Products From Spain Limited

(Registration number: 00638626)
Balance Sheet as at 31 December 2024

	Note	31.12.24		31.12.23
		£	£	£	£
FIXED ASSETS
Tangible assets	4		302,431		310,955
Investment property	5		800,000		800,000
			1,102,431		1,110,955
CURRENT ASSETS
Stocks	6	69,678		101,004
Debtors	7	193,919		229,900
Cash at bank and in hand		1,011,528		1,067,095
		1,275,125		1,397,999
CREDITORS
Creditors within 1yr	8	340,884		437,691
Net current assets			934,241		960,308
Total assets less current liabilities			2,036,672		2,071,263
Creditors Amounts falling due after more than one year	8		28,022		33,636
PROVISIONS FOR LIABILITIES			(69,567)		(69,567)
Net assets			1,939,083		1,968,060
CAPITAL AND RESERVES
Called up share capital			5,000		5,000
Other reserves			606,354		606,354
Profit and loss account			1,327,729		1,356,706
Shareholders' funds			1,939,083		1,968,060

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Products From Spain Limited

(Registration number: 00638626)
Balance Sheet as at 31 December 2024 (continued)

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

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 Profit and Loss Account.

Approved and authorised by the Board on 29 September 2025

......................................... G L Lopez Director

Products From Spain Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
Unit 18 Cumberland Business Park
Cumberland Avenue
London
NW10 7RT

These financial statements were authorised for issue by the Board on 29 September 2025.

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 presentational currency is Pound Sterling (£).

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Products From Spain Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

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 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

In the opinion of the directors, land and buildings are maintained to a high standard and any depreciation is not considered material.

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	20% on a reducing balance basis
Motor vehicles	25% on a reducing balance basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

Products From Spain Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

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.

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.

Products From Spain Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

Products From Spain Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

3.	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2023 - 6).

4.	Tangible assets

	Freehold property £	Plant and machinery £	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2024	272,380	87,259	231,053	590,692
At 31 December 2024	272,380	87,259	231,053	590,692
Depreciation
At 1 January 2024	-	81,866	197,872	279,738
Charge for the year	-	769	7,754	8,523
At 31 December 2024	-	82,635	205,626	288,261
Carrying amount
At 31 December 2024	272,380	4,624	25,427	302,431
At 31 December 2023	272,380	5,393	33,182	310,955

5.	Investment properties

	31.12.24 £
At 1 January	800,000
At 31 December	800,000

The properties were valued at the year end on an open market basis by the directors on an open market basis and fair value is represented by cost of £124,370 plus revaluation surplus of £675,630 giving a total £800,000.

6.

Stocks

	31.12.24 £	31.12.23 £
Other inventories	69,678	101,004

Products From Spain Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

7.

Debtors

Current	31.12.24 £	31.12.23 £
Trade debtors	181,286	219,078
Prepayments	8,136	10,822
Other debtors	4,497	-
	193,919	229,900

8.

Creditors

Creditors: amounts falling due within one year

	Note	31.12.24 £	31.12.23 £
Due within one year
Loans and borrowings	9	8,649	9,652
Trade creditors		63,573	115,393
Taxation and social security		48,788	138,946
Accruals and deferred income		25,250	23,410
Other creditors		194,624	150,290
		340,884	437,691