Registration number:
Simon James Catering Ltd
trading as
for the Year Ended 31 October 2023
Simon James Catering Ltd
trading as The Rib Rack BBQ Company
Contents
Company Information |
|
Director's Report |
|
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
|
Detailed Profit and Loss Account |
Simon James Catering Ltd
trading as The Rib Rack BBQ Company
Company Information
Director |
Mr Simon James Short |
Registered office |
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Accountants |
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Simon James Catering Ltd
trading as The Rib Rack BBQ Company
Director's Report for the Year Ended 31 October 2023
The director presents his report and the financial statements for the year ended 31 October 2023.
Director of the company
The director who held office during the year was as follows:
Principal activity
The principal activity of the company is that of a catering company.
Going concern
Management has considered the consequences of COVID-19 and other events and conditions, and it has determined that they do not create a material uncertainty that casts significant doubt upon the entity’s ability to continue as a going concern.
The impact of COVID-19 on future performance and therefore on the measurement of some assets and liabilities or on liquidity might be significant and might therefore require disclosure in the financial statements, but management has determined that they do not create a material uncertainty that casts significant doubt upon the entity’s ability to continue as a going concern.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
......................................... |
Simon James Catering Ltd
trading as The Rib Rack BBQ Company
(Registration number: 11617381)
Balance Sheet as at 31 October 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
( |
( |
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net liabilities |
( |
( |
|
Capital and reserves |
|||
Called up share capital |
1 |
1 |
|
Retained earnings |
(147,688) |
(77,370) |
|
Shareholders' deficit |
(147,687) |
(77,369) |
For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
Simon James Catering Ltd
trading as The Rib Rack BBQ Company
(Registration number: 11617381)
Balance Sheet as at 31 October 2023
......................................... |
Simon James Catering Ltd
trading as The Rib Rack BBQ Company
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
England
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis.
Simon James Catering Ltd
trading as The Rib Rack BBQ Company
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
Judgements
Preparation of the financial statements requires management to make significantjudgements and estimates. |
An entity shall disclose the judgements, apart from those involving estimations, that management has made in the process of applying the entity’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements. |
Key sources of estimation uncertainty
An entity shall disclose in the notes information about the key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. In respect of those assets and liabilities, the notes shall include details of:
(a) their nature; and
(b) their carrying amount as at the end of the reporting period.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that that have been enacted or substantively enacted by the reporting date.
Simon James Catering Ltd
trading as The Rib Rack BBQ Company
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.
Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.
Deferred tax is recognised when income or expenses from a subsidiary or associate have been recognised, and will be assessed for tax in a future period, except where:
- the group is able to control the reversal of the timing difference; and
- it is probable that the timing difference will not reverse in the foreseeable future.
A deferred tax liability or asset is recognised for the additional tax that will be paid or avoided in respect of assets and liabilities that are recognised in a business combination.
The amount attributed to goodwill is adjusted by the amount of deferred tax recognised.
Deferred tax is calculated using the tax rates and laws that that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
With the exception of changes arising on the initial recognition of a business combination, the tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income).
Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. Deferred tax assets and deferred tax liabilities are offset only if:
- the group has a legally enforceable right to set off current tax assets against current tax liabilities, and
- the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
25% straight line |
Furniture and fittings |
25% straight line |
Office equipment |
25% straight line |
Motor vehicles |
25% reducing balance |
Simon James Catering Ltd
trading as The Rib Rack BBQ Company
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Simon James Catering Ltd
trading as The Rib Rack BBQ Company
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Simon James Catering Ltd
trading as The Rib Rack BBQ Company
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
Tangible assets |
Fixtures and fittings |
Plant and machinery |
Office equipment |
