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Registration number: 03491706

El Mexicano Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2024

image-name
 

El Mexicano Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

El Mexicano Limited

Company Information

Directors

Mr Gianfranco Ronga

Miss Maria Hernandez

Registered office

7 New Road
Brighton
East Sussex
BN1 1UF

Accountants

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

 

El Mexicano Limited

(Registration number: 03491706)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed Assets

 

Tangible Assets

4

51,799

52,789

Current assets

 

Stocks

5

16,372

15,350

Debtors

6

15,400

20,148

Cash at bank and in hand

 

86,533

143,907

 

118,305

179,405

Creditors: Amounts falling due within one year

7

(144,963)

(194,652)

Net current liabilities

 

(26,658)

(15,247)

Total assets less current liabilities

 

25,141

37,542

Creditors: Amounts falling due after more than one year

7

(13,371)

(24,022)

Provisions for liabilities

(8,934)

(4,479)

Net assets

 

2,836

9,041

Capital and Reserves

 

Called up share capital

2,400

2,400

Retained Earnings

436

6,641

Shareholders' funds

 

2,836

9,041

For the financial year ending 31 January 2024 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 Profit and Loss Account.

 

El Mexicano Limited

(Registration number: 03491706)
Balance Sheet as at 31 January 2024

Approved and authorised by the Board on 11 October 2024 and signed on its behalf by:
 

.........................................
Mr Gianfranco Ronga
Director

   
     
 

El Mexicano Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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:
7 New Road
Brighton
East Sussex
BN1 1UF

These financial statements were authorised for issue by the Board on 11 October 2024.

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 presented in Sterling, which is the functional currency of the company.

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.

 

El Mexicano Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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:

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.

 

El Mexicano Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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.

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.

 

El Mexicano Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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, was 28 (2023 - 27).

 

El Mexicano Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Tangible Assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 February 2023

248,768

59,828

-

38,349

346,945

Additions

-

2,461

19,590

-

22,051

At 31 January 2024

248,768

62,289

19,590

38,349

368,996

Depreciation

At 1 February 2023

219,555

50,463

-

24,138

294,156

Charge for the year

11,296

3,294

4,898

3,553

23,041

At 31 January 2024

230,851

53,757

4,898

27,691

317,197

Carrying amount

At 31 January 2024

17,917

8,532

14,692

10,658

51,799

At 31 January 2023

29,213

9,365

-

14,211

52,789

5

Stocks

2024
£

2023
£

Other inventories

16,372

15,350

6

Debtors

Current

2024
£

2023
£

Prepayments

10,063

14,513

Other debtors

5,337

5,635

 

15,400

20,148

 

El Mexicano Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

10,648

9,911

Trade Creditors

 

23,063

36,349

Taxation and social security

 

59,397

55,625

Accruals and deferred income

 

2,000

750

Other creditors

 

49,855

92,017

 

144,963

194,652

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

13,371

24,022

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

13,371

24,022

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,648

9,911

 

El Mexicano Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

9

Related party transactions

Loans to related parties

2024

Key management
£

Total
£

At start of period

5,635

5,635

Advanced

5,336

5,336

Repaid

(5,635)

(5,635)

At end of period

5,336

5,336

2023

Key management
£

Total
£

Advanced

5,635

5,635

At end of period

5,635

5,635

Terms of loans to related parties

During the year the company provided the director with an interest free loan, this was unsecured and repayable on demand.