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Registered number: 02364420










SUPERNOTE LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

 
SUPERNOTE LIMITED
 
 
COMPANY INFORMATION


Director
Mr M U Rapacioli 




Company secretary
Mr M U Rapacioli



Registered number
02364420



Registered office
Sands Catering 2a
Grenville Road

London

N19 4EH




Independent auditors
MHA
Statutory Auditor

6th Floor

2 London Wall Place

London

EC2Y 5AU





 
SUPERNOTE LIMITED
 

CONTENTS



Page
Strategic Report
1
Director's Report
2 - 3
Independent Auditors' Report
4 - 7
Statement of Comprehensive Income
8
Balance Sheet
9 - 10
Statement of Changes in Equity
11
Analysis of Net Debt
12
Notes to the Financial Statements
13 - 28


 
SUPERNOTE LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2023

The director presents the strategic report for Supernote Ltd for the year ended 31 August 2023.

Introduction
 
The Company’s principal activities are delivery to principally office catering, event style catering provided at customer sites and event venues, and wholesale higher-volume catering contracts and projects. Whilst based in London, and focused strongly on the London corporate / office market, the Business is able to service UK-wide and has various wholesale customers which it services outside of London.

Business review
 
The company achieved a turnover of £22,221,565 in 2023, an increase from £16,888,569 in 2022. The profit for the year after taxation amounted to £3,011,081 (2022 - £2,561,850).

Principal risks and uncertainties
 
The principal risks affecting the business include economic factors, competition, and regulatory changes that could impact financial performance.

Financial key performance indicators
 
Key financial indicators for the year include turnover growth of 31.6%, a decrease in gross profit margin from 62% to 59%, and profit before tax of £3,738,224 (2022: £3,171,678).

Other key performance indicators
 
The company has moved into its new purpose-built £1m site in early 2024, and deliberately built the facility with significant excess capacity to be able to service a significantly higher revenue base. This 17,500 sqft facility (CPU) based in London, with supporting storage and delivery infrastructure, to fully utilises sophisticated purchasing and customer ordering systems and platforms.


This report was approved by the board and signed on its behalf.



Mr M U Rapacioli
Director

Date: 16 October 2024

Page 1

 
SUPERNOTE LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 AUGUST 2023

The director presents his report and the financial statements for the year ended 31 August 2023.

Director's responsibilities statement

The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the company during the year was that of catering related activities. 

Results and dividends

The profit for the year, after taxation, amounted to £3,011,081 (2022 - £2,561,850).

Dividends of £2,000,000 (2022: £1,500,000) were paid during the year.

Director

The director who served during the year was:

Mr M U Rapacioli 

Future developments

The new purpose-built premises which the company moved to in early 2024 has significant excess capacity to support the growth of the business.

Page 2

 
SUPERNOTE LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company's auditors are unaware, and

he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

The company has moved into its new purpose-built £1m site in early 2024, and deliberately built the facility with significant excess capacity to be able to service a significantly higher revenue base. This 17,500 sqft facility (CPU) based in London, with supporting storage and delivery infrastructure, to fully utilises sophisticated purchasing and customer ordering systems and platforms.

Auditors

The auditorsMHAwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





Mr M U Rapacioli
Director

Date: 16 October 2024

Page 3

 
SUPERNOTE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SUPERNOTE LIMITED
 

Opinion


We have audited the financial statements of Supernote Limited (the 'Company') for the year ended 31 August 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 August 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.


Page 4

 
SUPERNOTE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SUPERNOTE LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Director's Responsibilities Statement set out on page 2, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the director is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
SUPERNOTE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SUPERNOTE LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:



Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:


Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director.
Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' Report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.


We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


Page 6

 
SUPERNOTE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SUPERNOTE LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Neil Stern FCA (Senior Statutory Auditor)
  
for and on behalf of
MHA
 
Statutory Auditor
  
London, United Kingdom

16 October 2024
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313).

Page 7

 
SUPERNOTE LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2023

2023
2022
Note
£
£

  

Turnover
 3 
22,221,565
16,888,569

Cost of sales
  
(9,019,942)
(6,409,739)

Gross profit
  
13,201,623
10,478,830

Administrative expenses
  
(9,434,704)
(7,349,725)

Other operating income
 4 
-
53,489

Operating profit
  
3,766,919
3,182,594

Interest payable and similar expenses
 7 
(28,695)
(10,916)

Profit before tax
  
3,738,224
3,171,678

Tax on profit
 8 
(727,143)
(609,828)

Profit for the financial year
  
3,011,081
2,561,850

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 13 to 28 form part of these financial statements.

