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REGISTERED NUMBER: 02470662 (England and Wales)


















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE PERIOD

1 SEPTEMBER 2022 TO 25 AUGUST 2023

FOR

DOLCE LIMITED

DOLCE LIMITED (REGISTERED NUMBER: 02470662)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Period 1 September 2022 to 25 August 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 6

Report of the Independent Auditors 8

Statement of Comprehensive Income 12

Balance Sheet 13

Statement of Changes in Equity 14

Notes to the Financial Statements 15


DOLCE LIMITED

COMPANY INFORMATION
for the Period 1 September 2022 to 25 August 2023







DIRECTORS: S Curtis
A Curtis
S J Blake
A I Coleman





SECRETARY: S Curtis





REGISTERED OFFICE: Lowton Business Park
Newton Road
Lowton St Marys
Warrington
Lancashire
WA3 2AN





REGISTERED NUMBER: 02470662 (England and Wales)





INDEPENDENT AUDITORS: Fairhurst
Statutory Auditor
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB

DOLCE LIMITED (REGISTERED NUMBER: 02470662)

STRATEGIC REPORT
for the Period 1 September 2022 to 25 August 2023

The directors present their strategic report for the period 1 September 2022 to 25 August 2023.

The Company has increased its Turnover this year by £11.0m (32%) to £45.9m. This is felt to be an excellent result, and there is relief that the effect of Covid restrictions in the school environment finally lifted.

Turnover for the year to 2024 is forecast to increase further, but at a slightly lower % increase rate.

During the year we mobilised 94 new school contracts (£6.8m of turnover), this included 9 Multi Academy Trusts (MATs) and 13 secondary schools. We invested £228k mobilising new business on three to five year contracts.

During the year we met our annual £400k repayment commitment of the Coronavirus Business Interruption Scheme money that we accessed in 2020/2021, whilst also making £457k of contribution into our pension scheme as required by the actuarial schedule of contributions dated 11th March 2022.

As at 31st August 2023, the pension scheme was an asset of £2.7m (surplus), a £600k movement on the prior year. A schedule of contributions was prepared by the actuaries reducing employer contributions to nil from 27th February 2023 to December 2023. This has subsequently been extended to December 2024 based on actuarial updates.


DOLCE LIMITED (REGISTERED NUMBER: 02470662)

STRATEGIC REPORT
for the Period 1 September 2022 to 25 August 2023

REVIEW OF BUSINESS
Financial Review

FY 2023 FY 2022
Turnover £45.9m £34.9m
Gross Profit £9.8m (21%) £7.1m (20%)
Overheads £8.9m £7.8m
Operating profit / (loss) £888k (£700k)
Net Assets £4.7m £3.7m

Employee Pension Funding FRS 102 Report £2.7m surplus £2.1m surplus

The £888k operating profit in the year is a £1.588m improvement on the previous year. As last year, working with our clients, suppliers and employees to minimise the major impact of rising food inflation in the year, post-Covid levels of sickness and national minimum wage increases, has been key to the resilience of the business. Meal uptake improvements and economies of scale have been important contributors too.

Gross margin in the year has improved slightly from 20% to 21%. Overheads although they have increased in value, have been maintained at a lower percentage of revenue 19% compared with 22% in 2022, with this trend set to continue.

Financial Key Performance Indicators

The KPIs that underpin business performance are either financial / quantitative (F) or qualitative (Q)

Customer churn (F):

At the start of the financial year, 537 schools were in service. At the end of the financial year 606 clients sites were in service (a net growth of 69 clients).

Customer satisfaction (Q):
The target customer satisfaction rating for 2022 / 2023 was 80%.

Customer satisfaction levels are monitored by a telephone call with each head teacher who completes a series of five questions about elements of our service - the same five questions are asked every year and so we can accurately monitor satisfaction and identify problem areas and remedy quickly.

