BrightAccountsProduction v1.0.0 v1.0.0 2023-03-01 The company was not dormant during the period The company was trading for the entire period The principal activity of the company was that of a restaurant & licensed bar. 16 October 2024 0 0 08122077 2024-02-29 08122077 2023-02-28 08122077 2022-02-28 08122077 2023-03-01 2024-02-29 08122077 2022-03-01 2023-02-28 08122077 uk-bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 08122077 uk-curr:PoundSterling 2023-03-01 2024-02-29 08122077 uk-bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 08122077 uk-bus:FullAccounts 2023-03-01 2024-02-29 08122077 uk-bus:Director1 2023-03-01 2024-02-29 08122077 uk-bus:Director2 2023-03-01 2024-02-29 08122077 uk-bus:Director3 2023-03-01 2024-02-29 08122077 uk-bus:Director4 2023-03-01 2024-02-29 08122077 uk-bus:RegisteredOffice 2023-03-01 2024-02-29 08122077 uk-bus:Agent1 2023-03-01 2024-02-29 08122077 uk-core:ShareCapital 2024-02-29 08122077 uk-core:ShareCapital 2023-02-28 08122077 uk-core:RetainedEarningsAccumulatedLosses 2024-02-29 08122077 uk-core:RetainedEarningsAccumulatedLosses 2023-02-28 08122077 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-02-29 08122077 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-02-28 08122077 uk-bus:FRS102 2023-03-01 2024-02-29 08122077 uk-core:Buildings 2023-03-01 2024-02-29 08122077 uk-core:PlantMachinery 2023-03-01 2024-02-29 08122077 uk-core:FurnitureFittingsToolsEquipment 2023-03-01 2024-02-29 08122077 uk-bus:Audited 2023-03-01 2024-02-29 08122077 uk-core:CurrentFinancialInstruments 2024-02-29 08122077 uk-core:CurrentFinancialInstruments 2023-02-28 08122077 uk-core:WithinOneYear 2024-02-29 08122077 uk-core:WithinOneYear 2023-02-28 08122077 uk-core:OtherMiscellaneousReserve 2023-02-28 08122077 uk-core:OtherMiscellaneousReserve 2023-03-01 2024-02-29 08122077 uk-core:AcceleratedTaxDepreciationDeferredTax 2024-02-29 08122077 uk-core:TaxLossesCarry-forwardsDeferredTax 2024-02-29 08122077 uk-core:OtherDeferredTax 2024-02-29 08122077 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2024-02-29 08122077 uk-core:OtherMiscellaneousReserve 2024-02-29 08122077 2023-03-01 2024-02-29 xbrli:pure iso4217:GBP xbrli:shares
Company Registration Number: 08122077
 
 
La Concha Limited
 
Financial Statements
 
for the financial year ended 29 February 2024



La Concha Limited
DIRECTORS AND OTHER INFORMATION

 
Directors Mr Liam Lahart
Mr Peter Hughes
Mr Lee Sim
Mr Elliot Hughes
 
 
Company Registration Number 08122077
 
 
Registered Office 21-22 Maiden Lane
Covent Garden
London
WC2E 7NA
 
 
Business Address 417 Strand
London
WC2R 0PD
 
 
Independent Auditors Quarter
Chartered Accountants and Statutory Auditors
St Anne's House
15 Church Street
Cathedral Quarter
Belfast
BT1 1PG
 
 
Bankers Barclays Bank PLC
  54 Lombard Street
  London
  EC3P 3AH
 
   
Solicitors Fladgate LLP
  16 Great Queen Street
  London
  WC2B 5DG
  United Kingdom



La Concha Limited
Company Registration Number: 08122077
STATEMENT OF FINANCIAL POSITION
as at 29 February 2024

2024 2023
Notes £ £
 
Non-Current Assets
Property, plant and equipment 8 466,097 372,471
───────── ─────────
 
Current Assets
Inventories 9 29,834 30,762
Receivables 10 295,808 48,567
Cash and cash equivalents 251,906 512,955
───────── ─────────
577,548 592,284
───────── ─────────
Payables: amounts falling due within one year 11 (219,546) (261,711)
───────── ─────────
Net Current Assets 358,002 330,573
───────── ─────────
Total Assets less Current Liabilities 824,099 703,044
 
Provisions for liabilities 13 (23,829) (23,140)
───────── ─────────
Net Assets 800,270 679,904
═════════ ═════════
 
Equity
Called up share capital 101 101
Retained earnings 800,169 679,803
───────── ─────────
Equity attributable to owners of the company 800,270 679,904
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
The company has taken advantage of the exemption under section 444 not to file the Income Statement and Directors' Report.
           
