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Registration number: 08110241

Dukes Catering Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Dukes Catering Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 11

 

Dukes Catering Limited

(Registration number: 08110241)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

5,038

6,519

Debtors

7

2,456

5,942

 

7,494

12,461

Current assets

 

Stocks

6

2,500

2,200

Debtors

7

33,890

22,566

Investments

8

191,228

173,980

Cash at bank and in hand

 

170,190

164,807

 

397,808

363,553

Creditors: Amounts falling due within one year

9

(71,061)

(64,053)

Net current assets

 

326,747

299,500

Total assets less current liabilities

 

334,241

311,961

Creditors: Amounts falling due after more than one year

9

(22,876)

(32,500)

Net assets

 

311,365

279,461

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

311,265

279,361

Shareholders' funds

 

311,365

279,461

For the financial year ending 31 December 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 Statement of Comprehensive Income.

Approved and authorised by the Board on 4 March 2024 and signed on its behalf by:
 

 

Dukes Catering Limited

(Registration number: 08110241)
Statement of Financial Position as at 31 December 2023 (continued)


Mr S M Renshaw
Director

 

Dukes Catering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
16 Chollacott Close
Tavistock
Devon
PL19 9BW

Principal activity

The principal activity of the company is is the running of restaurants and cafes.

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 financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and Value Added Tax.

 

Dukes Catering Limited

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

2

Accounting policies (continued)

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model and the performance model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

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 statement of financial position 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.

 

Dukes Catering Limited

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

2

Accounting policies (continued)

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 property

- Straight line over the life of the lease

Fittings, fixtures and equipment

- 15% straight line

Motor vehicles

- 25% straight line

Computer equipment

- 3 Years straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

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% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

 

Dukes Catering Limited

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

2

Accounting policies (continued)

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

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.

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 statement of comprehensive income 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.

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.

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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

Dukes Catering Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 26 (2022 - 25).

 

Dukes Catering Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

64,376

64,376

At 31 December 2023

64,376

64,376

Amortisation

At 1 January 2023

64,376

64,376

At 31 December 2023

64,376

64,376

Carrying amount

At 31 December 2023

-

-

5

Tangible assets

Short leasehold land and buildings
£

Fixtures, fittings and equipment
£

Computer equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

6,001

67,023

2,310

3,333

78,667

Additions

-

146

-

-

146

At 31 December 2023

6,001

67,169

2,310

3,333

78,813

Depreciation

At 1 January 2023

6,001

61,435

1,379

3,333

72,148

Charge for the year

-

858

769

-

1,627

At 31 December 2023

6,001

62,293

2,148

3,333

73,775

Carrying amount

At 31 December 2023

-

4,876

162

-

5,038

At 31 December 2022

-

5,588

931

-

6,519

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

2,500

2,200

 

Dukes Catering Limited

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

7

Debtors

Note

2023
£

2022
£

Other debtors

 

25,691

21,269

Prepayments

 

8,199

1,297

Deferred tax assets

2,456

5,942

Less non-current portion

 

(2,456)

(5,942)

 

33,890

22,566

Non-current

2023
£

2022
£

Other debtors

2,456

5,942

 

2,456

5,942

8

Current asset investments

2023
£

2022
£

Other investments

191,228

173,980

 

Dukes Catering Limited

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

9

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Loans and borrowings

10,000

10,000

Trade creditors

 

15,331

6,449

Taxation and social security

 

39,092

42,821

Accruals and deferred income

 

3,010

2,840

Other creditors

 

3,628

1,943

 

71,061

64,053

Creditors: amounts falling due after more than one year

2023
£

2022
£

Loans and borrowings

22,876

32,500

10

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

11

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Directors

21,270

70,617

(66,196)

25,691

         
       

 

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Directors

18,051

69,394

(66,175)

21,270

         
       

 

 

Dukes Catering Limited

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

11

Related party transactions (continued)

Directors loans are charged interest at the standard market rate and are repayable on demand.