REGISTERED NUMBER: 01912504 (England and Wales) |
C&C CATERING EQUIPMENT LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
REGISTERED NUMBER: 01912504 (England and Wales) |
C&C CATERING EQUIPMENT LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
C&C CATERING EQUIPMENT LIMITED (REGISTERED NUMBER: 01912504) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Consolidated Income Statement | 8 |
Consolidated Other Comprehensive Income | 9 |
Consolidated Balance Sheet | 10 |
Company Balance Sheet | 11 |
Consolidated Statement of Changes in Equity | 12 |
Company Statement of Changes in Equity | 13 |
Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Financial Statements | 17 |
C&C CATERING EQUIPMENT LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 APRIL 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: | Steven Williams |
AUDITORS: |
Chartered Accountants |
Statutory Auditor |
Darland House |
44 Winnington Hill |
Northwich |
Cheshire |
CW8 1AU |
BANKERS: | NatWest |
PO Box No 8 |
33 Eastgate Street |
Chester |
CH1 1XA |
C&C CATERING EQUIPMENT LIMITED (REGISTERED NUMBER: 01912504) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 APRIL 2024 |
The directors present their strategic report of the company and the group for the year ended 30 April 2024. |
REVIEW OF BUSINESS AND FUTURE DEVELOPMENTS |
We aim to present a balanced and comprehensive review of the development and performance of the Group during the year and its position at the year end. Our review is consistent with the size and complexity of the business and is written in the context of the risks and uncertainties that we face. |
The results for the year and financial position of the Group are as shown in the annexed financial statements and we consider that our key financial performance indicators and those that communicate the financial performance and strength of the Group as a whole are turnover and profit margins. |
The Group turnover for the year was £25,617,477 (2023: £24,055,740) which includes an element from the subsidiary companies of £4,947,765 (2023: £4,942,796). The Group profit margin for the year was 23.3% (2023: 20.4%) and this generated profit before tax of £2,405,754 in the year (2023: £1,886,615). |
The Group operates in a highly competitive industry; therefore we are delighted with these results. We have set our budget for the coming financial year and consider that the Group is well placed to advance its financial performance in 2024/25. |
As reported on page 10, the Group has a strong net asset position of £6.2 million, which is a significant increase on the previous year (2023: £5.5 million). |
As a Group, we are highly focused on customer service and take pride in developing long term relationships with all of our clients and providing them with a consistently high quality service. To maintain this focus, our key assets are our staff and the systems which we adopt and we have again invested heavily in both during the past year in order to ensure that we are always delivering the best possible service in the most efficient and environmentally friendly way. We constantly review our services and monitor our monthly KPIs, which serve to both report our achievements and motivate us to seek even higher levels of service and efficiency. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The Group faces lower risks and uncertainties to those associated with other companies operating in the catering equipment installation industry due to the credit insurance it holds with QBE, the membership of CEDA and down to the expertise and dedication of all its staff. |
In particular price competition is strong and one of the difficulties faced by the company is providing a high level of service as required by clients but at a price that is competitive within the market place. |
The directors are confident that they have taken appropriate steps to mitigate the impact of these risks on the Group's trading activities and expect continued success and profitability in the 2025 financial year. |
ON BEHALF OF THE BOARD: |
C&C CATERING EQUIPMENT LIMITED (REGISTERED NUMBER: 01912504) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 APRIL 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 30 April 2024. |
PRINCIPAL ACTIVITIES |
The principal activities of the group in the year under review were those of the supply and installation of commercial catering equipment. |
DIVIDENDS |
During the year, interim dividends of £800,000 were paid to Ordinary A shareholders and £282,000 to Ordinary B shareholders. |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report. |
DONATIONS |
