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Registered number: 09355912
















CATERED LIMITED




FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024


































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CATERED LIMITED
REGISTERED NUMBER:09355912

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Investments
 4 
1
1

CURRENT ASSETS
  

Stocks
  
191,398
120,693

Debtors: amounts falling due within one year
 5 
407,041
598,721

Cash at bank and in hand
  
616,997
246,693

  
1,215,436
966,107

Creditors: amounts falling due within one year
 6 
(855,979)
(747,360)

NET CURRENT ASSETS
  
 
 
359,457
 
 
218,747

  

NET ASSETS
  
359,458
218,748


CAPITAL AND RESERVES
  

Called up share capital 
 7 
100
100

Other reserves
  
578,350
578,350

Profit and loss account
  
(218,992)
(359,702)

  
359,458
218,748


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





Mr B F Pearce
Director

Date: 1 October 2024

Page 1


CATERED LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


GENERAL INFORMATION

CATERed Limited is a private company limited by shares, incorporated in England within the United Kingdom. The registered number is 09355912 and the address of the registered office during the year is Ballard House, West Hoe Road, Plymouth, PL1 3BJ.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

Since the 2022/23 year end, the business has continued to operate fully and provide meals in school to all pupils both eligible for Benefit-based Free School Meals (FSM), Universal Infant Free School Meals (UIFSM) and paid for meals and, whilst the previous Government did announce a funding increase for FSM and UIFSM in June 2023 for the academic year 2023/24, neither compensated for the inflation or labour increases which have had to be absorbed by the business.
The main, and continued, impact in-year has been the Cost of Living Crisis which has continued to see increases in food and ingredient prices across all categories which continue to outstrip the published headline rate although, as stated, there has been some stabilising of prices.
It has been recognised that Fully CATERed (100% subsidiary of Catered Limited) has the full support of Plymouth City Council (51% parent company of Catered Limited).
Results for the year show a profit before tax of £140,710 and the Company remains in a net current asset position at the year end of £359,457. 
The Directors have prepared future budgets and cash flow forecasts which demonstrate sufficient cash to fund operations for the period to March 2026. During this period there are a number of uncertainties beyond the control of the company, including further increases in food and ingredient costs and labour, supply chain issues and Government funding. 
Based on the forecasts prepared and the underlying assumptions made the Directors consider there will be sufficient cash headroom that these uncertainties will not have a detrimental impact on the Company and hence, the financial statements have been prepared on the going concern basis.

Page 2


CATERED LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.ACCOUNTING POLICIES (continued)

 
2.3

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.5

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.6

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Page 3


CATERED LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.ACCOUNTING POLICIES (continued)

 
2.7

PENSIONS

Retirement benefits to employees of the company who in some cases were previously employed by Plymouth City Council to provide a school and community meals service prior to the transfer of these operations and activities to CATERed Limited are provided by the Local Government Pension Scheme ("LGPS"). This is a defined benefit scheme, is contracted out of the State Earnings-Related Pension Scheme ("SERPS"), and the assets are held separately from those of the company.
Full disclosure of the Pension Scheme is documented in note 12 of these accounts.

 
2.8

HOLIDAY PAY ACCRUAL

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

 
2.9

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

 
2.10

TAXATION

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 247 (2023: 238).


4.


FIXED ASSET INVESTMENTS





Investments in subsidiary companies

£



COST


At 1 April 2023
1



At 31 March 2024
1




 

Page 4


CATERED LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


DEBTORS

2024
2023
£
£


Trade debtors
203,799
34,623

Amounts owed by group undertakings
40,258
386,747

Other debtors
18,239
40,594

Prepayments and accrued income
144,745
136,757

407,041
598,721



6.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Trade creditors
9,355
1,924

Amounts owed to group undertakings
49,086
-

Other taxation and social security
225,235
184,950

Other creditors
350,586
367,119

Accruals and deferred income
221,717
193,367

855,979
747,360



7.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



100 (2023: 100) Ordinary A shares of £1.00 each
100
100


Page 5


CATERED LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


PENSION COMMITMENTS

On 30 March 2015 Plymouth City Council (PCC) transferred the business of provision of school meals to schools, and the provision of other services to schools and the Council, in each case currently undertaken by the Council to CATERed Limited. The PCC employees responsible for delivering the service were also transferred to CATERed Limited on the same date. 
All CATERed employees are offered the option to join the Local Government Pension Scheme (LGPS). Whilst CATERed is part of the Local Government Pension Scheme it does not have separate admitted body status. To this effect PCC have confirmed that any and all pension deficits that have accrued in relation to all CATERed employees have been included in the Actuary report provided for PCC as at 31 March 2024 and reflected in Plymouth City Council year end accounts.
PCC have confirmed that in accordance with the transfer agreement they retain liability to all and any LGPS pension deficits in respect of the CATERed Limited employees. This includes all employees transferred from PCC on the original date of transfer of the provision of services and also any new starters joining CATERed Limited post the transfer date. PCC are also responsible for any monthly contributions relating to the deficit. Therefore management consider it is appropriate that no liability is recognised in these accounts.


9.


RELATED PARTY TRANSACTIONS

The Company is controlled by Plymouth City Council by virtue of its 51% ownership and has a service level agreement in place for administration services provided by the Council. At the year end, the company owed £49,086 to (2023: was owed £343,998 by) Plymouth City Council. No interest is charged on the balance, and there is no fixed date for repayment.
During the year, the Company made purchases of £69,843 (2023: £72,106) from a subsidiary  of Plymouth City Council. At the year end, £Nil (2023: £Nil) was owed to the subsidiary in relation to these purchases.
During the year, the Company made purchases of £2,275 (2023: £4,208) from a company controlled by a Company Director. At the year end,  £Nil (2023: £350) was owed to the company controlled by a Company Director in relation to these purchases.
As the 100% parent of Fullycatered Limited, the Company has taken advantage of the exemption in Financial Reporting Standard 102 Section 33 "Related party disclosures" in not disclosing intra-group transactions with its subsidiary.


10.


CONTROLLING PARTY

The ultimate controlling party is Plymouth City Council.


11.


AUDITORS' INFORMATION

The auditors' report on the financial statements for the year ended 31 March 2024 was unqualified.

The audit report was signed on 9 October 2024 by Kevin Connor FCA (Senior statutory auditor) on behalf of Bishop Fleming LLP.
 
Page 6