REGISTERED NUMBER: |
Sevan Caterers (Vauxhall) Limited |
Abridged Unaudited Financial Statements |
for the Year Ended 30 June 2024 |
REGISTERED NUMBER: |
Sevan Caterers (Vauxhall) Limited |
Abridged Unaudited Financial Statements |
for the Year Ended 30 June 2024 |
Sevan Caterers (Vauxhall) Limited (Registered number: 01206148) |
Contents of the Financial Statements |
for the year ended 30 June 2024 |
Page |
Company Information | 1 |
Chartered Accountants' Report | 2 |
Statement of Financial Position | 3 |
Notes to the Financial Statements | 5 |
Sevan Caterers (Vauxhall) Limited |
Company Information |
for the year ended 30 June 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
239-241 Kennington Lane |
London |
SE11 5QU |
Chartered Accountants' Report to the Director |
on the Unaudited Financial Statements of |
Sevan Caterers (Vauxhall) Limited |
The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Abridged Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sevan Caterers (Vauxhall) Limited for the year ended 30 June 2024 which comprise the Abridged Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the director of Sevan Caterers (Vauxhall) Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Sevan Caterers (Vauxhall) Limited and state those matters that we have agreed to state to the director of Sevan Caterers (Vauxhall) Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sevan Caterers (Vauxhall) Limited and its director for our work or for this report. |
It is your duty to ensure that Sevan Caterers (Vauxhall) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Sevan Caterers (Vauxhall) Limited. You consider that Sevan Caterers (Vauxhall) Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Sevan Caterers (Vauxhall) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Chartered Accountants |
239-241 Kennington Lane |
London |
SE11 5QU |
Sevan Caterers (Vauxhall) Limited (Registered number: 01206148) |
Statement of Financial Position |
30 June 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 13 | ( |
) | ( |
) |
NET ASSETS |
Sevan Caterers (Vauxhall) Limited (Registered number: 01206148) |
Statement of Financial Position - continued |
30 June 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 14 |
Fair value reserve | 15 |
Retained earnings | 15 |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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 were approved by the director and authorised for issue on |
Sevan Caterers (Vauxhall) Limited (Registered number: 01206148) |
Notes to the Financial Statements |
for the year ended 30 June 2024 |
1. | STATUTORY INFORMATION |
Sevan Caterers (Vauxhall) Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Significant judgements and estimates |
Preparation of the financial statements requires management to make significant judgements and estimates. In determining the carrying amounts of certain assets and liabilities, the company makes assumptions of the effects of uncertain future events on those assets and liabilities at the balance sheet date. The company's estimates and assumptions are based on historical experience and expectation of future events and are reviewed periodically. Further information about key assumptions concerning the future, and other key sources of estimation uncertainty, are set out in the notes. |
Fair value measurements are estimates of the amounts for which assets or liabilities could be transferred at the measurement date, based on the assumption that such transfers take place between participants in principal markets and, where applicable, taking highest and best use into account. Where available, fair value measurements are derived from prices quoted in active markets for identical assets or liabilities. In the absence of such information, other observable inputs are used to estimate fair value. Inputs derived from external sources are corroborated or otherwise verified, as appropriate. In the absence of publicly available information, fair value is determined using estimation techniques that take into account market perspectives relevant to the asset or liability, in as far as they can reasonably be ascertained, based on predominantly unobservable inputs |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover is recognised when the event or customers order is executed, and is derived from the ordinary activities of the company. Rental income is recognised when the rent becomes due at quarter end dates. |
Sevan Caterers (Vauxhall) Limited (Registered number: 01206148) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Freehold property | - |
Short leasehold | - |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
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. |
Cost is based on first in first out stock valuation method. Net realisable value is the selling price of the stock less any cost to sell. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Sevan Caterers (Vauxhall) Limited (Registered number: 01206148) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Improvements |