Charitable donations of £20,075 (2023: £19,618) were made during the year. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements 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 directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
C&C CATERING EQUIPMENT LIMITED (REGISTERED NUMBER: 01912504) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 APRIL 2024 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Murray Smith LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
C&C CATERING EQUIPMENT LIMITED (REGISTERED NUMBER: 01912504) |
Opinion |
We have audited the financial statements of C&C Catering Equipment Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The 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 group's and of the parent company affairs as at 30 April 2024 and of the group's 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 directors' 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 group's and the parent 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 directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our 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. |
In connection with our audit of the financial statements, 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 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. |
Opinions 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
C&C CATERING EQUIPMENT LIMITED (REGISTERED NUMBER: 01912504) |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' 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 Statement of Directors' Responsibilities set out on page three, the directors are 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 directors determine 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 directors are responsible for assessing the group's and the parent 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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
The audit procedures designed to identify irregularities included: |
- enquiry of management and those charged with governance around actual and potential litigation and claims; |
- enquiry of company staff with responsibilities for tax and compliance matters to identify any instances of |
non compliance with laws and regulations; |
- reviewing financial statement disclosures and testing to supporting documentation to assess compliance with |
applicable laws and regulations; |
- auditing the risk of management override of controls, including through testing journal entries and other |
adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the |
normal course of business. |
There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, intentional misrepresentations or through collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
C&C CATERING EQUIPMENT LIMITED (REGISTERED NUMBER: 01912504) |
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 2006. Our 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 a Report of the Auditors 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. |
for and on behalf of |
Chartered Accountants |
Statutory Auditor |
Darland House |
44 Winnington Hill |
Northwich |
Cheshire |
CW8 1AU |
C&C CATERING EQUIPMENT LIMITED (REGISTERED NUMBER: 01912504) |
CONSOLIDATED INCOME STATEMENT |
FOR THE YEAR ENDED 30 APRIL 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ | £ | £ |
TURNOVER | 5 | 25,617,477 | 24,055,740 |
Cost of sales | 19,643,762 | 19,137,396 |
GROSS PROFIT | 5,973,715 | 4,918,344 |
Distribution costs | 648,626 | 434,165 |
Administrative expenses | 3,054,336 | 2,767,639 |
3,702,962 | 3,201,804 |
2,270,753 | 1,716,540 |
Other operating income | 124,994 | 173,641 |
OPERATING PROFIT | 7 | 2,395,747 | 1,890,181 |
Interest receivable and similar income | 33,545 | 6,953 |
2,429,292 | 1,897,134 |
Interest payable and similar expenses | 8 | 23,538 | 10,519 |
PROFIT BEFORE TAXATION | 2,405,754 | 1,886,615 |
Tax on profit | 9 | 666,862 | 379,487 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 1,738,892 | 1,507,128 |
C&C CATERING EQUIPMENT LIMITED (REGISTERED NUMBER: 01912504) |
CONSOLIDATED OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 APRIL 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ |
PROFIT FOR THE YEAR | 1,738,892 | 1,507,128 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
1,738,892 |
1,507,128 |
Note |
Prior year adjustment | 12 | 206,123 |
TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT |
1,945,015 |
Total comprehensive income attributable to: |
Owners of the parent | 1,945,015 | 1,507,128 |
C&C CATERING EQUIPMENT LIMITED (REGISTERED NUMBER: 01912504) |
CONSOLIDATED BALANCE SHEET |
30 APRIL 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 13 | 1,387,218 | 1,388,839 |
Investments | 14 | - | - |
1,387,218 | 1,388,839 |
CURRENT ASSETS |