2022 - 2023 75%
2021 - 2022 81%
2020 - 2021 72%
2019 - 2020 None due to Covid
2018 - 2019 82%


DOLCE LIMITED (REGISTERED NUMBER: 02470662)

STRATEGIC REPORT
for the Period 1 September 2022 to 25 August 2023

PRINCIPAL RISKS AND UNCERTAINTIES
Food supply disruption and inflation
Our food supply chain was improved in the year but still far below pre-Covid norms. Many of the failed food deliveries are caused by the unavailability of produce, the causes of which include extreme weather and war.
Pre-Covid drop accuracy was over 99%, but in 2023 the drop accuracy was averaging 97% across all schools.
The time taken in managing delivery shortfalls is significant as we seek alternatives from other sources.
By the end of the financial year inflation was slowing. However, year on year, our shopping basket increased by around 13%, spread widely across the vast majority of products.
It is worth noting that, at the time of writing, the statistics referred to above are much improved and Dolce's food cost is under far greater control.

Minimum wage
As at April 2023 the minimum wage increased by 9.7%, from £9.50 to £10.42. We did not see the same increase in Government FSM or UIFSM funding which increased by 12p (5%) in June 2023 from £2.41 to £2.53 per pupil. Coupled with food inflation, our two largest costs were forcing us to ask schools for more money than they received from the government.

Government funding
There is no definite future promise from the Government to increase the level of funding for school meals. LACA have been actively lobbying the government to maintain a healthy investment in the provision of UIFSM and FSM but as yet the scheme remains underfunded.

The Directors are closely assessing the future impact that this lack of investment will have upon the school meals market and the quality of food provided across England and Wales.

Financial risk management
The company is exposed to financial risks that include the effects of credit risk, liquidity risk and interest rate risk. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company by monitoring levels of debt finance and the related finance costs.

Large increases in National Minimum wage and food inflation have not been matched by increases in the financial allocation that the government allocates to school catering and Dolce is planning on the basis that this position will not change.

FUTURE DEVELOPMENTS
Notwithstanding the efforts in managing the growth in sales, the business enjoyed a year of relative stability compared to the Covid related turbulence of recent years, and the financial results illustrate that stability.

Double digit growth, and recruitment of quality staff are expected to continue. Dolce will continue to recruit to help manage the rapid growth it has seen over many years. Almost all departments have benefitted from the higher calibre of new recruits brought in to effect that change.

The company saw its investment in new systems bear fruit in the year too as those systems helped manage the scalability aspect of the growth.

The upgrade of HR and Payroll systems during 2023/24 is, at the time of writing, on course for summer 2024.

The investments we have and will be making in our back office systems will provide the business and our clients with improved financial information and also create a better integration between Finance and Operations, Payroll and HR. With over 2000 employees, the investment in a new HR system will bring better management and development of our people.

The CIBLS loan was fully paid off in March 2024, from cash surpluses generated in the 2023/24 financial year. This is a further sign of Dolce returning to financial stability


DOLCE LIMITED (REGISTERED NUMBER: 02470662)

STRATEGIC REPORT
for the Period 1 September 2022 to 25 August 2023

GOING CONCERN
The UK Government is committed to keeping FSM in secondary schools and UIFSM and FSM available in primary schools across the country.

In assessing the company's ability to continue as a going concern, the directors have considered the ongoing performance to 2025. The continued resilience and growth of the business despite the economic challenges and the losses sustained during the 2020-2022 period, show there is clear recovery and the return to profit in 2023 augurs well for the future. These projections demonstrate that Dolce can meet its all its obligations throughout 2024/2025.

The company therefore continues to adopt the going concern basis in preparing the financial statements.

ON BEHALF OF THE BOARD:





Director


11 April 2024

DOLCE LIMITED (REGISTERED NUMBER: 02470662)

REPORT OF THE DIRECTORS
for the Period 1 September 2022 to 25 August 2023

The directors present their report with the financial statements of the company for the period 1 September 2022 to 25 August 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the period under review was that of the provision of catering services to schools across the UK.

DIVIDENDS
No dividends will be distributed for the period ended 25 August 2023.

