Company registration number 03877672 (England and Wales)
FATBOYS CATERING EQUIPMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
FATBOYS CATERING EQUIPMENT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
FATBOYS CATERING EQUIPMENT LIMITED
BALANCE SHEET
AS AT 31 MARCH 2022
31 March 2022
- 1 -
2022
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
108,061
131,228
Investments
4
103
103
108,164
131,331
Current assets
Stocks
231,487
225,305
Debtors
5
1,214,725
914,501
Cash at bank and in hand
93,731
45
1,539,943
1,139,851
Creditors: amounts falling due within one year
6
(910,232)
(696,347)
Net current assets
629,711
443,504
Total assets less current liabilities
737,875
574,835
Creditors: amounts falling due after more than one year
7
(171,868)
(141,312)
Net assets
566,007
433,523
Capital and reserves
Called up share capital
8
300
300
Profit and loss reserves
565,707
433,223
Total equity
566,007
433,523

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

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

FATBOYS CATERING EQUIPMENT LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2022
31 March 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 5 September 2022 and are signed on its behalf by:
L Yarwood
C G Yarwood
Director
Director
Company Registration No. 03877672
FATBOYS CATERING EQUIPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022
- 3 -
1
Accounting policies
Company information

Fatboys Catering Equipment Limited is a private company limited by shares incorporated in England and Wales. The registered office is Fatboys Catering Building, Station Road, Long Marston, Stratford Upon Avon, Warwickshire, CV37 8RP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Reporting period

The financial statements cover the 15 month period to 31 March 2022. The reporting period date has been amended to align with that of connected companies. As a result, the comparative amounts presented in the financial statements are not entirely comparable.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

 

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation 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:

Leasehold improvements
10% straight line
Plant and equipment
15% reducing balance
Fixtures and fittings
25% reducing balance
Motor vehicles
25% reducing balance
Office Equipment
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

FATBOYS CATERING EQUIPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
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.

FATBOYS CATERING EQUIPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 5 -
1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.13
Government grants

Grants received in relation to the government’s Coronavirus Job Retention Scheme have been recognised within other operating income amounting to £62,799. The grant is accounted for on the accruals basis once the related payroll return has been submitted.

 

Also included in other operating income Local Authority Grant of £51,220 which has been accounted for upon receipt of the funds.

2
Employees

The average monthly number of persons employed by the company during the period was:

2022
2020
Number
Number
Total
15
17
FATBOYS CATERING EQUIPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2022
- 6 -
3
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Office Equipment
Total
£
£
£
£
£
£
Cost
At 1 January 2021
88,744
14,912
21,294
169,415
93,153
387,518
Additions
2,078
668
-
0
22,999
3,251
28,996
Disposals
-
0
-
0
(2,079)
(94,679)
(9,839)
(106,597)
At 31 March 2022
90,822
15,580
19,215
97,735
86,565
309,917
Depreciation and impairment
At 1 January 2021
34,407
9,388
16,841
133,473
62,181
256,290
Depreciation charged in the period
11,110
1,123
1,534
13,885
15,287
42,939
Eliminated in respect of disposals
-
0
-
0
(2,079)
(85,623)
(9,671)
(97,373)
At 31 March 2022
45,517
10,511
16,296
61,735
67,797
201,856
Carrying amount
At 31 March 2022
45,305
5,069
2,919
36,000
18,768
108,061
At 31 December 2020
54,337
5,524
4,453
35,942
30,972
131,228
4
Fixed asset investments
2022
2020
£
£
Shares in group undertakings and participating interests
103
103
5
Debtors
2022
2020
Amounts falling due within one year:
£
£
Trade debtors
591,624
377,297
Amounts owed by group undertakings
153,735
155,772
Other debtors
469,366
381,432
1,214,725
914,501
FATBOYS CATERING EQUIPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2022
- 7 -
6
Creditors: amounts falling due within one year
2022
2020
£
£
Bank loans and overdrafts
52,915
80,946
Obligations under finance leases
11,829
7,314
Trade creditors
719,769
394,211
Taxation and social security
108,110
178,988
Other creditors
12,894
29,505
Accruals and deferred income
4,715
5,383
910,232
696,347

Obligations under finance leases are secured on the assets which they relate to.

 

The bank loans and overdrafts are secured by way of a fixed and floating charge over all assets of the company.

Included within other creditors are amounts totaling £8,262 due to directors (2020: £23,295).

7
Creditors: amounts falling due after more than one year
2022
2020
£
£
Bank loans and overdrafts
156,079
134,375
Obligations under finance leases
15,789
6,937
171,868
141,312

Obligations under finance leases are secured on the assets which they relate to.

 

The bank loans and overdrafts are secured by way of a fixed and floating charge over all assets of the company.

8
Called up share capital
2022
2020
2022
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
300
300
300
300
9
Related party transactions

Included within other debtors are amounts totaling £249,301 (2020: £169,150) due from Fire & Ice Professional Catering Equipment Limited, a company in which P P Jordan is a director and C J Neeld is a shareholder.

 

Included within other debtors are amounts totaling £181,930 (2020: £188,917) due from Needanwood Limited, a company in which P P Jordan, C G Yarwood and C J Neeld are directors and shareholders.

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