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Registration number: 01738061

Hautecaters Limited

Filleted Financial Statements

for the Year Ended 31 March 2023

 

Hautecaters Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 8

 

Hautecaters Limited

(Registration number: 01738061)
Balance Sheet as at 31 March 2023

Note

2023
 £

2022
 £

Fixed assets

 

Tangible assets

4

311,748

544,081

Current assets

 

Stocks

53,781

57,523

Debtors

5

2,104,172

1,816,137

Cash at bank and in hand

 

105,094

100,156

 

2,263,047

1,973,816

Creditors: Amounts falling due within one year

6

(579,414)

(858,603)

Net current assets

 

1,683,633

1,115,213

Total assets less current liabilities

 

1,995,381

1,659,294

Creditors: Amounts falling due after more than one year

6

(25,130)

(52,521)

Provisions for liabilities

(72,000)

(125,000)

Net assets

 

1,898,251

1,481,773

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

1,898,151

1,481,673

Total equity

 

1,898,251

1,481,773

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 director on 29 February 2024
 

.........................................
C Moffatt
Director

 

Hautecaters Limited

Notes to the 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.

The address of its registered office is:
22 Woodstock Street
London
W1C 2AR

The principal place of business is:
31 32 Monument Business Park
Warpsgrove Lane
Chalgrove
Oxfordshire
OX44 7RW
United Kingdom

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.

Group accounts not prepared

The company is part of a larger group which prepares consolidated accounts, and thus has taken advantage of the exemption provided by the Companies Act 2006 and has not prepared group accounts.

 

Hautecaters Limited

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

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 29 February 2024 was Anthony Haines BSc FCA, who signed for and on behalf of Wenn Townsend.

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.

Government grants

In the prior year the company received government grants in respect of the Coronavirus Job Retention Scheme. These grants are recognised using the accrual model and as such are recorded in the profit and loss account in the period in which the company is entitled to such grants as a result of having furloughed staff members.

Foreign currency transactions and balances

Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

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.

 

Hautecaters Limited

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

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

Plant and machinery

Straight line over 5 - 15 years

Motor vehicles

Straight line over 10 years

Fixtures, fittings and equipment

Straight line over 3 - 8 years

Leasehold properties

Straight line over the life of the lease

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 goods sold or services performed in the ordinary course of business. Trade debtors are recognised at the transaction price.

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. Accounts payable 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 at the transaction price.

Borrowings

 

Hautecaters Limited

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

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.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

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 the director) during the year, was 98 (2022 - 85).

 

Hautecaters Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

196,917

1,614,999

23,899

1,835,815

Additions

6,883

11,991

-

18,874

Disposals

(20,745)

-

(23,899)

(44,644)

At 31 March 2023

183,055

1,626,990

-

1,810,045

Depreciation

At 1 April 2022

119,995

1,157,925

13,814

1,291,734

Charge for the year

16,834

224,288

1,260

242,382

Eliminated on disposal

(20,745)

-

(15,074)

(35,819)

At 31 March 2023

116,084

1,382,213

-

1,498,297

Carrying amount

At 31 March 2023

66,971

244,777

-

311,748

At 31 March 2022

76,922

457,074

10,085

544,081

Included within the net book value of land and buildings above is £66,971 (2022 - £76,922) in respect of short leasehold land and buildings.
 

5

Debtors

Note

2023
£

2022
£

Trade debtors

 

(2,809)

9,161

Amounts owed by group undertakings and undertakings in which the company has a participating interest

1,785,865

1,624,537

Prepayments

 

169,327

40,123

Other debtors

 

151,789

142,316

 

2,104,172

1,816,137

Details of non-current trade and other debtors

£707,258 (2022 - £707,258) of amounts owed by related parties is classified as non current. This represents the non-trading balances lent to group companies

 

Hautecaters Limited

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

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

17,105

32,645

Trade creditors

 

259,738

353,644

Taxation and social security

 

217,831

260,768

Accruals and deferred income

 

33,938

31,965

Other creditors

 

50,802

179,581

 

579,414

858,603

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

25,130

52,521

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         
 

Hautecaters Limited

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

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Finance lease liabilities

-

17,147

Other borrowings

25,130

35,374

25,130

52,521

2023
£

2022
£

Current loans and borrowings

Finance lease liabilities

7,235

23,019

Other borrowings

9,870

9,626

17,105

32,645

9

Parent and ultimate parent undertaking

The company's immediate parent is Hautecaters Holding Co Limited, incorporated in England and Wales.

 The ultimate controlling party is Mr C Moffatt.

10

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 £2,726,976 (2022 - £3,584,776). These commitments relate to operating leases on business premises.