REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 January 2024 |
for |
PALMGROVE CATERING LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 January 2024 |
for |
PALMGROVE CATERING LIMITED |
PALMGROVE CATERING LIMITED (REGISTERED NUMBER: 01632053) |
Contents of the Financial Statements |
for the Year Ended 31 January 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
PALMGROVE CATERING LIMITED |
Company Information |
for the Year Ended 31 January 2024 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Accountants: |
Northern Assurance Buildings |
9-21 Princess Street |
Manchester |
M2 4DN |
PALMGROVE CATERING LIMITED (REGISTERED NUMBER: 01632053) |
Balance Sheet |
31 January 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 5 |
Investment property | 6 |
Current assets |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 8 |
Net current assets/(liabilities) | ( | ) |
Total assets less current liabilities |
Provisions for liabilities |
Net assets |
Capital and reserves |
Called up share capital | 9 | 950 | 1,000 |
Revaluation reserve | 10 | 196,154 | 213,461 |
Capital redemption reserve | 10 | 50 | - |
Fair value reserve | 10 | - | 32,298 |
Retained earnings | 10 | 104,638 | 65,931 |
Shareholders' funds | 301,792 | 312,690 |
PALMGROVE CATERING LIMITED (REGISTERED NUMBER: 01632053) |
Balance Sheet - continued |
31 January 2024 |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
PALMGROVE CATERING LIMITED (REGISTERED NUMBER: 01632053) |
Notes to the Financial Statements |
for the Year Ended 31 January 2024 |
1. | Statutory information |
Palmgrove Catering Limited is a |
2. | Statement of compliance |
3. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers. |
Tangible fixed assets |
Short leasehold land and buildings | - |
Fixtures, fittings and equipment | - |
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
PALMGROVE CATERING LIMITED (REGISTERED NUMBER: 01632053) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
3. | Accounting policies - continued |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Debtors receivable and creditors payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the Profit and Loss Account in administrative expenses. |
Loans and borrowings |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value. |
4. | Employees and directors |
The average number of employees during the year was |
5. | Tangible fixed assets |
Short | Fixtures, |
leasehold | fittings |
land and | Plant and | and |
buildings | machinery | equipment | Totals |
£ | £ | £ | £ |
Cost or valuation |
At 1 February 2023 |
Additions |
At 31 January 2024 |
Depreciation |
At 1 February 2023 |
Charge for year |
At 31 January 2024 |
Net book value |
At 31 January 2024 |
At 31 January 2023 |
The short leasehold land and buildings class of fixed assets was revalued on 31 January 2019 by Stuart F Beesley, FRICS who is external to the company. The basis of this valuation was on an open market basis. This class of assets has a current value of £196,154 (2023 - £213,462) and a carrying amount at historical cost of £nil (2023 - £nil). |
PALMGROVE CATERING LIMITED (REGISTERED NUMBER: 01632053) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
6. | Investment property |
Total |
£ |
Fair value |
At 1 February 2023 |
Disposals | ( | ) |
At 31 January 2024 |
Net book value |
At 31 January 2024 |
At 31 January 2023 |
7. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by associated undertakings |
Other debtors |
8. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to associated undertakings |
Taxation and social security |
Other creditors |
9. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 950 | 1,000 |
10. | Reserves |
Capital | Fair |
Retained | Revaluation | redemption | value |
earnings | reserve | reserve | reserve | Totals |
£ | £ | £ | £ | £ |
At 1 February 2023 | 65,931 | 213,461 | - | 32,298 | 311,690 |
Profit for the year | - | - | - |
Purchase of own shares | (22,500 | ) | - | 50 | - | (22,450 | ) |
Transfer of realised profits | 49,606 | (17,307 | ) | - | (32,298 | ) | 1 |
At 31 January 2024 | 104,638 | 196,154 | 50 | - | 300,842 |
PALMGROVE CATERING LIMITED (REGISTERED NUMBER: 01632053) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
11. | Other financial commitments |
The company has total non-cancellable lease commitments at the year end totalling £1,027,500 (2023 - £1,117,500) |
12. | Directors' advances, credits and guarantees |
During the year the company made a loan of £5,000 to a director. The loan was interest free and repaid shortly after the year end. |
13. | Related party transactions |
During the year the company paid £38,780 on behalf of the company's self administered pension scheme in relation to the scheme's property. The transaction was at arms length and the scheme debtor is included in current assets. |
14. | Control |
The company is controlled by C S Stefanuto by virtue of owning 100% of the issued share capital of the company. |