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2. |
Summary of Significant Accounting Policies |
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The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements. |
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Statement of compliance |
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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. |
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Basis of preparation |
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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. |
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Revenue |
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Turnover comprises the value of goods supplied by the company, exclusive of discounts and value added tax. |
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Property, plant and equipment and depreciation |
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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: |
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Short leasehold property |
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4% Straight line |
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Plant and machinery |
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20% Reducing Balance |
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Fixtures, fittings and equipment |
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20% Reducing Balance |
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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. |
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Inventories |
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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. |
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Trade and other receivables |
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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. |
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Provisions |
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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. |
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Trade and other payables |
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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. |
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Employee benefits |
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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. |
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Taxation and deferred taxation |
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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. |
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Foreign currencies |
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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. |
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Pensions |
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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. |
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Ordinary share capital |
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The ordinary share capital of the company is presented as equity. |
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16. |
Related party transactions |
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Balance |
Movement |
Balance |
Maximum |
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2024 |
in year |
2023 |
in year |
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£ |
£ |
£ |
£ |
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Ibericos Limited |
244,932 |
244,932 |
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244,932 |
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───────── |
───────── |
───────── |
═════════ |
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The following amounts are due to other connected parties: |
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2024 |
2023 |
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£ |
£ |
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A Pint of Plain Ltd |
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60,000 |
60,000 |
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═════════ |
═════════ |
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Net balances with other connected parties: |
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2024 |
2023 |
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£ |
£ |
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Ibericos Limited |
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244,932 |
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A Pint of Plain Ltd |
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(60,000) |
(60,000) |
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───────── |
───────── |
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184,932 |
(60,000) |
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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. |