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Registration number: 07040251

Caterepair Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 29 October 2022

 

Caterepair Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 9

 

Caterepair Ltd

Company Information

Director

Mr A I Culshaw

Registered office

71 Ellison Fold Terrace
Darwen
Lancashire
BB3 3EB

Accountants

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Caterepair Ltd
for the Year Ended 29 October 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Caterepair Ltd for the year ended 29 October 2022 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Caterepair Ltd, as a body. Our work has been undertaken solely to prepare for your approval the accounts of Caterepair Ltd and state those matters that we have agreed to state to the Board of Directors of Caterepair Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Caterepair Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Caterepair Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Caterepair Ltd. You consider that Caterepair Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Caterepair Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

27 October 2023

 

Caterepair Ltd

(Registration number: 07040251)
Balance Sheet as at 29 October 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

31,730

31,415

Current assets

 

Stocks

5

3,670

2,240

Debtors

6

43,003

63,907

 

46,673

66,147

Creditors: Amounts falling due within one year

7

(58,637)

(66,838)

Net current liabilities

 

(11,964)

(691)

Total assets less current liabilities

 

19,766

30,724

Creditors: Amounts falling due after more than one year

7

(16,533)

(28,154)

Provisions for liabilities

(1,279)

(1,219)

Net assets

 

1,954

1,351

Capital and reserves

 

Called up share capital

100

100

Retained earnings

1,854

1,251

Shareholders' funds

 

1,954

1,351

For the financial year ending 29 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 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.

Approved and authorised by the director on 27 October 2023
 

.........................................
Mr A I Culshaw
Director

 

Caterepair Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 October 2022

1

General information

The company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
71 Ellison Fold Terrace
Darwen
Lancashire
BB3 3EB

These financial statements were authorised for issue by the director on 27 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.

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.

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, fittings and equipment

15% reducing balance

Office equipment

15% reducing balance

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.

 

Caterepair Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 October 2022

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.

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.

 

Caterepair Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 October 2022

Leases

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 the director) during the year was 1 (2021 - 1).

 

Caterepair Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 October 2022

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 30 October 2021

17,648

70,887

88,535

Additions

1,281

-

1,281

At 29 October 2022

18,929

70,887

89,816

Depreciation

At 30 October 2021

11,233

45,887

57,120

Charge for the year

966

-

966

At 29 October 2022

12,199

45,887

58,086

Carrying amount

At 29 October 2022

6,730

25,000

31,730

At 29 October 2021

6,415

25,000

31,415

5

Stocks

2022
£

2021
£

Other inventories

3,670

2,240

6

Debtors

2022
£

2021
£

Trade debtors

18,257

25,347

Prepayments

613

1,355

Other debtors

24,133

37,205

43,003

63,907

 

Caterepair Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 October 2022

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

8

8,604

19,652

Trade creditors

 

4,369

7,957

Taxation and social security

 

33,198

25,523

Accruals and deferred income

 

8,484

8,473

Other creditors

 

3,982

5,233

 

58,637

66,838

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

8

16,533

28,154

8

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

16,533

22,333

Hire purchase contracts

-

5,821

16,533

28,154

2022
£

2021
£

Current loans and borrowings

Bank borrowings

5,000

5,000

Bank overdrafts

3,604

9,279

Hire purchase contracts

-

5,373

8,604

19,652

 

Caterepair Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 October 2022

9

Related party transactions

Transactions with the director

2022

At 30 October 2021
£

Advances to director
£

Repayments by director
£

At 29 October 2022
£

Mr A I Culshaw

Repayable on demand

37,205

37,733

(50,804)

24,134

         
       

 

2021

At 31 October 2020
£

Advances to director
£

Repayments by director
£

At 29 October 2021
£

Mr A I Culshaw

Repayable on demand

46,209

40,770

(49,774)

37,205

         
       

 

Other transactions with the director

Interest has been charged at 2% on the average overdrawn balance.