EVENTS SINCE THE END OF THE PERIOD
Information relating to events since the end of the period is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 September 2022 to the date of this report.

S Curtis
A Curtis
S J Blake

Other changes in directors holding office are as follows:

A I Coleman was appointed as a director after 25 August 2023 but prior to the date of this report.

L A Bell ceased to be a director after 25 August 2023 but prior to the date of this report.

EMPLOYMENT POLICIES
Company Policy for Employment of Disabled Persons
The company gives full and fair consideration to applications of employment by disabled persons, having regard to their particular aptitudes and abilities.
Opportunities are available to disabled employees for training, career development and promotion.

The company offers continuing employment wherever practical, and appropriate training for employees of the company who become disabled during the period when they have been employed by the company

Employee Involvement
The company operates a framework for employee information and consultation which complies with the requirements of the Information and Consultation of Employees Regulations 2014

Regular meetings are held at multiple levels of management between management and employees to allow a free flow of information and ideas


DOLCE LIMITED (REGISTERED NUMBER: 02470662)

REPORT OF THE DIRECTORS
for the Period 1 September 2022 to 25 August 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are 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 directors are required to:

- select suitable accounting policies 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 directors are 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Fairhurst, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





S Curtis - Director


11 April 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DOLCE LIMITED

Opinion
We have audited the financial statements of Dolce Limited (the 'company') for the period ended 25 August 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The 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 25 August 2023 and of its profit for the period 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 UK, including the FRC'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 directors' 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 directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our 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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DOLCE LIMITED


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 Report of the Directors.

We have nothing to report in respect of the following matters where 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 directors' 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 Statement of Directors' Responsibilities set out on page seven, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DOLCE LIMITED


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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Extent to which the audit was considered capable of detecting irregularities including fraud
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to
ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and addressing risks of material misstatement in respect of irregularities, including fraud and
non-compliance with laws and regulations, our procedures included the following:

- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- We obtained an understanding of laws and regulations that affect the company, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we have identified included FRS 102, Companies Act 2006, Tax legislation, data protection, employment,
environmental, food hygiene (including allergen control) and health & safety legislation.
- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of
management and inspecting accreditations and legal correspondence.

In assessing the susceptibility of the company's financial statements to material misstatement, including obtaining and understanding of how fraud might occur;
- We gained an understanding of the controls that management have in place to prevent and detect fraud. We enquired of management about any instances of fraud that had taken place during the year.

To address the risk of fraud through management bias and override of controls;
- We performed analytical procedures to identify any unusual or unexpected relationships;
- We tested journal entries to identify unusual transactions; and
- We assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias.

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material
misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DOLCE LIMITED


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 2006. Our 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 a Report of the Auditors 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.




Louise Webster BSc BFP ACA (Senior Statutory Auditor)
for and on behalf of Fairhurst
Statutory Auditor
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB

16 April 2024

DOLCE LIMITED (REGISTERED NUMBER: 02470662)

STATEMENT OF COMPREHENSIVE
INCOME
for the Period 1 September 2022 to 25 August 2023

Period Year Ended
1/9/22 to 25/8/23 31/8/22
as restated
Notes £    £    £    £   

TURNOVER 45,920,744 34,911,296

Cost of sales 36,316,133 27,866,584
GROSS PROFIT 9,604,611 7,044,712

Administrative expenses 8,716,452 7,745,547
888,159 (700,835 )

Other operating income 3 - 4,602
888,159 (696,233 )

Income from fixed asset investments 431 15
Other finance income 22 93,000 -
93,431 15
981,590 (696,218 )
Gain/loss on revaluation of investments - (149,534 )
981,590 (845,752 )

Interest payable and similar expenses 5 100,572 70,678
Other finance costs 22 - 16,000
100,572 86,678
PROFIT/(LOSS) BEFORE TAXATION 6 881,018 (932,430 )

Tax on profit/(loss) 7 265,535 (202,439 )
PROFIT/(LOSS) FOR THE FINANCIAL
PERIOD

615,483

(729,991

)

