Palmgrove Catering Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01632053 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 January 2018

for

PALMGROVE CATERING LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Directors:

C S Stefanuto

F Stefanuto

R Stefanuto

D 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

4

382,240

84,150

Current assets

Stocks

7,657

6,873

Debtors

5

116,630

25,157

Cash at bank and in hand

64,436

3,646

188,723

35,676

Creditors

Amounts falling due within one year

6

573,311

452,984

Net current liabilities

(384,588

)

(417,308

)

Total assets less current liabilities

(2,348

)

(333,158

)

Creditors

Amounts falling due after more than one year

7

-

(1,072

)

Provisions for liabilities

9

(71,408

)

(14,407

)

Net liabilities

(73,756

)

(348,637

)

Capital and reserves

Called up share capital

10

1,000

1,000

Revaluation reserve

11

243,000

-

Retained earnings

11

(317,756

)

(349,637

)

Shareholders' funds

(73,756

)

(348,637

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 Board of Directors on 24 August 2018 and were signed on its behalf by:

C S Stefanuto - Director

1.	Statutory information

Palmgrove Catering 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.

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern

As at 31 January 2018 the company had net current liabilities of £384,588 (2017 - £417,308). The company is

dependent on the continued support of related companies and the directors who have confirmed their

commitment to continue to provide the necessary support as long as the company needs it.

On this basis the directors 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.

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.

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 48 (2017 - 49 ) .

4.	Tangible fixed assets

Short

Fixtures,

leasehold

fittings

land and

Plant and

and

Motor

buildings

machinery

equipment

vehicles

Totals

£

£

£

£

£

Cost or valuation

At 1 February 2017

500,000

225,689

325,483

6,300

1,057,472

Additions

-

6,081

6,545

-

12,626

Revaluations

(200,000

)

-

-

-

(200,000

)

At 31 January 2018

300,000

231,770

332,028

6,300

870,098

Depreciation

At 1 February 2017

500,000

190,634

276,588

6,100

973,322

Charge for year

-

6,170

8,316

50

14,536

Revaluation adjustments

(500,000

)

-

-

-

(500,000

)

At 31 January 2018

-

196,804

284,904

6,150

487,858

Net book value

At 31 January 2018

300,000

34,966

47,124

150

382,240

At 31 January 2017

-

35,055

48,895

200

84,150

The short leasehold land and buildings class of fixed assets was revalued on 28 March 2018 by Stuart F

Beesley, FRICS who is external to the company. The basis of this valuation was on an open market basis. This

class of assets has a current value of £300,000 (2017 - £Nil) and a carrying amount at historical cost of £nil

(2017 - £nil). The depreciation on this historical cost is £708,120 (2017 - £708,120).

5.

Debtors: amounts falling due within one year

2018

2017

£

£

Trade debtors

350

74

Amounts owed by associated undertakings

98,900

1,571

Other debtors

17,380

23,512

116,630

25,157

6.

Creditors: amounts falling due within one year

2018

2017

£

£

Bank loans and overdrafts

-

40,612

Trade creditors

102,493

80,997

Taxation and social security

79,819

76,440

Other creditors

390,999

254,935

573,311

452,984

7.

Creditors: amounts falling due after more than one year

2018

2017

£

£

Bank loans

-

1,072

8.	Secured debts

The following secured debts are included within creditors:

2018

2017

£

£

Bank overdraft

-

28,259

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.

9.	Provisions for liabilities

2018

2017

£

£

Deferred tax

Accelerated capital allowances

14,408

14,407

Other timing differences

57,000

-

71,408

14,407

Deferred

tax

£

Balance at 1 February 2017

14,407

Charge to Profit and Loss Account during year

1

Other comprehensive income

57,000

Balance at 31 January 2018

71,408

10.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

1,000

Ordinary

£1

1,000

1,000

11.

Reserves

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 February 2017

(349,637

)

-

(349,637

)

Profit for the year

31,881

-

31,881

Revaluation

-

243,000

243,000

At 31 January 2018

(317,756

)

243,000

(74,756

)

12.	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 £50,376 (2017 - £nil).

13.	Other financial commitments

The company has total non-cancellable lease commitments at the year end totalling £1,657,500 (2017 -

£1,747,500).

14.

Control

The company is controlled by C S Stefanuto by virtue of owning 95% of the issued share capital of the company.