Sevan Caterers (Vauxhall) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01206148 (England and Wales)

Sevan Caterers (Vauxhall) Limited

Abridged Unaudited Financial Statements

for the Year Ended 30 June 2021

Page

Company Information

1

Chartered Accountants' Report

2

Abridged Statement of Financial Position

3

Notes to the Financial Statements

5

DIRECTOR:

Mr R Halil

REGISTERED OFFICE:

C/O Woodies

Thetford Road

New Malden

KT3 5DX

REGISTERED NUMBER:

01206148 (England and Wales)

ACCOUNTANTS:

Alton & Co

Chartered Accountants

239-241 Kennington Lane

London

SE11 5QU

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Abridged Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sevan Caterers (Vauxhall) Limited for the year ended 30 June 2021 which comprise the Abridged Income Statement, Other Comprehensive Income, Abridged Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Sevan Caterers (Vauxhall) Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Sevan Caterers (Vauxhall) Limited and state those matters that we have agreed to state to the director of Sevan Caterers (Vauxhall) Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sevan Caterers (Vauxhall) Limited and its director for our work or for this report.

It is your duty to ensure that Sevan Caterers (Vauxhall) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Sevan Caterers (Vauxhall) Limited. You consider that Sevan Caterers (Vauxhall) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Sevan Caterers (Vauxhall) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Alton & Co

Chartered Accountants

239-241 Kennington Lane

London

SE11 5QU

4 November 2021

FIXED ASSETS

Tangible assets

4

794,890

858,283

Investment property

5

2,660,000

2,660,000

3,454,890

3,518,283

CURRENT ASSETS

Stocks

25,914

28,755

Debtors

73,693

54,443

Cash at bank and in hand

685,090

138,171

784,697

221,369

CREDITORS

Amounts falling due within one year

976,608

264,556

NET CURRENT LIABILITIES

(191,911

)

(43,187

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,262,979

3,475,096

CREDITORS

Amounts falling due after more than one year

6

(796,347

)

(833,686

)

PROVISIONS FOR LIABILITIES

9

(254,880

)

(258,042

)

NET ASSETS

2,211,752

2,383,368

CAPITAL AND RESERVES

Called up share capital

10

100

100

Fair value reserve

11

992,574

992,574

Retained earnings

11

1,219,078

1,390,694

SHAREHOLDERS' FUNDS

2,211,752

2,383,368

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Statement of Financial Position for the year ended 30 June 2021 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 4 November 2021 and were signed by:

Mr R Halil - Director

1.	STATUTORY INFORMATION

Sevan Caterers (Vauxhall) 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:

Investment properties which are valued based on their estimated market values.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised when the event or customers order is executed, and is derived from the ordinary activities of the company. Rental income is recognised when the rent becomes due at quarter end dates. With respect to grants the accrual model is used in recognition of grants where grants are matched against the expenditure it is compensating for or the condition for the grant has been fulfilled.

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.

Freehold property

-

2% on cost

Short leasehold

-

straight line over the life of the lease

Improvements to property

-

straight line over the life of the lease

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

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

Cost is based on first in first out stock valuation method. Net realisable value is the selling price of the stock less any cost to sell.

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.

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.

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.

Going concern

Covid 19 has had a significant impact on the main trading activities of the subsidiaries of this company. However, with the lifting of Covid restrictions the directors expect the business operations to improve significantly in the future. In the assessment of the directors there are no material uncertainties that may cast significant doubt about the company's ability to remain in operational existence for the foreseeable future.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 57 (2020 - 63 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 July 2020

1,343,141

Additions

32,378

At 30 June 2021

1,375,519

DEPRECIATION

At 1 July 2020

484,858

Charge for year

95,771

At 30 June 2021

580,629

NET BOOK VALUE

At 30 June 2021

794,890

At 30 June 2020

858,283

Included in cost of land and buildings is freehold land of £ 75,000 (2020 - £ 75,000 ) which is not depreciated.

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

Totals

£

COST

At 1 July 2020

and 30 June 2021

220,454

DEPRECIATION

At 1 July 2020

81,724

Charge for year

20,814

At 30 June 2021

102,538

NET BOOK VALUE

At 30 June 2021

117,916

At 30 June 2020

138,730

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2020

and 30 June 2021

2,660,000

NET BOOK VALUE

At 30 June 2021

2,660,000

At 30 June 2020

2,660,000

Fair value at 30 June 2021 is represented by:

£

Valuation in 2016

2,434,600

Valuation in 2017

200,000

Valuation in 2019

25,400

2,660,000

If investment properties had not been revalued they would have been included at the following historical cost:

2021

2020

£

£

Cost

1,434,600

1,434,600

Investment property was valued on on fair value basis on 30 June 2021 by Mr Rez Halil the director .

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2021

2020

£

£

Repayable otherwise than by instalments

Other loans more 5yrs non-inst

790,000

805,000

7.

LOANS

An analysis of the maturity of loans is given below:

2021

2020

£

£

Amounts falling due within one year or on demand:

Deposit received

3,425

392

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Other loans more 5yrs non-inst

790,000

805,000

8.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Other loans

790,000

805,000

Bank loans are secured by way of a fixed charge over 21 - 25 Lewisham Way, london SE14 6PP and floating charge over all the remaining assets of the company.

9.	PROVISIONS FOR LIABILITIES

2021

2020

£

£

Deferred tax

254,880

258,042

Deferred

tax

£

Balance at 1 July 2020

258,042

Credit to Income Statement during year

(3,162

)

Deferred tax on fair value

Balance at 30 June 2021

254,880

Included in deferred tax is an amount of £208,567 (2020 - 208,567) which is the tax provision on the gains that will arise should the investment property realise the fair value on disposal.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

100

Ordinary shares

£1

100

100

11.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 July 2020

1,390,694

992,574

2,383,268

Profit for the year

228,384

228,384

Dividends

(400,000

)

(400,000

)

At 30 June 2021

1,219,078

992,574

2,211,652

12.	CONTINGENT LIABILITIES

All bank accounts of companies in the group are secured by an Unlimited Multilateral Guarantees of all companies in the group. At the year end the net liabilities of the group under the Multilateral guarantees amounted to £1,294,535 (2020 - £970,053).

13.	OTHER FINANCIAL COMMITMENTS

1.0 Under a lease contract expiring in September 2027 for 10 Thameside , SL4 1QN, the company is to pay an annual rent of £100,000 (2020 -£100,000) subject to future review.

2.0 Under a lease contract expiring in January 2024 for The green Datchet, SL3 9JH the company is to pay an annual rent of £87,000 (2020 - £87,000) subject to future review.

3.0 Under a lease contract expiring in June 2022 for 8 Market Street, SL4 1PB the company is to pay an annual rent of £77,000. (2020 - £77,000) subject to future review.

14.	RELATED PARTY DISCLOSURES

Key management personel

The company took out finance leases for the director's benefit. The director personally meets all the obligations under these agreements. The total outstanding balance under the agreement at the year end was £17,087 (2020 - nil)

15.	CONTROLLING PARTY

The controlling party is Sevan Leisure Holdings Ltd the parent company.