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Registered number: 05994921










ON A ROLL SANDWICH COMPANY LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023

 
ON A ROLL SANDWICH COMPANY LIMITED
 
 
COMPANY INFORMATION


DIRECTOR
Mr J M Stoddart 




COMPANY SECRETARY
Mrs H Stoddart



REGISTERED NUMBER
05994921



REGISTERED OFFICE
The Pantry
Barton Road

Middlesborough

TS2 1RY




INDEPENDENT AUDITORS
Waltons Business Advisers Limited
Chartered Accountants & Statutory Auditors

Maritime House

Harbour Walk

The Marina

Hartlepool

TS24 0UX





 
ON A ROLL SANDWICH COMPANY LIMITED
 

CONTENTS



Page
Director's report
1 - 3
Strategic report
4 - 5
Independent auditors' report
6 - 9
Statement of income and retained earnings
10
Balance sheet
11 - 12
Statement of cash flows
13 - 14
Analysis of net debt
15
Notes to the financial statements
16 - 28


 
ON A ROLL SANDWICH COMPANY LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 JANUARY 2023

The director presents his report and the financial statements for the year ended 31 January 2023.

DIRECTOR'S RESPONSIBILITIES STATEMENT

The director is responsible for preparing the strategic report, the director's report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PRINCIPAL ACTIVITY

The principal activity of the company during the year was that of food manufacturing and distribution.

DIRECTOR

The director who served during the year was:

Mr J M Stoddart 

Page 1

 
ON A ROLL SANDWICH COMPANY LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023

FUTURE DEVELOPMENTS

On A Roll Sandwich Company Ltd (OAR) have seen another year of growth with a larger growth in the frozen sector than was initially expected.
The main focus for the next few years will be to build on the current customer base and grow their sales as well as start to look for other customers within the food to go market, within both fresh and frozen.
The economy still seems unsettled with continuing increases in raw materials as well as fuel and labour, however there are signs that it is settling and OAR expects to be in a different place next year with more settled pricing across all areas of the business. 
The key issue going forward now seems to be the limited employee availability and how this can be combatted.  The next few years will see investments in looking at untapped markets and factory automation where possible.  
Generally, the business is managing this and is continually looking at ways of combatting the issues it is being faced with.  It is continuing to look at national coverage and how it can compete at this level with there being more opportunities arising in that sector.  
The next financial year will hopefully see a further growth – but at a steadier rate with future years growth to be more stable are around 5-10% going forward.  

RESEARCH AND DEVELOPMENT ACTIVITIES

Research and development projects continued to include:
Development of sandwich packaging with improved sealing for freshness and prevention of tampering and contamination.
Development of heatproof inks and films which can then be used on sandwiches which are reheated by the wholesale and travel sectors.
Development of a new easy-to-use sandwich packaging for elderly hospital patients. Improved automation to the production process.

MATTERS COVERED IN THE STRATEGIC REPORT

The business review, principal risks and uncertainties and financial key performance indicators are included in the strategic report.

DISCLOSURE OF INFORMATION TO AUDITORS

The director at the time when this director's report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the company's auditors are unaware, and

he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Page 2

 
ON A ROLL SANDWICH COMPANY LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023


AUDITORS

The auditorsWaltons Business Advisers Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





Mr J M Stoddart
Director

Date: 20 October 2023

Page 3

 
ON A ROLL SANDWICH COMPANY LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2023

BUSINESS REVIEW
 
The director of On A Roll Sandwich Co (OAR), still feel that the effects from Covid and Brexit are still affecting the business, but feels it is slowly starting to improve.  Inflation, higher interest rates as well as the turmoil of the employment market are all affecting the operation of the business.
However, OAR have managed to continue to grow substantially this financial year and it has certainly been more than forecasted.  
There still seems to be a lot of unrest across all areas of their customer base which has been deliberately kept diverse to ensure if one area drops off the overall effect on the business is minimal.  The sandwich industry, is still unsettled with more larger contracts going out to tender, with mid-tier manufacturers able to go head to head with the big nationals – however pricing does seem to be the main driver still.  
Over the last few years OAR hadn’t engaged in tendering and were going with growth within their current customer base as well as recommendations.  This is starting to change, and although there hasn’t been any really big wins yet, access into previously alien territory is making a difference.
For year ending 31/1/24 there is a view that OAR will start tendering more for targeted business groups that will compliment the current customer base and not jeopardise the overall business ethos.
The business continues to expand its capacity and during the next financial year will continue to work towards growing the output of the current factories.

