-bus:Director3 2023-01-01 2023-12-31 09386560 frs-countries:EnglandWales 2023-01-01 2023-12-31 09386560 2021-12-31 09386560 2022-12-31 09386560 2022-01-01 2022-12-31 09386560 frs-core:CurrentFinancialInstruments 2022-12-31 09386560 frs-core:Non-currentFinancialInstruments 2022-12-31 09386560 frs-core:ShareCapital 2022-12-31 09386560 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 09386560
Unico Gelato & Caffe Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
FIDCORP LIMITED
3rd Floor Portman House
2, Portman Street
London
W1H 6DU
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 09386560
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 688 1,246
Tangible Assets 5 428,405 24,861
Investments 6 52,328 -
481,421 26,107
CURRENT ASSETS
Stocks 7 69,031 55,887
Debtors 8 1,820,306 1,614,803
Investments 9 - 224,587
Cash at bank and in hand 97,498 88,582
1,986,835 1,983,859
Creditors: Amounts Falling Due Within One Year 10 (585,194 ) (3,170,316 )
NET CURRENT ASSETS (LIABILITIES) 1,401,641 (1,186,457 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,883,062 (1,160,350 )
Creditors: Amounts Falling Due After More Than One Year 11 (3,353,657 ) -
NET LIABILITIES (1,470,595 ) (1,160,350 )
CAPITAL AND RESERVES
Called up share capital 12 121,950 121,950
Profit and Loss Account (1,592,545 ) (1,282,300 )
SHAREHOLDERS' FUNDS (1,470,595) (1,160,350)
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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 members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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
Miss Elisabetta MOSCHIONI
Director
11/03/2025
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Unico Gelato & Caffe Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09386560 . The registered office is 75 High Street , Bromley, BR1 1JY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – Small Entities and the requirements of the Companies Act 2006 relevant to small companies.
The financial statements have been prepared under the historical cost convention, except for certain financial instruments that have been measured at fair value where applicable.
These financial statements are presented in pounds sterling (£), which is the company’s functional currency.
2.2. Going Concern Disclosure
The directors have assessed the company’s financial position and have considered relevant future cash flows, liabilities, and external market conditions.
As at 31 December 2023, the company had net liabilities of £1,471,707 (2022: £1,160,350). Despite the reported losses, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Therefore, the financial statements have been prepared on a going concern basis.
2.3. Turnover
Revenue is measured at the fair value of consideration received or receivable, excluding value-added tax (VAT), trade discounts, and other sales-related taxes.
The company recognises revenue when:
  • The significant risks and rewards of ownership have been transferred to the buyer;
  • It is probable that future economic benefits will flow to the company;
  • The amount of revenue and costs incurred can be measured reliably.
Revenue is derived from the sale of goods, which is recognised at the point of sale when the goods have been delivered to and accepted by the customer.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Intangible assets consist of branding assets, including the company’s trademark, logo design, and brand development costs. These assets are recognised at cost and are amortised over their estimated useful economic life of 4 years on a straight-line basis.
The directors have assessed that the branding assets generate future economic benefits and are therefore capitalised.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 33% Straight Line
Motor Vehicles 20% Reducing Balance
Fixtures & Fittings 25% Straight Line
Computer Equipment 33% Straight Line
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.7. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.8. Investments
Investments in unlisted entities are recognised at cost less any impairment losses. The company holds minority equity interests in three private companies, which are strategically aligned with its core business activities.
Investment Strategy
The company has invested in these entities to support business expansion, improve supply chain synergies, and develop international market presence in the premium gelato and café sector. Each investment is assessed periodically for potential impairment, with reference to financial performance, market conditions, and expected future cash flows.
Nature of Investments
Cremeria Italiana LLC (USA) – 30% Stake (£25,176.91)
Cremeria Italiana LLC is a premium gelato and dessert company based in the United States.
The investment provides Unico Gelato & Caffe Ltd with strategic access to the North American market.
The directors consider this investment to be long-term, with potential future synergies in branding and product distribution.
IBB Srl (Italy) – 10% Stake (£22,610.44)
IBB Srl is an Italian-based supplier of artisanal gelato ingredients and café products.
The company’s investment in IBB Srl is aimed at securing quality supply chains and collaborating on product innovation.
Italy remains a key supplier of raw materials for Unico Gelato & Caffe Ltd, making this investment strategically significant.
Unico Gelato & Caffe Portugal (Portugal) – 20% Stake (£4,540.87)
Unico Gelato & Caffe Portugal operates gelato and café locations in Portugal under the Unico brand.
