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COMPANY REGISTRATION NUMBER: 10493214
DM Catering (Pembs) Limited
Filleted Unaudited Financial Statements
28 November 2023
DM Catering (Pembs) Limited
Financial Statements
Period from 1 December 2022 to 28 November 2023
Contents
Pages
Statement of financial position
1
Notes to the financial statements
2 to 6
DM Catering (Pembs) Limited
Statement of Financial Position
28 November 2023
28 Nov 23
30 Nov 22
Note
£
£
Fixed assets
Tangible assets
7
27,731
28,349
Current assets
Stocks
32,450
28,112
Debtors
8
70,008
136,087
Cash at bank and in hand
7,428
5,507
---------
---------
109,886
169,706
Creditors: amounts falling due within one year
9
( 280,309)
( 269,078)
---------
---------
Net current liabilities
( 170,423)
( 99,372)
---------
--------
Total assets less current liabilities
( 142,692)
( 71,023)
Creditors: amounts falling due after more than one year
10
( 28,393)
( 96,631)
---------
---------
Net liabilities
( 171,085)
( 167,654)
---------
---------
Capital and reserves
Called up share capital
11
1
1
Profit and loss account
( 171,086)
( 167,655)
---------
---------
Shareholders deficit
( 171,085)
( 167,654)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the period ending 28 November 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 financial statements for the period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 29 November 2024 , and are signed on behalf of the board by:
Mr D Mills
Director
Company registration number: 10493214
DM Catering (Pembs) Limited
Notes to the Financial Statements
Period from 1 December 2022 to 28 November 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Cleddau House, Milford Marina, Milford Haven, Pembrokeshire, SA73 3AA.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The director has a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the director continues to adopt the going concern basis of accounting in preparing the annual financial statements.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods and services is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
Over 5 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 17 (2022: 20 ).
5. Tax on loss
Major components of tax income
Period from
1 Dec 22 to
Year to
28 Nov 23
30 Nov 22
£
£
Current tax:
UK current tax income
( 4,359)
-------
----
Tax on loss
( 4,359)
-------
----
6. Intangible assets
Goodwill
£
Cost
At 1 December 2022 and 28 November 2023
24,000
--------
Amortisation
At 1 December 2022 and 28 November 2023
24,000
--------
Carrying amount
At 28 November 2023
--------
At 30 November 2022
--------
7. Tangible assets
Plant and machinery
£
Cost
At 1 December 2022
61,457
Additions
8,626
--------
At 28 November 2023
70,083
--------
Depreciation
At 1 December 2022
33,108
Charge for the period
9,244
--------
At 28 November 2023
42,352
--------
Carrying amount
At 28 November 2023
27,731
--------
At 30 November 2022
28,349
--------
8. Debtors
28 Nov 23
30 Nov 22
£
£
Trade debtors
500
63,586
Other debtors
69,508
72,501
--------
---------
70,008
136,087
--------
---------
Other debtors include an amount of £nil (2022 - £nil) falling due after more than one year.
9. Creditors: amounts falling due within one year
28 Nov 23
30 Nov 22
£
£
Bank loans and overdrafts (secured)
60,468
30,624
Trade creditors
71,787
89,845
Social security and other taxes
110,474
74,769
Other creditors
37,580
73,840
---------
---------
280,309
269,078
---------
---------
10. Creditors: amounts falling due after more than one year
28 Nov 23
30 Nov 22
£
£
Bank loans and overdrafts (secured)
28,393
96,631
--------
--------
11. Called up share capital
Issued, called up and fully paid
28 Nov 23
30 Nov 22
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
12. Related party transactions
The company was under the control of Mr D Mills , the managing director, throughout the current and previous period by virtue of his majority shareholding. Included within other debtors is an amount of £12,874 (2022 - £67,052) owed to the company by Mr D Mills , the managing director.