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Registration number: 03812213

Plato Catering Hire Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Plato Catering Hire Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 10

 

Plato Catering Hire Limited

Company Information

Directors

L M Kennedy-Slaughter

S R Slaughter

Company secretary

L M Kennedy-Slaughter

Registered office

5 Precision Way
Tything Road
Alcester
Warwickshire
B49 6FZ

Accountants

Clement Rabjohns Limited
Chartered Accountants111/113 High Street
Evesham
Worcestershire
WR11 4XP

 

Plato Catering Hire Limited

(Registration number: 03812213)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

33,940

23,643

Current assets

 

Stocks

6

128,506

126,366

Debtors

7

106,273

95,227

Cash at bank and in hand

 

40,895

96,113

 

275,674

317,706

Creditors: Amounts falling due within one year

8

(260,690)

(249,089)

Net current assets

 

14,984

68,617

Total assets less current liabilities

 

48,924

92,260

Creditors: Amounts falling due after more than one year

8

(16,846)

(39,145)

Provisions for liabilities

(4,950)

(3,374)

Net assets

 

27,128

49,741

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

27,028

49,641

Shareholders' funds

 

27,128

49,741

For the financial year ending 30 September 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 6 June 2025 and signed on its behalf by:
 

.........................................
S R Slaughter
Director

 

Plato Catering Hire Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales, UK.

The address of its registered office is:
5 Precision Way
Tything Road
Alcester
Warwickshire
B49 6FZ
United Kingdom

These financial statements were authorised for issue by the Board on 6 June 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Government grants

Grants which relate to revenue shall be recognised in income on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate.

 

Plato Catering Hire Limited

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

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.

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

Company website

33% straight line

Furniture, fittings, tools and equipment

15% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

33% straight line

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.

 

Plato Catering Hire Limited

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

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.

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.

 

Plato Catering Hire Limited

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

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.

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 13 (2023 - 13).

 

Plato Catering Hire Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2023

17,500

17,500

At 30 September 2024

17,500

17,500

Amortisation

At 1 October 2023

17,500

17,500

At 30 September 2024

17,500

17,500

Carrying amount

At 30 September 2024

-

-

5

Tangible assets

Fixtures and fittings
£

Company website
£

Total
£

Cost or valuation

At 1 October 2023

40,975

5,000

45,975

Additions

12,574

5,000

17,574

At 30 September 2024

53,549

10,000

63,549

Depreciation

At 1 October 2023

22,332

-

22,332

Charge for the year

7,277

-

7,277

At 30 September 2024

29,609

-

29,609

Carrying amount

At 30 September 2024

23,940

10,000

33,940

At 30 September 2023

18,643

5,000

23,643

6

Stocks

2024
£

2023
£

Finished goods and goods for resale

128,506

126,366

 

Plato Catering Hire Limited

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

7

Debtors

Current

2024
£

2023
£

Trade debtors

89,684

87,636

Prepayments

14,939

3,736

Other debtors

1,650

3,855

 

106,273

95,227

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

74,509

64,124

Trade creditors

 

102,951

71,390

Taxation and social security

 

44,954

73,267

Accruals and deferred income

 

7,662

3,935

Other creditors

 

30,614

36,373

 

260,690

249,089

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £53,398 (2023 - £43,013).

Creditors include a Coronavirus Business Interruption Loan of £21,111 (2023 - £21,111).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

14,075

35,186

Deferred income

 

2,771

3,959

 

16,846

39,145

Creditors include a Coronavirus Business Interruption Loan of £14,075 (2023 - £35,186).

 

Plato Catering Hire Limited

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

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

14,075

35,186

Current loans and borrowings

2024
£

2023
£

Bank borrowings

21,111

21,111

Bank overdrafts

53,398

43,013

74,509

64,124

11

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

52,173

12,254

Later than one year and not later than five years

158,400

-

Later than five years

254,100

-

464,673

12,254

The amount of non-cancellable operating lease payments recognised as an expense during the year was £60,499 (2023 - £32,776).

12

Dividends

 

Plato Catering Hire Limited

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

2024

2023

£

£

Interim dividend of £400.00 (2023 - £400.00) per ordinary share

40,000

40,000

 

 

13

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

65,768

65,540

Contributions paid to money purchase schemes

-

13,300

65,768

78,840

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

2

2