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Registered number: 02364420










SUPERNOTE LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

 
SUPERNOTE LIMITED
 
 
COMPANY INFORMATION


Director
Mr M U Rapacioli 




Company secretary
Mr M U Rapacioli



Registered number
02364420



Registered office
Sands Catering 2a
Grenville Road

London

N19 4EH




Independent auditors
MHA
Statutory Auditor

6th Floor

2 London Wall Place

London

EC2Y 5AU





 
SUPERNOTE LIMITED
 

CONTENTS



Page
Strategic Report
1
Director's Report
2 - 3
Independent Auditors' Report
4 - 7
Statement of Comprehensive Income
8
Balance Sheet
9 - 10
Statement of Changes in Equity
11
Analysis of Net Debt
12
Notes to the Financial Statements
13 - 27


 
SUPERNOTE LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024

The director presents the strategic report for Supernote Ltd for the year ended 31 August 2024.

Introduction
 
The Company’s principal activities are delivery to principally office catering, event style catering provided at customer sites and event venues, and wholesale higher-volume catering contracts and projects. Whilst based in London, and focused strongly on the London corporate / office market, the Business is able to service UK-wide and has various wholesale customers which it services outside of London.

Business review
 
The company achieved a turnover of £21,383,007 in 2024, an decrease from £22,221,565 in 2023. The profit for the year after taxation amounted to £1,209,160 (2023 - £3,011,081).

Principal risks and uncertainties
 
The principal risks affecting the business include economic factors, competition, and regulatory changes that could impact financial performance.

Financial key performance indicators
 
Key financial indicators for the year include turnover decrease of 3.8%, a decrease in gross profit margin from 59% to 56%, and profit before tax of £1,379,384 (2023: £3,738,224).

Other key performance indicators
 
The company has moved into its new purpose-built £1m site in early 2024, and deliberately built the facility with significant excess capacity to be able to service a significantly higher revenue base. This 17,500 sqft facility (CPU) based in London, with supporting storage and delivery infrastructure, to fully utilises sophisticated purchasing and customer ordering systems and platforms.


This report was approved by the board and signed on its behalf.



Mr M U Rapacioli
Director

Date: 29 August 2025

Page 1

 
SUPERNOTE LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 AUGUST 2024

The director presents his report and the financial statements for the year ended 31 August 2024.

Director's responsibilities statement

The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £915,384 (2023 - £3,011,081).

Dividends of £1,710,000 (2023: £2,000,000) were paid during the year.

Director

The director who served during the year was:

Mr M U Rapacioli 

Future developments

The new purpose-built premises which the company moved to in early 2024 has significant excess capacity to support the growth of the business.

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company's auditors are unaware, and

he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 2

 
SUPERNOTE LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024

Auditors

The auditorsMHAwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





Mr M U Rapacioli
Director

Date: 29 August 2025

Page 3

 
SUPERNOTE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SUPERNOTE LIMITED
 

Opinion


We have audited the financial statements of Supernote Limited (the 'Company') for the year ended 31 August 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 August 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.


Page 4

 
SUPERNOTE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SUPERNOTE LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Director's Responsibilities Statement set out on page 2, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the director is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.


Page 5

 
SUPERNOTE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SUPERNOTE LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Enquiry of management to identify any instances of non-compliance with laws and regulations; 

Enquiry of management and those charged with governance around actual and potential litigation and claims;

Discussing among the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud;

Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;

Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:


Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director.




Page 6

 
SUPERNOTE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SUPERNOTE LIMITED (CONTINUED)


Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' Report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.


We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Neil Stern FCA (Senior Statutory Auditor)
  
for and on behalf of
MHA
 
Statutory Auditor
  
London, United Kingdom

Date: 29 August 2025
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).

Page 7

 
SUPERNOTE LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2024

2024
2023
Note
£
£

  

Turnover
 3 
21,383,007
22,221,565

Cost of sales
  
(9,386,298)
(9,019,942)

Gross profit
  
11,996,709
13,201,623

Administrative expenses
  
(10,638,232)
(9,434,704)

Other operating income
 4 
18,946
-

Operating profit
  
1,377,423
3,766,919

Interest payable and similar expenses
 7 
1,961
(28,695)

Profit before tax
  
1,379,384
3,738,224

Tax on profit
 8 
(464,000)
(727,143)

Profit for the financial year
  
915,384
3,011,081

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 13 to 27 form part of these financial statements.