This investment aligns with the company’s European expansion plans and allows for localised brand presence in a growing market.
The directors believe this investment will enhance Unico Gelato & Caffe Ltd’s brand awareness and sales footprint in Southern Europe.
Impairment Considerations
As at 31 December 2023, the directors reviewed the carrying value of investments and determined that:
No impairment provisions were required, as the investments remain viable.
The financial performance of Cremeria Italiana LLC, IBB Srl, and Unico Gelato & Caffe Portugal was in line with expectations.
Market conditions in the USA, Italy, and Portugal remain favourable for business growth.
Any future indicators of impairment, such as declining financial performance, market contraction, or changes in strategic direction, will be considered in subsequent reporting periods.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 29 (2022: 18)
29 18
4. Intangible Assets
Other
£
Cost
As at 1 January 2023 2,234
As at 31 December 2023 2,234
Amortisation
As at 1 January 2023 988
Provided during the period 558
As at 31 December 2023 1,546
...CONTINUED
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Net Book Value
As at 31 December 2023 688
As at 1 January 2023 1,246
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2023 335,802 30,918 563,725 11,983 942,428
Additions 115,463 - 349,052 3,541 468,056
Disposals (59,260 ) - - - (59,260 )
As at 31 December 2023 392,005 30,918 912,777 15,524 1,351,224
Depreciation
As at 1 January 2023 324,569 19,186 561,907 11,905 917,567
Provided during the period 26,776 2,346 34,986 404 64,512
Disposals (59,260 ) - - - (59,260 )
As at 31 December 2023 292,085 21,532 596,893 12,309 922,819
Net Book Value
As at 31 December 2023 99,920 9,386 315,884 3,215 428,405
As at 1 January 2023 11,233 11,732 1,818 78 24,861
6. Investments
Unlisted
£
Cost
As at 1 January 2023 -
Additions 52,328
As at 31 December 2023 52,328
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 52,328
As at 1 January 2023 -
7. Stocks
2023 2022
£ £
Stock 69,031 55,887
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8. Debtors
2023 2022
£ £
Due within one year
Trade debtors 22,742 39,395
Other debtors 1,624,480 1,575,408
1,647,222 1,614,803
Due after more than one year
Amounts owed by group undertakings 173,084 -
1,820,306 1,614,803
9. Current Asset Investments
2023 2022
£ £
Unlisted investments - 224,587
10. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 444,505 372,630
Other creditors 125,109 2,797,686
Taxation and social security 15,580 -
585,194 3,170,316
11. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Amounts owed to group undertakings 3,353,657 -
12. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 121,950 121,950
13. Related Party Transactions
During the year, the company engaged in financial transactions with related parties, including loans receivable and loans payable with partners, subsidiaries, and affiliated entities. All transactions were conducted under arm’s length terms.
12.1 Loans Receivable from Related Parties
As at 31 December 2023, the company had the following interest-bearing loans receivable from related parties. The interest accrued represents amounts charged during the financial year:
  • Unico Gelato & Caffe Portugal: Loan balance of £158,048.82, with £15,035.18 of interest accrued in 2023.
  • Gelato Mio Ltd: Loan balance of £1,204,524.58, with £24,090.50 of interest accrued in 2023.
These loans are classified as long-term financial assets, and the directors confirm that no repayments are expected within 12 months.
...CONTINUED
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13. Related Party Transactions - continued
12.2 Loans Payable to Related Parties
The company also has partner loans payable, representing financial obligations to various investors and affiliated entities. The following balances were outstanding as at 31 December 2023, with the specified interest amounts accrued during the financial year:
  • Findi Investimenti: Loan payable of £1,974,930.97, with £9,874.00 of interest accrued in 2023.
  • Zola’s Family: Loan payable of £250,498.13, with £1,252.49 of interest accrued in 2023.
  • Gelato & Co Holdings Ltd: Loan payable of £564,985.00, with no interest accrued during the year.
  • Cremeria Funivia SRL: Loan payable of £237,459.04, with £1,112.80 of interest accrued in 2023.
  • Santi Marcello: Loan payable of £106,864.74, with £535.95 of interest accrued in 2023.
  • Vernesse Investment S.A.: Loan payable of £213,390.83, with £1,066.94 of interest accrued in 2023.
These loans represent financial support from partners and investors, and the company continues to assess its financing arrangements, ensuring compliance with market-based lending terms.
12.3 Interest Charges and Financial Impact
The total interest payable accrued on related party loans during the year amounted to £13,842.18. The directors have assessed these transactions and confirm that all balances remain recoverable and repayable under the agreed terms.
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