Company registration number 12865341 (England and Wales)
MIO COFFEE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
MIO COFFEE LIMITED
COMPANY INFORMATION
Directors
A R Pellicer
C De P Pellicer
Company number
12865341
Registered office
5 Technology Park
Colindeep Lane
Colindale
London
United Kingdom
NW9 6BX
Accountants
Grunberg & Co Limited
5 Technology Park
Colindeep Lane
Colindale
London
United Kingdom
NW9 6BX
Business address
7 The Old Laundry
Alexander Studios
Hayden Way
London
SW11 1YF
MIO COFFEE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
MIO COFFEE LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
10,465
14,587
Current assets
Stocks
300,723
240,389
Debtors
4
337,320
93,393
Cash at bank and in hand
46,897
54,082
684,940
387,864
Creditors: amounts falling due within one year
5
(943,355)
(530,428)
Net current liabilities
(258,415)
(142,564)
Total assets less current liabilities
(247,950)
(127,977)
Provisions for liabilities
-
0
(3,647)
Net liabilities
(247,950)
(131,624)
Capital and reserves
Called up share capital
100
100
Share premium account
592
592
Profit and loss reserves
(248,642)
(132,316)
Total equity
(247,950)
(131,624)
MIO COFFEE LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024
30 September 2024
- 2 -

For the financial year ended 30 September 2024 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 of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

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

The financial statements were approved by the board of directors and authorised for issue on 15 April 2025 and are signed on its behalf by:
C De P Pellicer
Director
Company registration number 12865341 (England and Wales)
MIO COFFEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information

Mio Coffee Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 Technology Park, Colindeep Lane, Colindale, London, United Kingdom, NW9 6BX.

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 convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet 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.

1.3
Turnover

Turnover represents net invoiced sales of goods, excluding value added tax. Income is recognised at the point of sale.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% on costs
Fixtures and fittings
25% on costs
Computer equipment
33.33% on costs
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

MIO COFFEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial asset and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

 

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognized in profit or loss.

 

Debtors

Basic financial assets, including trade and other debtors are measured at transaction price, less any impairment.

 

Cash and cash equivalents

Cash and cash equivalents represented by cash in hand and deposits held at call with financial institutions, are measured at amortized cost.

 

Creditors

Basic financial liabilities, including trade and other creditors, are recognised at transaction price.

1.7
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.

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.

1.8
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.

1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

MIO COFFEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
4
3
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 October 2023
14,957
17,983
3,609
36,549
Additions
-
0
2,648
3,936
6,584
Disposals
-
0
-
0
(686)
(686)
At 30 September 2024
14,957
20,631
6,859
42,447
Depreciation and impairment
At 1 October 2023
8,099
11,235
2,628
21,962
Depreciation charged in the year
3,685
5,158
1,863
10,706
Eliminated in respect of disposals
-
0
-
0
(686)
(686)
At 30 September 2024
11,784
16,393
3,805
31,982
Carrying amount
At 30 September 2024
3,173
4,238
3,054
10,465
At 30 September 2023
6,858
6,748
981
14,587
MIO COFFEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
149,005
90,064
Corporation tax recoverable
15,086
-
0
Other debtors
6,699
2,788
Prepayments and accrued income
166,530
541
337,320
93,393
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
20,902
2,830
Corporation tax
-
0
15,086
Other taxation and social security
1,068
2,827
Other creditors
506,963
509,685
Accruals and deferred income
414,422
-
0
943,355
530,428
6
Prior period adjustment
Reconciliation of changes in equity
1 October
30 September
2022
2023
£
£
Adjustments to prior year
Reversal of prior year accrued income
-
(267,216)
Equity as previously reported
84,071
135,592
Equity as adjusted
84,071
(131,624)
Analysis of the effect upon equity
Profit and loss reserves
-
(267,216)
MIO COFFEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
6
Prior period adjustment
(Continued)
- 7 -
Reconciliation of changes in profit/(loss) for the previous financial period
2023
£
Adjustments to prior year
Reversal of prior year accrued income
(267,216)
Profit as previously reported
51,521
Loss as adjusted
(215,695)
Notes to reconciliation
Accrued Income adjustment

The accounts have been restated to incorporate a reduction to accrued income incorrectly recognised in the prior year. The change has resulted in profits available for distribution at 30 September 2023 decreasing by £267,216.

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