Palmgrove Catering Limited - Accounts to registrar - small 17.2
Palmgrove Catering Limited - Accounts to registrar - small 17.2
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 January 2017 |
for |
PALMGROVE CATERING LIMITED |
PALMGROVE CATERING LIMITED (REGISTERED NUMBER: 01632053) |
Contents of the Financial Statements |
for the Year Ended 31 January 2017 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
PALMGROVE CATERING LIMITED |
Company Information |
for the Year Ended 31 January 2017 |
Director: |
Secretary: |
Registered office: |
Registered number: |
Accountants: |
Northern Assurance Buildings |
9-21 Princess Street |
Manchester |
M2 4DN |
PALMGROVE CATERING LIMITED (REGISTERED NUMBER: 01632053) |
Abridged Balance Sheet |
31 January 2017 |
2017 | 2016 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Current assets |
Stocks |
Debtors |
Cash in hand |
Creditors |
Amounts falling due within one year |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities | ( |
) | ( |
) |
Creditors |
Amounts falling due after more than one year |
( |
) |
( |
) |
Provisions for liabilities | ( |
) | ( |
) |
Net liabilities | ( |
) | ( |
) |
Capital and reserves |
Called up share capital | 6 |
Revaluation reserve | 7 |
Retained earnings | ( |
) | ( |
) |
Shareholders' funds | ( |
) | ( |
) |
PALMGROVE CATERING LIMITED (REGISTERED NUMBER: 01632053) |
Abridged Balance Sheet - continued |
31 January 2017 |
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. |
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 director on |
PALMGROVE CATERING LIMITED (REGISTERED NUMBER: 01632053) |
Notes to the Financial Statements |
for the Year Ended 31 January 2017 |
1. | Statutory information |
Palmgrove Catering Limited is a |
company's registered number and registered office address can be found on the Company Information page. |
2. | Accounting policies |
Basis of preparing the financial statements |
First year adoption |
This is the first year that the company has presented its financial statements under the provisions of Section 1A |
of FRS102 issued by the Financial Reporting Council. |
The last financial statements for the year ended 31 January 2016 were prepared under previous UK GAAP, and |
the transition date to FRS 102 is therefore 1 February 2015. |
The adoption of FRS102 has not required any material changes to the accounting policies. |
Going concern |
As at 31 January 2017 the company had net current liabilities of £417,308 (2016 - £422,476). 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 |
Short leasehold land and buildings | - |
Fixtures, fittings and equipment | - |
Motor vehicles | - |
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. |
PALMGROVE CATERING LIMITED (REGISTERED NUMBER: 01632053) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2017 |
2. | Accounting policies - continued |
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. |
3. | Employees and directors |
The average number of employees during the year was |
4. | Tangible fixed assets |
Totals |
£ |
Cost or valuation |
At 1 February 2016 |
Additions |
At 31 January 2017 |
Depreciation |
At 1 February 2016 |
Charge for year |
At 31 January 2017 |
Net book value |
At 31 January 2017 |
At 31 January 2016 |
PALMGROVE CATERING LIMITED (REGISTERED NUMBER: 01632053) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2017 |
4. | Tangible fixed assets - continued |
The land and buildings class of fixed assets was revalued on 22 July 2011 by Stuart F Beesley, FRICS who is |
external to the company. The basis of this valuation was a 10% yield basis at £15 per square foot. This class of |
assets has a current value of £nil (2016 - £16,129) and a carrying amount at historical cost of £7,552 (2016 - |
£7,552). The depreciation on this historical cost is £708,120 (2016 - £700,568). |
5. | Secured debts |
The following secured debts are included within creditors: |
2017 | 2016 |
£ | £ |
Bank overdrafts |
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. |
The pension scheme loan is secured by a charge dated 19 June 2007 held by the trustees of the Salad Bowl |
Pension Scheme. |
6. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
Ordinary | £1 | 1,000 | 1,000 |
7. | Reserves |
Revaluation |
reserve |
£ |
At 1 February 2016 |
Transfer of realised profits | (8,577 | ) |
At 31 January 2017 |
8. | Contingent liabilities |
The company has guaranteed the bank indebtedness of the following companies: San Rocco Group Limited, |
San Rocco (Hollingworth) Limited and San Rocco (Oldham) Limited. At the year end the aggregate of these |
companies indebtedness to the bank amounted to £nil (2016 - £nil). |
9. | Control |
The company is controlled by C S Stefanuto by virtue of owning 95% of the issued share capital of the company. |