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Registration number: 01964489

Quality Catering Equipment Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2024

 

Quality Catering Equipment Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Quality Catering Equipment Limited

Company Information

Directors

Mr Stephen John Coleman

Mrs Karen Ann Coleman

Company secretary

Mr Stephen John Coleman

Registered office

Unit F Easting Close
Dominion Way
Worthing
West Sussex
BN14 8HQ

Accountants

Matthews Hanton Limited
Chartered Certified Accountants93 Aldwick Road
Bognor Regis
West Sussex
PO21 2NW

 

Quality Catering Equipment Limited

(Registration number: 01964489)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

68,186

501,342

Current assets

 

Stocks

5

323,107

356,544

Debtors

6

540,466

847,412

Cash at bank and in hand

 

1,493,686

110,103

 

2,357,259

1,314,059

Creditors: Amounts falling due within one year

7

(773,308)

(685,682)

Net current assets

 

1,583,951

628,377

Total assets less current liabilities

 

1,652,137

1,129,719

Creditors: Amounts falling due after more than one year

7

(34,088)

(25,833)

Provisions for liabilities

(15,465)

(9,149)

Net assets

 

1,602,584

1,094,737

Capital and reserves

 

Called up share capital

8

101

101

Retained earnings

1,602,483

1,094,636

Shareholders' funds

 

1,602,584

1,094,737

For the financial year ending 30 November 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 and 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 16 January 2025 and signed on its behalf by:
 

.........................................
Mrs Karen Ann Coleman
Director

 

Quality Catering Equipment Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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:
Unit F Easting Close
Dominion Way
Worthing
West Sussex
BN14 8HQ

These financial statements were authorised for issue by the Board on 16 January 2025.

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.

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.

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.

 

Quality Catering Equipment Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

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

20% reducing balance

Motor vehicles

25% reducing balance

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.

 

Quality Catering Equipment Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2023 - 15).

 

Quality Catering Equipment Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 December 2023

470,093

92,138

77,004

639,235

Additions

74,198

47,453

-

121,651

Disposals

(544,291)

(28,117)

-

(572,408)

At 30 November 2024

-

111,474

77,004

188,478

Depreciation

At 1 December 2023

-

68,795

69,098

137,893

Charge for the year

-

6,121

1,581

7,702

Eliminated on disposal

-

(25,303)

-

(25,303)

At 30 November 2024

-

49,613

70,679

120,292

Carrying amount

At 30 November 2024

-

61,861

6,325

68,186

At 30 November 2023

470,093

23,343

7,906

501,342

Included within the net book value of land and buildings above is £Nil (2023 - £470,093) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Work in progress

5,000

5,000

Other inventories

318,107

351,544

323,107

356,544

6

Debtors

Current

2024
£

2023
£

Trade debtors

540,166

847,112

Other debtors

300

300

 

540,466

847,412

 

Quality Catering Equipment Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

27,196

9,748

Trade creditors

 

373,129

444,029

Taxation and social security

 

357,524

217,339

Accruals and deferred income

 

2,000

1,350

Other creditors

 

13,459

13,216

 

773,308

685,682

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

34,088

25,833

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £61,284 (2023- £35,581).

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

Ordinary B non voting of £1 each

1

1

1

1

101

101

101

101

9

Dividends

2024

2023

£

£

Interim dividend of £600.00 (2023 - £560.10) per ordinary share

60,000

56,010

 

 
 

Quality Catering Equipment Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

10

Related party transactions

Transactions with directors

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

28,800

28,800