| REGISTERED NUMBER: |
| STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
| AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| FOR |
| N.JOY CATERING LIMITED |
| REGISTERED NUMBER: |
| STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
| AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| FOR |
| N.JOY CATERING LIMITED |
| N.JOY CATERING LIMITED (REGISTERED NUMBER: 11807141) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Director | 4 |
| Report of the Independent Auditors | 5 |
| Income Statement | 8 |
| Other Comprehensive Income | 9 |
| Statement of Financial Position | 10 |
| Statement of Changes in Equity | 11 |
| Statement of Cash Flows | 12 |
| Notes to the Statement of Cash Flows | 13 |
| Notes to the Financial Statements | 15 |
| N.JOY CATERING LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Certified Accountants |
| & Statutory Auditors |
| 187 High Road Leyton |
| London |
| E15 2BY |
| N.JOY CATERING LIMITED (REGISTERED NUMBER: 11807141) |
| STRATEGIC REPORT |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| The director presents his strategic report for the year ended 30 November 2024. |
| REVIEW OF BUSINESS |
| The profit for the year, before taxation, amounted to £758,141 (2023: £707,525). The director expects an increase in sales and profit in the foreseeable future. Because the company sells food items, the general economic slowdown has no significant impact on the industry in which it operates. The company's main strategy is to provide a complete service to customers thereby increasing its customer base and the resulting impact on the turnover and net profit. |
| The results for the year and financial position of the company are as shown in the annexed financial statements. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The main risk faced by the company are its competitors. This is managed by ensuring that supplies are acquired at competitive prices through purchasing in bulk to facilitate competitive pricing combined with good customer services to make the company the preferred wholesale choice over its competitors. |
| Financial risk management objectives and policies: |
| The company has always funded its operations from its own generated cash resources. Trade debtors are managed by credit and cash flow risk policies concerning the credit offered to customers as well as regular monitoring of amounts outstanding. Trade creditors liquidity risk is managed by ensuring that sufficient funds are available to meet amounts due. |
| Liquidity Risk |
| In respect of bank balances, liquidity risk is managed by the regular monitoring of payments and receipts to ensure funds are available as and when required Trade creditor risk is managed by efficient ordering and planning of expected payments within the confines of the company's working capital. |
| Foreign Currency Risk |
| Foreign currency risk is managed by the use of forward contracts and agreeing prices in GBP wherever possible. |
| KEY PERFORMANCE INDICATORS |
| The main performance indicators are sales and profit margins. All products are sold at an agreed margin and all other cost apart from cost of sales are fairly fixed. The director monitors these on a monthly basis to ensure that poor performers are picked up on time and dealt with. |
| The key performance indicators are as follows: |
| 2024 | 2023 |
| £ | £ |
| Turnover | 18,763,740 | 12,921,796 |
| Gross profit | 2,682,889 | 2,700,422 |
| Profit before tax | 758,141 | 707,525 |
| The director believes that other performance indicators of the company are not the best indicators of the overall performance, development and position of the company. |
| N.JOY CATERING LIMITED (REGISTERED NUMBER: 11807141) |
| STRATEGIC REPORT |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| POLICY ON CREDITOR PAYMENTS |
| The policy of the company is to agree terms of payment prior to commencing trade with a supplier and to abide by those terms on a timely submission of invoices and supplier statements. |
| POLICY ON EMPLOYEES |
| The company is committed to achieving a working environment which provides equality of opportunity and freedom from unlawful discrimination on the basis of their gender, sexual orientation, marital or civil partner status, gender reassignment, race, religion or belief, colour, nationality, ethnic or national origin, disability or age, pregnancy or maternity, trade union membership or the fact that they are part-time workers. |
| The company's Equality and Diversity policy aims to remove unfair and discriminatory practices within the company and to encourage full contribution from its diverse community. The company is committed to actively opposing all forms of discrimination. |
| The company also aims to provide a service that does not discriminate against its clients in the means by which they can access the services supplied by the company. The company believes that employees and customers are entitled to be treated with respect and dignity. The company's employment policy is to provide equal opportunity to all current and prospective employees without any discrimination. We provide a work environment in which all individuals are treated with respect and dignity. |
| SOCIAL ENVIRONMENTAL AND ETHICAL MATTERS |
| The company believes that by operating in an ethical and social aware manner, it will help preserve the environment. It is an integral part of efficient and profitable business management. The director recognises that success in these areas depends on the involvement and commitment of everyone in the organisation. |
| FUTURE DEVELOPMENTS |
