David Osman Catering Limited - Period Ending 2017-03-31

Registration number: 07997112

David Osman Catering Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2017

Chisnall Comer Ismail & Co
Chartered Accountants
Maria House
35 Millers Road
Brighton
East Sussex
BN1 5NP

David Osman Catering Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Notes to the Financial Statements	5 to 8

David Osman Catering Limited

Company Information

Director

Mr David Roy Osman

Registered office

Maria House 35 Millers Road Brighton East Sussex BN1 5NP

Accountants

Chisnall Comer Ismail & Co Chartered Accountants Maria House 35 Millers Road Brighton East Sussex BN1 5NP

Page 1

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
David Osman Catering Limited
for the Year Ended 31 March 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of David Osman Catering Limited for the year ended 31 March 2017 as set out on pages 3 to 8 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 at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of David Osman Catering Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of David Osman Catering Limited and state those matters that we have agreed to state to the Board of Directors of David Osman Catering Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than David Osman Catering Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that David Osman Catering Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of David Osman Catering Limited. You consider that David Osman Catering 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 accounts of David Osman Catering 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 accounts.

Chisnall Comer Ismail & Co
Chartered Accountants
Maria House
35 Millers Road
Brighton
East Sussex
BN1 5NP

3 August 2017

Page 2

David Osman Catering Limited

(Registration number: 07997112)
Balance Sheet as at 31 March 2017

	Note	2017 £	2016 £
Fixed assets
Intangible assets	4	7,500	8,000
Tangible assets	5	6,605	8,069
		14,105	16,069
Current assets
Stocks	6	10,419	8,313
Debtors	7	5,303	5,442
Cash at bank and in hand		37,922	33,930
		53,644	47,685
Creditors: Amounts falling due within one year	8	(51,981)	(52,097)
Net current assets/(liabilities)		1,663	(4,412)
Net assets		15,768	11,657
Capital and reserves
Called up share capital		100	100
Profit and loss account		15,668	11,557
Total equity		15,768	11,657

For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

The notes on pages 5 to 8 form an integral part of these financial statements.

Page 3

David Osman Catering Limited

(Registration number: 07997112)
Balance Sheet as at 31 March 2017

Approved and authorised by the director on 3 August 2017



 

.........................................

Mr David Roy Osman

Director

The notes on pages 5 to 8 form an integral part of these financial statements.

Page 4

David Osman Catering Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

1	General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
Maria House
35 Millers Road
Brighton
East Sussex
BN1 5NP
England

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	25% Straight line
Motor vehicles	25% Reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life.

Page 5

David Osman Catering Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 7 (2016 - 7).

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 April 2016	10,000	10,000
At 31 March 2017	10,000	10,000
Amortisation
At 1 April 2016	2,000	2,000
Amortisation charge	500	500
At 31 March 2017	2,500	2,500
Carrying amount
At 31 March 2017	7,500	7,500
At 31 March 2016	8,000	8,000

The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2016 - £Nil).
 

Page 6

David Osman Catering Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

5	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 April 2016	13,492	12,895	26,387
Additions	4,928	-	4,928
At 31 March 2017	18,420	12,895	31,315
Depreciation
At 1 April 2016	12,572	5,746	18,318
Charge for the year	4,605	1,787	6,392
At 31 March 2017	17,177	7,533	24,710
Carrying amount
At 31 March 2017	1,243	5,362	6,605
At 31 March 2016	920	7,149	8,069

6

Stocks

	2017 £	2016 £
Other inventories	10,419	8,313

7

Debtors

	2017 £	2016 £
Other debtors	5,303	5,442
Total current trade and other debtors	5,303	5,442

8

Creditors

	Note	2017 £	2016 £
Due within one year
Trade creditors		8,135	5,784
Taxation and social security		9,629	9,308
Other creditors		34,217	37,005
		51,981	52,097

Page 7

David Osman Catering Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

9	Transition to FRS 102

The company adopted the accounting standard FRS 102 part 1A during this period. The comparative periods required no adjustments as a result of this change.

Page 8