ACCOUNTS - Final Accounts preparation

Analysis of the maturity of loans is given below:

Unaudited Financial Statements

Caffe Milano Limited

For the year ended 31 December 2024

Registered number: NI664176


Caffe Milano Limited

Company Information

Director	Majella McDermott


Registered number	NI664176


Registered office	13 Castle Street
	Strabane
	Tyrone
	BT82 8AF


Accountants	Grant Thornton Advisors (NI) LLP
	Chartered Accountants
	12 - 15 Donegall Square West
	Belfast
	BT1 6JH


Bankers	Danske Bank
	Donegal Square West
	Belfast
	BT1 6JS


Caffe Milano Limited

Contents

	Page
Accountants' Report	1
Balance Sheet	2 - 3
Notes to the Financial Statements	4 - 11

Independent Accountant's Report to the director of the unaudited financial statements of Caffe Milano Limited for the year ended 31 December 2024

In order to assist you fulfil your duties under the Companies Act 2006, we have compiled the financial statements of Caffe Milano Limited for the year ended 31 December 2024, which comprise the Balance sheet and the related notes to the financial statements, including a summary of significant accounting policies, from the company's accounting records and from information and explanations you have given to us.

The financial statements have been prepared on the basis set out in the notes to the financial statements.

This report is made solely to the directors of Caffe Milano Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely that we might compile the financial statements that we have been engaged to compile, report to the company's directors that we have done so and state those matters that we have agreed to state to the directors of Caffe Milano Limited, as a body, in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Caffe Milano Limited and its directors, as a body, for our work or for this report.

We have carried out this engagement in accordance with International Standard on Related Services 4410 (Revised) Compilation Engagements issued by the International Auditing and Assurance Standards Board (the ‘IAASB’’) and have complied with the ethical guidance laid down by the IESBA Code and Chartered Accountants Ireland relating to members undertaking the compilation of financial statements.

You have approved the financial statements for the year ended 31 December 2024 and you have acknowledged on the Balance sheet as at 31 December 2024 your duty to ensure that Caffe Milano Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view in accordance with the Companies Act 2006. You consider that Caffe Milano Limited is exempt from the statutory audit requirement for the year ended 31 December 2024.

We have not been instructed to carry out an audit or review the financial statements of Caffe Milano Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Grant Thornton Advisors (NI) LLP
Chartered Accountants 12 - 15 Donegall Square West Belfast BT1 6JH

Date: 24 September 2025

Page 1


Caffe Milano Limited Registered number:NI664176

Balance sheet

As at 31 December 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	5		6,281		11,542
			6,281		11,542
Current assets
Stocks	6	5,000		5,000
Cash at bank and in hand	7	199,290		168,609
		204,290		173,609
Creditors: amounts falling due within one year	8	(127,852)		(104,732)
Net current assets			76,438		68,877
Total assets less current liabilities			82,719		80,419
Creditors: amounts falling due after more than one year	9		(809)		(3,143)
Provisions for liabilities
Deferred tax	11	-		(948)
			-		(948)
Net assets			81,910		76,328

Capital and reserves
Called up share capital	12	1	1
Profit and loss account	13	81,909	76,327
		81,910	76,328

Page 2


Caffe Milano Limited Registered number:NI664176

Balance sheet (continued)

As at 31 December 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 September 2025.

Majella McDermott

Director

The notes on pages 4 to 11 form part of these financial statements.

Page 3


Caffe Milano Limited

Notes to the financial statements

For the year ended 31 December 2024

1.	General information

Caffe Milano Limited is a company limited by shares and incorporated in Northern Ireland. The registered office is 13 Castle Street, Strabane, Tyrone, BT82 8AF.
The principal activity of the company is that of a Cafe.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The financial statements are presented in sterling (£).

The following principal accounting policies have been applied:

2.2

Going concern

The director has assessed that there are adequate resources to meet the ongoing costs of the business for a minimum of 12 months from the date of signing the financial statements. For this reason the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 4


Caffe Milano Limited

Notes to the financial statements

For the year ended 31 December 2024

2.Accounting policies (continued)

2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 5


Caffe Milano Limited

Notes to the financial statements

For the year ended 31 December 2024

2.Accounting policies (continued)

2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings

25%

Straight Line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are 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.

2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6


Caffe Milano Limited

Notes to the financial statements

For the year ended 31 December 2024

2.Accounting policies (continued)

2.12

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance sheet.

2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:
a) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on future investments, economic utilisation and the physical condition of the assets.

Employees

The average monthly number of employees, including directors, during the year was 14 (2023 - 16).

Page 7


Caffe Milano Limited

Notes to the financial statements

For the year ended 31 December 2024

5.	Tangible fixed assets

		Fixtures and fittings
		£
	Cost or valuation
	At 1 January 2024	23,867
	At 31 December 2024	23,867
	Depreciation
	At 1 January 2024	12,325
	Charge for the year	5,261
	At 31 December 2024	17,586
	Net book value
	At 31 December 2024	6,281
	At 31 December 2023	11,542

6.	Stocks
		2024	2023
		£	£

Raw materials and consumables	5,000	5,000
	5,000	5,000

7.	Cash and cash equivalents
		2024	2023
		£	£

Cash at bank and in hand	199,290	168,609
	199,290	168,609

Page 8


Caffe Milano Limited

Notes to the financial statements

For the year ended 31 December 2024

8.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Bank loans	2,152	2,023
Trade creditors	4,077	7,812
Corporation tax	7,486	17,195
Other taxation and social security	37,105	14,891
Other creditors	62,996	48,116
Accruals and deferred income	14,036	14,695
	127,852	104,732

9.	Creditors: Amounts falling due after more than one year
		2024	2023
		£	£

Bank loans	809	3,143
	809	3,143

Amounts falling due within one year
Bank loans	2,152	2,023
	2,152	2,023
Amounts falling due 1-2 years
Bank loans	809	2,147
	809	2,147
Amounts falling due 2-5 years
Bank loans	-	996
	-	996

	2,961	5,166

The bank loan is unsecured with an interest rate of 2.5%.

Page 9


Caffe Milano Limited

Notes to the financial statements

For the year ended 31 December 2024

11.	Deferred taxation

	2024	2023
	£	£

At beginning of year	948	1,272
Charged to profit or loss	(948)	(324)
At end of year	-	948

The deferred taxation balance is made up as follows:
	2024	2023
	£	£

Fixed asset timing differences	1,193	2,886
Short term timing differences	(1,193)	(1,938)
	-	948

12.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

1 (2023 -1) Ordinary share of £1	1	1

13.

Reserves

Profit and loss account

Includes all current period profits and losses.

14.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £1,829 (2023: £2,174). Contributions totalling £22,761 (2023: £17,879) were payable to the fund at the balance sheet date.

Page 10


Caffe Milano Limited

Notes to the financial statements

For the year ended 31 December 2024

15.

Related party transactions

During the year the director advanced funds of £10,000 (2023: £16,641). At the balance sheet date the amount owed to the director was £30,235 (2023: £20,235). The loan is unsecured, interest free and repayable upon demand.
During the year the company was charged rent of £1,200 (2023: £1,200) by a company related by common control. At the balance sheet date, the amount owed to the company was £8,800 (2023: £8,800).

16.	Controlling party

The company is controlled by the director.

Page 11