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REGISTERED NUMBER: 11618958 (England and Wales)








Unaudited Financial Statements

for the Year Ended

31 December 2022

for

Mercado Central Limited

Mercado Central Limited (Registered number: 11618958)






Contents of the Financial Statements
for the Year Ended 31 December 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Mercado Central Limited

Company Information
for the Year Ended 31 December 2022







DIRECTORS: D D Grana Duran
L Hughes
M Hughes
G Mendieta Zabala





REGISTERED OFFICE: Church Court
Stourbridge Road
Halesowen
West Midlands
B63 3TT





REGISTERED NUMBER: 11618958 (England and Wales)





ACCOUNTANTS: Nicklin LLP
Church Court
Stourbridge Road
Halesowen
West Midlands
B63 3TT

Mercado Central Limited (Registered number: 11618958)

Balance Sheet
31 December 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 40,320 44,662
Tangible assets 5 420,289 464,256
460,609 508,918

CURRENT ASSETS
Stocks 1,500 1,500
Debtors 6 8,091 22,352
Cash at bank and in hand 23,649 92,574
33,240 116,426
CREDITORS
Amounts falling due within one year 7 837,002 763,906
NET CURRENT LIABILITIES (803,762 ) (647,480 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(343,153

)

(138,562

)

CREDITORS
Amounts falling due after more than one
year

8

24,167

39,993
NET LIABILITIES (367,320 ) (178,555 )

CAPITAL AND RESERVES
Called up share capital 10 10
Retained earnings (367,330 ) (178,565 )
SHAREHOLDERS' FUNDS (367,320 ) (178,555 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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.

Mercado Central Limited (Registered number: 11618958)

Balance Sheet - continued
31 December 2022


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 October 2023 and were signed on its behalf by:





M Hughes - Director


Mercado Central Limited (Registered number: 11618958)

Notes to the Financial Statements
for the Year Ended 31 December 2022

1. STATUTORY INFORMATION

Mercado Central 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. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention.

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

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.

Lease Premium are being amortised evenly over their estimated useful life of fifteen years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - over the lease term
Plant and machinery - 10% on cost
Computer equipment - 33% 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 Income Statement, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Mercado Central Limited (Registered number: 11618958)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

2. ACCOUNTING POLICIES - continued

Going concern
The financial statements are prepared on the a Going Concern Basis due to the continued support of the major Creditors and because of improved trading conditions since the year end. As the company operates in the hospitality industry, it was severely affected by Covid 19.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2021 - 20 ) .

4. INTANGIBLE FIXED ASSETS
Lease
Premium
£   
COST
At 1 January 2022
and 31 December 2022 55,828
AMORTISATION
At 1 January 2022 11,166
Amortisation for year 4,342
At 31 December 2022 15,508
NET BOOK VALUE
At 31 December 2022 40,320
At 31 December 2021 44,662

5. TANGIBLE FIXED ASSETS
Improvements
to Plant and Computer
property machinery equipment Totals
£    £    £    £   
COST
At 1 January 2022 372,298 199,994 678 572,970
Additions - 856 450 1,306
At 31 December 2022 372,298 200,850 1,128 574,276
DEPRECIATION
At 1 January 2022 66,787 41,500 427 108,714
Charge for year 24,817 20,087 369 45,273
At 31 December 2022 91,604 61,587 796 153,987
NET BOOK VALUE
At 31 December 2022 280,694 139,263 332 420,289
At 31 December 2021 305,511 158,494 251 464,256

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Other debtors 8,091 22,352

Mercado Central Limited (Registered number: 11618958)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 5,826 37,654
Trade creditors 45,604 27,608
Taxation and social security 79,284 23,286
Other creditors 696,288 665,358
837,002 763,906

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022 2021
£    £   
Bank loans 24,167 34,167
Hire purchase contracts - 5,826
24,167 39,993

9. OTHER FINANCIAL COMMITMENTS

The total amount of commitments, guarantees and contingencies at the end of the year was £354,666 (2021: £386,666).

10. RELATED PARTY DISCLOSURES

At 31 December 2022, the amount owed to the directors was £691,187 (2021 £661,187).