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Registration number: 10439825

Parry Catering Equipment (Midlands) Ltd

Unaudited Filleted Abridged Financial Statements

for the Year Ended 29 February 2024

 

Parry Catering Equipment (Midlands) Ltd

Contents

Company Information

1

Abridged Balance Sheet

2

Notes to the Unaudited Abridged Financial Statements

3 to 7

 

Parry Catering Equipment (Midlands) Ltd

Company Information

Directors

Parry Catering Group Ltd

Mr MW Banton

Registered office

The New Factory Town End Road
Draycott
Derbyshire
DE72 3PT

Accountants

DJM Accountants
26 High Street
Rickmansworth
WD3 1ER

 

Parry Catering Equipment (Midlands) Ltd

(Registration number: 10439825)
Abridged Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

2,735,742

2,374,216

Tangible assets

5

364,466

425,017

 

3,100,208

2,799,233

Current assets

 

Stocks

6

769,037

961,272

Debtors

1,284,364

921,563

Cash at bank and in hand

 

325,971

243,409

 

2,379,372

2,126,244

Creditors: Amounts falling due within one year

(1,582,357)

(1,370,019)

Net current assets

 

797,015

756,225

Total assets less current liabilities

 

3,897,223

3,555,458

Provisions for liabilities

(112,942)

(118,558)

Net assets

 

3,784,281

3,436,900

Capital and reserves

 

Called up share capital

7

400,000

400,000

Retained earnings

3,384,281

3,036,900

Shareholders' funds

 

3,784,281

3,436,900

For the financial year ending 29 February 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 November 2024 and signed on its behalf by:
 

Mr MW Banton
Director

   
     
 

Parry Catering Equipment (Midlands) Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

1

General information

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

The address of its registered office is:
The New Factory Town End Road
Draycott
Derbyshire
DE72 3PT

These financial statements were authorised for issue by the Board on 26 November 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 abridged 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 abridged 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.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

 

Parry Catering Equipment (Midlands) Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

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

20% on costs

Fixtures and fittings

25% on costs

Motor vehicles

25% on costs

Equipment

10% on costs

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.

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

amortised evenly over 10 years

Development costs

amortised evenly over 10 and 15 years

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.

 

Parry Catering Equipment (Midlands) Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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 directors) during the year, was 47 (2023 - 60).

 

Parry Catering Equipment (Midlands) Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

4

Intangible assets

Total
£

Cost or valuation

At 1 March 2023

3,230,866

Additions internally developed

793,522

Disposals

(123,435)

At 29 February 2024

3,900,953

Amortisation

At 1 March 2023

856,650

Amortisation charge

308,561

At 29 February 2024

1,165,211

Carrying amount

At 29 February 2024

2,735,742

At 28 February 2023

2,374,216

 

Parry Catering Equipment (Midlands) Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

1,112,185

25,000

1,137,185

Additions

35,812

-

35,812

Disposals

(16,333)

-

(16,333)

At 29 February 2024

1,131,664

25,000

1,156,664

Depreciation

At 1 March 2023

697,668

14,500

712,168

Charge for the year

91,862

4,500

96,362

Eliminated on disposal

(16,332)

-

(16,332)

At 29 February 2024

773,198

19,000

792,198

Carrying amount

At 29 February 2024

358,466

6,000

364,466

At 28 February 2023

414,517

10,500

425,017

6

Stocks

2024
£

2023
£

Raw materials and consumables

383,493

428,928

Work in progress

66,714

74,633

Finished goods and goods for resale

318,830

457,711

769,037

961,272

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

400,000

400,000

400,000

400,000

       

8

Parent and ultimate parent undertaking

The company's immediate parent is Parry Catering Group Limited, incorporated in England.