Company registration number 03640170 (England and Wales)
CATERING24 LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
CATERING24 LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
CATERING24 LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF CATERING24 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 Catering24 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 Catering24 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 Catering24 Limited and state those matters that we have agreed to state to the board of directors of Catering24 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 Catering24 Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Catering24 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 Catering24 Limited. You consider that Catering24 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 Catering24 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
13 November 2023
CATERING24 LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,069,881
850,345
Investments
5
900
900
1,070,781
851,245
Current assets
Stocks
6
921,192
720,328
Debtors
7
902,624
805,447
Cash at bank and in hand
1,110,933
1,091,816
2,934,749
2,617,591
Creditors: amounts falling due within one year
8
(2,238,944)
(2,036,719)
Net current assets
695,805
580,872
Total assets less current liabilities
1,766,586
1,432,117
Creditors: amounts falling due after more than one year
9
(202,784)
(226,903)
Provisions for liabilities
(139,864)
(122,680)
Net assets
1,423,938
1,082,534
Capital and reserves
Called up share capital
11
100
100
Capital redemption reserve
102
102
Profit and loss reserves
1,423,736
1,082,332
Total equity
1,423,938
1,082,534
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 March 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.
CATERING24 LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 13 November 2023 and are signed on its behalf by:
S W Lloyd
Director
Company Registration No. 03640170
CATERING24 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
1
Accounting policies
Company information
Catering24 Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1, Etiquette Park, Manners Avenue, Ilkeston, Derbyshire, DE7 8FU.
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.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods 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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
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
15% on reducing balance
Fixtures and fittings
20% on cost and 15% on reducing balance
Motor Vehicles
25% on 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.
CATERING24 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.6
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. 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.
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.
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.
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.
1.8
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.
CATERING24 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.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
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.
1.11
Foreign exchange
Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured. Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
2
Exceptional item
Included in administration costs is an exceptional item amounting to £NIL (2022 £224,582). This is in relation to the decision made during the previous period to vacate it's existing premises and to move to a larger site.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
40
41
CATERING24 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
4
Tangible fixed assets
Fixtures and fittings
Motor Vehicles
Plant and machinery
Total
£
£
£
£
Cost
At 1 April 2022
524,129
796,391
76,670
1,397,189
Additions
308,379
191,584
155,613
655,576
Disposals
(284,942)
(183,525)
(56,512)
(524,979)
At 31 March 2023
547,566
804,450
175,771
1,527,786
Depreciation and impairment
At 1 April 2022
297,087
218,092
31,666
546,843
Depreciation charged in the year
74,891
160,781
19,742
255,414
Eliminated in respect of disposals
(224,143)
(87,629)
(32,580)
(344,352)
At 31 March 2023
147,835
291,244
18,828
457,905
Carrying amount
At 31 March 2023
399,731
513,206
156,943
1,069,881
At 31 March 2022
227,042
578,299
45,004
850,345
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
900
900
6
Stocks
2023
2022
£
£
Stocks
921,192
720,328
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
712,648
752,860
Other debtors
121,659
4,651
Prepayments and accrued income
68,317
47,936
902,624
805,447
CATERING24 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
8
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Loans and borrowings
10
169,647
151,512
Trade creditors
1,535,598
1,226,901
Taxation and social security
218,304
245,198
Other creditors
315,395
413,108
2,238,944
2,036,719
9
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Loans and borrowings
10
202,784
226,903
10
Loans and other borrowings
2023
2022
£
£
Hire Purchase
228,492
189,022
Bank Loans
143,939
189,393
281,523
287,507
Payable within one year
169,647
60,604
Payable after one year
202,784
226,903
Bank borrowings
Liabilities held under bank loans of £143,939 (2022 - £189,393) are secured by a virtue of a fixed and floating charge over the assets of the company.
Other Borrowings
Hire purchase and finance lease liabilities are secured against the assets to which they relate. The carrying amount at the year end is £228,492 (2022 - £189,022).
CATERING24 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
11
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
51
51
51
51
Ordinary A shares of £1 each
5
5
5
5
Ordinary B shares of £1 each
5
5
5
5
Ordinary C shares of £1 each
34
34
34
34
Ordinary D shares of £1 each
5
5
5
5
100
100
100
100
12
Financial commitments, guarantees and contingent liabilities
Capital commitments
The total amount of financial commitments, in respect of operating leases, not included in the balance sheet is £2,184,472 (2022 - £160,817). Amounts due under 1 year £218,769 (2022 - £109,556.67), amounts due between 2-5 years of £721,324 (2022 - £51,250) and amounts due over 5 years of £1,244,380 (2022 - £Nil).
Other commitments
At the balance sheet date the company had capital commitments to acquire fixtures and fittings to the value of £NIL (2022 - £17,000).
13
Events after the reporting date
Dividends of £130,369 have been paid since the year end. (2022: £290,995)
14
Related party transactions
The balance owed to the directors at the year end was £202,591 (2022 - £93,649).
The company has taken advantage of the exemption under FRS 102 Section 1A in respect of disclosing transactions with other members of the group.