Alba Business Catering Limited Filleted accounts for Companies House (small and micro)

ALBA BUSINESS CATERING LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 3550566

Alba Business Catering Limited

Filleted Unaudited Financial Statements

29 June 2023

Alba Business Catering Limited

Financial Statements

Period from 24 June 2022 to 29 June 2023

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Alba Business Catering Limited

Statement of Financial Position

29 June 2023

	29 Jun 23		23 Jun 22
Note	£	£	£

Fixed assets

Tangible assets	6		775,000	778,214

Current assets

Debtors	7	303,295	226,962
Cash at bank and in hand		215,127	89,545
		----------	----------
		518,422	316,507

Creditors: amounts falling due within one year	8	384,686		243,586
		----------		----------
Net current assets			133,736	72,921
			----------	----------
Total assets less current liabilities			908,736	851,135

Creditors: amounts falling due after more than one year	9		139,799	153,248

Provisions

Taxation including deferred tax	65,792	50,916
	----------	----------
Net assets	703,145	646,971
	----------	----------

Alba Business Catering Limited

Statement of Financial Position (continued)

29 June 2023

	29 Jun 23		23 Jun 22
Note	£	£	£

Capital and reserves

Called up share capital	47,712	47,712
Revaluation reserve	343,159	359,231
Capital redemption reserve	22,288	22,288
Profit and loss account	289,986	217,740
	----------	----------
Shareholders funds	703,145	646,971
	----------	----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the period ending 29 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 25 January 2024 , and are signed on behalf of the board by:

S B Harrison
Director

Company registration number: 3550566

Alba Business Catering Limited

Notes to the Financial Statements

Period from 24 June 2022 to 29 June 2023

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is One, St Peters Square, Manchester, United Kingdom, M2 3DE.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on the going concern basis, which assumes that the company will have adequate resources to continue to operate for the foreseeable future. The company has taken measures to minimise outgoings and maintain activities at a suitable level during the time of economic disruption. The directors therefore consider it is appropriate to prepare these financial statements on the going concern basis.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Unit Equipment	-	33% straight line
Office Equipment	-	33% straight line
Motor vehciles	-	25% straight line

No depreciation is provided on heritable property as it is the company's policy to maintain it so as to extend its useful life. Costs of repairs and renewals are charged against revenue in the year in which they are incurred.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account so as to spread the cost of the pensions over the employees' working lives with the company. All contributions were paid during the year.

4. Employee numbers

The average number of persons employed by the company during the period amounted to 70 (2022: 53 ).

5. Tax on profit

Major components of tax expense

	Period from	Period from
	24 Jun 22 to	25 Jun 21 to
	29 Jun 23	23 Jun 22
	£	£

Current tax:

UK current tax expense	48,568	13,777

Deferred tax:

Origination and reversal of timing differences	14,875	50,498
	---------	---------
Tax on profit	63,443	64,275
	---------	---------

6. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Total
	£	£	£	£
Cost
At 24 June 2022 and 29 June 2023	775,000	65,982	53,518	894,500
	----------	---------	---------	----------
Depreciation
At 24 June 2022	–	65,982	50,304	116,286
Charge for the period	–	–	3,214	3,214
	----------	---------	---------	----------
At 29 June 2023	–	65,982	53,518	119,500
	----------	---------	---------	----------
Carrying amount
At 29 June 2023	775,000	–	–	775,000
	----------	---------	---------	----------
At 23 June 2022	775,000	–	3,214	778,214
	----------	---------	---------	----------

Tangible assets held at valuation

The property was revalued by the directors in June 2023, based on the market values of similar properties in the central Edinburgh.

7. Debtors

	29 Jun 23	23 Jun 22
	£	£
Trade debtors	301,674	225,974
Other debtors	1,621	988
	----------	----------
	303,295	226,962
	----------	----------

8. Creditors: amounts falling due within one year

	29 Jun 23	23 Jun 22
	£	£
Bank loans and overdrafts	14,500	15,500
Trade creditors	222,609	141,373
Corporation tax	48,568	13,777
Social security and other taxes	93,697	71,130
Other creditors	5,312	1,806
	----------	----------
	384,686	243,586
	----------	----------

The bank loan is secured by standard securities over the company's properties and a floating charge over the remaining assets.

9. Creditors: amounts falling due after more than one year

	29 Jun 23	23 Jun 22
	£	£
Bank loans and overdrafts	139,799	153,248
	----------	----------

Included within creditors: amounts falling due after more than one year is an amount of £74,251 (2022: £86,228) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

The bank loan is secured by standard securities over the company's properties and a floating charge over the remaining assets.

10. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	29 Jun 23	23 Jun 22
	£	£
Included in provisions	65,792	50,916
	---------	---------

The deferred tax account consists of the tax effect of timing differences in respect of:

	29 Jun 23	23 Jun 22
	£	£
Accelerated capital allowances	( 1,176)	20
Revaluation of tangible assets	66,968	50,896
	---------	---------
	65,792	50,916
	---------	---------

11. Related party transactions

The company was under the control of S B Harrison and Mrs N Harrison during the year. No other transactions with related parties were undertaken such as required to be disclosed under the FRSSE.