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Registration number: 12854067

Fuego Lento Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Fuego Lento Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 8

 

Fuego Lento Limited

(Registration number: 12854067)
Statement of Financial Position as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

543

1,085

Tangible assets

5

43,918

52,128

 

44,461

53,213

Current assets

 

Stocks

6

4,155

4,783

Debtors

7

2,888

6,681

Cash at bank and in hand

 

75,632

61,181

 

82,675

72,645

Creditors: Amounts falling due within one year

8

(44,657)

(59,213)

Net current assets

 

38,018

13,432

Total assets less current liabilities

 

82,479

66,645

Provisions for liabilities

(4,770)

(5,888)

Net assets

 

77,709

60,757

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

77,707

60,755

Shareholders' funds

 

77,709

60,757

For the financial year ending 30 September 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 and 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 18 April 2025 and signed on its behalf by:
 


Edward Alfred Pemberton
Director

 

Fuego Lento Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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:
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.

 

Fuego Lento Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (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.

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.

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.

 

Fuego Lento Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

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

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.

 

Fuego Lento Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2023 - 11).

 

Fuego Lento Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 October 2023

1,628

1,628

At 30 September 2024

1,628

1,628

Amortisation

At 1 October 2023

543

543

Amortisation charge

542

542

At 30 September 2024

1,085

1,085

Carrying amount

At 30 September 2024

543

543

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 2023

28,674

47,205

639

76,518

Additions

-

458

341

799

At 30 September 2024

28,674

47,663

980

77,317

Depreciation

At 1 October 2023

6,452

17,810

128

24,390

Charge for the year

2,868

5,971

170

9,009

At 30 September 2024

9,320

23,781

298

33,399

Carrying amount

At 30 September 2024

19,354

23,882

682

43,918

At 30 September 2023

22,222

29,395

511

52,128

 

Fuego Lento Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

6

Stocks

2024
£

2023
£

Finished goods and goods for resale

4,155

4,783

7

Debtors

Note

2024
£

2023
£

Trade debtors

 

2,258

2,843

Other debtors

 

-

540

Prepayments

 

630

429

Income tax asset

-

2,869

 

2,888

6,681

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

11,133

13,306

Taxation and social security

22,273

18,045

Accruals and deferred income

1,381

2,605

Other creditors

9,870

25,257

44,657

59,213

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 2024 (continued)

10

Related party transactions

Transactions with directors

2024

At 1 October 2023
£

Advances to director
£

At 30 September 2024
£

Edward Alfred Pemberton

(12,150)

8,347

(3,803)

       
     

Giselle Leah Benrimoj

(12,150)

8,347

(3,803)

       
     

 

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)