Palmgrove Catering Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 01632053 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 31 January 2016

for

PALMGROVE CATERING LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

Director:

C S 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

2

109,439

200,929

Current assets

Stocks

5,926

6,298

Debtors

23,548

88,313

Cash in hand

5,097

1,500

34,571

96,111

Creditors

Amounts falling due within one year

3

457,047

552,845

Net current liabilities

(422,476

)

(456,734

)

Total assets less current liabilities

(313,037

)

(255,805

)

Creditors

Amounts falling due after more than one year

(15,714

)

(19,177

)

Provisions for liabilities

(16,631

)

(15,129

)

Net liabilities

(345,382

)

(290,111

)

Capital and reserves

Called up share capital

4

1,000

1,000

Revaluation reserve

8,577

60,038

Profit and loss account

(354,959

)

(351,149

)

Shareholders' funds

(345,382

)

(290,111

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2016 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 14 June 2016 and were signed by:

C S Stefanuto - Director

1.	Accounting policies

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the revaluation

of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective January

2015).

Going concern

As at 31 January 2016 the company had net current liabilities of £422,476 (2015 - £456,734). The company is

dependent on the continued support of related companies which have confirmed their commitment to continue to

provide the necessary support as long as the company needs it.

On this basis the director 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

Stocks

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

slow moving items.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of

certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet

date, except as required by the FRSSE.

Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are

expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account 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 the profit and loss account in the period to which they relate.

2.	Tangible fixed assets

Total

£

Cost or valuation

At 1 February 2015

1,029,958

Additions

21,792

At 31 January 2016

1,051,750

Depreciation

At 1 February 2015

829,029

Charge for year

113,282

At 31 January 2016

942,311

Net book value

At 31 January 2016

109,439

At 31 January 2015

200,929

3.

Creditors

Creditors include an amount of £ 80,468 (2015 - £ 252,990 ) for which security has been given.

4.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

1,000

Ordinary

£1

1,000

1,000