Motor vehicles |
||
Cost or valuation |
|||||
At 1 November 2022 |
|
|
|
|
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Additions |
- |
- |
|
- |
|
At 31 October 2023 |
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|
|
|
|
Depreciation |
|||||
At 1 November 2022 |
|
|
|
|
|
Charge for the year |
- |
|
|
|
|
At 31 October 2023 |
|
|
|
|
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Carrying amount |
|||||
At 31 October 2023 |
- |
|
|
|
|
At 31 October 2022 |
- |
|
|
|
Total |
|||||
Cost or valuation |
|||||
At 1 November 2022 |
|
||||
Additions |
|
||||
At 31 October 2023 |
|
||||
Depreciation |
|||||
At 1 November 2022 |
|
||||
Charge for the year |
|
||||
At 31 October 2023 |
|
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Carrying amount |
|||||
At 31 October 2023 |
|
||||
At 31 October 2022 |
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Stocks |
2023 |
2022 |
|
Other inventories |
|
|
Simon James Catering Ltd
trading as The Rib Rack BBQ Company
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
Debtors |
Current |
2023 |
2022 |
Other debtors |
|
|
|
|
Simon James Catering Ltd
trading as The Rib Rack BBQ Company
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
- |
|
|
Taxation and social security |
- |
|
|
Other creditors |
|
|
|
|
|
Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
|
Due after one year |
|||
Loans and borrowings |
|
|
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
1 |
|
1 |
Loans and borrowings |
Non-current loans and borrowings
2023 |
2022 |
|
Other borrowings |
|
|
Current loans and borrowings
2023 |
2022 |
|
Other borrowings |
|
|
Related party transactions |
Simon James Catering Ltd
trading as The Rib Rack BBQ Company
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
Transactions with the director |
2023 |
At 1 November 2022 |
Repayments by director |
Other payments made to company by director |
At 31 October 2023 |
Mr Simon James Short |
||||
Directors Loan |
( |
( |
37,000 |
( |
2022 |
At 1 November 2021 |
Advances to director |
Repayments by director |
At 31 October 2022 |
Mr Simon James Short |
||||
Directors Loan |
( |
|
( |
( |
Simon James Catering Ltd
trading as The Rib Rack BBQ Company
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
Director's remuneration
The director's remuneration for the year was as follows:
2023 |
2022 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
11,143 |
10,214 |
Simon James Catering Ltd
trading as The Rib Rack BBQ Company
Detailed Profit and Loss Account for the Year Ended 31 October 2023
2023 |
2022 |
|
Turnover (analysed below) |
120,452 |
121,929 |
Cost of sales (analysed below) |
(82,275) |
(68,476) |
Gross profit |
38,177 |
53,453 |
Gross profit (%) |
31.69% |
43.84% |
Administrative expenses |
||
Employment costs (analysed below) |
(44,433) |
(45,032) |
Establishment costs (analysed below) |
(39,387) |
(23,058) |
General administrative expenses (analysed below) |
(12,991) |
(23,840) |
Finance charges (analysed below) |
(1,627) |
(1,264) |
Depreciation costs (analysed below) |
(7,271) |
(9,030) |
(105,709) |
(102,224) |
|
Operating loss |
(67,532) |
(48,771) |
Interest payable and similar expenses (analysed below) |
(2,786) |
(1,362) |
Loss before tax |
(70,318) |
(50,133) |
Simon James Catering Ltd
trading as The Rib Rack BBQ Company
Detailed Profit and Loss Account for the Year Ended 31 October 2023
2023 |
2022 |
Turnover |
||
Sale of goods, UK |
112,011 |
83,521 |
Other revenue |
8,441 |
38,408 |
120,452 |
121,929 |
Cost of sales |
||
Opening finished goods |
(1,800) |
(1,800) |
Purchases |
(82,275) |
(68,476) |
Closing finished goods |
1,800 |
1,800 |
(82,275) |
(68,476) |
Employment costs |
||
Wages and salaries (excluding directors) |
(2,497) |
- |
Directors remuneration |
(11,000) |
(10,083) |
Directors NIC (Employers) |
(276) |
(298) |
Directors pensions (Defined contribution) |
(143) |
(131) |
Subcontract cost |
(29,943) |
(33,329) |
Travelling |
(574) |
(1,191) |
(44,433) |
(45,032) |
Establishment costs |
||
Rent |
(22,838) |
(8,298) |
Rates |
(2,896) |
(3,726) |
Light, heat and power |
(8,113) |
(1,593) |
Insurance |
(5,283) |
(4,983) |
Repairs and maintenance |
(257) |
(4,458) |
(39,387) |
(23,058) |
General administrative expenses |
||
Telephone and fax |
(1,016) |
(396) |
Computer software and maintenance costs |
(669) |
(627) |
Printing, postage and stationery |
(788) |
(1,136) |
Lease of motor vehicles (Operating leases) |
(1,579) |
168 |
Sundry expenses |
- |
(279) |
Cleaning |
(1,933) |
(6,412) |
Motor expenses |
(1,046) |
(653) |
Petrol or diesel |
(1,760) |
(2,575) |
Advertising |
(2,501) |
(2,603) |
Accountancy fees |
(1,687) |
(1,937) |
Legal and professional fees |
(12) |
(7,390) |
Simon James Catering Ltd
trading as The Rib Rack BBQ Company
Detailed Profit and Loss Account for the Year Ended 31 October 2023
2023 |
2022 |
(12,991) |
(23,840) |
Finance charges |
||
Bank charges |
(1,627) |
(1,264) |
Depreciation costs |
||
Depreciation of plant and machinery (owned) |
(3,945) |
(3,681) |
Depreciation of fixtures and fittings (owned) |
- |
(375) |
Depreciation of motor vehicles (owned) |
(3,236) |
(4,315) |
Depreciation of office equipment (owned) |
(90) |
(659) |
(7,271) |
(9,030) |
Interest payable and similar expenses |
||
Other interest payable |
(2,786) |
(1,362) |