Company registration number 02198808 (England and Wales)
STORER REFRIGERATION AND CATERING MANUFACTURERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
STORER REFRIGERATION AND CATERING MANUFACTURERS LIMITED
COMPANY INFORMATION
Director
G W Storer
Secretary
H L Storer-Smith
Company number
02198808
Registered office
Newstead Industrial Estate
Brookfield Road
Arnold
Nottingham
NG5 7ER
Accountants
Ashgates Corporate Services Limited
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG
STORER REFRIGERATION AND CATERING MANUFACTURERS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
STORER REFRIGERATION AND CATERING MANUFACTURERS LIMITED
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF STORER REFRIGERATION AND CATERING MANUFACTURERS LIMITED
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Storer Refrigeration and Catering Manufacturers Limited for the year ended 31 March 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
This report is made solely to the Board of Directors of Storer Refrigeration and Catering Manufacturers Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Storer Refrigeration and Catering Manufacturers Limited and state those matters that we have agreed to state to the Board of Directors of Storer Refrigeration and Catering Manufacturers Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Storer Refrigeration and Catering Manufacturers Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Storer Refrigeration and Catering Manufacturers Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Storer Refrigeration and Catering Manufacturers Limited. You consider that Storer Refrigeration and Catering Manufacturers Limited 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 financial statements of Storer Refrigeration and Catering Manufacturers Limited. 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 financial statements.
Ashgates Corporate Services Limited
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG
11 October 2023
STORER REFRIGERATION AND CATERING MANUFACTURERS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
305,176
229,873
Current assets
Stocks
4
1,857,026
1,819,156
Debtors
5
2,056,975
1,593,930
Cash at bank and in hand
2,264
7,643
3,916,265
3,420,729
Creditors: amounts falling due within one year
6
(2,994,096)
(2,494,266)
Net current assets
922,169
926,463
Total assets less current liabilities
1,227,345
1,156,336
Creditors: amounts falling due after more than one year
7
(519,406)
(563,328)
Provisions for liabilities
(59,349)
(32,292)
Net assets
648,590
560,716
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
648,490
560,616
Total equity
648,590
560,716
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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.
STORER REFRIGERATION AND CATERING MANUFACTURERS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 11 October 2023
.....................
G W Storer
Director
Company Registration No. 02198808
STORER REFRIGERATION AND CATERING MANUFACTURERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
1
Accounting policies
Company information
Storer Refrigeration and Catering Manufacturers Limited is a private company limited by shares incorporated in England and Wales. The registered office is Newstead Industrial Estate, Brookfield Road, Arnold, Nottingham, NG5 7ER.
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
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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, 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:
Plant and machinery
20% Reducing balance basis
Furniture, fittings and equipment
25% Straight line basis
Motor vehicles
25% Reducing balance basis
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
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.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
STORER REFRIGERATION AND CATERING MANUFACTURERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.5
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.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
STORER REFRIGERATION AND CATERING MANUFACTURERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 6 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
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.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss 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 leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
67
61
STORER REFRIGERATION AND CATERING MANUFACTURERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
3
Tangible fixed assets
Plant and machinery
Furniture, fittings and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2022
467,471
85,698
450,328
1,003,497
Additions
714
163,456
164,170
Disposals
(102,950)
(102,950)
At 31 March 2023
467,471
86,412
510,834
1,064,717
Depreciation and impairment
At 1 April 2022
412,840
83,785
276,999
773,624
Depreciation charged in the year
10,926
1,998
54,529
67,453
Eliminated in respect of disposals
(81,536)
(81,536)
At 31 March 2023
423,766
85,783
249,992
759,541
Carrying amount
At 31 March 2023
43,705
629
260,842
305,176
At 31 March 2022
54,631
1,913
173,329
229,873
4
Stocks
2023
2022
£
£
Stocks
1,857,026
1,819,156
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,650,008
1,319,316
Amounts owed by group undertakings
225,224
43,744
Other debtors
181,743
230,870
2,056,975
1,593,930
STORER REFRIGERATION AND CATERING MANUFACTURERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
159,996
159,996
Trade creditors
1,055,574
975,977
Taxation and social security
46,868
39,123
Other creditors
1,731,658
1,319,170
2,994,096
2,494,266
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
346,671
506,674
Other creditors
172,735
56,654
519,406
563,328
Creditors include the following liabilities, on which security has been given by the company:
The invoice discounting balance is secured on the book debts of the company. At the balance sheet date the amount owed was £1,548,275 (2022 - £1,222,681).
The hire purchase creditor is secured against the assets which it relates to. At the balance sheet date the amount owed was £294,669 (2022 - £100,521).
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
100
100
100
100
9
Financial commitments, guarantees and contingent liabilities
Contingent liabilities
The company has entered into cross guarantee arrangements with its bankers to secure the liabilities with its parent company. The contingent liability as at 31 March 2023 is £643,943 (2022 - £728,555). The directors are confident that no liability will crystallise in respect of this guarantee.
STORER REFRIGERATION AND CATERING MANUFACTURERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
10
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Sales
Sales
Purchases
Purchases
2023
2022
2023
2022
£
£
£
£
Other related parties
26,839
34,595
12,210
10,308
Management charges
2023
2022
£
£
Other related parties
568,038
477,000
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due from related parties
£
£
Other related parties
43,895
152,493
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