Company registration number 07629040 (England and Wales)
SALVATORI FOOD SERVICE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
SALVATORI FOOD SERVICE LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
SALVATORI FOOD SERVICE LTD
BALANCE SHEET
AS AT 31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
283,551
205,789
Current assets
Stocks
75,000
75,000
Debtors
5
381,960
318,333
Cash at bank and in hand
237,596
103,080
694,556
496,413
Creditors: amounts falling due within one year
6
(454,736)
(309,534)
Net current assets
239,820
186,879
Total assets less current liabilities
523,371
392,668
Creditors: amounts falling due after more than one year
7
(275,729)
(161,690)
Provisions for liabilities
(18,993)
(4,197)
Net assets
228,649
226,781
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
228,549
226,681
Total equity
228,649
226,781
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 year ended 31 August 2023 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 year 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.
The financial statements were approved by the board of directors and authorised for issue on 7 November 2023 and are signed on its behalf by:
Robert Salvatori
Director
Company Registration No. 07629040
SALVATORI FOOD SERVICE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 2 -
1
Accounting policies
Company information
Salvatori Food Service Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 10 Cotton Road, Wincheap, Canterbury, Kent, CT1 3RB.
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, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
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.
1.3
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:
Land and buildings Freehold
None
Plant and machinery
25% reducing balance
Motor vehicles
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.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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).
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.6
Cash at bank and in hand
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.
SALVATORI FOOD SERVICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 3 -
1.7
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.
1.8
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.
1.9
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.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases are charged to income statement on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
1.12
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
28
31
SALVATORI FOOD SERVICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 4 -
4
Tangible fixed assets
Land and buildings Freehold
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 September 2022
183,073
71,163
24,460
278,696
Additions
74,608
36,646
111,254
At 31 August 2023
183,073
145,771
61,106
389,950
Depreciation and impairment
At 1 September 2022
56,186
16,721
72,907
Depreciation charged in the year
22,396
11,096
33,492
At 31 August 2023
78,582
27,817
106,399
Carrying amount
At 31 August 2023
183,073
67,189
33,289
283,551
At 31 August 2022
183,073
14,977
7,739
205,789
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
344,067
285,250
Corporation tax recoverable
2,738
Other debtors
29,993
30,345
Prepayments and accrued income
7,900
381,960
318,333
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
434,034
264,181
Taxation and social security
15,089
39,990
Other creditors
5,613
5,363
454,736
309,534
Lloyds Bank Plc have a charge against the property in the accounts.
SALVATORI FOOD SERVICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 5 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
275,729
161,690