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Registration number: 03263793

Catering Equipment Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Catering Equipment Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Catering Equipment Ltd

Company Information

Directors

Mr Mark Prestage

Mr Anthony Prestage

Susan Prestage

Registered office

CEL Hub
Grendon Road
Polesworth
Tamworth
Warwickshire
B78 1NX

Accountants

Fosse Accountants Limited
Association of Chartered Certified Accountants
23 St Johns
Enderby
Leicester
Leicestershire
LE19 2BR

 

Catering Equipment Ltd

(Registration number: 03263793)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

528,316

530,556

Current assets

 

Stocks

6

343,396

367,847

Debtors

7

119,110

113,729

Cash at bank and in hand

 

36,208

14,900

 

498,714

496,476

Creditors: Amounts falling due within one year

8

(197,999)

(192,913)

Net current assets

 

300,715

303,563

Total assets less current liabilities

 

829,031

834,119

Creditors: Amounts falling due after more than one year

8

(330,832)

(346,789)

Provisions for liabilities

(1,517)

(1,943)

Net assets

 

496,682

485,387

Capital and reserves

 

Called up share capital

9

1,000

1,000

Retained earnings

495,682

484,387

Shareholders' funds

 

496,682

485,387

For the financial year ending 31 March 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.

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.

 

Catering Equipment Ltd

(Registration number: 03263793)
Balance Sheet as at 31 March 2024

Approved and authorised by the Board on 4 December 2024 and signed on its behalf by:
 

.........................................

Mr Anthony Prestage
Director

 

Catering Equipment Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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:
CEL Hub
Grendon Road
Polesworth
Tamworth
Warwickshire
B78 1NX

These financial statements were authorised for issue by the Board on 4 December 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.

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

The tax expense for the period comprises current and deferred 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.

 

Catering Equipment Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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

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

Reducing balance 20%

Fixtures and fittings

Reducing balance 20%

Office equipment

Reducing balance 20%

Motor vehicles

Reducing balance 20%

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.

 

Catering Equipment Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the weighted average 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.

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.

 

Catering Equipment Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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 8 (2023 - 8).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

2,240

2,803

 

Catering Equipment Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

519,351

47,123

4,900

571,374

At 31 March 2024

519,351

47,123

4,900

571,374

Depreciation

At 1 April 2023

-

36,380

4,438

40,818

Charge for the year

-

2,148

92

2,240

At 31 March 2024

-

38,528

4,530

43,058

Carrying amount

At 31 March 2024

519,351

8,595

370

528,316

At 31 March 2023

519,351

10,743

462

530,556

Included within the net book value of land and buildings above is £519,351 (2023 - £519,351) in respect of freehold land and buildings.
 

6

Stocks

2024
£

2023
£

Finished goods and goods for resale

343,396

367,847

 

Catering Equipment Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Debtors

Current

2024
£

2023
£

Trade debtors

-

567

Prepayments

4,687

5,323

Other debtors

114,423

107,839

 

119,110

113,729

The carrying amount of trade debtors pledged as security for liabilities amounted to £98,352 (2023 - £95,085).

These are pledged as security in a factoring agreement with HSBC Bank.

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

26,842

58,123

Trade creditors

 

121,406

88,066

Taxation and social security

 

24,105

22,518

Other creditors

 

25,646

24,206

 

197,999

192,913

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

330,832

346,789

 

Catering Equipment Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

1,000

1,000

1,000

1,000

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

330,832

346,789

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,148

9,893

Bank overdrafts

-

257

Other borrowings

16,694

47,973

26,842

58,123

Bank borrowings

Business Bounce Back Loans is denominated in Sterling with a nominal interest rate of 2.5%, and the final instalment is due on 19 September 2026. The carrying amount at year end is £24,912 (2023 - £34,798).

This Loan is not secured against the company's assets.

Long term mortgage is denominated in Sterling with a nominal interest rate of 3.67%, and the final instalment is due on 11 June 2039. The carrying amount at year end is £336,293 (2023 - £342,110).

The mortgage is secured against freehold property.

 

Catering Equipment Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

11

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £Nil per each Ordinary Shares

-

-

 

 

12

Financial commitments, guarantees and contingencies

Amounts disclosed in the balance sheet

Included in the balance sheet are financial commitments of £336,293 (2023 - £342,110). The company has a long term mortgage of £336,293 (2022: £342,110), which is secured against freehold premises which it occupies. Further details can be found in note 10.

13

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

64,939

73,605

Contributions paid to money purchase schemes

1,272

1,272

66,211

74,877