Crosbys Catering Supplies Ltd Filleted accounts for Companies House (small and micro)

CROSBYS CATERING SUPPLIES LTD. - Company Information

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COMPANY REGISTRATION NUMBER: 11123795

Crosbys Catering Supplies Ltd

Filleted Financial Statements

31 December 2020

Crosbys Catering Supplies Ltd

Directors' Responsibilities Statement

Year ended 31 December 2020

The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies 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 directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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.

Crosbys Catering Supplies Ltd

Statement of Financial Position

31 December 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	5		15,666	15,705

Current assets

Stocks		474,053	404,858
Debtors	6	482,162	781,159
Cash at bank and in hand		88,020	76,520
		-------------	-------------
		1,044,235	1,262,537

Creditors: amounts falling due within one year	7	627,534		849,167
		-------------		-------------
Net current assets			416,701	413,370
			----------	----------
Total assets less current liabilities			432,367	429,075

Creditors: amounts falling due after more than one year	8	853,076	719,073
		----------	----------
Net liabilities		( 420,709)	( 289,998)
		----------	----------

Capital and reserves

Called up share capital	1	1
Profit and loss account	( 420,710)	( 289,999)
	----------	----------
Shareholders deficit	( 420,709)	( 289,998)
	----------	----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 24 June 2021 , and are signed on behalf of the board by:

Mr A M Imlah	Mr M A J Street
Director	Director

Company registration number: 11123795

Crosbys Catering Supplies Ltd

Notes to the Financial Statements

Year ended 31 December 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unitech House, Prospect Road, Burntwood, Staffordshire, WS7 0AL.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on the going concern basis which assumes the ongoing support of the company`s creditors, including group companies. No adjustments have been made to the financial statements should this support be withdrawn. The directors have considered the impact of COVID-19 in relation to their assessment of going concern and in their opinion have taken all reasonable steps to mitigate these factors. As at the point of authorising the accounts, and for the foreseeable future, the directors consider the going concern assumption to still be appropriate. The directors acknowledge that given the currently rapidly changing business and social environment, there are likely to be significant unknown factors which may present themselves. Such factors are considered by the directors to represent a general inherent level of risk in relation to the going concern assumption albeit not quantifiable at this time.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of (enter name of group financial statements) which can be obtained from (enter detail). As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) No disclosure has been given for the aggregate remuneration of key management personnel.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	20% reducing balance
Fixtures and fittings	-	20% reducing balance
Equipment	-	50% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Government grants

Government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Financial instruments

Financial instruments are classified and accounted for according to the substance of the financial arrangement, as either financial assets, financial liabilities or equity instruments. Any equity instrument is any contract that evidences a residual interest in the assets of the company after deducting its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 31 (2019: 33 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 January 2020	15,417	8,000	2,872	26,289
Additions	3,159	–	1,580	4,739
	---------	-------	-------	---------
At 31 December 2020	18,576	8,000	4,452	31,028
	---------	-------	-------	---------
Depreciation
At 1 January 2020	5,550	2,880	2,154	10,584
Charge for the year	2,605	1,024	1,149	4,778
	---------	-------	-------	---------
At 31 December 2020	8,155	3,904	3,303	15,362
	---------	-------	-------	---------
Carrying amount
At 31 December 2020	10,421	4,096	1,149	15,666
	---------	-------	-------	---------
At 31 December 2019	9,867	5,120	718	15,705
	---------	-------	-------	---------

6. Debtors

	2020	2019
	£	£
Trade debtors	383,293	600,903
Amounts owed by group undertakings and undertakings in which the company has a participating interest	30,683	63,521
Other debtors	68,186	116,735
	----------	----------
	482,162	781,159
	----------	----------

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	545,612	702,159
Amounts owed to group undertakings and undertakings in which the company has a participating interest	1,100	–
Social security and other taxes	38,177	29,032
Other creditors	42,645	117,976
	----------	----------
	627,534	849,167
	----------	----------

8. Creditors: amounts falling due after more than one year

	2020	2019
	£	£
Other creditors	853,076	719,073
	----------	----------

Other creditors above are represented by a balance owed to the parent undertaking and relate to a working capital loan. A letter of support has been received in respect of this loan.

9. Summary audit opinion

The auditor's report for the year dated 24 June 2021 was unqualified.

The senior statutory auditor was IJ Grant BSC FCA CF , for and on behalf of Grants .

10. Related party transactions

The company has taken the exemptions to disclose trading with group companies as this will be disclosed in the financial statements of the group. No other transactions with related parties were undertaken such as are required to be disclosed.

11. Controlling party

The ultimate parent company is Unitech Industries Limited, a company registered in England and Wales.