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Registration number: 07837638

Vamos Paella Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2021

image-name
 

Vamos Paella Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Vamos Paella Ltd

Company Information

Directors

Ms Melissa Ann Melly

Mr Marcin Lech Pinczewski

Mr Richard Francis Heywood Melly

Registered office

4 Gordon Road
Brighton
East Sussex
BN1 6PD

Accountants

Lucraft Hodgson & Dawes LLP
Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF

 

Vamos Paella Ltd

(Registration number: 07837638)
Balance Sheet as at 30 November 2021

Note

2021
 £

2020
 £

Fixed assets

 

Tangible assets

4

14,231

13,496

Current assets

 

Debtors

5

3,177

3,530

Cash at bank and in hand

 

29,515

26,217

 

32,692

29,747

Creditors: Amounts falling due within one year

6

(21,785)

(10,850)

Net current assets

 

10,907

18,897

Total assets less current liabilities

 

25,138

32,393

Creditors: Amounts falling due after more than one year

6

(27,917)

(37,500)

Provisions for liabilities

(667)

(528)

Net liabilities

 

(3,446)

(5,635)

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(3,546)

(5,735)

Total equity

 

(3,446)

(5,635)

For the financial year ending 30 November 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 15 August 2022 and signed on its behalf by:
 

 

Vamos Paella Ltd

(Registration number: 07837638)
Balance Sheet as at 30 November 2021

.........................................
Ms Melissa Ann Melly
Director

 

Vamos Paella Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
4 Gordon Road
Brighton
East Sussex
BN1 6PD

These financial statements were authorised for issue by the Board on 15 August 2022.

2

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The financial statements are presented in Sterling, which is the functional currency of the company.

Going concern

The financial statements have been prepared on a going concern basis, notwithstanding company's net liability position at the balance sheet date. The directors are confident that with their contiuniued support the company can remain in operational existence for the forseeable future.

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.

Tax

The tax expense for the period comprises current and deferred 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.

 

Vamos Paella Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

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

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.

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

Office Equipment

Straight Line 33%

Plant and Machinery

Reducing Balance 25%

Fixtures and Fittings

Reducing Balance 25%

Motor Vehicles

Reducing Balance 25%

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.

 

Vamos Paella Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

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.

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

 

Vamos Paella Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

2021
 No.

2020
 No.

Administration and support

3

3

3

3

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Cost or valuation

At 1 December 2020

10,718

2,372

3,620

1,030

Additions

-

1,991

-

-

At 30 November 2021

10,718

4,363

3,620

1,030

Depreciation

At 1 December 2020

-

1,438

2,356

450

Charge for the year

-

795

316

145

At 30 November 2021

-

2,233

2,672

595

Carrying amount

At 30 November 2021

10,718

2,130

948

435

At 30 November 2020

10,718

934

1,264

580

 

Vamos Paella Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

Total
£

Cost or valuation

At 1 December 2020

17,740

Additions

1,991

At 30 November 2021

19,731

Depreciation

At 1 December 2020

4,244

Charge for the year

1,256

At 30 November 2021

5,500

Carrying amount

At 30 November 2021

14,231

At 30 November 2020

13,496

5

Debtors

2021
£

2020
£

Other debtors

3,177

3,530

3,177

3,530

 

Vamos Paella Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

6

Creditors

Creditors: amounts falling due within one year

Note

2021
 £

2020
 £

Due within one year

 

Loans and borrowings

7

20,895

5,100

Trade creditors

 

90

-

Social security and other taxes

 

-

160

Outstanding defined contribution pension costs

 

-

45

Other payables

 

-

1

Accrued expenses

 

800

5,544

 

21,785

10,850

Due after one year

 

Loans and borrowings

7

27,917

37,500

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

7

27,917

37,500

7

Loans and borrowings

2021
 £

2020
 £

Non-current loans and borrowings

Bank borrowings

27,917

37,500

2021
 £

2020
 £

Current loans and borrowings

Bank borrowings

7,500

-

Other borrowings

13,395

5,100

20,895

5,100