Stocks | 15 | 161,864 | 193,307 |
Debtors | 16 | 7,400,191 | 6,586,653 |
Cash at bank and in hand | 5,341,432 | 4,481,697 |
12,903,487 | 11,261,657 |
CREDITORS |
Amounts falling due within one year | 17 | 7,615,781 | 6,548,703 |
NET CURRENT ASSETS | 5,287,706 | 4,712,954 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
6,674,924 |
6,101,793 |
CREDITORS |
Amounts falling due after more than one year | 18 | (240,627 | ) | (347,083 | ) |
PROVISIONS FOR LIABILITIES | 21 | (195,842 | ) | (173,147 | ) |
NET ASSETS | 6,238,455 | 5,581,563 |
CAPITAL AND RESERVES |
Called up share capital | 22 | 10,300 | 10,300 |
Share premium | 23 | 25,600 | 25,600 |
Profit and loss account | 23 | 6,202,555 | 5,545,663 |
SHAREHOLDERS' FUNDS | 6,238,455 | 5,581,563 |
The financial statements were approved by the Board of Directors and authorised for issue on 11 October 2024 and were signed on its behalf by: |
P N Kitchin - Director |
C&C CATERING EQUIPMENT LIMITED (REGISTERED NUMBER: 01912504) |
COMPANY BALANCE SHEET |
30 APRIL 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 13 |
Investments | 14 |
CURRENT ASSETS |
Stocks | 15 |
Debtors | 16 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 17 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 18 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 21 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 22 |
Share premium | 23 |
Profit and loss account | 23 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 1,387,870 | 1,128,298 |
The financial statements were approved by the Board of Directors and authorised for issue on |
C&C CATERING EQUIPMENT LIMITED (REGISTERED NUMBER: 01912504) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 APRIL 2024 |
Called up | Profit |
share | and loss | Share | Total |
capital | account | premium | equity |
£ | £ | £ | £ |
Balance at 1 May 2022 | 10,300 | 5,054,535 | 25,600 | 5,090,435 |
Changes in equity |
Dividends | - | (1,016,000 | ) | - | (1,016,000 | ) |
Total comprehensive income | - | 1,301,005 | - | 1,301,005 |
Balance at 30 April 2023 | 10,300 | 5,339,540 | 25,600 | 5,375,440 |
Prior year adjustment | - | 206,123 | - | 206,123 |
As restated | 10,300 | 5,545,663 | 25,600 | 5,581,563 |
Changes in equity |
Dividends | - | (1,082,000 | ) | - | (1,082,000 | ) |
Total comprehensive income | - | 1,738,892 | - | 1,738,892 |
Balance at 30 April 2024 | 10,300 | 6,202,555 | 25,600 | 6,238,455 |
C&C CATERING EQUIPMENT LIMITED (REGISTERED NUMBER: 01912504) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 APRIL 2024 |
Called up | Profit |
share | and loss | Share | Total |
capital | account | premium | equity |
£ | £ | £ | £ |
Balance at 1 May 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 30 April 2023 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 30 April 2024 |
C&C CATERING EQUIPMENT LIMITED (REGISTERED NUMBER: 01912504) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 APRIL 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 2,598,719 | 2,720,790 |
Interest paid | - | (714 | ) |
Interest element of hire purchase payments paid |
(23,538 |
) |
(9,805 |
) |
Tax paid | (296,062 | ) | (276,367 | ) |
Net cash from operating activities | 2,279,119 | 2,433,904 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (554,138 | ) | (283,934 | ) |
Sale of tangible fixed assets | 288,968 | 240,577 |
Interest received | 33,545 | 6,953 |
Net cash from investing activities | (231,625 | ) | (36,404 | ) |
Cash flows from financing activities |
Amount repaid on hire purchase | (206,679 | ) | (194,865 | ) |
Amount introduced by directors | 922,000 | 1,086,000 |
Amount withdrawn by directors | (821,080 | ) | (1,706,302 | ) |
Equity dividends paid | (1,082,000 | ) | (1,016,000 | ) |
Net cash from financing activities | (1,187,759 | ) | (1,831,167 | ) |
Increase in cash and cash equivalents | 859,735 | 566,333 |
Cash and cash equivalents at beginning of year |
2 |
4,481,697 |
3,915,364 |
Cash and cash equivalents at end of year | 2 | 5,341,432 | 4,481,697 |
C&C CATERING EQUIPMENT LIMITED (REGISTERED NUMBER: 01912504) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 APRIL 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
as restated |
£ | £ |
Profit before taxation | 2,405,754 | 1,886,615 |
Depreciation charges | 343,894 | 240,051 |
Loss/(profit) on disposal of fixed assets | 13,758 | (49,469 | ) |
Finance costs | 23,538 | 10,519 |
Finance income | (33,545 | ) | (6,953 | ) |
2,753,399 | 2,080,763 |
Decrease/(increase) in stocks | 31,443 | (19,370 | ) |
Increase in trade and other debtors | (860,943 | ) | (1,114,520 | ) |
Increase in trade and other creditors | 674,820 | 1,773,917 |
Cash generated from operations | 2,598,719 | 2,720,790 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 April 2024 |
