Registration number:
Mercato Metropolitano Ltd
for the Year Ended 31 December 2021
Mercato Metropolitano Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Mercato Metropolitano Ltd
Company Information
Directors |
Mr Andrea Rasca Mr Andrea Iervolino Mr Julio Bruno Castellanos |
Registered office |
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Accountants |
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Mercato Metropolitano Ltd
(Registration number: 07759291)
Balance Sheet as at 31 December 2021
Note |
2021 |
2020 |
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Fixed assets |
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Tangible assets |
- |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
14,618 |
14,618 |
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Share premium reserve |
604,491 |
604,491 |
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Retained earnings |
(2,577,498) |
(1,256,880) |
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Shareholders' deficit |
(1,958,389) |
(637,771) |
For the financial year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
Mercato Metropolitano Ltd
(Registration number: 07759291)
Balance Sheet as at 31 December 2021
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Mercato Metropolitano Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Summary of disclosure exemptions
The Company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
Going concern
As set out in the Director's Report the Directors have reviewed the Company's future funding requirements and identified that the Company and its subsidiaries will require further funding within the next 12 months of circa £2m. The Directors anticipate that this funding, as required, will be forthcoming from the ultimate parent Company which has provided a non-binding Letter of Support. Even though the Letter of Support is not subject to a legal deed, parental support with whatever financial assistance will be necessary to ensure that the Company is able to meet its obligations as they fall due, is expected to be provided.
Should this support not be forthcoming, failure of the Company to obtain any further funding that will be required in the next 12 months may prevent the Company from being able to meet its financial obligations as they fall due. This matter indicates that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. These financial statements do not include the adjustments that would result if the Company were unable to continue as a going concern.
The Directors of the Company believe the parent company will provide any further funding that may be required, in the normal operation of its business. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.
Mercato Metropolitano Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Government grants
Government grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met, usually on submission of a valid claim for payment. Government grants in respect of capital expenditure are credited to a deferred income account and are released as income by equal annual amounts over the expected useful lives of the relevant assets. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate. Grants for specific expenses such as furlough costs are credited to income in profit and loss account in the same year as the relevant expense.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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 Balance Sheet date.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Mercato Metropolitano Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Land and buildings |
10 years straight-line |
Plant and machinery |
7 years straight-line |
Office equipment |
3 years straight-line |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Mercato Metropolitano Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Taxation |
Tax charged/(credited) in the profit and loss account
Mercato Metropolitano Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
2021 |
2020 |
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Deferred taxation |
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Arising from origination and reversal of timing differences |
- |
( |
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2020 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2021 |
2020 |
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Loss before tax |
( |
( |
Corporation tax at standard rate |
( |
( |
Effect of expense not deductible in determining taxable profit (tax loss) |
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UK deferred tax expense relating to changes in tax rates or laws |
- |
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Deferred tax expense from unrecognised tax loss or credit |
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Decrease in UK and foreign current tax from adjustment for prior periods |
- |
( |
Total tax credit |
- |
( |
Tangible assets |
Long leasehold land and buildings |
Plant and machinery |
Office equipment |
Total |
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Cost or valuation |
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At 1 January 2021 |
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Disposals |
( |
( |
( |
( |
At 31 December 2021 |
- |
- |
- |
- |
Depreciation |
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At 1 January 2021 |
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Eliminated on disposal |
( |
( |
( |
( |
At 31 December 2021 |
- |
- |
- |
- |
Carrying amount |
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At 31 December 2021 |
- |
- |
- |
- |
At 31 December 2020 |
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Included within the net book value of land and buildings above is £Nil (2020 - £57,886) in respect of long leasehold land and buildings.
Mercato Metropolitano Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Investments |
2021 |
2020 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 January 2021 |
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Provision |
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Carrying amount |
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At 31 December 2021 |
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At 31 December 2020 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2021 |
2020 |
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Subsidiary undertakings |
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42 Newington Causeway, London SE1 6DR United Kingdom |
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42 Newington Causeway, London SE1 6DR United Kingdom |
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42 Newington Causeway, London SE1 6DR United Kingdom |
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42 Newington Causeway, London SE1 6DR United Kingdom |
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42 Newington Causeway, London SE1 6DR United Kingdom |
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Mercato Metropolitano Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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42 Newington Causeway, London, SE1 6DR United Kingdom |
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c/o Eversheds Sutherland (Germany) LLP, Brienner Straße 12, 80333 Germany |
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Subsidiary undertakings |
MM E&C Ltd The principal activity of MM E&C Ltd is |
MM Mayfair Ltd The principal activity of MM Mayfair Ltd is |
MM Ilford Ltd The principal activity of MM Ilford Ltd is |
MM Factory (EP) Ltd The principal activity of MM Factory (EP) Ltd is |
MM Canary Wharf Ltd The principal activity of MM Canary Wharf Ltd is |
MM Personnel Ltd The principal activity of MM Personnel Ltd is |
Mmercato Berlin GmbH The principal activity of Mmercato Berlin GmbH is |
Debtors |
Note |
2021 |
2020 |
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Amounts owed by related parties |
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Other debtors |
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Amounts due from group undertakings are interest free and repayable on demand.
Mercato Metropolitano Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Creditors |
Creditors: amounts falling due within one year
Note |
2021 |
2020 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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- |
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Amounts due to related parties |
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Social security and other taxes |
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Outstanding defined contribution pension costs |
- |
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Accruals |
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- |
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Deferred income |
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- |
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Amounts due to group undertakings are interest free and repayable on demand.
Creditors: amounts falling due after more than one year
Note |
2021 |
2020 |
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Due after one year |
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Loans and borrowings |
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Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling
£
Nil (2020 - £
Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
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No. |
£ |
No. |
£ |
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14,618 |
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14,618 |
Mercato Metropolitano Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Loans and borrowings |
2021 |
2020 |
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Non-current loans and borrowings |
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Bank borrowings |
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Related party transactions |
The Company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
Parent and ultimate parent undertaking |
The ultimate controlling party is
Post balance sheet events |
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