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Company No: SC259158 (Scotland)

HARRY FRASER CATERING SERVICES LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH THE REGISTRAR

HARRY FRASER CATERING SERVICES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024

Contents

HARRY FRASER CATERING SERVICES LIMITED

BALANCE SHEET

AS AT 30 APRIL 2024
HARRY FRASER CATERING SERVICES LIMITED

BALANCE SHEET (continued)

AS AT 30 APRIL 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 94,001 58,223
94,001 58,223
Current assets
Stocks 12,902 6,705
Debtors 4 207,039 159,655
Cash at bank and in hand 182,193 113,010
402,134 279,370
Creditors: amounts falling due within one year 5 ( 223,436) ( 166,384)
Net current assets 178,698 112,986
Total assets less current liabilities 272,699 171,209
Creditors: amounts falling due after more than one year 6 ( 11,304) ( 21,509)
Provision for liabilities 7 ( 20,076) ( 8,185)
Net assets 241,319 141,515
Capital and reserves
Called-up share capital 8 980 980
Capital redemption reserve 20 20
Profit and loss account 240,319 140,515
Total shareholders' funds 241,319 141,515

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Harry Fraser Catering Services Limited (registered number: SC259158) were approved and authorised for issue by the Board of Directors on 19 December 2024. They were signed on its behalf by:

Mr H Fraser
Director
HARRY FRASER CATERING SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
HARRY FRASER CATERING SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Harry Fraser Catering Services Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Commerce House, South Street, Elgin, IV30 1JE, United Kingdom. The company's trading address is Blackhall Industrial Estate, Unit 3 The Food Park, Burghmuir Pl, Inverurie, AB51 4FW.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents amounts receivable for the provision of catering services net of VAT and trade discounts. Turnover is recognised on an accruals basis dependent on when the services were provided.

Employee benefits

Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Computer equipment 40 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans that are classified as debt, are recognised at transaction price.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 86 98

3. Tangible assets

Plant and machinery Vehicles Computer equipment Total
£ £ £ £
Cost
At 01 May 2023 164,524 52,495 1,873 218,892
Additions 12,203 41,157 562 53,922
Disposals ( 800) 0 0 ( 800)
At 30 April 2024 175,927 93,652 2,435 272,014
Accumulated depreciation
At 01 May 2023 118,392 40,993 1,284 160,669
Charge for the financial year 7,981 9,245 298 17,524
Disposals ( 180) 0 0 ( 180)
At 30 April 2024 126,193 50,238 1,582 178,013
Net book value
At 30 April 2024 49,734 43,414 853 94,001
At 30 April 2023 46,132 11,502 589 58,223

4. Debtors

2024 2023
£ £
Trade debtors 26,761 12,721
Other debtors 180,278 146,934
207,039 159,655

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,227 9,975
Trade creditors 96,072 53,996
Taxation and social security 71,579 28,965
Other creditors 45,558 73,448
223,436 166,384

The bank loan is secured by a bond and floating charge over all property, assets and uncalled capital undertaking of the company and by a government guarantee.

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 11,304 21,509

The bank loan is secured by a bond and floating charge over all property, assets and uncalled capital undertaking of the company and by a government guarantee.

7. Provision for liabilities

2024 2023
£ £
Deferred tax 20,076 8,185

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
980 Ordinary shares of £ 1.00 each 980 980

9. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 4,750 23,750

The company has a non-cancellable operating lease in relation to the rental of units.

10. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amount due to the company by director 84,208 65,748

The amounts disclosed above are interest free and there are no fixed terms of repayment.