30.4.24 | 1.5.23 |
£ | £ |
Cash and cash equivalents | 5,341,432 | 4,481,697 |
Year ended 30 April 2023 |
30.4.23 | 1.5.22 |
as restated |
£ | £ |
Cash and cash equivalents | 4,481,697 | 3,915,364 |
C&C CATERING EQUIPMENT LIMITED (REGISTERED NUMBER: 01912504) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 APRIL 2024 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
Other |
non-cash |
At 1.5.23 | Cash flow | changes | At 30.4.24 |
£ | £ | £ | £ |
Net cash |
Cash at bank |
and in hand | 4,481,697 | 859,735 | 5,341,432 |
4,481,697 | 859,735 | 5,341,432 |
Debt |
Finance leases | (490,696 | ) | 206,679 | (90,860 | ) | (374,877 | ) |
(490,696 | ) | 206,679 | (90,860 | ) | (374,877 | ) |
Total | 3,991,001 | 1,066,414 | (90,860 | ) | 4,966,555 |
C&C CATERING EQUIPMENT LIMITED (REGISTERED NUMBER: 01912504) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
1. | STATUTORY INFORMATION |
C&C Catering Equipment Limited is a |
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" and the Companies Act 2006. |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The presentation currency is £ sterling. |
Basis of consolidation |
The consolidated financial statements present the results of the Company and its subsidiary undertakings ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. |
The results of subsidiaries acquired are consolidated for the periods from which control passes to the Group. Acquisitions are accounted for under the acquisition method. |
Related party exemption |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Turnover |
Turnover represents net invoiced sales of goods and services, excluding value added tax. |
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably and it is probable that the economic benefits associated with the transaction will flow to the Group. |
Revenue from contracts is recognised by reference to the stage of completion of the contract, at the end of the reporting period, provided that the outcome can be reliably measured, including the amount of revenue, the stage of completion, the costs incurred, the costs to complete the contract and that it is probable that the Group will receive the consideration due under the contract. The stage of completion of the contract at the end of the reporting period is determined by surveys of the work performed. |
Gross amounts due from customers for contract work is shown as a debtor. The amount due comprises costs incurred plus profits less the sum of recognised losses and progress billings. Gross amounts due to customers for contract work is where the sum of recognised losses and progress billings exceeds costs incurred plus recognised profits and this amount is shown as a creditor. |
C&C CATERING EQUIPMENT LIMITED (REGISTERED NUMBER: 01912504) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
3. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Long leasehold | - |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. |
Investment property |
Investment property that is rented to another group company is accounted for using the cost model in accordance with section 17 of FRS 102. |
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 the cost of purchase on a first in, first out basis. |
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 the profit and loss account. |
Financial instruments |
Basic financial assets and liabilities are initially recognised at the transaction price unless the arrangement constitutes a financing transaction where the transaction is measured at the present value of the future payments discounted at a market rate of interest. |
Such assets and liabilities are subsequently carried at amortised cost using the effective interest method. |
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 balance sheet date. |
C&C CATERING EQUIPMENT LIMITED (REGISTERED NUMBER: 01912504) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
3. | ACCOUNTING POLICIES - continued |
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 arrangements |
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. |
Rental income from operating leases is credited to profit or loss on a straight line basis over the term of the relevant lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Cash and cash equivalents |
Cash and cash equivalents includes cash at bank and in hand less bank overdrafts. |
C&C CATERING EQUIPMENT LIMITED (REGISTERED NUMBER: 01912504) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
4. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
The preparation of financial statements requires the Company's management to make judgements, assumptions and estimates that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expense. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
