IRIS Accounts Production v23.3.0.418 SC526351 director 1.3.22 28.2.23 28.2.23 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC5263512022-02-28SC5263512023-02-28SC5263512022-03-012023-02-28SC5263512021-02-28SC5263512021-03-012022-02-28SC5263512022-02-28SC526351ns10:Originalns15:Scotland2022-03-012023-02-28SC526351ns14:PoundSterlingns10:Original2022-03-012023-02-28SC526351ns10:Originalns10:Director12022-03-012023-02-28SC526351ns10:Original2022-03-012023-02-28SC526351ns10:Original2023-02-28SC526351ns10:Originalns10:PrivateLimitedCompanyLtd2022-03-012023-02-28SC526351ns10:Originalns10:SmallEntities2022-03-012023-02-28SC526351ns10:Originalns10:AuditExemptWithAccountantsReport2022-03-012023-02-28SC526351ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-03-012023-02-28SC526351ns10:SmallCompaniesRegimeForAccountsns10:Original2022-03-012023-02-28SC526351ns10:Originalns10:FullAccounts2022-03-012023-02-28SC526351ns10:Original12022-03-012023-02-28SC526351ns10:Originalns10:RegisteredOffice2022-03-012023-02-28SC526351ns10:Original2022-02-28SC526351ns10:Originalns5:CurrentFinancialInstruments2023-02-28SC526351ns10:Originalns5:CurrentFinancialInstruments2022-02-28SC526351ns5:ShareCapitalns10:Original2023-02-28SC526351ns5:ShareCapitalns10:Original2022-02-28SC526351ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-02-28SC526351ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-02-28SC526351ns10:Originalns5:NetGoodwill2022-03-012023-02-28SC526351ns5:IntangibleAssetsOtherThanGoodwillns10:Original2022-03-012023-02-28SC526351ns10:Original2021-03-012022-02-28SC526351ns10:Originalns5:NetGoodwill2022-02-28SC526351ns10:Originalns5:NetGoodwill2023-02-28SC526351ns10:Originalns5:NetGoodwill2022-02-28SC526351ns10:Originalns5:PlantMachinery2022-02-28SC526351ns10:Originalns5:PlantMachinery2022-03-012023-02-28SC526351ns10:Originalns5:PlantMachinery2023-02-28SC526351ns10:Originalns5:PlantMachinery2022-02-28SC526351ns10:Original1ns10:Director12022-02-28SC526351ns10:Original1ns10:Director12021-02-28SC526351ns10:Original1ns10:Director12022-03-012023-02-28SC526351ns10:Original1ns10:Director12021-03-012022-02-28SC526351ns10:Original1ns10:Director12023-02-28SC526351ns10:Original1ns10:Director12022-02-28
REGISTERED NUMBER: SC526351 (Scotland)















Unaudited Financial Statements for the Year Ended 28 February 2023

for

Hermoso Franchise Ltd

Hermoso Franchise Ltd (Registered number: SC526351)






Contents of the Financial Statements
for the Year Ended 28 February 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3

Report of the Accountants 6

Hermoso Franchise Ltd

Company Information
for the Year Ended 28 February 2023







DIRECTOR: G Craig





REGISTERED OFFICE: F26,
1-15 Main Street
Cambuslang
GLASGOW
G72 7EX





REGISTERED NUMBER: SC526351 (Scotland)





ACCOUNTANTS: William Watson & Company Accountants Ltd
51 Lynnhurst
Uddingston
G71 6SA

Hermoso Franchise Ltd (Registered number: SC526351)

Statement of Financial Position
28 February 2023

28.2.23 28.2.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 16,000 18,000
Tangible assets 5 400 800
16,400 18,800

CURRENT ASSETS
Stocks - 1,000
Cash at bank and in hand 24,158 80,417
24,158 81,417
CREDITORS
Amounts falling due within one year 6 72,712 97,225
NET CURRENT LIABILITIES (48,554 ) (15,808 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(32,154

)

2,992

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (32,254 ) 2,892
(32,154 ) 2,992

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 November 2023 and were signed by:




G Craig - Director


Hermoso Franchise Ltd (Registered number: SC526351)

Notes to the Financial Statements
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

Hermoso Franchise Ltd is a private company, limited by shares , registered in Scotland. 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of fifteen 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.

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 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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Hermoso Franchise Ltd (Registered number: SC526351)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2022 - 29 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2022
and 28 February 2023 30,000
AMORTISATION
At 1 March 2022 12,000
Charge for year 2,000
At 28 February 2023 14,000
NET BOOK VALUE
At 28 February 2023 16,000
At 28 February 2022 18,000

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2022
and 28 February 2023 1,600
DEPRECIATION
At 1 March 2022 800
Charge for year 400
At 28 February 2023 1,200
NET BOOK VALUE
At 28 February 2023 400
At 28 February 2022 800

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Trade creditors 1 14,877
Taxation and social security 4,626 20,928
Other creditors 68,085 61,420
72,712 97,225

Hermoso Franchise Ltd (Registered number: SC526351)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

7. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 28 February 2023 and 28 February 2022:

28.2.23 28.2.22
£    £   
G Craig
Balance outstanding at start of year 58,820 28,659
Amounts advanced 29,181 32,933
Amounts repaid (22,516 ) (2,772 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 65,485 58,820

8. RELATED PARTY DISCLOSURES

The director, who is the only shareholder, charges a management fee for the training of the franchisee's from time to time. In order to preserve the name of Tinto Tapas he advances loans to his own companies that are operating from the restaurants. No interest or charges are due on these loans and this custom and practice has been proven to be successful in underwriting the short term funding issues that may arise.

Hermoso Franchise Ltd

Report of the Accountants to the Director of
Hermoso Franchise Ltd

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

As described on the Statement of Financial Position you are responsible for the preparation of the financial statements for the year ended 28 February 2023 set out on pages three to seven and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.






William Watson & Company Accountants Ltd
51 Lynnhurst
Uddingston
G71 6SA


27 November 2023