| The company expects to grow organically throughout 2025 by further investing and expanding its product range. The expected growth will be financed through the use of retained profits. Every effort is being driven towards customer satisfaction with efficient cost management and competitive pricing. |
| ON BEHALF OF THE BOARD: |
| N.JOY CATERING LIMITED (REGISTERED NUMBER: 11807141) |
| REPORT OF THE DIRECTOR |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| The director presents his report with the financial statements of the company for the year ended 30 November 2024. |
| DIVIDENDS |
| No dividends will be distributed for the year ended 30 November 2024. |
| DIRECTOR |
| GOING CONCERN |
| The financial statements have been prepared on a going concern basis since the director, having reviewed the company's activities is satisfied that the company will have adequate resources to continue in operational existence for no less than 12 months from the date of approval of these financial statements. |
| Going forward, the company is looking to expand its existing customer base and exploits new sales opportunities. |
| Therefore, the director continues to adopt the going concern basis in preparing the financial statements for the year ended 30 November 2024. |
| STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
| The director is responsible for preparing the Strategic Report, the Report of the Director 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently; |
| - | make judgements 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 enable him to ensure that the financial statements comply with the Companies Act 2006. He 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. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| AUDITORS |
| Ashford Louis were appointed as auditors to the company and in accordance with the section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put to the members. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| N.JOY CATERING LIMITED |
| Opinion |
| We have audited the financial statements of N.Joy Catering Limited (the 'company') for the year ended 30 November 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The 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 30 November 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 UK, including the FRC'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. |
| Other information |
| The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
| Our 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. |
| In connection with our audit of the financial statements, 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 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. |
| Opinions 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 Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| N.JOY CATERING LIMITED |
| 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 Report of the Director. |
| We have nothing to report in respect of the following matters where 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 director |
| As explained more fully in the Statement of Director's Responsibilities set out on page four, 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 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. |
| 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 a Report of the Auditors 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. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| - We obtained an understanding of the legal and regulatory requirements applicable to the company. |
| - We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance. |
| - We inquired from management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. We designed our audit procedures to identify instances of non-compliance throughout the audit and remained alert to instances of non-compliance throughout the audit. |
| - We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance. |
| Due to 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. However, the primary responsibility for prevention and detection of fraud rests with both management and those charged with governance of the company. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| N.JOY CATERING LIMITED |
| 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 re appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. |
| - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director. |
| - 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 auditor’s 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 auditor’s 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 (ie. gives a true and fair view). |
| 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. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| 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 2006. Our 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 a Report of the Auditors 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. |
| for and on behalf of |
| Chartered Certified Accountants |
| & Statutory Auditors |
| 187 High Road Leyton |
| London |
| E15 2BY |
| N.JOY CATERING LIMITED (REGISTERED NUMBER: 11807141) |
| INCOME STATEMENT |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 30.11.24 | 30.11.23 |
| Notes | £ | £ |
| TURNOVER |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| OPERATING PROFIT | 4 |
| Interest payable and similar expenses | 5 |
| PROFIT BEFORE TAXATION |
| Tax on profit | 6 |
| PROFIT FOR THE FINANCIAL YEAR |
| N.JOY CATERING LIMITED (REGISTERED NUMBER: 11807141) |
| OTHER COMPREHENSIVE INCOME |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 30.11.24 | 30.11.23 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| N.JOY CATERING LIMITED (REGISTERED NUMBER: 11807141) |