Page 8

 
SUPERNOTE LIMITED
REGISTERED NUMBER: 02364420

BALANCE SHEET
AS AT 31 AUGUST 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 11 
2,152,434
641,682

  
2,152,434
641,682

Current assets
  

Stocks
  
35,866
20,000

Debtors: amounts falling due after more than one year
 12 
48,514
6,250

Debtors: amounts falling due within one year
 12 
2,686,467
2,378,287

Cash at bank and in hand
 13 
1,275,554
1,258,124

  
4,046,401
3,662,661

Creditors: amounts falling due within one year
 14 
(2,209,065)
(1,423,075)

Net current assets
  
 
 
1,837,336
 
 
2,239,586

Total assets less current liabilities
  
3,989,770
2,881,268

Creditors: amounts falling due after more than one year
 15 
(144,150)
(269,381)

Provisions for liabilities
  

Deferred tax
 18 
(371,000)
(148,348)

  
 
 
(371,000)
 
 
(148,348)

Net assets
  
3,474,620
2,463,539


Capital and reserves
  

Called up share capital 
  
1,800
1,800

Share premium account
  
29,200
29,200

Profit and loss account
  
3,443,620
2,432,539

  
3,474,620
2,463,539


Page 9

 
SUPERNOTE LIMITED
REGISTERED NUMBER: 02364420
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2023

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




Mr M U Rapacioli
Director

Date: 16 October 2024

The notes on pages 13 to 28 form part of these financial statements.

Page 10

 
SUPERNOTE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 September 2021
1,800
29,200
1,370,689
1,401,689


Comprehensive income for the year

Profit for the year
-
-
2,561,850
2,561,850


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(1,500,000)
(1,500,000)



At 1 September 2022
1,800
29,200
2,432,539
2,463,539


Comprehensive income for the year

Profit for the year
-
-
3,011,081
3,011,081


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(2,000,000)
(2,000,000)


At 31 August 2023
1,800
29,200
3,443,620
3,474,620


The notes on pages 13 to 28 form part of these financial statements.

Page 11

 
SUPERNOTE LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 AUGUST 2023




At 1 September 2022
Cash flows
At 31 August 2023
£

£

£

Cash at bank and in hand

1,258,124

17,430

1,275,554

Debt due after 1 year

(225,000)

87,500

(137,500)

Debt due within 1 year

(60,790)

2,255

(58,535)

Finance leases

(86,674)

56,839

(29,835)


885,660
164,024
1,049,684

The notes on pages 13 to 28 form part of these financial statements.

Page 12

 
SUPERNOTE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1.


General information

Supernote Limited is a private company, limited by shares, registered in England and Wales in the United Kingdom. The registered office and principal place of business is Sands Catering 2a, Grenville Road, London, N19 4EH. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these
financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in
the UK and Republic of Ireland":
- the requirements of Section 7 Statement of Cash Flows;
- the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
- the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47,
11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
- the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27,
12.29(a), 12.29(b) and 12.29A;
- the requirements of Section 33 Related Party Disclosures paragraph 33.7.
The information is included in the consolidated financial statements of Sands Catering Company Limited as at 31 August 2023 and these financial statements may be obtained from Companies House.

-  
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.

Page 13

 
SUPERNOTE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 14

 
SUPERNOTE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 15

 
SUPERNOTE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows:.

Depreciation is provided on the following basis:

Short-term leasehold property
-
over the term of the lease
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
15% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

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. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet 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.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 16

 
SUPERNOTE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.17

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.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Page 17

 
SUPERNOTE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)


2.17
Financial instruments (continued)

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument 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.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 18

 
SUPERNOTE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

3.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Catering sales
22,221,565
16,888,569

22,221,565
16,888,569


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
22,221,565
16,888,569

22,221,565
16,888,569


All turnover arose within the United Kingdom.


4.


Other operating income

2023
2022
£
£

Net rents receivable
-
10,000

Government grants receivable
-
9,277

Insurance claims receivable
-
34,212

-
53,489



5.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
15,000
-

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 19

 
SUPERNOTE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

6.


Employees

Staff costs were as follows:


2023
2022
£
£



Wages and salaries
5,644,183
4,366,508

Social security costs
522,659
417,077

Cost of defined contribution scheme
108,994
81,912

6,275,836
4,865,497

The average monthly number of employees, including directors, during the year was 170 (2022 - 165).


7.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
7,552
-

Other loan interest payable
7,293
3,238

Finance leases and hire purchase contracts
12,758
7,678

Other interest payable
1,092
-

28,695
10,916

Page 20

 
SUPERNOTE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

8.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
610,000
606,717

Adjustments in respect of previous periods
(105,509)
-


504,491
606,717


Total current tax
504,491
606,717

Deferred tax


Origination and reversal of timing differences
222,652
3,111

Total deferred tax
222,652
3,111


Tax on profit
727,143
609,828

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - higher than) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
3,738,224
3,171,678


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
934,556
602,619

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
9,475
-

Capital allowances for year in excess of depreciation
(226,925)
-

Adjustments to tax charge in respect of prior periods
(105,509)
-

Short-term timing difference leading to an increase (decrease) in taxation
222,652
-

Changes in provisions leading to an increase (decrease) in the tax charge
(9,939)
-

Other differences leading to an increase (decrease) in the tax charge
(97,167)
7,209

Total tax charge for the year
727,143
609,828

Page 21

 
SUPERNOTE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
 
8.Taxation (continued)


Factors that may affect future tax charges

An increase in the UK corporation tax rate from 19% to 25% was substantively enacted in June 2021 and
has taken effect from 1 April 2023 for profits over £250,000. For profits under £50,000 the tax rate will
remain the same at 19% and for profits between these figures it will be subject to 25% but reduced by a
marginal relief providing a gradual increase in the effective corporation tax rate.


