Mexican Mama Ltd

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—7

1. General Information

Mexican Mama Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11797549 . The registered office is 232 Rye Lane, London, SE15 4NL.

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.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Intangible Fixed Assets and Amortisation - Other Intangible

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured

at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the

acquisition date where it is probable that the expected future economic benefits that are attributable to the

asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises

from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their

useful lives on the following bases:

Intangibles 15% straight line

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	25% Straight line
Motor Vehicles	25% Reducing balance
Fixtures & Fittings	25% Reducing balance
Computer Equipment	4 years straight line

2.5. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

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Mexican Mama Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2026

2.6. 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.

2.7. Financial Instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

2.8. Foreign Currencies

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the

dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in

foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising

on translation in the period are included in profit or loss.

2.9. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

...CONTINUED

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Mexican Mama Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2026

2.9. Taxation - continued

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 8 (2025: 7)

4. Intangible Assets

	Other
	£
Cost
As at 1 February 2025	1,179

As at 31 January 2026	1,179

Amortisation
As at 1 February 2025	1,062
Provided during the period	117

As at 31 January 2026	1,179

Net Book Value
As at 31 January 2026	-

As at 1 February 2025	117

5. Tangible Assets

	Plant & Machinery	Motor Vehicles	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£	£
Cost
As at 1 February 2025	7,583	66,074	12,646	11,939	98,242
Additions	-	-	-	1,850	1,850
Disposals	-	-	(670 )	-	(670 )

As at 31 January 2026	7,583	66,074	11,976	13,789	99,422

Depreciation
As at 1 February 2025	5,345	14,363	2,684	9,512	31,904
Provided during the period	1,195	12,928	2,323	1,637	18,083

As at 31 January 2026	6,540	27,291	5,007	11,149	49,987

Net Book Value
As at 31 January 2026	1,043	38,783	6,969	2,640	49,435

As at 1 February 2025	2,238	51,711	9,962	2,427	66,338

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Mexican Mama Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2026

6. Investments

	Other
	£
Cost or Valuation
As at 1 February 2025	2,313

As at 31 January 2026	2,313

Provision
As at 1 February 2025	-

As at 31 January 2026	-

Net Book Value
As at 31 January 2026	2,313

As at 1 February 2025	2,313

The investment relates to a 97.96% share in the subsidiary company British Papa S.A DE C.V incorporated in Mexico. The investment was made on 8th March 2023 for an initial 75%, which was increased to 97.96% for no additional consideration in April 2024.

7. Stocks

	2026	2025
	£	£
Finished goods	26,845	38,348

8. Debtors

	2026	2025
	£	£
Due within one year
Trade debtors	1,233	2,873
Prepayments and accrued income	560	1,727
Other debtors	500	500
Corporation tax recoverable assets	-	4,160
VAT	5,609	1,170
Directors' loan accounts	13,878	-

	21,780	10,430

9. Creditors: Amounts Falling Due Within One Year

	2026	2025
	£	£
Net obligations under finance lease and hire purchase contracts	11,141	15,374
Bank loans and overdrafts	56,402	26,281
Other loans	18,500	19,500
Corporation tax	9,581	-
Other taxes and social security	613	423
Other creditors	-	500
Directors' loan accounts	-	11,200

	96,237	73,278

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Mexican Mama Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2026

The Other loans balance of £18,500 (2025: £19,500) is interest free and repayable on demand.

A loan with balance £800 and £3,816 is repayable in monthly instalments, with the last payment due to be made in before January 2027.

Within Bank loans and overdrafts there is a business loan with balance £26,688, repayable in monthly instalments, with the last payment due to be made in January 2027. Interest is charged at an annual floating rate of 7% above the Bank of England base rate.

10. Creditors: Amounts Falling Due After More Than One Year

	2026	2025
	£	£
Net obligations under finance lease and hire purchase contracts	22,283	37,639
Bank loans	-	23,793

	22,283	61,432

11. Obligations Under Finance Leases and Hire Purchase

	2026	2025
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	11,141	15,374
Later than one year and not later than five years	22,283	37,639

	33,424	53,013

	33,424	53,013

12. Share Capital

	2026	2025
	£	£
Allotted, Called up and fully paid	2	2

13. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans to the company made by directors:

	As at 1 February 2025	Amounts advanced	Amounts repaid	Amounts written off	As at 31 January 2026
	£	£	£	£	£
Mr Mark Parish	(5,600 )	20,585	(8,046 )	-	6,939
Mrs Maira Gallardo Duran	(5,600 )	20,585	(8,046 )	-	6,939

The above loan is unsecured, interest free and repayable on demand.

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		2026		2025
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		-		117
Tangible Assets	5		49,435		66,338
Investments	6		2,313		2,313

			51,748		68,768
CURRENT ASSETS
Stocks	7	26,845		38,348
Debtors	8	21,780		10,430
Cash at bank and in hand		18,248		17,265

		66,873		66,043
Creditors: Amounts Falling Due Within One Year	9	(96,237 )		(73,278 )

NET CURRENT ASSETS (LIABILITIES)			(29,364 )		(7,235 )

TOTAL ASSETS LESS CURRENT LIABILITIES			22,384		61,533

Creditors: Amounts Falling Due After More Than One Year	10		(22,283 )		(61,432 )

NET ASSETS			101		101

CAPITAL AND RESERVES
Called up share capital	12		2		2
Profit and Loss Account			99		99

SHAREHOLDERS' FUNDS			101		101