PRINCIPAL RISKS AND UNCERTAINTIES
 
OAR spent the last 6 months of this year ending 31/1/23 recruiting and employing a structured key management team that would run all areas of the business providing senior support to the teams.  This has now started to impact positively on all areas of the business.  This is an on-going exercise and this will take most of the financial year ending 31/1/24 to recruit and stabilise.  
Continuous investment is required in up-to-date machinery as well as the possibility of going down the robotic route in key areas.  This will assist with growth and labour shortages. 
Again, this year Brexit and food inflation has still been the biggest uncertainty for OAR and it has been hard to push price increases through to customers.  During this financial year two increases have gone through and next financial year ending 31/1/24 will possibly need another one, if not two increases. Margins are still not recovering.
Labour is the probably one of the most difficult issue to deal with at the moment and has been since covid restrictions eased.  Improving the management structure means that the overheads are going up but this should start to level off as OAR grow current business as well as bring in new business and the new management structure helps to meet KPIs and reduce costs.
The food to go market remains very volatile and competitors can be aggressive in their sales approach and pricing.  OAR are continuing to provide a quality product that is not always the cheapest on the market.  
Pricing is still being reviewed on a monthly basis together with market and competitor information as increased inflation will be around for quite some time.

Page 4

 
ON A ROLL SANDWICH COMPANY LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023

FINANCIAL KEY PERFORMANCE INDICATORS
 
The board monitors company performance using a range of indicators, some of the most significant of which are as follows:
ole1a94.png


This report was approved by the board and signed on its behalf.



Mr J M Stoddart
Director

Date: 20 October 2023

Page 5

 
ON A ROLL SANDWICH COMPANY LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ON A ROLL SANDWICH COMPANY LIMITED
 

UNQUALIFIED OPINION


We have audited the financial statements of On A Roll Sandwich Company Limited (the 'company') for the year ended 31 January 2023, which comprise the statement of income and retained earnings, the balance sheet, the statement of cash flows and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the company's affairs as at 31 January 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


BASIS FOR OPINION


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


CONCLUSIONS RELATING TO GOING CONCERN


In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.


Page 6

 
ON A ROLL SANDWICH COMPANY LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ON A ROLL SANDWICH COMPANY LIMITED (CONTINUED)


OTHER INFORMATION


The other information comprises the information included in the Annual Report other than the financial statements and our auditors' report thereon. The director is responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the director's report have been prepared in accordance with applicable legal requirements.


MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
 

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


RESPONSIBILITIES OF DIRECTORS
 

As explained more fully in the director's responsibilities statement set out on page 1, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
ON A ROLL SANDWICH COMPANY LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ON A ROLL SANDWICH COMPANY LIMITED (CONTINUED)


AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the area in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We identified the greatest potential for fraud in the following areas: existence and timing of recognition of income and the posting of unusual journals. We discussed these risks with management and designed audit procedures to test the timing and existence of revenue. We reviewed journals posted during the year and around the year end to look for potential “window dressing”.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.


Page 8

 
ON A ROLL SANDWICH COMPANY LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ON A ROLL SANDWICH COMPANY LIMITED (CONTINUED)


USE OF OUR REPORT
 

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Heather O'Driscoll FCA (senior statutory auditor)
  
for and on behalf of
Waltons Business Advisers Limited
 
Chartered Accountants
Statutory Auditors
  
Maritime House
Harbour Walk
The Marina
Hartlepool
TS24 0UX

23 October 2023
Page 9

 
ON A ROLL SANDWICH COMPANY LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 JANUARY 2023

2023
2022
Note
£
£

  

Turnover
 3 
30,516,309
19,207,651

Cost of sales
  
(23,456,307)
(14,136,712)

GROSS PROFIT
  
7,060,002
5,070,939

Distribution costs
  
(2,158,512)
(1,768,106)

Administrative expenses
  
(2,586,850)
(1,986,336)

Other operating income
 4 
22,305
222,428

OPERATING PROFIT
 5 
2,336,945
1,538,925

Interest receivable and similar income
 9 
2,455
661

Interest payable and similar expenses
 10 
(11,906)
(25,418)

PROFIT BEFORE TAX
  
2,327,494
1,514,168

Tax on profit
 11 
(407,084)
(217,421)

PROFIT AFTER TAX
  
1,920,410
1,296,747

  

  

Retained earnings at the beginning of the year
  
5,413,644
4,238,393

  
5,413,644
4,238,393

Profit for the year
  
1,920,410
1,296,747

Dividends declared and paid
  
(141,000)
(121,500)

RETAINED EARNINGS AT THE END OF THE YEAR
  
7,193,054
5,413,640
The notes on pages 16 to 28 form part of these financial statements.

