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Company Registration number: 08385731

Origins Caterers Limited

Annual Report and Unaudited
Financial Statements


for the Year Ended 31 January 2024

 

Origins Caterers Limited

Contents

Pages

Balance sheet

1 to 2

Notes to the financial statements

3 to 11

 

Origins Caterers Limited

Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

137,311

150,397

Tangible assets

5

120,479

130,103

Investments

6

100

100

 

257,890

280,600

Current assets

 

Stocks

7

80,114

87,483

Debtors

8

171,824

147,043

 

251,938

234,526

Creditors: Amounts falling due within one year

9

(321,284)

(276,236)

Net current liabilities

 

(69,346)

(41,710)

Total assets less current liabilities

 

188,544

238,890

Creditors: Amounts falling due after more than one year

9

(141,712)

(178,627)

Provisions for liabilities

(8,068)

(8,068)

Net assets

 

38,764

52,195

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

37,764

51,195

Shareholders' funds

 

38,764

52,195

 

Origins Caterers Limited

Balance Sheet as at 31 January 2024 (continued)

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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.

Approved and authorised by the Board on 31 October 2024 and signed on its behalf by:
 

.........................................
Mr P R Johnston
Director

Company registration number: 08385731

 

Origins Caterers Limited

Notes to the financial statements for the Year Ended 31 January 2024

1

GENERAL INFORMATION

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

The address of its registered office is:
Dalmar House
Barras Lane Estate
Dalston
Carlisle
CA5 7NY

These financial statements were authorised for issue by the Board 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.

The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

 

Origins Caterers Limited

Notes to the financial statements for the Year Ended 31 January 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

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.

Government grants

Grants are accounted for under the accruals model as permitted by FRS 102 Section 1A. Grants relating to expenditure on tangible fixed assets are credited to the profit and loss account 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 "other income" within profit or loss in the same period as the related expenditure. This includes the Government Coronavirus Job Retention Scheme ('Furlough'). The group has not directly benefited from any other forms of government assistance.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
 

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Origins Caterers Limited

Notes to the financial statements for the Year Ended 31 January 2024 (continued)

2

ACCOUNTING POLICIES (continued)

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 & machinery

10% reducing balance

Motor vehicles

25% reducing balance

Office equipment

25% straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

 

Origins Caterers Limited

Notes to the financial statements for the Year Ended 31 January 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% straight line

Web design and branding

25% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

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.

 

Origins Caterers Limited

Notes to the financial statements for the Year Ended 31 January 2024 (continued)

2

ACCOUNTING POLICIES (continued)

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.
 Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

 

Origins Caterers Limited

Notes to the financial statements for the Year Ended 31 January 2024 (continued)

3

STAFF NUMBERS

The average number of persons employed by the company (including directors) during the year, was 72 (2023 - 100).

4

INTANGIBLE ASSETS

Goodwill
 £

Web design and branding
 £

Total
£

Cost or valuation

At 1 February 2023

227,500

2,523

230,023

At 31 January 2024

227,500

2,523

230,023

Amortisation

At 1 February 2023

79,625

-

79,625

Amortisation charge

11,375

1,712

13,087

At 31 January 2024

91,000

1,712

92,712

Carrying amount

At 31 January 2024

136,500

811

137,311

At 31 January 2023

147,875

2,522

150,397

 

Origins Caterers Limited

Notes to the financial statements for the Year Ended 31 January 2024 (continued)

5

TANGIBLE ASSETS

Office equipment
 £

Motor vehicles
 £

Plant & machinery
£

Total
£

Cost or valuation

At 1 February 2023

9,724

21,900

204,419

236,043

Additions

2,754

-

5,025

7,779

At 31 January 2024

12,478

21,900

209,444

243,822

Depreciation

At 1 February 2023

6,727

9,581

89,632

105,940

Charge for the year

2,496

3,080

11,827

17,403

At 31 January 2024

9,223

12,661

101,459

123,343

Carrying amount

At 31 January 2024

3,255

9,239

107,985

120,479

At 31 January 2023

2,997

12,319

114,787

130,103

6

INVESTMENTS

2024
£

2023
£

Investments in subsidiaries

100

100

7

STOCKS

2024
£

2023
£

Other inventories

80,114

87,483

 

Origins Caterers Limited

Notes to the financial statements for the Year Ended 31 January 2024 (continued)

8

DEBTORS

Current

Note

2024
£

2023
£

Trade debtors

 

35,261

64,331

Amounts owed by related parties

58,900

32,900

Prepayments

 

77,663

49,812

   

171,824

147,043

9

CREDITORS

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

87,606

101,693

Trade creditors

 

117,037

85,460

Taxation and social security

 

98,818

80,842

Accruals and deferred income

 

17,823

8,241

 

321,284

276,236

Included within creditors: amounts falling due within one year is £85,044 (2023: £99,131) of bank
loans and overdrafts and £2,562 (2023: £2,562) of hire purchase agreements which are secured
on the tangible fixed assets of the company.

The bank and overdraft facilities are secured by a floating charge over the assets and undertakings of
the company.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

36,965

71,926

Other non-current financial liabilities

 

104,747

106,701

 

141,712

178,627

Included within creditors: amounts falling due after more than one year is £29,648 (2023: £62,047) of bank loans and overdrafts and £7,317 (2023: £9,879) of hire purchase agreements which are secured on the tangible fixed assets of the company.

The bank and overdraft facilities are secured by a floating charge over the assets and undertakings of
the company.

 

Origins Caterers Limited

Notes to the financial statements for the Year Ended 31 January 2024 (continued)

10

LOANS AND BORROWINGS

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

29,648

62,047

Hire purchase contracts

7,317

9,879

36,965

71,926

Current loans and borrowings

2024
£

2023
£

Bank borrowings

31,886

30,737

Bank overdrafts

53,158

68,394

Hire purchase contracts

2,562

2,562

87,606

101,693