Gelato Mio Ltd

	Page
Balance Sheet	1
Notes to the Financial Statements	2—3

Registered number: 06492651

		2024		2023
	Notes	£	£	£	£
CURRENT ASSETS
Debtors	4	331,343		2,148
Cash at bank and in hand		18,514		13,505

		349,857		15,653
Creditors: Amounts Falling Due Within One Year	5	(245,841 )		(262,849 )

NET CURRENT ASSETS (LIABILITIES)			104,016		(247,196 )

TOTAL ASSETS LESS CURRENT LIABILITIES			104,016		(247,196 )

Creditors: Amounts Falling Due After More Than One Year	6		(1,744,945 )		(1,345,021 )

NET LIABILITIES			(1,640,929 )		(1,592,217 )

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			(3,450,668 )		(3,401,956 )

SHAREHOLDERS' FUNDS			(1,640,929)		(1,592,217)

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 Maurizio Bonfiglioli

Director

23/09/2025

The notes on pages 2 to 3 form part of these 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: 4 (2023: 5)

4. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	328,711	(522 )
Prepayments and accrued income	681	719
Other debtors	1,951	1,951

	331,343	2,148

5. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	202,665	202,454
Other taxes and social security	6,564	2,301
VAT	21,950	49,018
Net wages	11,039	5,519
Accruals and deferred income	3,623	3,557

	245,841	262,849

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Gelato Mio Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

6. Creditors: Amounts Falling Due After More Than One Year

	2024	2023
	£	£
Other creditors	1,744,945	1,345,021

7. Share Capital

	2024	2023
	£	£
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 £194,282.28 (2023: £219,244). Of this amount, £194,282.28 was for staff recharges.

At the balance sheet date, Gelato Mio Ltd owed Unico Gelato & Caffe Ltd £1,559,085.40 (2023: £1,204,524.58). 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 director considered Cremeria Italiana LLC to be the ultimate parent company by virtue of its ownership of the entire issued share capital of Gelato Mio Ltd.

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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