Page 10

 
ON A ROLL SANDWICH COMPANY LIMITED
REGISTERED NUMBER: 05994921

BALANCE SHEET
AS AT 31 JANUARY 2023

2023
2022
Note
£
£

FIXED ASSETS
  

Tangible assets
 13 
4,541,660
4,347,463

Investments
 14 
1,080
1,080

  
4,542,740
4,348,543

CURRENT ASSETS
  

Stocks
 15 
2,108,739
973,772

Debtors: amounts falling due within one year
 16 
4,634,566
2,806,768

Cash at bank and in hand
 17 
1,432,789
2,745,573

  
8,176,094
6,526,113

Creditors: amounts falling due within one year
 18 
(4,266,477)
(3,959,862)

NET CURRENT ASSETS
  
 
 
3,909,617
 
 
2,566,251

TOTAL ASSETS LESS CURRENT LIABILITIES
  
8,452,357
6,914,794

Creditors: amounts falling due after more than one year
 19 
(210,622)
(467,213)

PROVISIONS FOR LIABILITIES
  

Deferred tax
 22 
(558,216)
(521,169)

Other provisions
 23 
(490,367)
(512,672)

  
 
 
(1,048,583)
 
 
(1,033,841)

NET ASSETS
  
7,193,152
5,413,740


CAPITAL AND RESERVES
  

Called up share capital 
 24 
100
100

Profit and loss account
 25 
7,193,052
5,413,640

  
7,193,152
5,413,740


Page 11

 
ON A ROLL SANDWICH COMPANY LIMITED
REGISTERED NUMBER: 05994921
    
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 October 2023.




Mr J M Stoddart
Director

The notes on pages 16 to 28 form part of these financial statements.

Page 12

 
ON A ROLL SANDWICH COMPANY LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2023

2023
2022
£
£

CASH FLOWS FROM OPERATING ACTIVITIES

PROFIT AFTER TAX
1,920,410
1,296,747

ADJUSTMENTS FOR:

Depreciation of tangible assets
455,062
397,382

Government grants
(22,305)
(22,305)

Interest paid
11,906
25,418

Interest received
(2,455)
(661)

Taxation charge
407,084
217,421

(Increase) in stocks
(1,134,967)
(303,871)

(Increase) in debtors
(1,827,796)
(1,272,918)

Increase in creditors
1,565,974
769,685

Corporation tax (paid)/received
(153,545)
105,354

NET CASH GENERATED FROM OPERATING ACTIVITIES

1,219,368
1,212,252


CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of tangible fixed assets
(649,259)
(410,367)

Interest received
2,455
661

HP interest paid
4,226
(7,477)

NET CASH FROM INVESTING ACTIVITIES

(642,578)
(417,183)
Page 13

 
ON A ROLL SANDWICH COMPANY LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023


2023
2022

£
£



CASH FLOWS FROM FINANCING ACTIVITIES

Repayment of loans
(1,647,362)
(232,221)

Repayment of/new finance leases
(85,080)
(143,228)

Dividends paid
(141,000)
(121,500)

Interest paid
(16,132)
(17,941)

NET CASH USED IN FINANCING ACTIVITIES
(1,889,574)
(514,890)

(DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS
(1,312,784)
280,179

Cash and cash equivalents at beginning of year
2,745,573
2,465,394

CASH AND CASH EQUIVALENTS AT THE END OF YEAR
1,432,789
2,745,573


CASH AND CASH EQUIVALENTS AT THE END OF YEAR COMPRISE:

Cash at bank and in hand
1,432,789
2,745,573

1,432,789
2,745,573


The notes on pages 16 to 28 form part of these financial statements.

Page 14

 
ON A ROLL SANDWICH COMPANY LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JANUARY 2023




At 1 February 2022
Cash flows
At 31 January 2023
£

£

£

Cash at bank and in hand

2,745,573

(1,312,784)

1,432,789

Debt due after 1 year

(326,582)

197,362

(129,220)

Debt due within 1 year

(1,632,500)

1,450,000

(182,500)

Finance leases

(224,557)

85,080

(139,477)


561,934
419,658
981,592

The notes on pages 16 to 28 form part of these financial statements.

Page 15

 
ON A ROLL SANDWICH COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

1.


GENERAL INFORMATION

The company is a private company limited by share capital and registered in England and Wales. The registered office address is:
The Pantry
Barton Road
Middlesbrough
TS2 1RY

2.ACCOUNTING POLICIES

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies.