| STATEMENT OF FINANCIAL POSITION |
| 30 NOVEMBER 2024 |
| 30.11.24 | 30.11.23 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 7 |
| CURRENT ASSETS |
| Stocks | 8 |
| Debtors | 9 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 10 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
11 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 14 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 15 |
| Retained earnings | 16 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the director and authorised for issue on |
| N.JOY CATERING LIMITED (REGISTERED NUMBER: 11807141) |
| STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 December 2022 |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 30 November 2023 |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 30 November 2024 |
| N.JOY CATERING LIMITED (REGISTERED NUMBER: 11807141) |
| STATEMENT OF CASH FLOWS |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 30.11.24 | 30.11.23 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | ( |
) |
| Interest paid | ( |
) | ( |
) |
| Interest element of hire purchase payments paid |
( |
) |
( |
) |
| Tax paid | ( |
) | ( |
) |
| Net cash from operating activities | ( |
) |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | ( |
) | ( |
) |
| Sale of tangible fixed assets |
| Net cash from investing activities | ( |
) | ( |
) |
| Cash flows from financing activities |
| Loan repayments in year | ( |
) | ( |
) |
| Capital repayments in year | ( |
) |
| Amount withdrawn by directors | (15,315 | ) | (63,613 | ) |
| Related company loan | ( |
) |
| Net cash from financing activities | ( |
) |
| (Decrease)/increase in cash and cash equivalents | ( |
) |
| Cash and cash equivalents at beginning of year |
2 |
192,125 |
133,385 |
| Cash and cash equivalents at end of year | 2 | ( |
) |
| N.JOY CATERING LIMITED (REGISTERED NUMBER: 11807141) |
| NOTES TO THE STATEMENT OF CASH FLOWS |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 30.11.24 | 30.11.23 |
| £ | £ |
| Profit before taxation |
| Depreciation charges |
| Loss on disposal of fixed assets |
| Finance costs | 21,581 | 12,151 |
| 861,981 | 794,895 |
| Decrease/(increase) in stocks | ( |
) |
| Increase in trade and other debtors | ( |
) | ( |
) |
| Increase in trade and other creditors |
| Cash generated from operations | ( |
) |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
| Year ended 30 November 2024 |
| 30.11.24 | 1.12.23 |
| £ | £ |
| Cash and cash equivalents | 41,577 | 195,363 |
| Bank overdrafts | ( |
) | ( |
) |
| (160,297 | ) | 192,125 |
| Year ended 30 November 2023 |
| 30.11.23 | 1.12.22 |
| £ | £ |
| Cash and cash equivalents | 195,363 | 133,385 |
| Bank overdrafts | ( |
) |
| 192,125 | 133,385 |
| N.JOY CATERING LIMITED (REGISTERED NUMBER: 11807141) |
| NOTES TO THE STATEMENT OF CASH FLOWS |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS/(DEBT) |
| At 1.12.23 | Cash flow | At 30.11.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 195,363 | (153,786 | ) | 41,577 |
| Bank overdrafts | (3,238 | ) | (198,636 | ) | (201,874 | ) |
| 192,125 | ( |
) | (160,297 | ) |
| Debt |
| Finance leases | (164,897 | ) | 14,517 | (150,380 | ) |
| Debts falling due within 1 year | (10,000 | ) | - | (10,000 | ) |
| Debts falling due after 1 year | (15,834 | ) | 9,378 | (6,456 | ) |
| (190,731 | ) | 23,895 | (166,836 | ) |
| Total | 1,394 | (328,527 | ) | (327,133 | ) |
| N.JOY CATERING LIMITED (REGISTERED NUMBER: 11807141) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| N.Joy Catering Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Significant judgements and estimates |
| In the application of the company's accounting policies, the director is 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 bases 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 the period of the revision and future period where the revision affects both current and future periods. |
| Key sources of estimation uncertainty: |
| The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows. |
| Amortisation and depreciation, useful lives and residual value of tangible fixed assets; The director estimates the useful lives and residual values of tangible assets in order to calculate the depreciation charge. Changes in these estimates could result in changes being required to the annual charges in the income statement and the carrying value of these assets in the balance sheet. |
| Turnover |
| Turnover represents the total invoice value, excluding value added tax, of sales made during the year and derives from the provision of goods falling within the company's ordinary activities. |
| Revenue is recognised when the goods are physically delivered to the customer. |
| Tangible fixed assets |
| Long leasehold | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| N.JOY CATERING LIMITED (REGISTERED NUMBER: 11807141) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 statement of financial position 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, amounts due from group undertakings 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. |
| Impairment of financial assets |
| Financial assets, other than those held at fair value through the profit and loss account, are assessed for indicators of impairment at each reporting end date. |
| Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 the profit and loss account. |
| If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in the profit and loss account. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| N.JOY CATERING LIMITED (REGISTERED NUMBER: 11807141) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligation under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce constant periodic rates of charge on the net obligations outstanding in each period. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Going concern |