Freehold | Short | to |
property | leasehold | property |
£ | £ | £ |
COST |
At 1 July 2023 |
Additions |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
Sevan Caterers (Vauxhall) Limited (Registered number: 01206148) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2024 |
4. | TANGIBLE FIXED ASSETS - continued |
Fixtures |
Plant and | and |
machinery | fittings | Totals |
£ | £ | £ |
COST |
At 1 July 2023 |
Additions |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
Included in cost of land and buildings is freehold land of £ 75,000 (2023 - £ 75,000 ) which is not depreciated. |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
£ |
COST |
At 1 July 2023 |
Additions |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
Sevan Caterers (Vauxhall) Limited (Registered number: 01206148) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2024 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 July 2023 |
and 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
Fair value at 30 June 2024 is represented by: |
£ |
Valuation in 2016 | 1,000,000 |
Valuation in 2017 | 200,000 |
Valuation in 2019 | 25,400 |
Cost | 1,434,600 |
2,660,000 |
If investment properties had not been revalued they would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 1,434,600 | 1,434,600 |
Investment property was valued on on fair value basis on 30 June 2024 by Mr Rez Halil the director . |
The value of the investment properties have been assessed by the directors and in their opinion due to the volatility of the property market in the area where the properties are located there was no material change in the value of the property since last year. |
6. | STOCKS |
2024 | 2023 |
£ | £ |
Finished goods |
Sevan Caterers (Vauxhall) Limited (Registered number: 01206148) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2024 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Inter company - Hidden | 20 | 20 |
Amounts owed by group undertakings |
Other debtors |
Rent deposits | 20,000 | 20,000 |
Other debtors | 37,255 | - |
Prepayments |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts (see note 10) |
Other loans (see note 10) |
Hire purchase contracts (see note 11) |
Trade creditors |
Amounts owed to group undertakings |
Corporation tax |
Net pay control | 149,853 | 146,065 |
Accrued holiday pay | 12,334 | 17,148 |
Other creditors | 424 | 474 |
Accrued expenses |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans (see note 10) |
Hire purchase contracts (see note 11) |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 550,000 | 580,000 |
Sevan Caterers (Vauxhall) Limited (Registered number: 01206148) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2024 |
10. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Deposit received | 11,694 | 14,494 |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 550,000 | 580,000 |
Sevan Caterers (Vauxhall) Limited (Registered number: 01206148) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2024 |
11. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Gross obligations repayable: |
Within one year |
Between one and five years |
Finance charges repayable: |
Within one year |
Between one and five years |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
Sevan Caterers (Vauxhall) Limited (Registered number: 01206148) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2024 |
12. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
Bank loans are secured by way of a fixed charge over 21 - 25 Lewisham Way, london SE14 6PP and floating charge over all the remaining assets of the company. |
13. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 316,603 | 339,690 |
Deferred |
tax |
£ |
Balance at 1 July 2023 |
Deferred tax on fair value |
Excess capital all. over depr | (23,087 | ) |
Balance at 30 June 2024 |
Included in deferred tax is an amount of £274,430 (2023 - 274,430) which is the tax provision on the gains that will arise should the investment property realise the fair value on disposal. |
14. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary shares | £1 | 100 | 100 |
Sevan Caterers (Vauxhall) Limited (Registered number: 01206148) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2024 |
15. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1 July 2023 | 2,105,683 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 30 June 2024 | 2,165,223 |
16. | CONTINGENT LIABILITIES |
All bank accounts of companies in the group are secured by an Unlimited Multilateral Guarantees of all companies in the group. At the year end the net liabilities of the group under the Multilateral guarantees amounted to nil (2023 - 46,689). |
17. | RELATED PARTY DISCLOSURES |
Key management personel |
The company took out finance leases for the director's benefit. The director personally meets all the obligations under these agreements. The total outstanding balance under the agreement at the year end was £136,623 (2023 -164,121). |
18. | CONTROLLING PARTY |
The controlling party is Sevan Leisure Holdings Ltd the parent company. |
The ultimate controlling party is |