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React Catering Services Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

React Catering Services Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

React Catering Services Limited

Company Information

Directors

J Currie

G J McAughey

Company secretary

J Currie

Registered office

46 Queen Elizabeth Avenue
Hillington Park
Glasgow
G52 4NQ

 

React Catering Services Limited

(Registration number: SC319456)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

56,037

74,917

Current assets

 

Stocks

6

12,066

11,491

Debtors

7

532,552

365,020

Cash at bank and in hand

 

126,710

124,969

 

671,328

501,480

Creditors: Amounts falling due within one year

8

(319,765)

(162,366)

Net current assets

 

351,563

339,114

Total assets less current liabilities

 

407,600

414,031

Creditors: Amounts falling due after more than one year

8

(45,358)

(74,039)

Provisions for liabilities

(14,010)

(14,235)

Net assets

 

348,232

325,757

Capital and reserves

 

Called up share capital

9

150

150

Share premium reserve

73,950

73,950

Retained earnings

274,132

251,657

Shareholders' funds

 

348,232

325,757

For the financial year ending 31 July 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 28 April 2025 and signed on its behalf by:
 

 

React Catering Services Limited

(Registration number: SC319456)
Balance Sheet as at 31 July 2024

.........................................
J Currie
Company secretary and director

.........................................
G J McAughey
Director

 

React Catering Services Limited

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

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
46 Queen Elizabeth Avenue
Hillington Park
Glasgow
G52 4NQ

These financial statements were authorised for issue by the Board on 28 April 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.

 

React Catering Services Limited

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

2

Accounting policies (continued)

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

Vehicles

25% reducing balance

Plant and machinery

20% reducing balance

Office equipment

33.34% 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.

 

React Catering Services Limited

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

2

Accounting policies (continued)

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.

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.

 

React Catering Services Limited

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

2

Accounting policies (continued)

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 9 (2023 - 9).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

18,880

25,263

 

React Catering Services Limited

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

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2023

40,854

106,424

147,278

At 31 July 2024

40,854

106,424

147,278

Depreciation

At 1 August 2023

38,700

33,661

72,361

Charge for the year

689

18,191

18,880

At 31 July 2024

39,389

51,852

91,241

Carrying amount

At 31 July 2024

1,465

54,572

56,037

At 31 July 2023

2,154

72,763

74,917

6

Stocks

2024
£

2023
£

Raw materials and consumables

12,066

11,491

7

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

250,580

156,469

Amounts owed by related parties

10

227,853

202,675

Prepayments

 

3,119

2,876

Other debtors

 

51,000

3,000

   

532,552

365,020

 

React Catering Services Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

116,661

54,020

Trade creditors

 

128,449

55,290

Taxation and social security

 

42,954

28,695

Accruals and deferred income

 

22,220

19,522

Other creditors

 

9,481

4,839

 

319,765

162,366

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000

HP and finance lease liabilities

19,351

19,351

Other borrowings

87,310

24,669

116,661

54,020

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

45,358

74,039

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

9,836

19,166

HP and finance lease liabilities

35,522

54,873

45,358

74,039

9

Share capital

Allotted, called up and fully paid shares

 

React Catering Services Limited

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

9

Share capital (continued)

2024

2023

No.

£

No.

£

Ordinary of £1 each

150

150

150

150

       

10

Related party transactions

React Scotland Limited
The company pays its parent company management fees, which for the the year totalled £48,000 (2023 £96,000).
The amount owed ( to) / from parent undertakings at the year end totalled £227,853 (2023 £202,675).
Any amounts owed to or from the parent is repayable on demand and is interest free.

 

React Catering Services Limited

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

10

Related party transactions (continued)

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

18,162

18,314

Contributions paid to money purchase schemes

53,023

359

71,185

18,673

11

Parent and ultimate parent undertaking

The company's immediate parent is React Scotland Limited, incorporated in Scotland.

 The most senior parent entity producing publicly available financial statements is React Scotland Limited.