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Registered number: 11577443
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FULLYCATERED LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2024
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FULLYCATERED LIMITED
CONTENTS
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Statement of financial position
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Notes to the financial statements
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FULLYCATERED LIMITED
REGISTERED NUMBER:11577443
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
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Creditors: amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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Creditors: amounts falling due after more than one year
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 2 to 7 form part of these financial statements.
Page 1
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FULLYCATERED LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
FullyCATERed Limited is a private company limited by shares and is registered in England within the United Kingdom. The registered number is 11577443. The registered office is Ballard House, West Hoe Road, Plymouth, PL1 3BJ.
2.ACCOUNTING POLICIES
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BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
The Company has generated a profit after tax of £11,943 (2023: £8,875) and at the year end date had net liabilities of £65,707 (2023: £77,650), although £124,500 is owed to its ultimate controlling party Plymouth City Council, of which £108,000 does not fall due within the next 12 months. Net current assets are £41,363 (2023: £46,046), however management accounts to March 2025 report a loss of £19,174 and therefore a reduced net current asset position of £17,927, with further losses forecast for 2026.
The Directors also acknowledge the on-going situation with regards to the current economic climate, particularly around food inflation and increases in labour costs through the National Living wage and employer's National Insurance.
Whilst Plymouth City Council have provided financial support historically, no formal deed of undertaking has been issued to confirm the necessary current support. With a reduced net current asset position, a loss for the year to March 2025 reported in the management accounts and further forecast losses anticipated in 2026, the Directors have concluded that a material uncertainty exists in relation to events or conditions that may cast significant doubt on the ability of the Company to realise its assets and discharge its liabilities in the normal course of business and, therefore, continue as a going concern.
The Directors’ assumptions and outlook assume continued support to finance business operations will be available if required. The financial statements do not reflect the adjustments that would be necessary should the ability of the Company to trade be jeopardised due to the lack of such support.
Page 2
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FULLYCATERED LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.ACCOUNTING POLICIES (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
DEFINED CONTRIBUTION PENSION PLAN
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
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 income.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Page 3
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FULLYCATERED LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.ACCOUNTING POLICIES (continued)
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TANGIBLE FIXED ASSETS (CONTINUED)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is 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.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.
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The average monthly number of employees, including directors, during the year was 7 (2023: 5).
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Page 4
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FULLYCATERED LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Charge for the year on owned assets
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Page 5
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FULLYCATERED LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
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Amounts owed to group undertakings
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The aggregate amount of liabilities repayable wholly or in part more than five years after the reporting date is:
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Repayable by installments
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The balance repayable by installments due in more than 5 years consists of a loan payable to Plymouth City Council, repayable in 10 equal installments of £14,000 per annum from 1 March 2023 with the final amount due on 1 March 2032. The loan is unsecured and interest free.
Additionally the balance includes a second loan payable to Plymouth City Council, repayable in 9 equal installments of £2,500 per annum with the final balance due 1 March 2029. The loan is unsecured and interest free.
Page 6
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FULLYCATERED LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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ALLOTTED, CALLED UP AND FULLY PAID
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1 (2023: 1) Ordinary share of £1.00
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The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £4,956 (2023: £2,024). Contributions totalling £638 (2023: £Nil) were payable to the fund at the balance sheet date and are included in creditors.
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RELATED PARTY TRANSACTIONS
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The Company is wholly owned by CATERed Limited and under FRS102 1A this Company is exempt from the requirements to disclose transactions between 100% members of the group.
During the year, sales of £12,648 (2023: £14,682) were made to Plymouth City Council, the ultimate controlling party. Purchases of £2,861 (2023: £3,969) were made from Plymouth City Council. At the year end, a net debtor of £2,861 (2023: net debtor of £1,493) was due to the Company.
The Company also holds loans with Plymouth City Council. Repayments of £14,000 and £2,500 (2023: £14,000 and £2,500) were made. The loan balances at the year end were £112,000 and £12,500 (2023: £126,000 and £15,000). Further details of the loans can be found in note 7.
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The immediate controlling party is CATERed Limited. The registered office address is Ballard House, West Hoe Road, Plymouth, England, PL1 3BJ. The ultimate controlling party is Plymouth City Council.
The auditors' report on the financial statements for the year ended 31 March 2024 was unqualified.
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In their report, the auditors emphasised the following matter without qualifying their report:
Material uncertainty related to going concern
We draw attention to note 2.2 in the financial statements, which indicates that the Company is reliant on continued support from it's ultimate controlling party and no formal deed of undertaking has been issued to confirm the necessary support. As stated in note 2.2, these events or conditions, along with the other matters as set forth in note 2.2, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
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The audit report was signed on 16 May 2025 by Kevin Connor FCA (Senior statutory auditor) on behalf of Bishop Fleming LLP.
Page 7
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