OTHER COMPREHENSIVE INCOME
Remeasurement of defined benefit
obligation 996,000 3,592,000
Return on plan assets, excluding amounts
included in net interest on the
recognised defined benefit (liability)
asset (240,000 ) (815,000 )
Income tax relating to components of other
comprehensive income

(127,650

)

(206,896

)
OTHER COMPREHENSIVE INCOME
FOR THE PERIOD, NET OF INCOME
TAX


628,350


2,570,104
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD

1,243,833

1,840,113

DOLCE LIMITED (REGISTERED NUMBER: 02470662)

BALANCE SHEET
25 August 2023

2023 2022
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 69,035 110,758
69,035 110,758

CURRENT ASSETS
Stocks 11 106,315 27,935
Debtors 12 4,471,716 3,847,639
Investments 13 - 1,562,410
Cash at bank and in hand 3,044,447 709,097
7,622,478 6,147,081
CREDITORS
Amounts falling due within one year 14 4,706,580 3,684,465
NET CURRENT ASSETS 2,915,898 2,462,616
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,984,933

2,573,374

CREDITORS
Amounts falling due after more than one
year

15

(766,667

)

(1,166,667

)

PROVISIONS FOR LIABILITIES 19 (237,123 ) (26,397 )

PENSION ASSET 22 2,737,000 2,094,000
NET ASSETS 4,718,143 3,474,310

CAPITAL AND RESERVES
Called up share capital 20 1,157 1,157
Share premium 21 4,945 4,945
Retained earnings 21 4,712,041 3,468,208
SHAREHOLDERS' FUNDS 4,718,143 3,474,310

The financial statements were approved by the Board of Directors and authorised for issue on 11 April 2024 and were signed on its behalf by:





S Curtis - Director


DOLCE LIMITED (REGISTERED NUMBER: 02470662)

STATEMENT OF CHANGES IN EQUITY
for the Period 1 September 2022 to 25 August 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 September 2021 1,157 1,628,095 4,945 1,634,197

Changes in equity
Total comprehensive income - 1,840,113 - 1,840,113
Balance at 31 August 2022 1,157 3,468,208 4,945 3,474,310

Changes in equity
Total comprehensive income - 1,243,833 - 1,243,833
Balance at 25 August 2023 1,157 4,712,041 4,945 4,718,143

DOLCE LIMITED (REGISTERED NUMBER: 02470662)

NOTES TO THE FINANCIAL STATEMENTS
for the Period 1 September 2022 to 25 August 2023

1. STATUTORY INFORMATION

Dolce 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with 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.

Going Concern
Most of Dolce's income comes from School institutions paying for the Government funded Universal Infant Free School Meals. State Schools, as arms of the State, are unlikely to default on their payments or experience liquidation.

The UK Government is committed to keeping FSM in secondary schools and UIFSM and FSM available in primary schools across the country.

In assessing the company's ability to continue as a going concern, the directors have considered the ongoing performance to 2025. The continued resilience and growth of the business despite the economic challenges and the losses sustained during the 2020-2022 period, show there is clear recovery and the return to profit in 2023 augurs well for the future. These projections demonstrate that Dolce can meet its all its obligations throughout 2024/2025.

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its debts for the foreseeable future not limited to a period of 12 months from the signing of these accounts. The company therefore continues to adopt the going concern basis in preparing the financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirement of paragraph 33.7.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

DOLCE LIMITED (REGISTERED NUMBER: 02470662)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 1 September 2022 to 25 August 2023

2. ACCOUNTING POLICIES - continued

Significant judgements and estimates
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:

Depreciation and residual values

The directors have reviewed the asset lives and associated residual values of all fixed asset classes, and in particular, the useful economic life and residual values of property plant and equipment, and have concluded that the asset lives and residual values are appropriate.

Provisions

Provisions are measured at the best estimate of the amount required to settle the obligation at the reporting date and should take into account the time value of money where material. The provision is then adjusted at each reporting date. The unwinding of any discount is included within finance costs.

