Silverfin false false 31/10/2023 01/11/2022 31/10/2023 E F Veerman 24/10/2018 J R Veerman 13/06/2021 25 February 2024 The principal activity of the Company during the financial period was that of restaurant activities. 11640976 2023-10-31 11640976 bus:Director1 2023-10-31 11640976 bus:Director2 2023-10-31 11640976 2022-10-31 11640976 core:CurrentFinancialInstruments 2023-10-31 11640976 core:CurrentFinancialInstruments 2022-10-31 11640976 core:Non-currentFinancialInstruments 2023-10-31 11640976 core:Non-currentFinancialInstruments 2022-10-31 11640976 core:ShareCapital 2023-10-31 11640976 core:ShareCapital 2022-10-31 11640976 core:RetainedEarningsAccumulatedLosses 2023-10-31 11640976 core:RetainedEarningsAccumulatedLosses 2022-10-31 11640976 core:PlantMachinery 2022-10-31 11640976 core:Vehicles 2022-10-31 11640976 core:FurnitureFittings 2022-10-31 11640976 core:ComputerEquipment 2022-10-31 11640976 core:PlantMachinery 2023-10-31 11640976 core:Vehicles 2023-10-31 11640976 core:FurnitureFittings 2023-10-31 11640976 core:ComputerEquipment 2023-10-31 11640976 core:MoreThanFiveYears 2023-10-31 11640976 core:MoreThanFiveYears 2022-10-31 11640976 2021-10-31 11640976 core:AcceleratedTaxDepreciationDeferredTax 2023-10-31 11640976 core:AcceleratedTaxDepreciationDeferredTax 2022-10-31 11640976 core:OtherDeferredTax 2023-10-31 11640976 core:OtherDeferredTax 2022-10-31 11640976 bus:OrdinaryShareClass1 2023-10-31 11640976 core:WithinOneYear 2023-10-31 11640976 core:WithinOneYear 2022-10-31 11640976 core:BetweenOneFiveYears 2023-10-31 11640976 core:BetweenOneFiveYears 2022-10-31 11640976 2022-11-01 2023-10-31 11640976 bus:FilletedAccounts 2022-11-01 2023-10-31 11640976 bus:SmallEntities 2022-11-01 2023-10-31 11640976 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 11640976 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 11640976 bus:Director1 2022-11-01 2023-10-31 11640976 bus:Director2 2022-11-01 2023-10-31 11640976 core:PlantMachinery core:TopRangeValue 2022-11-01 2023-10-31 11640976 core:Vehicles core:TopRangeValue 2022-11-01 2023-10-31 11640976 core:FurnitureFittings core:TopRangeValue 2022-11-01 2023-10-31 11640976 core:ComputerEquipment core:TopRangeValue 2022-11-01 2023-10-31 11640976 2021-11-01 2022-10-31 11640976 core:PlantMachinery 2022-11-01 2023-10-31 11640976 core:Vehicles 2022-11-01 2023-10-31 11640976 core:FurnitureFittings 2022-11-01 2023-10-31 11640976 core:ComputerEquipment 2022-11-01 2023-10-31 11640976 core:CurrentFinancialInstruments 2022-11-01 2023-10-31 11640976 core:Non-currentFinancialInstruments 2022-11-01 2023-10-31 11640976 core:MoreThanFiveYears 2022-11-01 2023-10-31 11640976 bus:OrdinaryShareClass1 2022-11-01 2023-10-31 11640976 bus:OrdinaryShareClass1 2021-11-01 2022-10-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 11640976 (England and Wales)

SPANGLISH LIMITED

Unaudited Financial Statements
For the financial year ended 31 October 2023
Pages for filing with the registrar

SPANGLISH LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2023

Contents

SPANGLISH LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 October 2023
SPANGLISH LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 October 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 18,863 26,782
18,863 26,782
Current assets
Stocks 23,950 14,850
Debtors 4 5,000 5,000
Cash at bank and in hand 21,156 17,776
50,106 37,626
Creditors: amounts falling due within one year 5 ( 55,347) ( 44,268)
Net current liabilities (5,241) (6,642)
Total assets less current liabilities 13,622 20,140
Creditors: amounts falling due after more than one year 6 ( 21,203) ( 25,364)
Provision for liabilities 7 ( 1,927) ( 3,927)
Net liabilities ( 9,508) ( 9,151)
Capital and reserves
Called-up share capital 8 1 1
Profit and loss account ( 9,509 ) ( 9,152 )
Total shareholder's deficit ( 9,508) ( 9,151)

For the financial year ending 31 October 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Spanglish Limited (registered number: 11640976) were approved and authorised for issue by the Board of Directors on 25 February 2024. They were signed on its behalf by:

E F Veerman
Director
SPANGLISH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
SPANGLISH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Spanglish Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 4 Mount Folly Square Bodmin, Mount Folly Square, 4, Bodmin, PL31 2DG, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £9,508. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery 5 years straight line
Vehicles 4 years straight line
Fixtures and fittings 5 years straight line
Computer equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 12 13

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £
Cost
At 01 November 2022 12,744 11,872 10,711 3,463 38,790
Additions 0 0 480 0 480
At 31 October 2023 12,744 11,872 11,191 3,463 39,270
Accumulated depreciation
At 01 November 2022 5,284 2,955 2,734 1,035 12,008
Charge for the financial year 2,548 2,968 2,190 693 8,399
At 31 October 2023 7,832 5,923 4,924 1,728 20,407
Net book value
At 31 October 2023 4,912 5,949 6,267 1,735 18,863
At 31 October 2022 7,460 8,917 7,977 2,428 26,782

4. Debtors

2023 2022
£ £
Other debtors 5,000 5,000

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 4,161 4,058
Trade creditors 9,092 5,991
Amounts owed to directors 7,478 4,553
Accruals 10,747 12,722
Taxation and social security 13,382 9,100
Other creditors 10,487 7,844
55,347 44,268

There are no amounts included above in respect of which any security has been given by the small entity.

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 21,203 25,364

There are no amounts included above in respect of which any security has been given by the small entity.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2023 2022
£ £
Bank loans (repayable by instalments) 3,481 8,079

There are no amounts included above in respect of which any security has been given by the small entity.

7. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 3,927) ( 3,788)
Credited/(charged) to the Statement of Income and Retained Earnings 2,000 ( 139)
At the end of financial year ( 1,927) ( 3,927)

The deferred taxation balance is made up as follows:

2023 2022
£ £
Accelerated capital allowances ( 1,949) ( 4,019)
Other timing differences 22 92
( 1,927) ( 3,927)

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 28,000 28,000
between one and five years 81,333 89,333
after five years 103,333 123,333
212,666 240,666

Pensions

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 357 384

10. Related party transactions

Transactions with the entity's directors

At the year end, the company owed a director £7,478 (2022: £4,553).