The following are critical judgements and estimates that the directors have made in the process of applying the Company's accounting policies and that have the most significant effect on amounts recognised in the financial statements: |
Revenue and margin recognition |
Revenue and margins on construction contracts are measured throughout the life cycle of the contract based on the expected contract value and costs for each contract. Adjustments are made where actual costs exceed forecast costs in the period to which they relate. Provisions are made against non-recoverable revenue and loss making contracts and ongoing estimations are made for rectification works. |
Depreciation of tangible fixed assets |
Tangible fixed assets are depreciated over their useful economic lives, taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. |
Carrying value of trade and other debtors |
Allowances for doubtful debt and provisions against debtors, including amounts due on construction contracts and carrying value of deferred income, are made on a specific basis, based on estimates of recoverability determined by market knowledge and past experience |
Deferred tax |
Deferred tax in respect of timing differences that have originated but not reversed at the balance sheet date is measured using tax rates that have been enacted, or substantively enacted, by the year end date. This is the tax rate that is expected to apply to the reversal of those timing differences at a future date but this may vary to the actual rate enacted at that future date. |
5. | TURNOVER |
The turnover and profit before taxation are attributable to the principal activities of the group. |
An analysis of turnover by class of business is given below: |
2024 | 2023 |
as restated |
£ | £ |
Sale of goods | 6,670,988 | 6,758,614 |
Rendering of services | 2,612,776 | 2,323,037 |
Construction contracts | 16,333,713 | 14,974,089 |
25,617,477 | 24,055,740 |
C&C CATERING EQUIPMENT LIMITED (REGISTERED NUMBER: 01912504) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
6. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 3,631,262 | 3,346,926 |
Social security costs | 404,325 | 384,541 |
Other pension costs | 307,458 | 194,816 |
4,343,045 | 3,926,283 |
The average monthly number of employees during the year was as follows: |
2024 | 2023 |
Directors | 7 | 6 |
Administration staff | 13 | 13 |
Contracts staff | 33 | 31 |
Production staff | 20 | 20 |
73 | 70 |
2024 | 2023 |
as restated |
£ | £ |
Directors' remuneration | 685,881 | 656,157 |
Directors' pension contributions to money purchase schemes | 128,545 | 68,106 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 7 | 7 |
Information regarding the highest paid director is as follows: |
2024 | 2023 |
as restated |
£ | £ |
Emoluments etc | 216,000 | 210,229 |
Pension contributions to money purchase schemes | 67,416 | 10,696 |
C&C CATERING EQUIPMENT LIMITED (REGISTERED NUMBER: 01912504) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
7. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
as restated |
£ | £ |
Hire of plant and machinery | 12,060 | 17,552 |
Depreciation - owned assets | 173,624 | 135,052 |
Depreciation - assets on hire purchase contracts | 170,270 | 104,999 |
Loss/(profit) on disposal of fixed assets | 13,758 | (49,469 | ) |
Auditors' remuneration | 22,800 | 21,450 |
Operating lease payments | 70,862 | 79,130 |
8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
as restated |
£ | £ |
Corporation tax interest | - | 714 |
Hire purchase | 23,538 | 9,805 |
23,538 | 10,519 |
9. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
as restated |
£ | £ |
Current tax: |
UK corporation tax | 644,167 | 271,061 |
Deferred tax | 22,695 | 108,426 |
Tax on profit | 666,862 | 379,487 |
C&C CATERING EQUIPMENT LIMITED (REGISTERED NUMBER: 01912504) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
9. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
as restated |
£ | £ |
Profit before tax | 2,405,754 | 1,886,615 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 25 %) |
601,439 |
471,654 |
Effects of: |
Expenses not deductible for tax purposes | 13,892 | 12,233 |
Capital allowances in excess of depreciation | - | (28,920 | ) |
Adjustments to tax charge in respect of previous periods | 51,531 | - |
Change in rate of tax in respect of deferred tax | - | 4,380 |
Change in rate of tax during the year | - | (76,577 | ) |
Effect of prior year adjustment | - | (3,283 | ) |
Total tax charge | 666,862 | 379,487 |
10. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
11. | DIVIDENDS |
2024 | 2023 |
as restated |
£ | £ |
