Laxeiro Tapas Bar Ltd

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

1. General Information

Laxeiro Tapas Bar Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 3984934 . The registered office is No 1 Cochrane House, Admirals Way , Canary Wharf, London, E14 9UD.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

2.3. Tangible Fixed Assets and Depreciation

Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Motor Vehicles	15% Reducing balance method
Fixtures & Fittings	15% Reducing balance method

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

2.4. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

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Laxeiro Tapas Bar Ltd

Notes to the Financial Statements (continued)

For The Year Ended 30 April 2026

2.5. Financial Instruments

A financial asset or a financial liability is recognised only when the company becomes a 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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or

preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or

financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

2.6. Pensions

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 20 (2025: 20)

4. Tangible Assets

	Fixtures & Fittings
	£
Cost
As at 1 May 2025	101,339
Disposals	(101,339 )

As at 30 April 2026	-

Depreciation
As at 1 May 2025	95,831
Provided during the period	826
Disposals	(96,657 )

As at 30 April 2026	-

Net Book Value
As at 30 April 2026	-

As at 1 May 2025	5,508

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Laxeiro Tapas Bar Ltd

Notes to the Financial Statements (continued)

For The Year Ended 30 April 2026

5. Stocks

	2026	2025
	£	£
Stock	-	1,250

6. Debtors

	2026	2025
	£	£
Due within one year
Other debtors	100	-

7. Creditors: Amounts Falling Due Within One Year

	2026	2025
	£	£
Trade creditors	-	19,746
Other creditors	-	25,898
Taxation and social security	-	16,021

	-	61,665

8. Share Capital

	2026	2025
	£	£
Allotted, Called up and fully paid	100	100

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		2026		2025
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		-		5,508

			-		5,508
CURRENT ASSETS
Stocks	5	-		1,250
Debtors	6	100		-
Cash at bank and in hand		-		127,999

		100		129,249
Creditors: Amounts Falling Due Within One Year	7	-		(61,665 )

NET CURRENT ASSETS (LIABILITIES)			100		67,584

TOTAL ASSETS LESS CURRENT LIABILITIES			100		73,092

NET ASSETS			100		73,092

CAPITAL AND RESERVES
Called up share capital	8		100		100
Other reserves			(25,000 )		-
Profit and Loss Account			25,000		72,992

SHAREHOLDERS' FUNDS			100		73,092