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Registration number: 11617381

Simon James Catering Ltd

trading as The Rib Rack BBQ Company

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Simon James Catering Ltd

trading as The Rib Rack BBQ Company

Contents

Company Information

1

Director's Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 14

Detailed Profit and Loss Account

15 to 17

 

Simon James Catering Ltd

trading as The Rib Rack BBQ Company

Company Information

Director

Mr Simon James Short

Registered office

2 Chalk Close
Dartford
Kent
DA1 1AN

Accountants

Elements Financial Solutions Limited
T/A AIMS Accountants for Business
2 Chalk Close
Dartford
Kent
DA1 1AN

 

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:

Mr Simon James Short

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 director on 31 October 2024
 

.........................................
Mr Simon James Short
Director

 

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

4

17,610

23,920

Current assets

 

Stocks

5

1,800

1,800

Debtors

6

4,699

2,755

Cash at bank and in hand

 

1,705

831

 

8,204

5,386

Creditors: Amounts falling due within one year

7

(123,829)

(53,096)

Net current liabilities

 

(115,625)

(47,710)

Total assets less current liabilities

 

(98,015)

(23,790)

Creditors: Amounts falling due after more than one year

7

(48,622)

(52,529)

Provisions for liabilities

(1,050)

(1,050)

Net liabilities

 

(147,687)

(77,369)

Capital and reserves

 

Called up share capital

8

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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 director on 31 October 2024
 

 

Simon James Catering Ltd

trading as The Rib Rack BBQ Company

(Registration number: 11617381)
Balance Sheet as at 31 October 2023

.........................................
Mr Simon James Short
Director

 

Simon James Catering Ltd

trading as The Rib Rack BBQ Company

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
2 Chalk Close
Dartford
Kent
DA1 1AN
England

These financial statements were authorised for issue by the director on 31 October 2024.

2

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Simon James Catering Ltd

trading as The Rib Rack BBQ Company

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 November 2022

1,500

19,152

2,704

19,325

Additions

-

-

961

-

At 31 October 2023

1,500

19,152

3,665

19,325

Depreciation

At 1 November 2022

1,500

8,347

2,534

6,380

Charge for the year

-

3,945

90

3,236

At 31 October 2023

1,500

12,292

2,624

9,616

Carrying amount

At 31 October 2023

-

6,860

1,041

9,709

At 31 October 2022

-

10,805

170

12,945

Total
£

Cost or valuation

At 1 November 2022

42,681

Additions

961

At 31 October 2023

43,642

Depreciation

At 1 November 2022

18,761

Charge for the year

7,271

At 31 October 2023

26,032

Carrying amount

At 31 October 2023

17,610

At 31 October 2022

23,920

5

Stocks

2023
£

2022
£

Other inventories

1,800

1,800

 

Simon James Catering Ltd

trading as The Rib Rack BBQ Company

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

6

Debtors

Current

2023
£

2022
£

Other debtors

4,699

2,755

 

4,699

2,755

 

Simon James Catering Ltd

trading as The Rib Rack BBQ Company

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

3,907

3,583

Trade creditors

 

-

10,682

Taxation and social security

 

-

892

Other creditors

 

119,922

37,939

 

123,829

53,096

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

48,622

52,529

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

       

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Other borrowings

48,622

52,529

Current loans and borrowings

2023
£

2022
£

Other borrowings

3,907

3,583

10

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

(37,940)

(116,484)

37,000

(117,425)

2022

At 1 November 2021
£

Advances to director
£

Repayments by director
£

At 31 October 2022
£

Mr Simon James Short

Directors Loan

(7,680)

36,600

(66,860)

(37,940)

 

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

11,000

10,083

Contributions paid to money purchase schemes

143

131

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)