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REGISTERED NUMBER: 01632053 (England and Wales)
















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:

C S Stefanuto


F Stefanuto


R Stefanuto


D Stefanuto







Secretary:

D Stefanuto







Registered office:

Northern Assurance Buildings


Albert Square


9/21 Princess St


Manchester


M2 4DN







Registered number:

01632053 (England and Wales)







Accountants:

Evelyn Partners (Manchester) Limited


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

285,522


293,467



Investment property

6

-


100,000



285,522


393,467




Current assets

Stocks

15,467


5,865



Debtors

7

229,671


148,220



Cash at bank and in hand

84,113


147,761



329,251


301,846



Creditors

Amounts falling due within one year

8

291,157


365,191



Net current assets/(liabilities)

38,094


(63,345

)


Total assets less current liabilities

323,616


330,122




Provisions for liabilities

21,824


17,432



Net assets

301,792


312,690




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 company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.  


The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.  


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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.  


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 8 August 2024 and were signed on its behalf by:






C S Stefanuto - Director



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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.


2.

Statement of compliance



These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.  


3.

Accounting policies



Basis of preparing the financial statements


The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.  



Turnover


Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.



Tangible fixed assets


Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.  


Short leasehold land and buildings

-

straight line over the term of the lease


Fixtures, fittings and equipment

-

15% on reducing balance


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 47 (2023 - 47 ) .


5.

Tangible fixed assets


Short


Fixtures,



leasehold


fittings



land and


Plant and


and



buildings


machinery


equipment


Totals

£   

£   

£   

£   



Cost or valuation


At 1 February 2023

300,000


265,281


360,369


925,650




Additions

-


10,100


15,033


25,133




At 31 January 2024

300,000


275,381


375,402


950,783




Depreciation


At 1 February 2023

86,539


226,496


319,148


632,183




Charge for year

17,307


7,333


8,438


33,078




At 31 January 2024

103,846


233,829


327,586


665,261




Net book value


At 31 January 2024

196,154


41,552


47,816


285,522




At 31 January 2023

213,461


38,785


41,221


293,467




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

100,000




Disposals

(100,000

)



At 31 January 2024

-




Net book value


At 31 January 2024

-




At 31 January 2023

100,000




7.

Debtors: amounts falling due within one year


2024

2023


£   

£   



Trade debtors

32,619


10,200




Amounts owed by associated undertakings

142,996


125,496




Other debtors

54,056


12,524



229,671


148,220




8.

Creditors: amounts falling due within one year


2024

2023


£   

£   



Trade creditors

134,553


110,205




Amounts owed to associated undertakings

-


22,619




Taxation and social security

106,754


118,616




Other creditors

49,850


113,751



291,157


365,191




9.

Called up share capital



Allotted, issued and fully paid:


Number:

Class:

Nominal

2024

2023



value:

£   

£   



1,000

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

11,601


-


-


-


11,601




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.