9.


Dividends

2023
2022
£
£


Dividends on ordinary shares
2,000,000
1,500,000

2,000,000
1,500,000


10.


Intangible assets




Trademarks
Goodwill
Total

£
£
£



Cost


At 1 September 2022
104,167
1,210,000
1,314,167



At 31 August 2023

104,167
1,210,000
1,314,167



Amortisation


At 1 September 2022
104,167
1,210,000
1,314,167



At 31 August 2023

104,167
1,210,000
1,314,167



Net book value



At 31 August 2023
-
-
-



At 31 August 2022
-
-
-



Page 22

 
SUPERNOTE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

11.


Tangible fixed assets





Short-term leasehold property
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 September 2022
-
408,623
1,160,359
1,568,982


Additions
65,176
84,050
1,491,466
1,640,692



At 31 August 2023

65,176
492,673
2,651,825
3,209,674



Depreciation


At 1 September 2022
-
183,356
743,944
927,300


Charge for the year
-
63,592
66,348
129,940



At 31 August 2023

-
246,948
810,292
1,057,240



Net book value



At 31 August 2023
65,176
245,725
1,841,533
2,152,434



At 31 August 2022
-
225,267
416,415
641,682

Page 23

 
SUPERNOTE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

           11.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
39,630
87,525

Furniture, fittings and equipment
-
11,685

39,630
99,210


12.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
48,514
6,250


2023
2022
£
£

Due within one year

Trade debtors
2,138,079
1,568,275

Amounts owed by group undertakings
229,985
647,641

Other debtors
204,574
61,718

Prepayments and accrued income
113,829
100,653

2,686,467
2,378,287


Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.


13.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,275,554
1,258,124


Page 24

 
SUPERNOTE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

14.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
50,000
12,500

Trade creditors
721,728
121,195

Amounts owed to group undertakings
513,466
97,057

Corporation tax
598,000
704,776

Other taxation and social security
107,301
204,052

Obligations under finance lease and hire purchase contracts
23,185
42,293

Other creditors
11,407
49,533

Accruals and deferred income
183,978
191,669

2,209,065
1,423,075


Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.


15.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
137,500
225,000

Net obligations under finance leases and hire purchase contracts
6,650
44,381

144,150
269,381


Page 25

 
SUPERNOTE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

16.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
50,000
12,500

Amounts falling due 1-2 years

Bank loans
50,000
50,000

Amounts falling due 2-5 years

Bank loans
87,500
150,000

Amounts falling due after more than 5 years

Bank loans
-
25,000

187,500
237,500


National Westminister Bank Plc hold a fixed and floating charge over all assets of the company in relation to bank loans of £187,500 (2022: £237,500).


17.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
23,185
207,293

Between 1-5 years
6,650
154,381

29,835
361,674

Net obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.

Page 26

 
SUPERNOTE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

18.


Deferred taxation




2023


£






At beginning of year
(148,348)


Charged to profit or loss
(222,652)



At end of year
(371,000)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(373,000)
(160,420)

Pension surplus
2,000
12,072

(371,000)
(148,348)


19.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £108,994 (2022: £81,912). Contributions totaling £8,535 (2022: £48,290) were payable to the fund at the balance sheet date and are included in creditors.


20.


Commitments under operating leases

At 31 August 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
180,440
82,500

Later than 1 year and not later than 5 years
481,990
29,792

662,430
112,292

Page 27

 
SUPERNOTE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

21.


Related party transactions

During the year the Company paid management fees of £1,323,200 (2022: £1,221,666) to its parent company Sands Catering Company Limited. At 31 August 2023, £459,260 (2022: £97,057) was owed to Sands Catering Company Limited.
M Rapacioli is a director and shareholder of Tileyard Estates Limited. Tileyard Estates Limited was the owner of freehold property which was formerly rented to the company. Included in other debtors is the amount of £13,838 (2022: £13,838) owed from Tileyard Estates Limited.


22.


Post balance sheet events

The company has moved into its new purpose-built £1m site in early 2024, and deliberately built the facility with significant excess capacity to be able to service a significantly higher revenue base. This 17,500 sqft facility (CPU) based in London, with supporting storage and delivery infrastructure, to fully utilises sophisticated purchasing and customer ordering systems and platforms.


23.


Controlling party

The Company was controlled throughout the current and previous year by its ultimate parent company, Sands Catering Company Limited, a company incorporated in England, by virtue of its 80% ownership of the issued share capital of the company. The registered address of Sands Catering Company Limited is Sands Catering 2a, Grenville Road, London, N19 4EH.
The Company's ultimate controlling party is Mr M U Rapacioli.20

 
Page 28