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Registered number: 05027209









RED HERRING CORPORATE CATERING LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
RED HERRING CORPORATE CATERING LIMITED
REGISTERED NUMBER: 05027209

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
8,302
11,319

  
8,302
11,319

Current assets
  

Stocks
 6 
1,050
950

Debtors: amounts falling due within one year
 7 
108,093
119,982

Cash at bank and in hand
 8 
5,488
27,819

  
114,631
148,751

Creditors: amounts falling due within one year
 9 
(116,734)
(148,901)

Net current liabilities
  
 
 
(2,103)
 
 
(150)

Total assets less current liabilities
  
6,199
11,169

Creditors: amounts falling due after more than one year
 10 
(6,197)
(11,167)

  

Net assets
  
2
2


Capital and reserves
  

Called up share capital 
  
2
2

  
2
2

Page 1

 
RED HERRING CORPORATE CATERING LIMITED
REGISTERED NUMBER: 05027209
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 November 2024.





................................................
S Hamson
Director

The notes on pages 3 to 9 form part of these financial statements.
Page 2

 
RED HERRING CORPORATE CATERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Red Herring Corporate Catering Limited is a private company limited by shares, incorporated in England and Wales. The principal activity throughout the year was that of a corporate catering company. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

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

 
2.5

Borrowing costs

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

Page 3

 
RED HERRING CORPORATE CATERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

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

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

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.8

Intangible assets

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

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

 
2.9

Tangible fixed assets

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

Page 4

 
RED HERRING CORPORATE CATERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
15% Reducing balance
Motor vehicles
-
25% Reducing balance
Fixtures and fittings
-
25% Reducing balance
Other fixed assets
-
15% Reducing balance

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

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

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Debtors

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

 
2.12

Cash and cash equivalents

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

 
2.13

Creditors

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

Page 5

 
RED HERRING CORPORATE CATERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.14

Dividends

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


3.


Employees

The average monthly number of employees, including directors, during the year was 19 (2023 - 5).


4.


Intangible assets




Goodwill

£



Cost


At 1 April 2023
45,000



At 31 March 2024

45,000



Amortisation


At 1 April 2023
45,000



At 31 March 2024

45,000



Net book value



At 31 March 2024
-



At 31 March 2023
-



Page 6

 
RED HERRING CORPORATE CATERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Other fixed assets
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
22,095
20,400
34,317
14,362
91,174


Disposals
(1,232)
-
(19,971)
-
(21,203)



At 31 March 2024

20,863
20,400
14,346
14,362
69,971



Depreciation


At 1 April 2023
18,269
18,358
31,269
11,959
79,855


Charge for the year on owned assets
573
511
763
360
2,207


Disposals
(1,057)
-
(19,336)
-
(20,393)



At 31 March 2024

17,785
18,869
12,696
12,319
61,669



Net book value



At 31 March 2024
3,078
1,531
1,650
2,043
8,302



At 31 March 2023
3,826
2,042
3,048
2,403
11,319


6.


Stocks

2024
2023
£
£

Raw materials and consumables
1,050
950

1,050
950


Page 7

 
RED HERRING CORPORATE CATERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Debtors

2024
2023
£
£


Trade debtors
1,860
22,672

Other debtors
105,736
93,056

Prepayments and accrued income
497
4,254

108,093
119,982


Included within other debtors is a loan to S and A Hamson, the Directors, amounting to £87,746 (2023 - £75,242).

The loan is unsecured, interest free and repayable on demand.


8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
5,488
27,819

Less: bank overdrafts
(20,742)
(19,723)

(15,254)
8,096



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
20,742
19,723

Bank loans
5,000
5,000

Payments received on account
20,125
28,675

Trade creditors
23,206
16,167

Corporation tax
15,342
9,454

Other taxation and social security
25,980
45,211

Other creditors
4,276
3,843

Accruals and deferred income
2,063
20,828

116,734
148,901


The bank overdraft is secured. 

Page 8

 
RED HERRING CORPORATE CATERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
6,197
11,167

6,197
11,167



11.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
5,000
5,000


Amounts falling due 2-5 years

Bank loans
6,197
11,167


11,197
16,167



12.


Pension commitments

The Company operates a defined contributions pension scheme in respect of the employees. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £1,994 (2023 - £1,333). Contributions totalling £59 (2023 - £332) were payable to the fund at the balance sheet date.


13.


Controlling party

The Company is controlled by the Directors, S and A Hamson, by virtue of their shareholding as described in the Directors' report.

 
Page 9