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Registration number: 05954944

Laurens Caterers Ltd

Annual Report and Unaudited Financial Statements

for the Period from 31 October 2021 to 29 October 2022

 

Laurens Caterers Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Laurens Caterers Ltd

Company Information

Director

Mr A C Byrne

Company secretary

Miss A B M Byrne

Registered office

Vicarage Court
160 Ermin Street
Swindon
Wiltshire
SN3 4NE

Accountants

Regulatory Accounting Ltd
T/A Optimum Professional Services
Vicarage Court
160 Ermin Street
Swindon
Wiltshire
SN3 4NE

 

Laurens Caterers Ltd

(Registration number: 05954944)
Balance Sheet as at 29 October 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

5

184,026

76,602

Current assets

 

Stocks

6

7,000

6,000

Debtors

7

95,795

130,153

Cash at bank and in hand

 

166,551

113,579

 

269,346

249,732

Creditors: Amounts falling due within one year

8

(155,282)

(115,120)

Net current assets

 

114,064

134,612

Total assets less current liabilities

 

298,090

211,214

Creditors: Amounts falling due after more than one year

8

(104,938)

(19,145)

Provisions for liabilities

(34,964)

(14,554)

Net assets

 

158,188

177,515

Capital and reserves

 

Called up share capital

100

100

Retained earnings

158,088

177,415

Shareholders' funds

 

158,188

177,515

 

Laurens Caterers Ltd

(Registration number: 05954944)
Balance Sheet as at 29 October 2022

For the financial period 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 period 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.

Approved and authorised by the director on 27 October 2023
 

.........................................
Mr A C Byrne
Director

 

Laurens Caterers Ltd

Notes to the Unaudited Financial Statements for the Period from 31 October 2021 to 29 October 2022

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The principal place of business is:
10 Stanley Court
Edison Close
Waterwells Business Park
Quedgeley
Gloucestershire
GL2 2AE
England

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.

The presentation currency of the financial statements is pound sterling (£).

Going concern

The financial statements have been prepared on a going concern basis. The global pandemic and lockdowns had an affect but the business operating model meant that they could carry on and therefore see no reason for concern.

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.

Revenue is recognised on transfer of the goods to the customer.

 

Laurens Caterers Ltd

Notes to the Unaudited Financial Statements for the Period from 31 October 2021 to 29 October 2022

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Short leasehold improvements

5% on cost

Fixtures and fittings

15 & 20% reducing balance

Other tangible assets

25% reducing balance

Motor vehicles

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years straight line

 

Laurens Caterers Ltd

Notes to the Unaudited Financial Statements for the Period from 31 October 2021 to 29 October 2022

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.

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.

 

Laurens Caterers Ltd

Notes to the Unaudited Financial Statements for the Period from 31 October 2021 to 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 period, was 11 (2021 - 12).

 

Laurens Caterers Ltd

Notes to the Unaudited Financial Statements for the Period from 31 October 2021 to 29 October 2022

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 31 October 2021

30,500

30,500

At 29 October 2022

30,500

30,500

Amortisation

At 31 October 2021

30,500

30,500

At 29 October 2022

30,500

30,500

Carrying amount

At 29 October 2022

-

-

 

Laurens Caterers Ltd

Notes to the Unaudited Financial Statements for the Period from 31 October 2021 to 29 October 2022

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 31 October 2021

36,394

23,836

142,474

47,111

249,815

Additions

-

804

184,237

6,442

191,483

Disposals

-

-

(121,276)

-

(121,276)

At 29 October 2022

36,394

24,640

205,435

53,553

320,022

Depreciation

At 31 October 2021

11,950

17,710

103,507

40,046

173,213

Charge for the period

1,819

1,060

60,392

2,702

65,973

Eliminated on disposal

-

-

(103,190)

-

(103,190)

At 29 October 2022

13,769

18,770

60,709

42,748

135,996

Carrying amount

At 29 October 2022

22,625

5,870

144,726

10,805

184,026

At 30 October 2021

24,444

6,126

38,967

7,065

76,602

Included within the net book value of land and buildings above is £22,624 (2021 - £24,444) in respect of short leasehold land and buildings.
 

 

Laurens Caterers Ltd

Notes to the Unaudited Financial Statements for the Period from 31 October 2021 to 29 October 2022

6

Stocks

2022
£

2021
£

Other inventories

7,000

6,000

7

Debtors

Current

2022
£

2021
£

Trade debtors

32,082

57,536

Prepayments

2,272

681

Other debtors

61,441

71,936

 

95,795

130,153

8

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

36,758

6,568

Trade creditors

 

11,975

16,616

Taxation and social security

 

101,830

85,272

Accruals and deferred income

 

3,280

2,900

Other creditors

 

1,439

3,764

 

155,282

115,120

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £36,758 (2021 - £6,568).

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

104,938

19,145

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £104,938 (2021 - £19,145).

 

Laurens Caterers Ltd

Notes to the Unaudited Financial Statements for the Period from 31 October 2021 to 29 October 2022

9

Related party transactions

Transactions with the director

2022

At 31 October 2021
£

Advances to director
£

Repayments by director
£

At 29 October 2022
£

Mr A C Byrne

Net Repayments

1,859

(115,532)

67,736

(45,937)

         
       

 

2021

At 31 October 2020
£

Advances to director
£

Repayments by director
£

At 30 October 2021
£

Mr A C Byrne

Net Repayments

(19,917)

(65,718)

87,494

1,859

         
       

 

Interest at HMRC's standard rate has been charged on any amounts over £10,000 on the above loan.