Site consumables policy

The directors have reviewed the usage of, cost per school contract and monitoring practicality for small IT consumables such as touchscreens and have concluded that they are to be written off in the year the contract commences. All replacements are also to be written off when purchased.

Site on-boarding and maintenance costs

The directors have reviewed the costs of on-boarding new sites and have judged that it gives a true and fair view to spread these costs over the life of the initial contract.

Accounting reference date
The accounting reference date of the Company is 31 August each year and, in accordance with section 390(3) of the Companies Act 2006, these accounts have been prepared for the financial year ended 26 August 2023.

Turnover
Turnover represents the net invoiced value of goods sold, excluding value added tax.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost
Computer equipment - 25% on cost

Tangible fixed assets are recognised at cost less depreciation.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


DOLCE LIMITED (REGISTERED NUMBER: 02470662)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 1 September 2022 to 25 August 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 period 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.

A deferred tax asset / (liability) is recognised on the pension scheme (deficit) / surplus when a deficit recovery plan or contribution holiday has been agreed by the scheme actuary.

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.

DOLCE LIMITED (REGISTERED NUMBER: 02470662)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 1 September 2022 to 25 August 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined benefit plan for the benefit of some of its employees (Dolce Limited Retirement Benefits Scheme). A liability for the company's obligations under the plan is recognised net of plan assets. The net change in the net defined benefit liability is recognised as the cost of the defined benefit plan during the period. Pension plan assets are measured at fair value and the defined benefit obligation is measured on an actuarial basis using the projected unit method.

The most recent formal funding valuation by the Scheme Actuary had an effective date of 1 September 2021. FRS 102 allows those results to be approximately updated to estimate Scheme liabilities.

The assets of the Dolce Limited Retirement Benefits Scheme are invested and managed independently of the finances of the company.

The Dolce Limited Retirement Benefits Scheme is a funded scheme and the assets are held separately from those of the company in separate trustee administration funds.

Local Authority Defined Benefit Schemes
The company participates in several defined benefit scheme, with assets and liabilities held separately from those of the company in separate trustee administered funds. the company's contributions are affected by the surplus or deficit in the schemes; however, it is not possible to identify the company's share of the underlying assets and liabilities in the schemes on a consistent reasonable basis. Therefore, in accordance with FRS102 28.40A, the schemes are accounted for as if they were defined contribution schemes.

Defined Contribution Pension Schemes
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.

All pension costs are recognised in administrative expenses.

Provisions and contingencies
A provision is recognised where there is a present obligation (either legal or constructive) as a result of a past event and where a transfer of economic benefits is probable to settle the obligation and the obligation can be reliably measured.

Contingent assets are not recognised until the flow of future benefits is virtually certain.

Current asset investments
Current asset investments are initially measured at cost and revalued to reflect market value.

Site consumables policy
The directors have reviewed the useage of, cost per school contract and monitoring practicality for small IT consumables such as touchscreens and have concluded that they are to be written off in the year the contract commences. All replacements are also to be written off when purchased.

Site on-boarding

These costs are spread across the life of the initial contract.

Site maintenance

Site maintenance costs and company kitchen repairs are written off in the year that they occur.

DOLCE LIMITED (REGISTERED NUMBER: 02470662)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 1 September 2022 to 25 August 2023

3. OTHER OPERATING INCOME
Period
1/9/22
to Year Ended
25/8/23 31/8/22
as restated
£    £   
Government grants - 4,602

Government grants represents monies received in relation to the Coronavirus Job Retention Scheme £4,602 (2021 £1,078,894) and Coronavirus Business Interruption Loan interest 2022 £Nil (2021 £75,883)

4. EMPLOYEES AND DIRECTORS
Period
1/9/22
to Year Ended
25/8/23 31/8/22
as restated
£    £   
Wages and salaries 22,360,504 17,708,034
Social security costs 876,122 673,048
Other pension costs 1,187,209 1,716,158
24,423,835 20,097,240

