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Registration number: NI681533

Cater2 Limited

trading as Cater2 Llimited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Cater2 Limited

trading as Cater2 Llimited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Cater2 Limited

trading as Cater2 Llimited

Company Information

Directors

Mr Eoin Patrick O Hare

Mr Mark Fry

Mrs Lisa M O Hare

Registered office

3 The Willows
Enniskillen
BT74 6GD

Accountants

J A Mc Clements & Co
Accountant
25B Ballymena Business Centre
Galgorm
Ballymena
Co Antrim
BT42 1FL

 

Cater2 Limited

trading as Cater2 Llimited

(Registration number: NI681533)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

160,356

172,357

Current assets

 

Stocks

5

340,072

395,719

Debtors

6

276,717

231,792

Cash at bank and in hand

 

104,319

226,652

 

721,108

854,163

Creditors: Amounts falling due within one year

7

(750,610)

(772,545)

Net current (liabilities)/assets

 

(29,502)

81,618

Total assets less current liabilities

 

130,854

253,975

Creditors: Amounts falling due after more than one year

7

(385,147)

(210,834)

Provisions for liabilities

(7,307)

(7,307)

Net (liabilities)/assets

 

(261,600)

35,834

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(261,700)

35,734

Shareholders' (deficit)/funds

 

(261,600)

35,834

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.

Approved and authorised by the Board on 27 December 2024 and signed on its behalf by:
 

 

Cater2 Limited

trading as Cater2 Llimited

(Registration number: NI681533)
Balance Sheet as at 31 March 2024

.........................................
Mr Eoin Patrick O Hare
Director

.........................................
Mr Mark Fry
Director

.........................................
Mrs Lisa M O Hare
Director

 

Cater2 Limited

trading as Cater2 Llimited

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 Northern Ireland.

The address of its registered office is:
3 The Willows
Enniskillen
BT74 6GD
Northern Ireland

These financial statements were authorised for issue by the Board on 27 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).The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities 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.

 

Cater2 Limited

trading as Cater2 Llimited

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

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.

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.

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 & Machinery

20% Straight Line

Fixtures & fittings

20% Straight Line

Motor Vehicles

20% Straight Line

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.

 

Cater2 Limited

trading as Cater2 Llimited

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

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.

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.

 

Cater2 Limited

trading as Cater2 Llimited

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

Leases

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 12 (2023 - 13).

 

Cater2 Limited

trading as Cater2 Llimited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Properties under construction
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

11,410

20,709

174,100

32,867

263

239,349

Additions

-

889

33,000

90

-

33,979

At 31 March 2024

11,410

21,598

207,100

32,957

263

273,328

Depreciation

At 1 April 2023

-

6,349

60,540

-

103

66,992

Charge for the year

-

4,505

41,425

-

50

45,980

At 31 March 2024

-

10,854

101,965

-

153

112,972

Carrying amount

At 31 March 2024

11,410

10,744

105,135

32,957

110

160,356

At 31 March 2023

11,410

14,360

113,560

32,867

160

172,357

Included within the net book value of land and buildings above is £11,410 (2023 - £11,410) in respect of short leasehold land and buildings.
 

 

Cater2 Limited

trading as Cater2 Llimited

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

5

Stocks

2024
£

2023
£

Other inventories

340,072

395,719

6

Debtors

Current

2024
£

2023
£

Trade debtors

274,857

231,492

Prepayments

1,560

-

Other debtors

300

300

 

276,717

231,792

 

Cater2 Limited

trading as Cater2 Llimited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

157,642

203,614

Trade creditors

 

298,325

351,367

Taxation and social security

 

66,464

66,325

Accruals and deferred income

 

1,850

2,108

Other creditors

 

226,329

149,131

 

750,610

772,545

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

385,147

210,834

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Share of £1 each

100

100

100

100

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

29,941

-

Other borrowings

355,206

210,834

385,147

210,834

Current loans and borrowings

 

Cater2 Limited

trading as Cater2 Llimited

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

2024
£

2023
£

Bank borrowings

68,616

86,739

Hire purchase contracts

58,161

77,166

Finance lease liabilities

9,226

12,529

Other borrowings

21,639

27,180

157,642

203,614

10

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £Nil (2023 - £362.40) per each Ordinary Share

-

36,240

 

 

Reconciliation to Dividends categories

Total assigned to category SOCIE 2 2

50840

36240

Difference to be corrected

(50,840)

-

11

Related party transactions

 

Cater2 Limited

trading as Cater2 Llimited

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

-

37,500