Approved by the Board and authorised for issue on 16 October 2024 and signed on its behalf by
           
           
           
________________________________          
Mr Liam Lahart          
Director          
           



La Concha Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 29 February 2024

   
1. General Information
 
La Concha Limited is a company limited by shares incorporated in the United Kingdom. 21-22 Maiden Lane, Covent Garden, London, WC2E 7NA is the registered office.  The principal place of business of the company is 417 Strand, Covent Garden, London, WC2R 0PD. The nature of the company's operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 29 February 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Revenue
Turnover comprises the value of goods supplied by the company, exclusive of discounts and value added tax.
 
Property, plant and equipment and depreciation
Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:
 
  Short leasehold property - 4% Straight line
  Plant and machinery - 20% Reducing Balance
  Fixtures, fittings and equipment - 20% Reducing Balance
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Inventories
Stocks are valued at the lower of cost and net realisable value.  Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items.  Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other receivables
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.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other payables
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.
 
Employee benefits
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. Annual contributions payable to the company's pension scheme are charged to the Income Statement in the period to which they relate.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.
 
Pensions
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. Annual contributions payable to the company's pension scheme are charged to the Income Statement in the period to which they relate.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
   
3. Liability limitation agreement
 
The limitation of the firm‘s liability for this engagement, which is capped at five times the amount of professional fees actually paid, is referenced in the letter of engagement dated 4 April 2024. This was approved on 10 April 2024.
   
4. INFORMATION RELATING TO THE AUDITOR'S REPORT
 
The Audit Report was unqualified. There were no matters to which the auditor was required to refer by way of emphasis.
 
The financial statements were audited by Quarter.
The Auditor's Report was signed by Gary McErlean (Senior Statutory Auditor) for and on behalf of Quarter on 16th October 2024.
 
   
5. Provisions Available for Audits of Small Entities
 
In common with many other businesses of our size and nature, we use our auditors to prepare and submit tax returns to His Majesty's Revenue and Customs and to assist with company secretarial matters, and the preparation of the financial statements and management accounts.
   
6. Critical Accounting Judgements and Estimates
 
(a) Critical Judgements in applying the company's accounting policies
There are no critical judgements in applying the company's accounting policies

(b) Key accounting estimates and assumptions
There are no key accounting estimates and assumptions in applying the company's accounting policies
       
7. Employees
 
The average monthly number of employees, including directors, during the financial year was 17, (2023 - 16).
           
8. Property, plant and equipment
  Short Plant and Fixtures, Total
  leasehold machinery fittings and  
  property   equipment  
  £ £ £ £
Cost
At 1 March 2023 468,049 145,224 167,572 780,845
Additions 135,005 45,502 11,601 192,108
Disposals (97,249) (11,136) (4,211) (112,596)
  ───────── ───────── ───────── ─────────
At 29 February 2024 505,805 179,590 174,962 860,357
  ───────── ───────── ───────── ─────────
Depreciation
At 1 March 2023 171,861 96,784 139,729 408,374
Charge for the financial year 18,530 14,836 6,906 40,272
On disposals (42,040) (8,881) (3,465) (54,386)
  ───────── ───────── ───────── ─────────
At 29 February 2024 148,351 102,739 143,170 394,260
  ───────── ───────── ───────── ─────────
Carrying amount
At 29 February 2024 357,454 76,851 31,792 466,097
  ═════════ ═════════ ═════════ ═════════
At 28 February 2023 296,188 48,440 27,843 372,471
  ═════════ ═════════ ═════════ ═════════
       