The average number of employees during the period was as follows:
Period
1/9/22
to Year Ended
25/8/23 31/8/22
as restated

Management 13 12
Administrative 65 61
Catering 1,991 1,692
2,069 1,765

Period
1/9/22
to Year Ended
25/8/23 31/8/22
as restated
£    £   
Directors' remuneration 366,019 241,879
Directors' pension contributions to money purchase schemes 57,623 29,687

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

DOLCE LIMITED (REGISTERED NUMBER: 02470662)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 1 September 2022 to 25 August 2023

4. EMPLOYEES AND DIRECTORS - continued

Information regarding the highest paid director is as follows:
Period
1/9/22
to Year Ended
25/8/23 31/8/22
as restated
£    £   
Emoluments etc 116,949 105,078
Pension contributions to money purchase schemes 21,989 11,565

The company directors are also key management personnel.

5. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1/9/22
to Year Ended
25/8/23 31/8/22
as restated
£    £   
Bank loan interest 100,572 70,678

6. PROFIT/(LOSS) BEFORE TAXATION

The profit (2022 - loss) is stated after charging:

Period
1/9/22
to Year Ended
25/8/23 31/8/22
as restated
£    £   
Hire of plant and machinery 17,957 22,311
Depreciation - owned assets 73,262 84,017
Loss on disposal of fixed assets 29,693 2,740
Audit of the group and subsidiary companies 19,525 18,595
Taxation compliance services 6,480 6,170
Other non- audit services 16,220 5,385

DOLCE LIMITED (REGISTERED NUMBER: 02470662)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 1 September 2022 to 25 August 2023

7. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the period was as follows:
Period
1/9/22
to Year Ended
25/8/23 31/8/22
as restated
£    £   
Current tax:
UK corporation tax 182,459 -
Prior period - (145,200 )
Total current tax 182,459 (145,200 )

Deferred tax 83,076 (57,239 )
Tax on profit/(loss) 265,535 (202,439 )

UK corporation tax has been charged at 25% (2022 - 19%).

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below:

Period
1/9/22
to Year Ended
25/8/23 31/8/22
as restated
£    £   
Profit/(loss) before tax 881,018 (932,430 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of
25% (2022 - 19%)

220,255

(177,162

)

Effects of:
Expenses not deductible for tax purposes 11,535 8,264
Income not taxable for tax purposes - (8,437 )
Adjustments to tax charge in respect of previous periods 37,383 (31,310 )

Adjustment for defined benefit pension scheme 28,250 (33,760 )
Rounding 35 -
Amounts due to difference in deferred tax rate and current tax rate (29,697 ) 46,961
Super deduction (2,226 ) (6,995 )
Total tax charge/(credit) 265,535 (202,439 )

DOLCE LIMITED (REGISTERED NUMBER: 02470662)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 1 September 2022 to 25 August 2023

7. TAXATION - continued

Tax effects relating to effects of other comprehensive income

1/9/22 to 25/8/23
Gross Tax Net
£    £    £   
Remeasurement of defined benefit
obligation 996,000 (127,650 ) 868,350
Return on plan assets, excluding amounts
included in net interest on the
recognised defined benefit (liability)
asset (240,000 ) - (240,000 )
756,000 (127,650 ) 628,350

2022
Gross Tax Net
£    £    £   
Remeasurement of defined benefit
obligation 3,592,000 (206,896 ) 3,385,104
Return on plan assets, excluding amounts
included in net interest on the
recognised defined benefit (liability)
asset (815,000 ) - (815,000 )
2,777,000 (206,896 ) 2,570,104

8. PRIOR YEAR ADJUSTMENT

Deferred tax has been provided on the pension scheme asset to the extent that a contribution holiday has been agreed by the scheme actuary. The 2022 accounts have been updated to reflect this policy for the statement of contributions prepared February 2023. This adjustment has resulted in a charge to other comprehensive income and deferred tax of £206,896.

9. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 September 2022
and 25 August 2023 73,189
AMORTISATION
At 1 September 2022
and 25 August 2023 73,189
NET BOOK VALUE
At 25 August 2023 -
At 31 August 2022 -

DOLCE LIMITED (REGISTERED NUMBER: 02470662)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 1 September 2022 to 25 August 2023

10. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 September 2022 413,210 173,294 346,632 1,207 934,343
Additions - - 26,600 8,821 35,421
Disposals - - (41,449 ) - (41,449 )
At 25 August 2023 413,210 173,294 331,783 10,028 928,315
DEPRECIATION
At 1 September 2022 402,104 168,071 252,228 1,182 823,585
Charge for period 9,560 4,343 58,906 453 73,262
Eliminated on disposal - - (37,567 ) - (37,567 )
At 25 August 2023 411,664 172,414 273,567 1,635 859,280
NET BOOK VALUE
At 25 August 2023 1,546 880 58,216 8,393 69,035
At 31 August 2022 11,106 5,223 94,404 25 110,758

11. STOCKS
2023 2022
as restated
£    £   
Stocks 106,315 27,935

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Trade debtors 2,867,833 2,228,797
Amounts owed by group undertakings 220,528 220,528
Other debtors 533,076 713,765
Directors' current accounts 12,751 -
Tax 205,200 145,200
Prepayments 632,328 539,349
4,471,716 3,847,639

13. CURRENT ASSET INVESTMENTS
2023 2022
as restated
£    £   
Listed investments - 1,562,410

DOLCE LIMITED (REGISTERED NUMBER: 02470662)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 1 September 2022 to 25 August 2023

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Bank loans and overdrafts (see note 16) 400,000 400,000
Trade creditors 1,503,533 1,491,627
Tax 182,459 -
Social security and other taxes 203,476 25,575
VAT 1,353,720 927,309
Other creditors 381,727 184,646
Accrued expenses 681,665 655,308
4,706,580 3,684,465

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
as restated
£    £   
Bank loans (see note 16) 766,667 1,166,667

16. LOANS

An analysis of the maturity of loans is given below:

2023 2022
as restated
£    £   
Amounts falling due within one year or on demand:
Bank loans 400,000 400,000

Amounts falling due between one and two years:
Bank loans - 1-2 years 400,000 400,000

Amounts falling due between two and five years:
Bank loans - 2-5 years 366,667 766,667

17. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
as restated
£    £   
Within one year - 49,958

18. SECURED DEBTS

The bank loan is a CBIL loan which is secured as a fixed charge over fixed assets and debtor balances of the company and a floating charge over all property, assets and rights not subject to the fixed charge

DOLCE LIMITED (REGISTERED NUMBER: 02470662)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 1 September 2022 to 25 August 2023

19. PROVISIONS FOR LIABILITIES
2023 2022
as restated
£    £   
Deferred tax
Accelerated capital allowances 9,397 19,576
Short term differences (12,782 ) (11,999 )
Defined benefit pension surplus / deficit 334,546 206,896
Deferred tax asset due in one year (94,038 ) (94,076 )
Deferred tax asset due after one year - (94,000 )
237,123 26,397

Deferred
tax
£   
Balance at 1 September 2022 26,397
Charge to profit and loss
account 83,076
Charge to other comprehensive
income 127,650
Balance at 25 August 2023 237,123

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: as restated
£    £   
105 Ordinary £1 105 105
1 B Non Voting £1 1 1
1 C Non Voting £1 1 1
1,050 Non Voting £1 1,050 1,050
1,157 1,157

21. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 September 2022 3,468,208 4,945 3,473,153
Profit for the period 615,483 615,483
Actuarial gain/(loss) relating to
pension scheme

756,000

-

756,000

Deferred tax movement relating to
pension surplus

(127,650

)

-

(127,650

)

At 25 August 2023 4,712,041 4,945 4,716,986

DOLCE LIMITED (REGISTERED NUMBER: 02470662)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 1 September 2022 to 25 August 2023

22. EMPLOYEE BENEFIT OBLIGATIONS

The amounts recognised in the balance sheet are as follows:

Defined benefit
pension plans
2023 2022
as restated
£    £   
Present value of funded obligations (5,950,000 ) (6,024,000 )
Fair value of plan assets 8,687,000 8,118,000
2,737,000 2,094,000
Present value of unfunded obligations - -
Surplus 2,737,000 2,094,000
Net asset 2,737,000 2,094,000

The scheme does not hold any direct employer related investments.

