Company registration number 02848051 (England and Wales)
PEACHEYS CATERING SERVICES LIMITED
FINANCIAL STATEMENTS
FOR THE 53 WEEK PERIOD ENDED 29 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
PEACHEYS CATERING SERVICES LIMITED
BALANCE SHEET
AS AT
29 SEPTEMBER 2024
29 September 2024
- 1 -
29 September 2024
24 September 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
12,519
3,088
Current assets
Debtors
5
1,036,246
736,933
Cash at bank and in hand
24,254
205,340
1,060,500
942,273
Creditors: amounts falling due within one year
6
(149,302)
(144,253)
Net current assets
911,198
798,020
Net assets
923,717
801,108
Capital and reserves
Called up share capital
7
850
850
Capital redemption reserve
150
150
Profit and loss reserves
922,717
800,108
Total equity
923,717
801,108
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 17 June 2025 and are signed on its behalf by:
G P Peachey
Director
Company registration number 02848051 (England and Wales)
PEACHEYS CATERING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 53 WEEK PERIOD ENDED 29 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information
Peacheys Catering Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 7, Bentalls Business Park, Bentalls, Basildon, Essex, SS14 3BN.
1.1
Reporting period
These financial statements are prepared for the 53 weeks ended 29 September 2024 with comparative information for the 52 weeks ended 24 September 2023.
The company prepares its financial statements for a 52 week or 53 week period ending within seven days of 30 September each year.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares;
Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’ – Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Peachey Holdings Limited. These consolidated financial statements are available from Companies House.
1.3
Going concern
Following the COVID19 pandemic the company has returned to normal trading and profitability. Management expect the company to continue to generate truepositive operating cash flows for the foreseeable future and have adequate financial resources., The directors believes that the company is well placed to manage its business risks successfully, and that it will be able to continue as a going concern for the foreseeable future.
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
PEACHEYS CATERING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 53 WEEK PERIOD ENDED 29 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.4
Turnover
Turnover represents amounts receivable by the company derived from its principal activity in respect of sales of goods to customers net of VAT and trade discounts. Sales are recognised in the profit and loss account when goods are delivered to customers.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant & machinery
10% per annum on cost
Fixtures & fittings
10% - 33.33% per annum on cost
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.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
PEACHEYS CATERING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 53 WEEK PERIOD ENDED 29 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
PEACHEYS CATERING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 53 WEEK PERIOD ENDED 29 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes.
1.12
Employee 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.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the 53 week period was:
2024
2023
Number
Number
Total
9
9
PEACHEYS CATERING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 53 WEEK PERIOD ENDED 29 SEPTEMBER 2024
- 6 -
4
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Total
£
£
£
Cost
At 25 September 2023
5,075
47,563
52,638
Additions
10,761
10,761
At 29 September 2024
5,075
58,324
63,399
Depreciation and impairment
At 25 September 2023
5,073
44,477
49,550
Depreciation charged in the 53 week period
1,330
1,330
At 29 September 2024
5,073
45,807
50,880
Carrying amount
At 29 September 2024
2
12,517
12,519
At 24 September 2023
2
3,086
3,088
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
697,924
504,920
Amounts owed by group undertakings
227,933
155,514
Other debtors
32,263
29,684
Prepayments and accrued income
78,126
46,815
1,036,246
736,933
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
61,947
37,729
Amounts owed to group undertakings
13,088
19,244
Corporation tax
37,508
25,904
Other creditors
19,183
17,154
Accruals and deferred income
17,576
44,222
149,302
144,253
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
850
850
850
850
PEACHEYS CATERING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 53 WEEK PERIOD ENDED 29 SEPTEMBER 2024
7
Called up share capital
(Continued)
- 7 -
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Michael Wright FCA
Statutory Auditor:
Littlestone Golding
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
422,710
91,896
PEACHEYS CATERING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 53 WEEK PERIOD ENDED 29 SEPTEMBER 2024
- 8 -
10
Related party transactions
Transactions with related parties
During the 53 week period the company entered into the following transactions with related parties:
Rent
2024
2023
£
£
Other related parties
89,397
73,792
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
2,972
10,676
Entities controlled by the company's parent company
10,116
8,568
Other related parties
31,500
-
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Entities controlled by the company's parent company
227,933
155,514
11
Parent company
The parent undertaking of the only and smallest group of undertakings of which the company is a member for which group accounts are drawn up is Peachey Holdings Limited and its registered office is Unit 7, Bentalls Business Park, Basildon, Essex, SS14 3BN.