| The financial statements have been prepared on a going concern basis since the director, having reviewed the company's activities is satisfied that the company will have adequate resources to continue in operational existence for no less than 12 months from the date of approval of these financial statements. |
| Going forward, the company is looking to expand its existing customer base and exploits new sales opportunities. |
| Therefore, the director continues to adopt the going concern basis in preparing the financial statements for the year ended 30 November 2024. |
| 3. | EMPLOYEES AND DIRECTORS |
| 30.11.24 | 30.11.23 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 30.11.24 | 30.11.23 |
| Staff |
| 30.11.24 | 30.11.23 |
| £ | £ |
| Director's remuneration |
| N.JOY CATERING LIMITED (REGISTERED NUMBER: 11807141) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 4. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 30.11.24 | 30.11.23 |
| £ | £ |
| Hire of plant and machinery |
| Other operating leases |
| Depreciation - owned assets |
| Loss on disposal of fixed assets |
| Auditors' remuneration |
| Foreign exchange differences | ( |
) |
| 5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 30.11.24 | 30.11.23 |
| £ | £ |
| Bank interest |
| Bank loan interest |
| Interest payable |
| Hire purchase |
| 6. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 30.11.24 | 30.11.23 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Deferred tax | ( |
) |
| Tax on profit |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 30.11.24 | 30.11.23 |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
| Effects of: |
| Depreciation in excess of capital allowances |
| Total tax charge | 193,825 | 177,022 |
| N.JOY CATERING LIMITED (REGISTERED NUMBER: 11807141) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 7. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Long | Plant and | and |
| leasehold | machinery | fittings |
| £ | £ | £ |
| COST |
| At 1 December 2023 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 30 November 2024 |
| DEPRECIATION |
| At 1 December 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 30 November 2024 |
| NET BOOK VALUE |
| At 30 November 2024 |
| At 30 November 2023 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 December 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 30 November 2024 |
| DEPRECIATION |
| At 1 December 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 30 November 2024 |
| NET BOOK VALUE |
| At 30 November 2024 |
| At 30 November 2023 |
| 8. | STOCKS |
| 30.11.24 | 30.11.23 |
| £ | £ |
| Finished goods |
| N.JOY CATERING LIMITED (REGISTERED NUMBER: 11807141) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 9. | DEBTORS |
| 30.11.24 | 30.11.23 |
| £ | £ |
| Amounts falling due within one year: |
| Trade debtors |
| Other debtors |
| VAT |
| Prepayments |
| Amounts falling due after more than one year: |
| Amounts owed by participating interests | 90,687 | 81,000 |
| Aggregate amounts |
| 10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.11.24 | 30.11.23 |
| £ | £ |
| Bank loans and overdrafts (see note 12) |
| Hire purchase contracts (see note 13) |
| Trade creditors |
| Tax |
| Social security and other taxes |
| Other creditors |
| Net wages control | - | 25,244 |
| Pension funds | 3,254 | 3,623 |
| Directors' current accounts | 125,840 | 141,155 |
| Accruals and deferred income |
| 11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 30.11.24 | 30.11.23 |
| £ | £ |
| Bank loans (see note 12) |
| Hire purchase contracts (see note 13) |
| 12. | LOANS |
| An analysis of the maturity of loans is given below: |
| 30.11.24 | 30.11.23 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank overdrafts |
| Bank loans |
| N.JOY CATERING LIMITED (REGISTERED NUMBER: 11807141) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 12. | LOANS - continued |
| 30.11.24 | 30.11.23 |
| £ | £ |
| Amounts falling due between one and two years: |
| Bank loans - 1-2 years |
| 13. | LEASING AGREEMENTS |
| Minimum lease payments under hire purchase fall due as follows: |
| 30.11.24 | 30.11.23 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Finance lease payments represent rentals payable by the company for certain motor vehicles and plant and machinery. Leases include purchase options at the end of the lease period and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments. |
| 14. | PROVISIONS FOR LIABILITIES |
| 30.11.24 | 30.11.23 |
| £ | £ |
| Deferred tax | 42,897 | 56,002 |
| Deferred |
| tax |
| £ |
| Balance at 1 December 2023 |
| Provided during year | ( |
) |
| Balance at 30 November 2024 |
| 15. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 30.11.24 | 30.11.23 |
| value: | £ | £ |
| Ordinary | £1 | 10 | 10 |
| 16. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 December 2023 |
| Profit for the year |
| At 30 November 2024 |
| N.JOY CATERING LIMITED (REGISTERED NUMBER: 11807141) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 17. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
| At the balance sheet date, the amount owed by the company to the director was £125,840 (2023: £141,155). |
| 18. | RELATED PARTY DISCLOSURES |
| 30.11.24 | 30.11.23 |
| £ | £ |
| Sales |
| Purchases |
| Amount due from related party |
| Amount due to related party |
| 19. | ULTIMATE CONTROLLING PARTY |
| The company is a wholly owned subsidiary of The Mooving Property Limited, a company registered in England and Wales. The ultimate beneficial owners are Deniz Suyur and Serife Suyur. |