 
2.2

Going concern

The director, having made due and careful enquiry, is of the opinion that the company has, with the support of the bank and invoice discounting arrangement, adequate working capital to execute its operations over the next 12 months. The director, therefore, has made an informed judgement, at the time of approving the financial statements, that there is reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As a result the director has continued to adopt the going concern basis of accounting in preparing the annual financial statements.

 
2.3

Revenue

Revenue comprises revenue recognised by the company in respect of goods supplied during the year, exclusive of Value Added Tax.
Revenue is recognised when the company has transferred ownership of goods to the buyer and revenue can be measured reliably. 

  
2.4
Invoice discounting

The company obtains finance in respect of trade debtors under an invoice discounting arrangement. This is regarded as a financing arrangement only, and the gross amount of the trade debtor is included in debtors with any advances received against these debts being included in other creditors. Interest and charges in respect of these arrangements are charged to the profit and loss on an accruals basis.

Page 16

 
ON A ROLL SANDWICH COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
50 years
Plant & machinery
-
8 years
Motor vehicles
-
4 years
Fixtures & fittings
-
4 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Stocks

Stocks of goods are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. 

 
2.7

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.


3.


TURNOVER

All turnover arose within the United Kingdom.

Page 17

 
ON A ROLL SANDWICH COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

4.


OTHER OPERATING INCOME

2023
2022
£
£

Government grants receivable- Job retention scheme
-
163,023

Government grants released
22,305
22,305

Government grants receivable
-
37,100

22,305
222,428



5.


OPERATING PROFIT

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
455,062
397,382

Exchange differences
-
4,444

Defined contribution pension cost
97,282
88,074

Government grants
(22,305)
(22,305)

(22,305)
(22,305)


6.


AUDITORS' REMUNERATION

During the year, the company obtained the following services from the company's auditors:


2023
2022
£
£

Fees payable to the company's auditors for the audit of the company's financial statements
10,925
7,000

Fees payable to the company's auditors in respect of:

Taxation compliance services
960
905

All non-audit services not included above
6,330
5,925
Page 18

 
ON A ROLL SANDWICH COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

7.


EMPLOYEES

Staff costs, including director's remuneration, were as follows:


2023
2022
£
£

Wages and salaries
4,985,830
4,227,861

Social security costs
401,777
306,009

Cost of defined contribution scheme
97,282
88,074

5,484,889
4,621,944


Total remuneration to key management personnel was £24,120 (2022: £23,866).

The average monthly number of employees, including the director, during the year was as follows:


        2023
        2022
            No.
            No.







Production
202
195



Admin and directors
20
20



Quality assurance department
13
14



Maintenance
3
3

238
232


8.


DIRECTOR'S REMUNERATION

2023
2022
£
£

Director's emoluments
12,070
11,933

Company contributions to defined contribution pension schemes
7,319
7,400

19,389
19,333


During the year retirement benefits were accruing to 1 director (2022 - 1) in respect of defined contribution pension schemes.

Page 19

 
ON A ROLL SANDWICH COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

9.


INTEREST RECEIVABLE

2023
2022
£
£


Other interest receivable
2,455
661

2,455
661


10.


INTEREST PAYABLE AND SIMILAR EXPENSES

2023
2022
£
£


Bank interest payable
16,132
17,798

Other loan interest payable
-
143

Finance leases and hire purchase contracts
(4,226)
7,477

11,906
25,418


11.


TAXATION


2023
2022
£
£

Corporation tax


Current tax on profits for the year
370,037
229,363

Adjustments in respect of previous periods
-
(31,759)


370,037
197,604


Deferred tax


Origination and reversal of timing differences
37,047
19,817

Total deferred tax
37,047
19,817


Taxation on profit on ordinary activities
407,084
217,421
Page 20

 
ON A ROLL SANDWICH COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
 
11.TAXATION (CONTINUED)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 19% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
2,327,494
1,514,168


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
442,224
287,692


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,202
3,368

Capital allowances for year in excess of depreciation
(69,151)
(21,595)

Adjustments to tax charge in respect of prior periods
-
(31,760)

Short-term timing difference leading to an increase (decrease) in taxation
37,047
19,817

Non-taxable income
(4,238)
(4,238)

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
-
(35,863)

Total tax charge for the year
407,084
217,421


Factors that may affect future tax changes

There were no factors that may affect future tax charges.


12.


DIVIDENDS

2023
2022
£
£


Dividends
141,000
121,500

141,000
121,500

Page 21

 
ON A ROLL SANDWICH COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

13.


