Premier Catering Equipment Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 04383598 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2022

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:

Chartswood Limited

Chartered Certified Accountants

6b Parkway

Porters Wood

St Albans

Hertfordshire

AL3 6PA

FIXED ASSETS

Intangible assets

4

-

10,000

Tangible assets

5

55,121

83,629

55,121

93,629

CURRENT ASSETS

Stocks

6

71,478

23,262

Debtors

7

140,749

74,339

Cash at bank

256,258

352,371

468,485

449,972

CREDITORS

Amounts falling due within one year

8

295,580

295,553

NET CURRENT ASSETS

172,905

154,419

TOTAL ASSETS LESS CURRENT LIABILITIES

228,026

248,048

CREDITORS

Amounts falling due after more than one year

9

(44,906

)

(57,552

)

PROVISIONS FOR LIABILITIES

11

(11,419

)

(15,992

)

NET ASSETS

171,701

174,504

CAPITAL AND RESERVES

Called up share capital

12

100

100

Retained earnings

13

171,601

174,404

SHAREHOLDERS' FUNDS

171,701

174,504

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2022 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 February 2023 and were signed on its behalf by:

Mr M J Burgess - 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.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts, rebates and value added taxes. Turnover includes revenue earned from the sale of goods.

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 Statement of Income and Retained Earnings, 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 (2021 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 June 2021

and 31 May 2022

200,000

AMORTISATION

At 1 June 2021

190,000

Amortisation for year

10,000

At 31 May 2022

200,000

NET BOOK VALUE

At 31 May 2022

-

At 31 May 2021

10,000

5.	TANGIBLE FIXED ASSETS

Furniture

Commercial

and

Motor

Computer

vehicles

equipment

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 June 2021

100,064

47,840

46,890

18,456

213,250

Disposals

(16,162

)

-

-

-

(16,162

)

At 31 May 2022

83,902

47,840

46,890

18,456

197,088

DEPRECIATION

At 1 June 2021

62,010

44,466

8,792

14,353

129,621

Charge for year

9,514

844

11,722

1,989

24,069

Eliminated on disposal

(11,723

)

-

-

-

(11,723

)

At 31 May 2022

59,801

45,310

20,514

16,342

141,967

NET BOOK VALUE

At 31 May 2022

24,101

2,530

26,376

2,114

55,121

At 31 May 2021

38,054

3,374

38,098

4,103

83,629

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

Commercial

vehicles

£

COST

At 1 June 2021

and 31 May 2022

83,902

DEPRECIATION

At 1 June 2021

54,258

Charge for year

2,102

At 31 May 2022

56,360

NET BOOK VALUE

At 31 May 2022

27,542

At 31 May 2021

29,644

6.

STOCKS

31.5.22

31.5.21

£

£

Stocks

71,478

23,262

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.22

31.5.21

£

£

Trade debtors

135,051

67,081

Tax

4,474

4,474

Prepayments

1,224

2,784

140,749

74,339

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.22

31.5.21

£

£

Bank loans and overdrafts (see note 10)

8,333

8,333

Hire purchase contracts

2,930

2,930

Trade creditors

131,956

105,680

Taxation

21,477

18,556

Social security and other taxes

2,009

3

Value added tax

3,730

3,796

Other creditors

9,488

5,370

Directors' current accounts

109,820

140,298

Accruals

5,837

10,587

295,580

295,553

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.22

31.5.21

£

£

Bank loans (see note 10)

31,951

41,667

Hire purchase contracts

12,955

15,885

44,906

57,552

10.

LOANS

An analysis of the maturity of loans is given below:

31.5.22

31.5.21

£

£

Amounts falling due within one year or on demand:

Bank loans

8,333

8,333

Amounts falling due between two and five years:

Bank loans - 2-5 years

31,951

41,667

11.	PROVISIONS FOR LIABILITIES

31.5.22

31.5.21

£

£

Deferred tax

Accelerated capital allowances

11,419

15,992

Deferred

tax

£

Balance at 1 June 2021

15,992

Credit to Statement of Income and Retained Earnings during year

(4,573

)

Balance at 31 May 2022

11,419

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.5.22

31.5.21

value:

£

£

100

Ordinary

£1

100

100

13.

RESERVES

Retained

earnings

£

At 1 June 2021

174,404

Profit for the year

57,197

Dividends

(60,000

)

At 31 May 2022

171,601