Company registration number 05589342 (England and Wales)
HEDLEY'S CATERING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
HEDLEY'S CATERING LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
HEDLEY'S CATERING LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
13,000
26,000
Tangible assets
5
87,495
62,074
100,495
88,074
Current assets
Stocks
40,450
36,975
Debtors
48,416
46,678
Cash at bank and in hand
14,259
8,142
103,125
91,795
Creditors: amounts falling due within one year
(73,407)
(70,178)
Net current assets
29,718
21,617
Total assets less current liabilities
130,213
109,691
Creditors: amounts falling due after more than one year
(173,584)
(222,738)
Net liabilities
(43,371)
(113,047)
Capital and reserves
Called up share capital
8
74,000
74,000
Profit and loss reserves
(117,371)
(187,047)
Total equity
(43,371)
(113,047)
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
HEDLEY'S CATERING LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 August 2024 and are signed on its behalf by:
Mr J A Oram
Director
Company registration number 05589342 (England and Wales)
HEDLEY'S CATERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information
Hedley's Catering Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 10, Bamel Way, Gloucester Business Park Brockworth, Gloucester, Gloucestershire, United Kingdom, GL3 4BH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company had net liabilities at the balance sheet date. However, amongst its liabilities is an unsecured loan from the directors of £true98,508 (2023: £159,208), which the directors have agreed not to withdraw to the detriment of other unsecured creditors.
The directors have considered the cash flow requirements of the company for a period of at least twelve months from the date of approval of these financial statements, taking into account the added uncertainties arising from the short and medium term impacts of the recent covid-19 pandemic and other global factors. The directors believe that, despite those ongoing uncertainties, the company will be able to generate sufficient cash flow for it to continue operations.
As a result of these considerations, the directors believe that the company remains a going concern and that it is therefore appropriate to draw up the financial statements on that basis.
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Buffet and sandwich sales are recognised when an invoice is raised and van sales are recognised at the point of sale.
1.4
Intangible fixed assets - goodwill
Goodwill being the amount paid in connection with the acquisition of a business in 2005, is being amortised evenly over its estimated useful life of ten years starting in 2015.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% on cost
Fixtures and fittings
25% on cost
Motor vehicles
25% on cost
HEDLEY'S CATERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.7
Financial instruments
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
8
8
3
Taxation
No liability to UK corporation tax arose for the year ended 31 January 2024 nor the year ended 31 January 2023.
HEDLEY'S CATERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
4
Intangible fixed assets
Total
£
Cost
At 1 February 2023 and 31 January 2024
130,000
Amortisation and impairment
At 1 February 2023
104,000
Amortisation charged for the year
13,000
At 31 January 2024
117,000
Carrying amount
At 31 January 2024
13,000
At 31 January 2023
26,000
5
Tangible fixed assets
Total
£
Cost
At 1 February 2023
227,719
Additions
48,544
At 31 January 2024
276,263
Depreciation and impairment
At 1 February 2023
165,645
Depreciation charged in the year
23,123
At 31 January 2024
188,768
Carrying amount
At 31 January 2024
87,495
At 31 January 2023
62,074
HEDLEY'S CATERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
6
Loans and overdrafts
2024
2023
£
£
Bank loans
33,011
38,222
Payable within one year
10,000
10,000
Payable after one year
23,011
28,222
7
Secured debts
Obligations under finance leases are secured, on an agreement by agreement basis, against the asset for which the finance was acquired.
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
18,500
18,500
18,500
18,500
Ordinary B of £1 each
18,500
18,500
18,500
18,500
Ordinary C of £1 each
18,500
18,500
18,500
18,500
Ordinary D of £1 each
18,500
18,500
18,500
18,500
74,000
74,000
74,000
74,000
9
Directors' transactions
J A and Mrs R G Oram
Sole directors and shareholders
In a previous period, the directors loaned the company £159,208. During the period, the company repaid the directors, £60,700. The amount due to the directors and year end was £98,508 (2023: £159,208). The amount is unsecured, interest-free and repayable on demand.