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Registration number: 03573059

Sapna Caterers Limited
Annual Report and Unaudited Financial Statements
for the Year Ended 31 August 2023

Sapna Caterers Limited

Contents

Company Information | 1
Balance Sheet | 2 to 3
Notes to the Unaudited Financial Statements | 4 to 9

Sapna Caterers Limited

Company Information

Directors | K Tariq R Tariq Mrs A Tariq M Tariq

Company secretary | Mrs A Tariq

Registered office | 42-46 Station Road Edgware Middlesex HA8 7AB

Accountants | Harris Kafton Limited Chartered Accountants 42-46 Station Road Edgware Middlesex HA8 7AB

Sapna Caterers Limited

(Registration number: 03573059)
Balance Sheet as at 31 August 2023

| Note | 2023 £ | 2022 £
Fixed assets |  |  |
Tangible assets | 4 | 4,277,467 | 3,917,750
Current assets |  |  |
Stocks | 5 | 139,252 | 123,256
Debtors | 6 | 1,252,458 | 1,251,994
Cash at bank and in hand |  | 275,122 | 355,060
|  | 1,666,832 | 1,730,310
Creditors: Amounts falling due within one year | 7 | (212,848) | (162,297)
Net current assets |  | 1,453,984 | 1,568,013
Total assets less current liabilities |  | 5,731,451 | 5,485,763
Creditors: Amounts falling due after more than one year | 7 | (3,419,351) | (3,307,509)
Provisions for liabilities |  | (75,060) | (75,060)
Net assets |  | 2,237,040 | 2,103,194
Capital and reserves |  |  |
Called up share capital | 8 | 4 | 4
Retained earnings |  | 2,237,036 | 2,103,190
Shareholders' funds |  | 2,237,040 | 2,103,194

For the financial year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Sapna Caterers Limited

(Registration number: 03573059)
Balance Sheet as at 31 August 2023

Approved and authorised by the Board on 2 October 2023 and signed on its behalf by:

......................................... M Tariq Director

Sapna Caterers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

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:
42-46 Station Road
Edgware
Middlesex
HA8 7AB
England

These financial statements were authorised for issue by the Board on 2 October 2023.

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.

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.

Tax

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.

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.

Sapna Caterers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Fixtures and fittings | 10% on reducing balance
Motor vehicles | 20% on reducing balance
Computer equipment | 25% on cost

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.

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.

Sapna Caterers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

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.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 39 (2022 - 38).

Sapna Caterers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

4 | Tangible assets

| Freehold property £ | Furniture, fittings and equipment £ | Motor vehicles £ | Total £
Cost or valuation
At 1 September 2022 | 3,348,430 | 858,651 | 148,408 | 4,355,489
Additions | 370,165 | 19,255 | 46,790 | 436,210
At 31 August 2023 | 3,718,595 | 877,906 | 195,198 | 4,791,699
Depreciation
At 1 September 2022 | - | 346,169 | 91,570 | 437,739
Charge for the year | - | 53,428 | 23,065 | 76,493
At 31 August 2023 | - | 399,597 | 114,635 | 514,232
Carrying amount
At 31 August 2023 | 3,718,595 | 478,309 | 80,563 | 4,277,467
At 31 August 2022 | 3,348,430 | 512,482 | 56,838 | 3,917,750

Included within the net book value of land and buildings above is £3,718,595 (2022 - £3,348,430) in respect of freehold land and buildings.

5 | Stocks

| 2023 £ | 2022 £
Other inventories | 139,252 | 123,256

Sapna Caterers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

6 | Debtors

| 2023 £ | 2022 £
Trade debtors | 447,070 | 417,423
Other debtors | 327,549 | 347,146
Prepayments | 425,952 | 435,338
Corporation tax recoverable | 6,051 | 6,051
Directors current account | 45,836 | 46,036
Total current trade and other debtors | 1,252,458 | 1,251,994

7 | Creditors

Creditors: amounts falling due within one year

| Note | 2023 £ | 2022 £
Due within one year |  |  |
Trade creditors |  | 106,168 | 104,385
Taxation and social security |  | 83,790 | 34,839
Other creditors |  | 6,690 | 7,073
Accrued expenses |  | 16,200 | 16,000
|  | 212,848 | 162,297
Due after one year |  |  |
Loans and borrowings | 9 | 3,419,351 | 3,307,509

Creditors: amounts falling due after more than one year

8 | Share capital

Allotted, called up and fully paid shares

| 2023 | 2022
| No. | £ | No. | £
Ordinary of £1 each | 4 | 4 | 4 | 4

Sapna Caterers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

9 | Loans and borrowings

| 2023 £ | 2022 £
Non-current loans and borrowings
Other borrowings | 3,265,408 | 3,210,372
HP and finance lease liabilities | 153,943 | 97,137
| 3,419,351 | 3,307,509

10 | Dividends

|  | 2023 |  | 2022
|  | £ |  | £
Interim dividend of £24,000.00 (2022 - £39,000.00) per ordinary share |  | 96,000 |  | 156,000

11 | Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

| 2023 £ | 2022 £
Remuneration | 62,500 | 62,500
Contributions paid to money purchase schemes | 563 | 563
| 63,063 | 63,063