Palmgrove Catering Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01632053 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 January 2021

for

PALMGROVE CATERING LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Directors:

C S Stefanuto

F Stefanuto

R Stefanuto

D Stefanuto

Secretary:

D Stefanuto

Registered office:

Northern Assurance Buildings

Albert Square

9/21 Princess St

Manchester

M2 4DN

Registered number:

01632053 (England and Wales)

Accountants:

Haines Watts Manchester Limited

Northern Assurance Buildings

9-21 Princess Street

Manchester

M2 4DN

Fixed assets

Tangible assets

5

316,656

334,010

Current assets

Stocks

5,975

8,972

Debtors

6

259,808

117,805

Cash at bank and in hand

51,650

88,507

317,433

215,284

Creditors

Amounts falling due within one year

7

405,748

539,568

Net current liabilities

(88,315

)

(324,284

)

Total assets less current liabilities

228,341

9,726

Creditors

Amounts falling due after more than one year

8

(204,000

)

-

Provisions for liabilities

(12,315

)

(11,526

)

Net assets/(liabilities)

12,026

(1,800

)

Capital and reserves

Called up share capital

10

1,000

1,000

Revaluation reserve

11

248,077

265,385

Retained earnings

11

(237,051

)

(268,185

)

Shareholders' funds

12,026

(1,800

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2021 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 applicable to companies subject to the small companies regime.

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 and authorised for issue on 11 October 2021 and were signed on its behalf by:

C S Stefanuto - Director

1.	Statutory information

Palmgrove Catering 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.	Statement of compliance

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

3.	Accounting policies

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern

COVID-19 introduced a level of business disruption during the year to 31 January 2021 which continued after the end of the financial year, however due to the pandemic the future is still uncertain.

As at 31 January 2021 the company had net current liabilities of £88,315 (2020 - £324,824). The company is dependent on the continued support of related companies and the directors who have confirmed their commitment to continue to provide the necessary support as long as the company needs it.

On this basis the directors considers it appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that might be necessary if the directors and associated companies were not to provide further support.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold land and buildings

-

straight line over the term of the lease

Fixtures, fittings and equipment

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated 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.

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

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

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.

Debtors receivable and creditors payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the Profit and Loss Account in administrative expenses.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

4.	Employees and directors

The average number of employees during the year was 42 (2020 - 48 ) .

5.	Tangible fixed assets

Short

Fixtures,

leasehold

fittings

land and

Plant and

and

Motor

buildings

machinery

equipment

vehicles

Totals

£

£

£

£

£

Cost or valuation

At 1 February 2020

300,000

240,360

335,643

6,300

882,303

Additions

-

11,303

764

-

12,067

At 31 January 2021

300,000

251,663

336,407

6,300

894,370

Depreciation

At 1 February 2020

34,615

208,608

298,854

6,216

548,293

Charge for year

17,308

6,458

5,634

21

29,421

At 31 January 2021

51,923

215,066

304,488

6,237

577,714

Net book value

At 31 January 2021

248,077

36,597

31,919

63

316,656

At 31 January 2020

265,385

31,752

36,789

84

334,010

The short leasehold land and buildings class of fixed assets was revalued on 31 January 2019 by Stuart F Beesley, FRICS who is external to the company. The basis of this valuation was on an open market basis. This class of assets has a current value of £248,077 (2020 - £265,385) and a carrying amount at historical cost of £nil (2020 - £nil).

6.

Debtors: amounts falling due within one year

2021

2020

£

£

Trade debtors

-

73

Amounts owed by associated undertakings

252,229

98,900

Other debtors

7,579

18,832

259,808

117,805

7.

Creditors: amounts falling due within one year

2021

2020

£

£

Bank loans and overdrafts

36,000

-

Trade creditors

8,707

62,504

Taxation and social security

48,958

92,238

Other creditors

312,083

384,826

405,748

539,568

8.

Creditors: amounts falling due after more than one year

2021

2020

£

£

Bank loans

204,000

-

9.	Secured debts

The company's bankers hold as security a debenture dated 24 December 2009 incorporating a fixed and floating charge over the undertaking and all property and assets both present and future. They also hold two mortgages dated 15 May 1986 over the company's land and premises.

10.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

1,000

Ordinary

£1

1,000

1,000

11.

Reserves

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 February 2020

(268,185

)

265,385

(2,800

)

Profit for the year

13,826

-

13,826

Transfer of realised profits

17,308

(17,308

)

-

At 31 January 2021

(237,051

)

248,077

11,026

12.	Contingent liabilities

At the year end the company had guaranteed the bank indebtedness of the following companies: San Rocco Group Limited, San Rocco (Hollingworth) Limited and San Rocco (Broadway) Limited. At the year end the aggregate of these companies indebtedness to the bank amounted to £nil (2020 - £56,416).

13.	Other financial commitments

The company has total non-cancellable lease commitments at the year end totalling £1,297,500 (2020 -£.1,387,500)

14.

Control

The company is controlled by C S Stefanuto by virtue of owning 95% of the issued share capital of the company.