Page 8

 
SUPERNOTE LIMITED
REGISTERED NUMBER: 02364420

BALANCE SHEET
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 11 
2,181,800
2,152,434

  
2,181,800
2,152,434

Current assets
  

Stocks
  
37,013
35,866

Debtors: amounts falling due after more than one year
 12 
48,514
48,514

Debtors: amounts falling due within one year
 12 
1,697,109
2,686,467

Cash at bank and in hand
 13 
1,278,445
1,275,554

  
3,061,081
4,046,401

Creditors: amounts falling due within one year
 14 
(2,004,377)
(2,209,065)

Net current assets
  
 
 
1,056,704
 
 
1,837,336

Total assets less current liabilities
  
3,238,504
3,989,770

Creditors: amounts falling due after more than one year
 15 
(87,500)
(144,150)

Provisions for liabilities
  

Deferred tax
 19 
(471,000)
(371,000)

  
 
 
(471,000)
 
 
(371,000)

Net assets
  
2,680,004
3,474,620


Capital and reserves
  

Called up share capital 
  
1,800
1,800

Share premium account
  
29,200
29,200

Profit and loss account
  
2,649,004
3,443,620

  
2,680,004
3,474,620


Page 9

 
SUPERNOTE LIMITED
REGISTERED NUMBER: 02364420
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr M U Rapacioli
Director

Date: 29 August 2025

The notes on pages 13 to 27 form part of these financial statements.

Page 10

 
SUPERNOTE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 September 2022
1,800
29,200
2,432,539
2,463,539


Comprehensive income for the year

Profit for the year
-
-
3,011,081
3,011,081


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(2,000,000)
(2,000,000)



At 1 September 2023
1,800
29,200
3,443,620
3,474,620


Comprehensive income for the year

Profit for the year
-
-
915,384
915,384


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(1,710,000)
(1,710,000)


At 31 August 2024
1,800
29,200
2,649,004
2,680,004


The notes on pages 13 to 27 form part of these financial statements.

Page 11

 
SUPERNOTE LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 AUGUST 2024





At 1 September 2023
Cash flows
Other non-cash changes
At 31 August 2024
£

£

£

£

Cash at bank and in hand

1,275,554

17,430

(14,539)

1,278,445

Debt due after 1 year

(137,500)

87,500

(37,500)

(87,500)

Debt due within 1 year

(58,535)

2,255

(10,624)

(66,904)

Finance leases

(29,835)

56,839

(27,004)

-


1,049,684
164,024
(89,667)
1,124,041

The notes on pages 13 to 27 form part of these financial statements.

Page 12

 
SUPERNOTE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


General information

Supernote Limited is a private company, limited by shares, registered in England and Wales in the United Kingdom. The registered office and principal place of business is Sands Catering 2a, Grenville Road, London, N19 4EH. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

 the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

The information is included in the consolidated financial statements of Sands Catering Company Limited as at 31 August 2024 and these financial statements may be obtained from Companies House.


2.3

Revenue

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.

Page 13

 
SUPERNOTE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Page 14

 
SUPERNOTE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)


2.8
Current and deferred taxation (continued)

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.10

Tangible fixed assets

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.

Depreciation is provided on the following basis:

Short-term leasehold property
-
over the term of the lease
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
15% reducing balance

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.

 
2.11

Stocks

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 balance sheet 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.

Page 15

 
SUPERNOTE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

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.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 
Page 16

 
SUPERNOTE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)


2.16
Financial instruments (continued)


Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic 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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 17

 
SUPERNOTE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

3.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Catering sales
21,383,007
22,221,565


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
21,383,007
22,221,565


All turnover arose within the United Kingdom.


4.


Other operating income

2024
2023
£
£

Net rents receivable
17,446
-

Other income
1,500
-

18,946
-



5.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
15,450
15,000

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 18

 
SUPERNOTE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

6.


Employees

Staff costs were as follows:


2024
2023
£
£



Wages and salaries
6,104,631
5,644,183

Social security costs
572,470
522,659

Cost of defined contribution scheme
162,477
108,994

6,839,578
6,275,836

The average monthly number of employees, including directors, during the year was 174 (2023 - 170).


7.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
6,289
7,552

Other loan interest payable
385
7,293

Finance leases and hire purchase contracts
(8,635)
12,758

Other interest payable
-
1,092

(1,961)
28,695


8.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
364,000
610,000

Adjustments in respect of previous periods
-
(105,509)

364,000
504,491


Deferred tax


Origination and reversal of timing differences
100,000
222,652


464,000
727,143
Page 19

 
SUPERNOTE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
 
8.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,379,384
3,738,224


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
344,846
934,556

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
21,747
9,475

Capital allowances for year in excess of depreciation
(42,147)
(226,925)

Adjustments to tax charge in respect of prior periods
-
(105,509)

Short-term timing difference leading to an increase (decrease) in taxation
100,000
222,652

Changes in provisions leading to an increase (decrease) in the tax charge
(292)
(9,939)

Other differences leading to an increase (decrease) in the tax charge
39,846
(97,167)

Total tax charge for the year
464,000
727,143


Factors that may affect future tax charges

There were no factors that may affect future tax charges.




