REGISTERED NUMBER: 10501556 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2024

for

Mio Angelo Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

G Iannitello

C A Farini

REGISTERED OFFICE:

The White Swan Inn

Prestwick Road

Dinnington

Tyne and Wear

NE13 7AG

REGISTERED NUMBER:

10501556 (England and Wales)

ACCOUNTANTS:

Inspire Chartered Accountants

6 Queens Court

Third Avenue

Team Valley

Gateshead

Tyne and Wear

NE11 0BU

FIXED ASSETS

Intangible assets

5

7,674

10,674

Tangible assets

6

783,367

738,559

791,041

749,233

CURRENT ASSETS

Stocks

12,810

6,000

Debtors

7

26,536

52,764

Cash at bank and in hand

138,972

50,190

178,318

108,954

CREDITORS

Amounts falling due within one year

8

353,313

345,324

NET CURRENT LIABILITIES

(174,995

)

(236,370

)

TOTAL ASSETS LESS CURRENT LIABILITIES

616,046

512,863

CREDITORS

Amounts falling due after more than one year

9

(243,843

)

(244,725

)

PROVISIONS FOR LIABILITIES

(8,005

)

(2,016

)

NET ASSETS

364,198

266,122

CAPITAL AND RESERVES

Called up share capital

11

1,000

1,000

Share premium

429,000

429,000

Retained earnings

(65,802

)

(163,878

)

SHAREHOLDERS' FUNDS

364,198

266,122

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 August 2025 and were signed on its behalf by:

C A Farini - Director

1.	STATUTORY INFORMATION

Mio Angelo Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on a going concern basis. This assumes that the company will continue to trade for the foreseeable future. In order to do so it relies on continued support from its directors and creditors. Should the company no longer receive such support, the fixed assets will need to be reclassified as current assets and long term liabilities as current liabilities.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings

-

2% on cost

Plant and machinery etc

-

20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2023 - 19 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

30,000

AMORTISATION

At 1 January 2024

19,326

Amortisation for year

3,000

At 31 December 2024

22,326

NET BOOK VALUE

At 31 December 2024

7,674

At 31 December 2023

10,674

6.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 January 2024

836,571

64,596

-

Additions

-

410

32,283

At 31 December 2024

836,571

65,006

32,283

DEPRECIATION

At 1 January 2024

107,806

55,333

-

Charge for year

16,731

3,712

535

At 31 December 2024

124,537

59,045

535

NET BOOK VALUE

At 31 December 2024

712,034

5,961

31,748

At 31 December 2023

728,765

9,263

-

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2024

-

708

901,875

Additions

35,609

-

68,302

At 31 December 2024

35,609

708

970,177

DEPRECIATION

At 1 January 2024

-

177

163,316

Charge for year

2,374

142

23,494

At 31 December 2024

2,374

319

186,810

NET BOOK VALUE

At 31 December 2024

33,235

389

783,367

At 31 December 2023

-

531

738,559

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

Additions

35,609

At 31 December 2024

35,609

DEPRECIATION

Charge for year

2,374

At 31 December 2024

2,374

NET BOOK VALUE

At 31 December 2024

33,235

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

27,199

-

Other debtors

(663

)

52,764

26,536

52,764

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts

21,522

18,799

Hire purchase contracts

6,630

-

Trade creditors

20,467

33,030

Taxation and social security

127,980

85,990

Other creditors

176,714

207,505

353,313

345,324

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans

219,112

244,725

Hire purchase contracts

24,731

-

243,843

244,725

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.24

31.12.23

£

£

Bank loans

240,634

263,524

Hire purchase contracts

31,361

-

271,995

263,524

The bank loan is a mortgage secured against a fixed charge over the property to which it relates and the other fixed assets of the company, and a floating charge over the debtors of the company.

The hire purchase liabilities are secured against the assets to which they relate.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

1,000

Ordinary

£1

1,000

1,000