Premier Catering Equipment Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04383598 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2018

FOR

PREMIER CATERING EQUIPMENT LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr M J Burgess

Mr M A Rogers

SECRETARY:

Mr M J Burgess

REGISTERED OFFICE:

2 Olds Close

Olds Approach

Tolpits Lane

Watford

Hertfordshire

WD18 9RU

REGISTERED NUMBER:

04383598 (England and Wales)

ACCOUNTANTS:

Hanburys Limited

Chartered Certified Accountants

6b Parkway

Porters Wood

St Albans

Hertfordshire

AL3 6PA

FIXED ASSETS

Intangible assets

4

40,000

50,000

Tangible assets

5

42,790

25,683

82,790

75,683

CURRENT ASSETS

Stocks

6

82,216

77,751

Debtors

7

61,714

95,671

Cash at bank

213,493

155,878

357,423

329,300

CREDITORS

Amounts falling due within one year

8

269,035

221,261

NET CURRENT ASSETS

88,388

108,039

TOTAL ASSETS LESS CURRENT LIABILITIES

171,178

183,722

CREDITORS

Amounts falling due after more than one year

9

(20,328

)

(13,531

)

PROVISIONS FOR LIABILITIES

10

(8,318

)

(4,880

)

NET ASSETS

142,532

165,311

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

12

142,432

165,211

SHAREHOLDERS' FUNDS

142,532

165,311

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 27 February 2019 and were signed on its behalf by:

Mr M J Burgess - Director

Mr M A Rogers - Director

1.	STATUTORY INFORMATION

Premier Catering Equipment Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2002, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Commercial vehicles

-

25% on reducing balance

Furniture and equipment

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12

'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the

contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is

a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to

realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction

price including transaction costs and are subsequently carried at amortised cost using the effective interest

method unless the arrangement constitutes a financing transaction, where the transaction is measured at the

present value of the future receipts discounted at a market rate of interest. Financial assets classified as

receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual

arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of

the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement

constitutes a financing transaction, where the debt instrument is measured at the present value of the future

payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not

amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of

business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or

less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction

price and subsequently measured at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account,

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2017 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 June 2017

and 31 May 2018

200,000

AMORTISATION

At 1 June 2017

150,000

Amortisation for year

10,000

At 31 May 2018

160,000

NET BOOK VALUE

At 31 May 2018

40,000

At 31 May 2017

50,000

5.	TANGIBLE FIXED ASSETS

Furniture

Commercial

and

Computer

vehicles

equipment

equipment

Totals

£

£

£

£

COST

At 1 June 2017

27,867

47,840

-

75,707

Additions

27,395

-

4,472

31,867

At 31 May 2018

55,262

47,840

4,472

107,574

DEPRECIATION

At 1 June 2017

12,846

37,178

-

50,024

Charge for year

10,604

2,665

1,491

14,760

At 31 May 2018

23,450

39,843

1,491

64,784

NET BOOK VALUE

At 31 May 2018

31,812

7,997

2,981

42,790

At 31 May 2017

15,021

10,662

-

25,683

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Commercial

vehicles

£

COST

At 1 June 2017

27,867

Additions

27,395

At 31 May 2018

55,262

DEPRECIATION

At 1 June 2017

12,846

Charge for year

10,604

At 31 May 2018

23,450

NET BOOK VALUE

At 31 May 2018

31,812

At 31 May 2017

15,021

6.

STOCKS

31.5.18

31.5.17

£

£

Stocks

82,216

77,751

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.18

31.5.17

£

£

Trade debtors

59,979

93,264

Other debtors

179

146

Prepayments

1,556

2,261

61,714

95,671

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.18

31.5.17

£

£

Hire purchase contracts

19,397

4,856

Trade creditors

150,542

120,195

Taxation

14,856

21,460

Value added tax

33,665

35,952

Other creditors

104

150

Directors' current accounts

44,721

32,898

Accruals

5,750

5,750

269,035

221,261

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.18

31.5.17

£

£

Hire purchase contracts

20,328

13,531

10.	PROVISIONS FOR LIABILITIES

31.5.18

31.5.17

£

£

Deferred tax

Accelerated capital allowances

8,318

4,880

Deferred

tax

£

Balance at 1 June 2017

4,880

Charge to Income Statement during year

3,438

Balance at 31 May 2018

8,318

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.5.18

31.5.17

value:

£

£

100

Ordinary

£1

100

100

12.

RESERVES

Retained

earnings

£

At 1 June 2017

165,211

Profit for the year

67,221

Dividends

(90,000

)

At 31 May 2018

142,432

13.	RELATED PARTY DISCLOSURES