9.


Dividends

2024
2023
£
£


Dividends on ordinary shares
1,710,000
2,000,000

Page 20

 
SUPERNOTE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

10.


Intangible assets




Trademarks
Goodwill
Total

£
£
£



Cost


At 1 September 2023
104,167
1,210,000
1,314,167



At 31 August 2024

104,167
1,210,000
1,314,167



Amortisation


At 1 September 2023
104,167
1,210,000
1,314,167



At 31 August 2024

104,167
1,210,000
1,314,167



Net book value



At 31 August 2024
-
-
-



At 31 August 2023
-
-
-



Page 21

 
SUPERNOTE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

11.


Tangible fixed assets





Short-term leasehold property
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 September 2023
65,176
492,673
2,651,825
3,209,674


Additions
-
29,200
565,313
594,513


Disposals
-
(44,555)
(725,067)
(769,622)



At 31 August 2024

65,176
477,318
2,492,071
3,034,565



Depreciation


At 1 September 2023
-
246,948
810,292
1,057,240


Charge for the year
10,428
65,294
309,020
384,742


Disposals
-
(35,831)
(553,386)
(589,217)



At 31 August 2024

10,428
276,411
565,926
852,765



Net book value



At 31 August 2024
54,748
200,907
1,926,145
2,181,800



At 31 August 2023
65,176
245,725
1,841,533
2,152,434

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
-
39,630

Page 22

 
SUPERNOTE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

12.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
48,514
48,514


2024
2023
£
£

Due within one year

Trade debtors
1,316,484
2,138,079

Amounts owed by group undertakings
231,512
229,985

Other debtors
78,842
204,574

Prepayments and accrued income
70,271
113,829

1,697,109
2,686,467


Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.


13.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,278,445
1,275,554


Page 23

 
SUPERNOTE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

14.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
50,000
50,000

Trade creditors
373,252
721,728

Amounts owed to group undertakings
851,607
513,466

Corporation tax
433,000
598,000

Other taxation and social security
124,484
107,301

Obligations under finance lease and hire purchase contracts
-
23,185

Other creditors
21,861
11,407

Accruals and deferred income
150,173
183,978

2,004,377
2,209,065


Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.


15.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
87,500
137,500

Net obligations under finance leases and hire purchase contracts
-
6,650

87,500
144,150


Page 24

 
SUPERNOTE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

16.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
50,000
50,000

Amounts falling due 1-2 years

Bank loans
50,000
50,000

Amounts falling due 2-5 years

Bank loans
37,500
87,500


137,500
187,500


National Westminister Bank Plc hold a fixed and floating charge over all assets of the Company in relation to bank loans of £137,500 (2023: £187,500).


17.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
-
23,185

Between 1-5 years
-
6,650

-
29,835

Net obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.


18.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
1,278,445
1,275,554




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.

Page 25

 
SUPERNOTE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

19.


Deferred taxation




2024


£






At beginning of year
(371,000)


Charged to profit or loss
(100,000)



At end of year
(471,000)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(473,000)
(373,000)

Pension surplus
2,000
2,000

(471,000)
(371,000)


20.


Pension commitments

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 company to the fund and amounted to £162,477 (2023 - £108,994). Contributions totaling £16,904 (2023 - £8,535) were payable to the fund at the balance sheet date and are included in creditors.


21.


Commitments under operating leases

At 31 August 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
180,440
180,440

Later than 1 year and not later than 5 years
301,550
481,990

481,990
662,430

Page 26

 
SUPERNOTE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

22.


Related party transactions

During the year the Company paid management fees of £1,128,200 (2023 - £1,323,200) to its parent company Sands Catering Company Limited. At 31 August 2024, £851,607 (2023 - £513,466) was owed to Sands Catering Company Limited.
M Rapacioli is a director and shareholder of Tileyard Estates Limited. Tileyard Estates Limited was the owner of freehold property which was formerly rented to the company. Included in other creditor is the amount of £3,615 (2023 - £13,838 in other debtor) owed to Tileyard Estates Limited.
During the year the Company paid rent of £9,600 (2023 - £10,800) to a related individual. As at 31 August 2024, £4,800 (2023 - £2,400) was still owed by Supernote Limited. The transactions are on an arm’s length basis


23.


Controlling party

The Company was controlled throughout the current and previous year by its ultimate parent company, Sands Catering Company Limited, a company incorporated in England, by virtue of its 80% ownership of the issued share capital of the company. The registered address of Sands Catering Company Limited is Sands Catering 2a, Grenville Road, London, N19 4EH.
The Company's ultimate controlling party is Mr M U Rapacioli.

 
Page 27