9. Inventories 2024 2023
  £ £
 
Finished goods and goods for resale 29,834 30,762
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
10. Receivables 2024 2023
  £ £
 
Amounts owed by connected parties (Note 16) 244,932 -
Prepayments and accrued income 50,876 48,567
  ───────── ─────────
  295,808 48,567
  ═════════ ═════════
       
11. Payables 2024 2023
Amounts falling due within one year £ £
 
Trade payables 55,234 61,274
Amounts owed to connected parties (Note 16) 60,000 60,000
Taxation  (Note 12) 97,191 127,470
Other creditors 472 6,471
Accruals:
Pension accrual 259 981
Other accruals 6,390 5,515
  ───────── ─────────
  219,546 261,711
  ═════════ ═════════
       
12. Taxation 2024 2023
  £ £
 
Payables:
VAT 71,195 70,331
Corporation tax 14,461 46,747
PAYE / NI 11,535 10,392
  ───────── ─────────
  97,191 127,470
  ═════════ ═════════
         
13. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Total Total
  allowances    
       
    2024 2023
  £ £ £
 
At financial year start 23,140 23,140 9,319
Charged to profit and loss 689 689 13,821
  ───────── ───────── ─────────
At financial year end 23,829 23,829 23,140
  ═════════ ═════════ ═════════
   
14. Pension costs - defined contribution
 
The company operates a defined contribution pension scheme for employees.  The assets of the scheme are held separately from those of the company in an independently administered fund.  Pension costs amounted to £9,286 (2023 - £9,099).
Unpaid contributions outstanding at 29 February 2024 amounted to £259 (28 February 2023 - £981).
       
15. Capital commitments
 
The company had no material capital commitments at the financial year-ended 29 February 2024.
           
16. Related party transactions
  Balance Movement Balance Maximum
  2024 in year 2023 in year
  £ £ £ £
 
Ibericos Limited 244,932 244,932 - 244,932
  ───────── ───────── ───────── ═════════
 
The following amounts are due to other connected parties:
      2024 2023
      £ £
 
A Pint of Plain Ltd     60,000 60,000
      ═════════ ═════════
 
Net balances with other connected parties:
      2024 2023
      £ £
 
Ibericos Limited     244,932 -
A Pint of Plain Ltd     (60,000) (60,000)
      ───────── ─────────
      184,932 (60,000)
      ═════════ ═════════
 
A Pint of Plain Ltd

Peter Hughes, Liam Lahart, Elliot Hughes and Lee Sim were directors in La Concha Limited during the financial year. Elliot Hughes and Liam Lahart were also directors in A Pint of Plain Limited during the financial year.
As at the 1st March 2023, La Concha owed A Pint of Plain Ltd £60,000. During the year there was a net movement of £Nil.  As at the 29th February 2024 there was a balance of £60,000 owed by La Concha Limited to A Pint of Plain Ltd.

Apple Crumble & Fish Ltd

Peter Hughes, Liam Lahart, Elliot Hughes and Lee Sim were directors in La Concha Limited during the financial year. Elliot Hughes, Liam Lahart and Lee Sim were also directors in Apple Crumble & Fish Limited during the financial year.
As at the 1st March 2023 La Concha Ltd owed Apple Crumble & Fish Ltd £3,975, this balance was included within trade creditors.  During the year Apple Crumble & Fish Ltd supplied goods to La Concha Ltd for £80,102.  During the financial year La Concha Ltd paid £79,234 to Apple Crumble & Fish Ltd.  As at the 29th February 2024 La Concha Limited owed Apple Crumble & Fish Ltd £4,843.

Ibericos Limited

Peter Hughes, Liam Lahart, Elliot Hughes and Lee Sim were directors in La Concha Limited during the financial year. Liam Lahart and Lee Sim were also directors in Ibericos Limited during the financial year.
As at the 1st March 2023 La Concha Ltd owed Ibericos Limited £nil.  During the year there was a net movement of £244,932. As at 29 February 2024 Ibericos Limited owed La Concha Limited £244,932. This is recorded  in amounts owed by connected parties.