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REGISTRAR OF COMPANIES

Registration number: 04636898

Karen Rhodes Catering Limited

Unaudited Financial Statements

31 March 2023

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Karen Rhodes Catering Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Karen Rhodes Catering Limited
for the Year Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Karen Rhodes Catering Limited for the year ended 31 March 2023 as set out on pages 2 to 11 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 Karen Rhodes Catering Limited, as a body, in accordance with the terms of our engagement letter dated 1 December 2021. Our work has been undertaken solely to prepare for your approval the accounts of Karen Rhodes Catering Limited and state those matters that we have agreed to state to the Board of Directors of Karen Rhodes Catering Limited, 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 Karen Rhodes Catering Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Karen Rhodes Catering Limited 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 Karen Rhodes Catering Limited. You consider that Karen Rhodes Catering 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 accounts of Karen Rhodes Catering 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 accounts.



Dodd & Co Limited
Chartered Accountants
Clint Mill
Cornmarket
PENRITH
CA11 7HW

4 July 2023

 

Karen Rhodes Catering Limited

(Registration number: 04636898)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

48,040

12,000

Tangible assets

5

263,000

166,009

 

311,040

178,009

Current assets

 

Stocks

1,930

1,870

Debtors

6

59,521

47,045

Cash at bank and in hand

 

76,052

126,413

 

137,503

175,328

Creditors: Amounts falling due within one year

7

(369,669)

(270,684)

Net current liabilities

 

(232,166)

(95,356)

Total assets less current liabilities

 

78,874

82,653

Creditors: Amounts falling due after more than one year

7

(27,272)

(47,531)

Provisions for liabilities

(61,977)

(31,002)

Net (liabilities)/assets

 

(10,375)

4,120

Capital and reserves

 

Allotted, called up and fully paid share capital

100

100

Profit and loss account

(10,475)

4,020

Total equity

 

(10,375)

4,120

 

Karen Rhodes Catering Limited

(Registration number: 04636898)
Balance Sheet as at 31 March 2023 (continued)

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 4 July 2023 and signed on its behalf by:
 

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

C Rhodes

Company secretary and director

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

P G Rhodes

Director

 

Karen Rhodes Catering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

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

The address of its registered office is:
Unit 8-9 Station Yard
GRANGE OVER SANDS
LA11 6DW

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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 company has net liabilities at 31 March 2023 and meets its day to day working capital requirements through the support of its customer deposits and credit terms. In addition the directors have provided financial support by way of short term loans. On the basis of this support, the directors consider it appropriate to prepare the financial statements on the going concern basis.

However, should the company not have the support of its customers and creditors, and therefore be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for any further liabilities which might arise, and to reclassify fixed assets and long term liabilities as current assets and current liabilities.

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.

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.

 

Karen Rhodes Catering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

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

Land and buildings

23 years straight line

Plant and equipment

15% reducing balance

Motor vehicles

25% reducing balance

Furniture, fittings and office equipment

15% reducing balance & 25% straight line

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 amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

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

5% straight line

Software

10% straight line

 

Karen Rhodes Catering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

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 the sale of goods 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. Trade creditors 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 where due after more than one year.

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.

 

Karen Rhodes Catering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 26 (2022 - 15).

 

Karen Rhodes Catering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

4

Intangible assets

Goodwill
 £

Software
 £

Total
£

Cost or valuation

At 1 April 2022

60,000

-

60,000

Additions

-

41,800

41,800

At 31 March 2023

60,000

41,800

101,800

Amortisation

At 1 April 2022

48,000

-

48,000

Amortisation charge

3,000

2,760

5,760

At 31 March 2023

51,000

2,760

53,760

Carrying amount

At 31 March 2023

9,000

39,040

48,040

At 31 March 2022

12,000

-

12,000

5

Tangible assets

Land and buildings
£

Plant and equipment
 £

Motor vehicles
 £

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 April 2022

67,040

90,507

107,779

24,301

289,627

Additions

-

47,088

73,180

8,141

128,409

Disposals

-

-

(1,880)

(1,830)

(3,710)

At 31 March 2023

67,040

137,595

179,079

30,612

414,326

Depreciation

At 1 April 2022

2,915

31,186

70,053

19,464

123,618

Charge for the year

2,915

11,327

14,561

1,088

29,891

Eliminated on disposal

-

-

(353)

(1,830)

(2,183)

At 31 March 2023

5,830

42,513

84,261

18,722

151,326

Carrying amount

At 31 March 2023

61,210

95,082

94,818

11,890

263,000

At 31 March 2022

64,125

59,321

37,726

4,837

166,009

 

Karen Rhodes Catering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

6

Debtors

2023
£

2022
£

Trade debtors

41,369

8,455

Other debtors

18,152

38,590

59,521

47,045

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

19,873

22,555

Trade creditors

 

48,608

23,286

Taxation and social security

 

26,612

7,675

Corporation tax liability

 

-

2,538

Other creditors

 

274,576

214,630

 

369,669

270,684

Due after one year

 

Loans and borrowings

8

27,272

47,531

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,401

8,334

Finance lease liabilities

9,472

10,461

Other borrowings

-

3,760

19,873

22,555

 

Karen Rhodes Catering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2023
£

2022
£

Finance lease liabilities

9,472

10,461

Finance lease liabilities are secured on the assets to which they relate.

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

21,970

33,746

Finance lease liabilities

5,302

13,785

27,272

47,531

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2023
£

2022
£

Finance lease liabilities

5,302

13,785

Finance lease liabilities are secured on the assets to which they relate.

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £356,400 (2022 - £372,600). This represents the liability under a lease for a leasehold rental property until 2045.

 

Karen Rhodes Catering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

10

Related party transactions

Transactions with directors

2023

At 1 April 2022
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 March 2023
£

P G Rhodes

Loan

-

52,181

(5,174)

-

(38,000)

69

9,076

               
         

C Rhodes

Loan

38,590

35,068

(24,441)

-

(41,000)

859

9,076

               
         

 

2022

At 1 April 2021
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 March 2022
£

P G Rhodes

Loan

13,542

14,066

(762)

-

(27,200)

354

-

               
         

C Rhodes

Loan

62,281

40,681

(25,593)

-

(40,000)

1,221

38,590

               
         

 

Directors' advances are repayable on demand.

Interest has been charged at a rate of 2% on advances to directors.

11

Transition to FRS 102

The company transitioned from FRS105 to FRS102 1A on 1 April 2021 with the only transitional adjustment to the financial statements being the inclusion of a deferred tax liability. The impact of this adjustment was to reduce profit and loss reserves at 1 April 2021 and 31 March 2022 by £12,497 and £31,002 respectively.