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Migeca (UK) Limited
Unaudited Financial Statements
For The Year Ended 31 December 2024
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—3
Page 1
Balance Sheet
Registered number: 06457102
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 657,318 657,318
657,318 657,318
CURRENT ASSETS
Debtors 5 64,956 64,956
Cash at bank and in hand 106 185
65,062 65,141
Creditors: Amounts Falling Due Within One Year 6 (1,751,377 ) (1,749,463 )
NET CURRENT ASSETS (LIABILITIES) (1,686,315 ) (1,684,322 )
TOTAL ASSETS LESS CURRENT LIABILITIES (1,028,997 ) (1,027,004 )
Creditors: Amounts Falling Due After More Than One Year 7 (5,528,647 ) (5,265,533 )
NET LIABILITIES (6,557,644 ) (6,292,537 )
CAPITAL AND RESERVES
Called up share capital 8 6,265,634 6,265,634
Profit and Loss Account (12,823,278 ) (12,558,171 )
SHAREHOLDERS' FUNDS (6,557,644) (6,292,537)
For the year ending 31 December 2024 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. G Moncalvo
Director
24 June 2025
The notes on pages 2 to 3 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
Migeca (UK) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06457102 . The registered office is Main Course Partners, 9th Floor, One Canada Square, London, E14 5AA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2.2. Going Concern Disclosure
At the balance sheet date the company had net liabilites of £6,557,644 (2023 - £6,292,537). The director has received written confirmation that the ultimate parent undertaking will continue to support the company in order for it to continue in operational existence for the foreseeable future. The director has also considered whether Migeca Spa have sufficient funds to support hte company for a period of at least 12 months from the date of approval of these financial statements. On the basis of receiving this confirmation and having considered the ability of Migeca Spa to support the company, the director has a reasonable expectation that the company will be able to continue as a going concern for the foreseeable future and at least 12 months from the date of these financial statements. For this reason the director continues to adopt the going concern basis in preparing these financial statements.
2.3. 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:
Leasehold Straight line over the lease
2.4. Financial Instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares, which are measured at fair value, with changes recognised in profit or loss. 
Derivative financial instruments, where applicable, are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
2.5. 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.
3. Average Number of Employees
The average number of employees, including directors, during the year was as follows: 1 (2023: 1)
1 1
4. Tangible Assets
Land & Property
Leasehold
£
Cost
As at 1 January 2024 657,318
As at 31 December 2024 657,318
Net Book Value
As at 31 December 2024 657,318
As at 1 January 2024 657,318
Page 2
Page 3
5. Debtors
2024 2023
£ £
Due within one year
Other debtors 64,956 64,956
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,310,750 1,310,310
Bank loans and overdrafts 10,736 10,736
Other creditors 413,976 413,196
Taxation and social security 15,915 15,221
1,751,377 1,749,463
A loan of £412,416 (2023 - £412,416) included within other creditors due within one year has been guaranteed by Migeca Spa, the parent undertaking of Migeca (UK) Limited.
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 17,892 21,588
Amounts owed to participating interests 5,510,755 5,243,945
5,528,647 5,265,533
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 6,265,634 6,265,634
9. Ultimate Controlling Party
The company is a wholly owned subsidiary of Migeca Spa, a company incorporated in Italy. The directors regard Micro Srl, a company incorporated in Italy as the ultimate holding company. The largest and smallest company into which these financial consolidated is Micro Srl and these consolidated financial statement can be obtained from Via Roma 94, 15061 Arquata Scrivia (AL) Italy.
The ultimate parent has no single controlling party.
Page 3