Listo Burrito Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 08241646 (England and Wales)

Listo Burrito Limited

Unaudited Financial Statements

for the Year Ended 31 May 2023

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

RJ Taylor

REGISTERED OFFICE:

28 Eaton Avenue

Matrix Office Park

Buckshaw Village

Chorley

Lancashire

PR7 7NA

REGISTERED NUMBER:

08241646 (England and Wales)

ACCOUNTANTS:

McMillan & Co LLP

Chartered Accountants

28 Eaton Avenue

Matrix Office Park

Buckshaw Village

Chorley

Lancashire

PR7 7NA

FIXED ASSETS

Tangible assets

4

69,579

86,964

CURRENT ASSETS

Stocks

1,000

250

Debtors

5

587

500

Cash at bank and in hand

31,298

31,302

32,885

32,052

CREDITORS

Amounts falling due within one year

6

44,939

39,913

NET CURRENT LIABILITIES

(12,054

)

(7,861

)

TOTAL ASSETS LESS CURRENT LIABILITIES

57,525

79,103

CREDITORS

Amounts falling due after more than one year

7

(140,583

)

(143,683

)

PROVISIONS FOR LIABILITIES

9

(4,207

)

(5,258

)

NET LIABILITIES

(87,265

)

(69,838

)

CAPITAL AND RESERVES

Called up share capital

10

1

1

Retained earnings

(87,266

)

(69,839

)

SHAREHOLDERS' FUNDS

(87,265

)

(69,838

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 5 December 2023 and were signed by:

RJ Taylor - Director

1.	STATUTORY INFORMATION

Listo Burrito Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

The amounts in the financial statements have been rounded to the nearest £1.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Going Concern

The financial statements have been prepared on the going concern basis as the director has confirmed their continued financial support of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Long leasehold

-

10% on cost

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Computer equipment

-

20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Basic financial assets, which include debtors, prepayments and bank balances, are initially measured at transaction price and are subsequently carried at cost unless the arrangement indicates otherwise and then the asset is measured at the present value of the future receipts discounted at a market rate of interest. Basic financial liabilities, which include creditors, accruals, bank loans and group borrowings, are initially recognised at transaction price and are subsequently carried at cost unless the arrangement indicates otherwise and then the liability is measured at the present value of the future obligations discounted at a market rate of interest.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Long

Plant and

and

Computer

leasehold

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 June 2022

and 31 May 2023

118,581

50,588

33,747

2,240

205,156

DEPRECIATION

At 1 June 2022

59,290

33,973

22,689

2,240

118,192

Charge for year

11,850

3,323

2,212

-

17,385

At 31 May 2023

71,140

37,296

24,901

2,240

135,577

NET BOOK VALUE

At 31 May 2023

47,441

13,292

8,846

-

69,579

At 31 May 2022

59,291

16,615

11,058

-

86,964

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Other debtors

257

500

Prepayments

330

-

587

500

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

23,265

23,346

Trade creditors

7,315

2,497

Taxation and social security

14,075

13,643

Other creditors

284

427

44,939

39,913

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

41,463

54,865

Amounts owed to group undertakings

95,455

65,455

Other creditors

3,665

23,363

140,583

143,683

Other creditors is an amount owing to the director. This sum is unsecured, bears no interest and has no fixed repayment terms.

8.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Bank loans

25,842

33,693

9.	PROVISIONS FOR LIABILITIES

2023

2022

£

£

Deferred tax

Accelerated capital allowances

4,207

5,258

Deferred tax

£

Balance at 1 June 2022

5,258

Credit to Statement of Income and Retained Earnings during year

(1,051

)

Balance at 31 May 2023

4,207

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

1

Ordinary

1

1

1

11.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

12.	ULTIMATE CONTROLLING PARTY

The ultimate parent company is Listo Burrito Bars Limited, a company registered in England and Wales.

In the opinion of the director the company is ultimately controlled by Mr RJ Taylor by virtue of his shareholding in the ultimate parent company.