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Registration number: 05954944

Laurens Caterers Ltd

Unaudited Filleted Financial Statements

for the Year Ended 29 October 2023

 

Laurens Caterers Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Laurens Caterers Ltd

Company Information

Director

Mr A C Byrne

Company secretary

Mrs A B M Overthrow

Registered office

Vicarage Court
160 Ermin Street
Swindon
Wiltshire
SN3 4NE

Accountants

Regulatory Accounting Ltd
T/A Optimum Professional Services
Vicarage Court
160 Ermin Street
Swindon
Wiltshire
SN3 4NE

 

Laurens Caterers Ltd

(Registration number: 05954944)
Balance Sheet as at 29 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

173,249

184,026

Current assets

 

Stocks

6

8,000

7,000

Debtors

7

156,238

95,796

Cash at bank and in hand

 

204,449

166,551

 

368,687

269,347

Creditors: Amounts falling due within one year

8

(248,982)

(155,283)

Net current assets

 

119,705

114,064

Total assets less current liabilities

 

292,954

298,090

Creditors: Amounts falling due after more than one year

8

(79,073)

(104,938)

Provisions for liabilities

(32,916)

(34,964)

Net assets

 

180,965

158,188

Capital and reserves

 

Called up share capital

100

100

Retained earnings

180,865

158,088

Shareholders' funds

 

180,965

158,188

 

Laurens Caterers Ltd

(Registration number: 05954944)
Balance Sheet as at 29 October 2023

For the financial year ending 29 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 28 July 2024
 

.........................................
Mr A C Byrne
Director

 

Laurens Caterers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 October 2023

1

General information

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

The principal place of business is:
10 Stanley Court
Edison Close
Waterwells Business Park
Quedgeley
Gloucestershire
GL2 2AE
England

These financial statements were authorised for issue by the director on 28 July 2024.

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 presentation currency of the financial statements is pound sterling (£).

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.

Revenue is recognised on transfer of the goods to the customer.

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.

 

Laurens Caterers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 October 2023

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 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

Short leasehold improvements

5% on cost

Fixtures and fittings

15 & 20% reducing balance

Other tangible assets

25% reducing balance

Motor vehicles

25% reducing balance

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 years straight line

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.

 

Laurens Caterers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 October 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold 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. 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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

 

Laurens Caterers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 October 2023

Leases

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 10 (2022 - 11).

 

Laurens Caterers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 October 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 30 October 2022

30,500

30,500

At 29 October 2023

30,500

30,500

Amortisation

At 30 October 2022

30,500

30,500

At 29 October 2023

30,500

30,500

Carrying amount

At 29 October 2023

-

-

 

Laurens Caterers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 October 2023

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 30 October 2022

36,394

24,640

205,435

53,553

320,022

Additions

-

266

27,000

12,259

39,525

At 29 October 2023

36,394

24,906

232,435

65,812

359,547

Depreciation

At 30 October 2022

13,769

18,770

60,709

42,748

135,996

Charge for the year

1,820

938

42,931

4,613

50,302

At 29 October 2023

15,589

19,708

103,640

47,361

186,298

Carrying amount

At 29 October 2023

20,805

5,198

128,795

18,451

173,249

At 29 October 2022

22,625

5,870

144,726

10,805

184,026

Included within the net book value of land and buildings above is £20,805 (2022 - £22,624) in respect of short leasehold land and buildings.
 

 

Laurens Caterers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 October 2023

6

Stocks

2023
£

2022
£

Other inventories

8,000

7,000

7

Debtors

Current

2023
£

2022
£

Trade debtors

39,876

32,082

Prepayments

795

2,273

Other debtors

115,567

61,441

 

156,238

95,796

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

45,649

36,758

Trade creditors

 

20,773

11,975

Taxation and social security

 

181,953

101,831

Accruals and deferred income

 

2,200

3,280

Other creditors

 

(1,593)

1,439

 

248,982

155,283

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £45,649 (2022 - £36,758).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

79,073

104,938

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £79,073 (2022 - £104,938).

 

Laurens Caterers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 October 2023

9

Related party transactions

Transactions with the director

2023

At 30 October 2022
£

Advances to director
£

Repayments by director
£

At 29 October 2023
£

Mr A C Byrne

Net Repayments

(45,937)

(141,637)

102,500

(85,074)

2022

At 31 October 2021
£

Advances to director
£

Repayments by director
£

At 29 October 2022
£

Mr A C Byrne

Net Repayments

1,859

(115,532)

67,736

(45,937)

Interest at HMRC's standard rate has been charged on any amounts over £10,000 on the above loan.