Ordinary "A" shares shares of £1 each |
Interim | 800,000 | 800,000 |
Ordinary "B" shares shares of £1 each |
Interim | 282,000 | 216,000 |
1,082,000 | 1,016,000 |
12. | PRIOR YEAR ADJUSTMENT |
The comparative amounts for accruals and deferred income, prepayments and the profit and loss reserve have been restated due to an error identified in the way that deferred income had previously been calculated in one of the subsidiary companies. As a result of the prior year adjustment the net assets of the group at the prior year end have increased by £206,123. The profit effect of this adjustment is an increase of profits recognised in the year to 30 April 2023 of £13,131 and £192,992 increase in relation to the years 30 April 2022 and prior. |
C&C CATERING EQUIPMENT LIMITED (REGISTERED NUMBER: 01912504) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
13. | TANGIBLE FIXED ASSETS |
Group |
Improvements |
Long | to | Plant and |
leasehold | property | machinery |
£ | £ | £ |
COST |
At 1 May 2023 | 425,052 | 85,381 | 303,391 |
Additions | - | - | 18,989 |
Disposals | - | (26,405 | ) | (52,640 | ) |
At 30 April 2024 | 425,052 | 58,976 | 269,740 |
DEPRECIATION |
At 1 May 2023 | 59,507 | 32,807 | 269,696 |
Charge for year | 8,501 | 1,179 | 26,134 |
Eliminated on disposal | - | (26,405 | ) | (52,640 | ) |
At 30 April 2024 | 68,008 | 7,581 | 243,190 |
NET BOOK VALUE |
At 30 April 2024 | 357,044 | 51,395 | 26,550 |
At 30 April 2023 | 365,545 | 52,574 | 33,695 |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 May 2023 | 250,999 | 1,184,828 | 128,216 | 2,377,867 |
Additions | 28,207 | 590,851 | 6,952 | 644,999 |
Disposals | (137,445 | ) | (500,060 | ) | (43,978 | ) | (760,528 | ) |
At 30 April 2024 | 141,761 | 1,275,619 | 91,190 | 2,262,338 |
DEPRECIATION |
At 1 May 2023 | 218,666 | 294,473 | 113,879 | 989,028 |
Charge for year | 23,308 | 275,661 | 9,111 | 343,894 |
Eliminated on disposal | (136,086 | ) | (198,693 | ) | (43,978 | ) | (457,802 | ) |
At 30 April 2024 | 105,888 | 371,441 | 79,012 | 875,120 |
NET BOOK VALUE |
At 30 April 2024 | 35,873 | 904,178 | 12,178 | 1,387,218 |
At 30 April 2023 | 32,333 | 890,355 | 14,337 | 1,388,839 |
C&C CATERING EQUIPMENT LIMITED (REGISTERED NUMBER: 01912504) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
13. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 May 2023 | 857,141 |
Additions | 150,381 |
Disposals | (241,920 | ) |
Transfer to ownership | (43,490 | ) |
At 30 April 2024 | 722,112 |
DEPRECIATION |
At 1 May 2023 | 163,850 |
Charge for year | 170,270 |
Eliminated on disposal | (92,586 | ) |
Transfer to ownership | (27,054 | ) |
At 30 April 2024 | 214,480 |
NET BOOK VALUE |
At 30 April 2024 | 507,632 |
At 30 April 2023 | 693,291 |
Company |
Fixtures |
Long | and | Motor |
leasehold | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 May 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
C&C CATERING EQUIPMENT LIMITED (REGISTERED NUMBER: 01912504) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
13. | TANGIBLE FIXED ASSETS - continued |
Company |
The long leasehold property included above is rented to another group entity. |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 May 2023 |
Disposals | ( |
) |
Transfer to ownership | ( |
) |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
Transfer to ownership | ( |
) |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
14. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
C&C CATERING EQUIPMENT LIMITED (REGISTERED NUMBER: 01912504) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
14. | FIXED ASSET INVESTMENTS - continued |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Quarry Buildings, Hill Road, Eccleston, Chester, Cheshire CH4 9HQ |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Quarry Buildings, Hill Road, Eccleston, Chester, Cheshire CH4 9HQ |
Nature of business: |
% |
Class of shares: | holding |
C & C Catering Refrigeration Limited |
Registered office: Quarry Buildings, Hill Road, Eccleston, Chester, Cheshire CH4 9HQ |
Nature of business: Dormant company |
% |
Class of shares: | holding |
Ordinary | 100.00 |
All of the subsidiaries listed above have been included in the consolidated financial statements of the Group. |
C & C Catering Equipment Limited is the immediate parent company of C & C Catering Engineers Ltd and C & C Catering Fabrications Limited. |
C & C Catering Refrigeration Limited is a wholly owned subsidiary of C & C Catering Engineers Limited. |
15. | STOCKS |
Group | Company |
2024 | 2023 | 2024 | 2023 |
as restated | as restated |
£ | £ | £ | £ |
Raw materials and consumables | 161,864 | 193,307 |
C&C CATERING EQUIPMENT LIMITED (REGISTERED NUMBER: 01912504) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
16. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
as restated | as restated |
£ | £ | £ | £ |
Trade debtors | 6,271,649 | 5,423,709 |
Amounts owed by group undertakings | - | - |
Gross amounts due from customers for contract work |
16,062 |
227,871 |
Other debtors | 282,768 | 11,932 |
Amounts due from other related parties | 260,300 | 260,300 |
Directors' current accounts | 28,440 | 33,360 |
Prepayments | 540,972 | 629,481 |
7,400,191 | 6,586,653 |
17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
as restated | as restated |
£ | £ | £ | £ |
Hire purchase contracts (see note 19) | 134,250 | 143,613 |
Gross amounts due to customers for contract work |
564,644 |
530,515 |
Trade creditors | 5,155,539 | 3,999,251 |
Amounts owed to group undertakings | - | - |
Corporation tax | 519,167 | 171,062 |
Social security and other taxes | 103,271 | 256,597 |
Other creditors | - | 30,000 |
Directors' current accounts | 282,000 | 186,000 |
Accruals and deferred income | 856,910 | 1,231,665 |
7,615,781 | 6,548,703 |
18. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
as restated | as restated |
£ | £ | £ | £ |
Hire purchase contracts (see note 19) | 240,627 | 347,083 |
C&C CATERING EQUIPMENT LIMITED (REGISTERED NUMBER: 01912504) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
19. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2024 | 2023 |
as restated |
£ | £ |
Net obligations repayable: |
Within one year | 134,250 | 143,613 |
Between one and five years | 240,627 | 347,083 |
374,877 | 490,696 |
Company |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Group |
Non-cancellable operating | leases |
2024 | 2023 |
as restated |
£ | £ |
Within one year | 18,748 | 55,303 |
Between one and five years | 65,772 | 11,500 |
84,520 | 66,803 |
Company |
Non-cancellable operating | leases |
2024 | 2023 |
as restated |
£ | £ |
Within one year |
Between one and five years |
C&C CATERING EQUIPMENT LIMITED (REGISTERED NUMBER: 01912504) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
20. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2024 | 2023 |
as restated |
£ | £ |
Hire purchase contracts | 374,877 | 490,696 |
The bank holds a first legal charge over the property owned by the group, together with fixed and floating charges over the assets of all group companies. |
Hire purchase contracts are secured on the assets to which they relate. The net book value of the assets pledged as security is shown in the fixed asset note above. |
21. | PROVISIONS FOR LIABILITIES |
Group | Company |
2024 | 2023 | 2024 | 2023 |
as restated | as restated |
£ | £ | £ | £ |
Deferred tax |
Accelerated capital allowances | 195,842 | 173,147 | 84,648 | 65,771 |
Group |
Deferred |
tax |
£ |
Balance at 1 May 2023 | 173,147 |
Charge to Income Statement during year | 22,695 |
Balance at 30 April 2024 | 195,842 |
Company |
Deferred |
tax |
£ |
Balance at 1 May 2023 |
Charge to Income Statement during year |
Balance at 30 April 2024 |
C&C CATERING EQUIPMENT LIMITED (REGISTERED NUMBER: 01912504) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
22. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | as restated |
£ | £ |
Ordinary "A" shares | £1 | 9,700 | 9,700 |
Ordinary "B" shares | £1 | 600 | 600 |
10,300 | 10,300 |
23. | RESERVES |
Group |
Profit |
and loss | Share |
account | premium | Totals |
£ | £ | £ |
At 1 May 2023 | 5,339,540 | 25,600 | 5,365,140 |
Prior year adjustment | 206,123 | 206,123 |
5,545,663 | 5,571,263 |
Profit for the year | 1,738,892 | 1,738,892 |
Dividends | (1,082,000 | ) | (1,082,000 | ) |
At 30 April 2024 | 6,202,555 | 25,600 | 6,228,155 |
Company |
Profit |
and loss | Share |
account | premium | Totals |
£ | £ | £ |
At 1 May 2023 | 4,360,568 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 30 April 2024 | 4,666,438 |
C&C CATERING EQUIPMENT LIMITED (REGISTERED NUMBER: 01912504) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
24. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 30 April 2024 and 30 April 2023: |
2024 | 2023 |
as restated |
£ | £ |
M A Roxburgh |
Balance outstanding at start of year | 23,189 | 27,058 |
Amounts repaid | (3,460 | ) | (3,869 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 19,729 | 23,189 |
J Mundy |
Balance outstanding at start of year | 10,171 | - |
Amounts advanced | - | 11,594 |
Amounts repaid | (1,460 | ) | (1,423 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 8,711 | 10,171 |
Interest is charged on the balances outstanding at an annual rate of 2.5%. |
25. | POST BALANCE SHEET EVENTS |
On 6 June 2024 the company entered into a 10 year lease agreement for new trading premises. The total commitment up to the break date of 5 June 2029 is £288,500. |