The amounts recognised in profit or loss are as follows:

Defined benefit
pension plans
2023 2022
as restated
£    £   
Current service cost 663,000 1,335,000
Net interest from net defined benefit
asset/liability

(93,000

)

16,000
Past service cost - -
570,000 1,351,000

Actual return on plan assets 372,000 142,000

Changes in the present value of the defined benefit obligation are as follows:

Defined benefit
pension plans
2023 2022
as restated
£    £   
Opening defined benefit obligation 6,024,000 8,118,000
Current service cost 663,000 1,335,000
Contributions by scheme participants 161,000 173,000
Interest cost 279,000 158,000
Benefits paid (181,000 ) (168,000 )
Remeasurements:
Actuarial (gains)/losses from changes in
financial assumptions

(1,189,000

)

(4,470,000

)
Remeasurement due to experience 193,000 878,000
5,950,000 6,024,000

DOLCE LIMITED (REGISTERED NUMBER: 02470662)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 1 September 2022 to 25 August 2023

22. EMPLOYEE BENEFIT OBLIGATIONS - continued

Changes in the fair value of scheme assets are as follows:

Defined benefit
pension plans
2023 2022
as restated
£    £   
Opening fair value of scheme assets 8,118,000 7,023,000
Contributions by employer 457,000 1,763,000
Contributions by scheme participants 161,000 173,000
Expected return 372,000 142,000
Benefits paid (181,000 ) (168,000 )
Return on plan assets (excluding interest
income)

(240,000

)

(815,000

)
8,687,000 8,118,000

The amounts recognised in other comprehensive income are as follows:

Defined benefit
pension plans
2023 2022
as restated
£    £   
Actuarial (gains)/losses from changes in
financial assumptions

1,189,000

4,470,000
Remeasurement due to experience (193,000 ) (878,000 )
Return on plan assets (excluding interest
income)

(240,000

)

(815,000

)
756,000 2,777,000

The major categories of scheme assets as a percentage of total scheme assets are as follows:

Defined benefit
pension plans
2023 2022
as restated
Equities 70.24% 84.24%
Gilts 5.77% -
Cash 1.58% 0.92%
Other 22.41% 14.84%
100.00% 100.00%

DOLCE LIMITED (REGISTERED NUMBER: 02470662)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 1 September 2022 to 25 August 2023

22. EMPLOYEE BENEFIT OBLIGATIONS - continued

Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

2023 2022
as restated
Discount rate 5.20% 4.40%
Future salary increases 3.20% 3.30%
Future pension increases - CARE 2.80% 2.80%
Future pension increases -Final Salary 3.00% 3.10%
Retail Price Inflation 3.10% 3.20%
Allowance for cash commutation 75.00% 75.00%

Defined contribution scheme

20232022
£   £   
Charge to profit or loss in respect of defined contribution schemes524,374381,157

This includes those contributions which relate to Local Authority multi-employer related schemes which are treated as defined contribution.

23. ULTIMATE PARENT COMPANY

D3S Enterprises Limited is regarded by the directors as being the company's ultimate parent company.

24. RELATED PARTY DISCLOSURES

Other related parties
2023 2022
as restated
£    £   
Purchases 1,094,741 908,619
Amount due from related party - 382,854
Amount due to related party 70,741 71,662

Other related parties represents companies under the control of the Curtis Family.

25. POST BALANCE SHEET EVENTS

An interim dividend for the financial year 2024 of £371,661 was voted on 10 January 2024.

On the 6 March 2024 the CBIL was settled in full.

26. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the Curtis family..