Registered number
SC420554
The Cavaliere Catering Company Ltd
Filleted Accounts
31 March 2023
The Cavaliere Catering Company Ltd
Registered number: SC420554
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 33,600 36,000
Tangible assets 4 453,947 322,626
487,547 358,626
Current assets
Stocks 6,222 10,754
Debtors 5 93,361 15,446
Cash at bank and in hand 194,298 380,331
293,881 406,531
Creditors: amounts falling due within one year 6 (366,786) (295,926)
Net current (liabilities)/assets (72,905) 110,605
Total assets less current liabilities 414,642 469,231
Creditors: amounts falling due after more than one year 7 (22,500) (32,500)
Provisions for liabilities - (11,963)
Net assets 392,142 424,768
Capital and reserves
Called up share capital 2 2
Profit and loss account 392,140 424,766
Shareholders' funds 392,142 424,768
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Antonio Francesco Crolla Gemma Helen Crolla
Director
Approved by the board on 26 March 2024
The Cavaliere Catering Company Ltd
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over lease of 20 years
Plant and machinery 25% Reducing Balance
Fixtures, fittings, tools and equipment 25% Reducing Balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 32 40
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2022 60,000
At 31 March 2023 60,000
Amortisation
At 1 April 2022 24,000
Provided during the year 2,400
At 31 March 2023 26,400
Net book value
At 31 March 2023 33,600
At 31 March 2022 36,000
Goodwill is being written off in equal annual instalments at 4% per annum
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 347,662 185,799 27,620 561,081
Additions 64,426 120,423 - 184,849
Disposals (4,479) (17,781) - (22,260)
At 31 March 2023 407,609 288,441 27,620 723,670
Depreciation
At 1 April 2022 123,487 99,983 14,985 238,455
Charge for the year 17,933 26,187 3,159 47,279
On disposals (1,344) (14,667) - (16,011)
At 31 March 2023 140,076 111,503 18,144 269,723
Net book value
At 31 March 2023 267,533 176,938 9,476 453,947
At 31 March 2022 224,175 85,816 12,635 322,626
5 Debtors 2023 2022
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 65,183 11,939
Deferred tax asset 10,634 -
Other debtors 17,544 3,507
93,361 15,446
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 61,792 77,499
Taxation and social security costs 195,829 72,965
Other creditors 99,165 135,462
366,786 295,926
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 22,500 32,500
8 Contingent liabilities
Tax liabilities incurred in the current and prior years are being re-assessed which is likely to result in an increased liability due. No amount or timing of payment can be estimated at the date of these accounts.
9 Loans to directors
Interest free, unsecured B/fwd Paid Repaid C/fwd
£ £ £ £
Antonio Francesco Crolla Gemma Helen Crolla
89,097 (90,148) 28,570 27,519
89,097 (90,148) 28,570 27,519
10 Related party transactions
The restaurant trades out of premises owned by the director and shareholder. Rent is charged at £400 per week.
During the year transactions netting £53,243 was made with Dalkeith Letting which is a partnership with both directors. At 31 March 2023 £65,183 was due from Dalkeith Letting to The Cavaliere Catering Company Ltd.
At 31 March 2023, there is a loan due to a family member of £38,600. The balance is unsecured, interest free and repayable on demand.
11 Other information
The Cavaliere Catering Company Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
20a Bridge Street,
Musselburgh,
EH21 6AG
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