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Registration number: 12854067

Fuego Lento Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

Fuego Lento Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Fuego Lento Limited

(Registration number: 12854067)
Statement of Financial Position as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

1,085

-

Tangible assets

5

52,128

60,021

 

53,213

60,021

Current assets

 

Stocks

6

4,783

1,950

Debtors

7

6,681

3,716

Cash at bank and in hand

 

61,181

47,712

 

72,645

53,378

Creditors: Amounts falling due within one year

8

(59,213)

(65,070)

Net current assets/(liabilities)

 

13,432

(11,692)

Total assets less current liabilities

 

66,645

48,329

Provisions for liabilities

(5,888)

(6,637)

Net assets

 

60,757

41,692

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

60,755

41,690

Shareholders' funds

 

60,757

41,692

For the financial year ending 30 September 2023 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 29 February 2024 and signed on its behalf by:
 

 

Fuego Lento Limited

(Registration number: 12854067)
Statement of Financial Position as at 30 September 2023 (continued)

.........................................
Edward Alfred Pemberton
Director

 

Fuego Lento Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

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:
Timberly
South Street
Axminster
Devon
EX13 5AD

Principal activity

The principal activity of the company is that of a cafe and restaurant.

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 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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Fuego Lento Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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 at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model and the performance model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Grants relating to assets are recognised in income on a systematic basis 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 and not deducted from the carrying amount of the asset.

Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

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.

 

Fuego Lento Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

2

Accounting policies (continued)

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 statement of financial position 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

Short leasehold property

Straight line over length of lease

Fittings, fixtures and equipment

20% reducing balance

Computer equipment

20% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website

3 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

 

Fuego Lento Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

2

Accounting policies (continued)

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2022 - 11).

 

Fuego Lento Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

Additions acquired separately

1,628

1,628

At 30 September 2023

1,628

1,628

Amortisation

Amortisation charge

543

543

At 30 September 2023

543

543

Carrying amount

At 30 September 2023

1,085

1,085

5

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Computer equipment
£

Total
£

Cost or valuation

At 1 October 2022

28,674

45,392

-

74,066

Additions

-

1,813

639

2,452

At 30 September 2023

28,674

47,205

639

76,518

Depreciation

At 1 October 2022

3,584

10,461

-

14,045

Charge for the year

2,868

7,349

128

10,345

At 30 September 2023

6,452

17,810

128

24,390

Carrying amount

At 30 September 2023

22,222

29,395

511

52,128

At 30 September 2022

25,090

34,931

-

60,021

Included within the net book value of land and buildings above is £22,223 (2022 - £25,090) in respect of short leasehold land and buildings.
 

 

Fuego Lento Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

4,783

1,950

7

Debtors

Note

2023
£

2022
£

Trade debtors

 

2,843

847

Other debtors

 

540

-

Prepayments

 

429

-

Income tax asset

2,869

2,869

 

6,681

3,716

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

13,306

11,347

Taxation and social security

18,045

16,747

Accruals and deferred income

2,605

2,660

Other creditors

25,257

34,316

59,213

65,070

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Fuego Lento Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

10

Related party transactions

Transactions with directors

2023

At 1 October 2022
£

Advances to director
£

At 30 September 2023
£

Edward Alfred Pemberton

(17,158)

5,008

(12,150)

       
     

Giselle Leah Benrimoj

(17,158)

5,008

(12,150)

       
     

 

2022

At 1 October 2021
£

Advances to director
£

At 30 September 2022
£

Edward Alfred Pemberton

(25,100)

7,942

(17,158)

       
     

Giselle Leah Benrimoj

(25,100)

7,942

(17,158)