TANGIBLE FIXED ASSETS





Land and buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Total

£
£
£
£
£



Cost


At 1 February 2022
3,929,570
2,346,472
376,674
104,527
6,757,243


Additions
38,125
584,410
-
26,724
649,259



At 31 January 2023

3,967,695
2,930,882
376,674
131,251
7,406,502



Depreciation


At 1 February 2022
604,587
1,607,099
100,504
97,590
2,409,780


Charge for the year on owned assets
69,429
210,656
89,569
7,846
377,500


Charge for the year on financed assets
-
77,562
-
-
77,562



At 31 January 2023

674,016
1,895,317
190,073
105,436
2,864,842



Net book value



At 31 January 2023
3,293,679
1,035,565
186,601
25,815
4,541,660



At 31 January 2022
3,324,983
739,373
276,170
6,937
4,347,463

Page 22

 
ON A ROLL SANDWICH COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

           13.TANGIBLE FIXED ASSETS (CONTINUED)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Land and buildings
190,631
195,316

Plant and machinery
234,553
312,115

425,184
507,431


14.


FIXED ASSET INVESTMENTS





Unlisted investments

£





At 1 February 2022

1,080



At 31 January 2023
1,080





15.


STOCKS

2023
2022
£
£

Raw materials and consumables
1,477,585
815,155

Finished goods and goods for resale
631,154
158,617

2,108,739
973,772


Page 23

 
ON A ROLL SANDWICH COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

16.


DEBTORS

2023
2022
£
£


Trade debtors
3,644,171
2,377,417

Other debtors
955,746
383,818

Prepayments and accrued income
34,649
45,533

4,634,566
2,806,768


Of the trade debtors 100% (2022: 100%) are held under a financing arrangement at the year end.


17.


CASH AND CASH EQUIVALENTS

2023
2022
£
£

Cash at bank and in hand
1,432,789
2,745,573

1,432,789
2,745,573



18.


CREDITORS: Amounts falling due within one year

2023
2022
£
£

Bank loans
182,500
1,632,500

Trade creditors
2,816,115
1,394,352

Corporation tax
445,944
229,452

Other taxation and social security
72,712
68,952

Obligations under finance lease and hire purchase contracts
58,075
83,926

Other creditors
271,586
232,464

Accruals and deferred income
419,545
318,216

4,266,477
3,959,862


Page 24

 
ON A ROLL SANDWICH COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

19.


CREDITORS: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
129,220
326,582

Net obligations under finance leases and hire purchase contracts
81,402
140,631

210,622
467,213


The following liabilities were secured:
The net obligation under finance leases and hire purchase contracts are secured upon the assets to which they relate.


20.


LOANS


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
182,500
1,632,500

Amounts falling due 1-2 years

Bank loans
129,220
182,500

Amounts falling due 2-5 years

Bank loans
-
144,082


311,720
1,959,082


Page 25

 
ON A ROLL SANDWICH COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

21.


FINANCIAL INSTRUMENTS

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
1,432,789
2,745,573

Financial assets that are debt instruments measured at amortised cost
4,599,917
2,806,768

6,032,706
5,552,341


Financial liabilities


Financial liabilities measured at amortised cost
(4,031,155)
(4,197,623)


Financial assets measured at fair value through profit or loss comprise cash in hand.


Financial assets that are debt instruments measured at amortised cost comprise trade and other debtors, VAT repayable. 


Financial liabilities measured at amortised cost comprise bank loans and overdrafts, trade creditors,  PAYE liabilities, obligations under finance lease and hire purchase contracts, accruals and other creditors.

Page 26

 
ON A ROLL SANDWICH COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

22.


DEFERRED TAXATION




2023
2022


£

£






At beginning of year
(521,169)
(501,352)


Charged to the profit or loss
(37,047)
(19,817)



At 31 January 2022
(558,216)
(521,169)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
558,216
521,169

558,216
521,169


23.


GRANTS




Grants

£





At 1 February 2022
512,672


Utilised in year
(22,305)



At 31 January 2023
490,367


24.


SHARE CAPITAL

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



25.


RESERVES

Profit & loss account

The profit and loss account represents accumulated profits less dividends paid.

Page 27

 
ON A ROLL SANDWICH COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

26.


PENSION COMMITMENTS

Included within other creditors is an amount of £1,100 (1 February 2022: £2,752) in relation to outstanding  pension contributions.


27.


COMMITMENTS UNDER OPERATING LEASES

At 31 January 2023 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
16,813
4,238

Later than 1 year and not later than 5 years
40,654
16,599

57,467
20,837


28.


RELATED PARTY TRANSACTIONS

At 31 January 2023 £289,307 (1 February 2022: £32,806) was due from the director and his wife. This was the maximum balance outstanding during the year.
Dividends of £141,000 were paid to the director and his wife during the year.

 
Page 28