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COMPANY REGISTRATION NUMBER: 04306005
Wilson Vale Catering Management Limited
Financial Statements
30 September 2023
Wilson Vale Catering Management Limited
Financial Statements
Year ended 30 September 2023
Contents
Pages
Officers and professional advisers
1
Strategic report
2 to 4
Directors' report
5 to 6
Independent auditor's report to the members
7 to 10
Statement of income and retained earnings
11
Statement of financial position
12
Statement of cash flows
13
Notes to the financial statements
14 to 21
Wilson Vale Catering Management Limited
Officers and Professional Advisers
The board of directors
A S Wilson
C J Vale
H Milligan-Smith
C Johnson
Company secretary
S Miah
Registered office
Ascent 4 Farnborough Aerospace Centre
Farnborough
Hampshire
United Kingdom
GU14 6XN
Auditor
BSN Associates Limited
Chartered Accountants & statutory auditor
3B Swallowfield Courtyard
Wolverhampton Road
Oldbury
West Midlands
B69 2JG
Wilson Vale Catering Management Limited
Strategic Report
Year ended 30 September 2023
We are pleased to report that the 2023 results were a strong return to the trend we were seeing before the world shut down. Sticking to our successful formula of focusing completely on caring for our clients, food innovation and the continued investment in our management team, have proven to be a strong foundation for the sustainable growth that we have seen in 2023. Growth in new business as well as increase in footfall across our existing business are the key drivers. Our last review noted that the labour market had been particularly challenging. We are pleased to report that the challenges have now eased and we have welcomed over 50 new members to our teams across the business, the availability of strong candidates has been refreshing. Despite the improvements to the labour market, well documented food inflation has remained a challenge. We are continuing to see unprecedented levels of food inflation even though overall inflation has begun to ease. Continuing with the Wilson Vale ethos of craft at our core helps us to manage this inflationary risk as our chefs are free to use their ingenuity and skill base to develop creative menus and navigate some of the challenges around rising food costs. FINANCIAL RESULTS We are pleased to report that our continued investment alongside our relentless innovation and commitment to high levels of client service have resulted in a positive set of numbers for 2023. Turnover has increased by 58% (remembering that 2022 was a 9-month trading year) to £34.8m and is now nearing our pre-pandemic high of 2019. We have been able to convert this additional turnover to the bottom line with careful cost management. Our cash position remains healthy and the strong trading performance has enabled us to pay our first dividend to the group. BUSINESS REVIEW Our approach to slow and sustainable business growth continued in 2023 as we welcomed 10 new clients across the B&I and Education sectors, this pace of growth enables us to ensure we continue to meet the high standards that we set for ourselves and our existing clients. Half of the new gains came late in Q4 and therefore the full impact of this growth will be seen in the numbers from 2024. MANAGEMENT STRUCTURE The appointments that we made to our central team in 2022 have developed well in their new roles and have added real value to the business, strengthening our support functions and enabling us to further enhance our service to our clients. Lee Carless has moved into a role as Operations Director, Lee has been part of the Wilson Vale family for 15 years and it is a delight to see his career continue to develop with us. FOOD & SERVICE INNOVATION What a year for innovation. Our Operational and Design teams have really pushed the creative boundaries with new and exciting concepts that continue to delight our customers. Concepts such as Smash Tacos, Middle F'East and Rawesome have been a huge success. In the summer we welcomed a new member of the Wilson Vale team, rather appropriately named, Wilson, our first ever food truck. This investment has not only enhanced our offer to our film industry clients but also enables us get creative with our Street Eats concepts and, alongside our Piaggio pizza bike, offers exciting options for catering al fresco. 2023 saw the return of our Company Awards with well-deserved recognition of the people in our business driving craft skills, environmental initiatives and strong leadership along with giving the opportunity for those un-sung heroes across the business to be celebrated. Congratulations to all of the winners. CONTINUING TO DO THE RIGHT THING A commitment to doing the right thing for the environment, our people and communities has always been at the heart of the Wilson Vale ethos and 2023 was no exception. Through food innovation we developed creative concepts to reduce waste and the carbon footprint of our menus through our Make Mondays Matter initiative. We successfully completed our first ever team hike, raising valuable funds for Fare Share who are fighting food poverty in the UK. This is an issue that we are particularly passionate about and have also partnered with Olio who redistribute surplus food from our restaurants to those in need. We also have an exciting ESG development on the cards for 2024, we will have to wait until then to share more of course„.. THE FUTURE We have made a very positive start to 2024 with the full year value of the gains in late 2023 starting to show plus a strong pipeline. In response to the general economic climate, we do have several clients who have opted to go to market in 2024. Following our ethos of focussing on delivering for our existing clients ahead of chasing new ones, we will be dedicating our resources to retention work over new sales growth for the second quarter. Whilst growth is a nice news story it has never been our main driver. The focus is on continuing to look after our existing clients rather than chasing turnover at their expense. So, for 2024 our clients can continue to expect our exceptional levels of service and attention to detail.
This report was approved by the board of directors on 21 March 2024 and signed on behalf of the board by:
A S Wilson
Director
Registered office:
Ascent 4 Farnborough Aerospace Centre
Farnborough
Hampshire
United Kingdom
GU14 6XN
Wilson Vale Catering Management Limited
Directors' Report
Year ended 30 September 2023
The directors present their report and the financial statements of the company for the year ended 30 September 2023 .
Directors
The directors who served the company during the year were as follows:
A S Wilson
C J Vale
H Milligan-Smith
C Johnson
Dividends
Particulars of recommended dividends are detailed in note 10 to the financial statements.
Employment of disabled persons
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled every effort is made to ensure that their employment with the company continues and that appropriate training is arranged. It is the policy of the company that training, career development and promotion of disabled persons, as far as possible, be identical with that of other employees.
Employee involvement
The company places considerable value on the involvement of its employees and has continued to keep them informed on matters affecting them as employees and on the various factors affecting the performance of the company. This is achieved through formal and informal meetings. Employee representatives are consulted regularly on a wide range of matters affecting their current and future interests.
Disclosure of information in the strategic report
The Strategic Report is detailed on pages 2 and 3 of the financial statements.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report 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). 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 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 judgments 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. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 21 March 2024 and signed on behalf of the board by:
A S Wilson
Director
Registered office:
Ascent 4 Farnborough Aerospace Centre
Farnborough
Hampshire
United Kingdom
GU14 6XN
Wilson Vale Catering Management Limited
Independent Auditor's Report to the Members of Wilson Vale Catering Management Limited
Year ended 30 September 2023
Opinion
We have audited the financial statements of Wilson Vale Catering Management Limited (the 'company') for the year ended 30 September 2023 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows and the related notes, 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 FRS 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 30 September 2023 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' 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 directors' 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 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 directors' responsibilities statement, 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 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 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.
Auditor's 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 auditor’s 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: Irregularities that result from fraud might be inherently more difficult than irregularities that result from error, which gives risk to a risk of material misstatement. We are of the opinion that the planned audit approach, the documentation and interrogation of the entity's controls means that the audit procedures carried out were capable of detecting irregularities, including fraud. We have also reviewed financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations. We have audited the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. We have also made enquiries of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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 an auditor's 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.
Philippa Miller-Hawkes BA CA
(Senior Statutory Auditor)
For and on behalf of
BSN Associates Limited
Chartered Accountants & statutory auditor
3B Swallowfield Courtyard
Wolverhampton Road
Oldbury
West Midlands
B69 2JG
21 March 2024
Wilson Vale Catering Management Limited
Statement of Income and Retained Earnings
Year ended 30 September 2023
Period from
Year to
1 Jan 22 to
30 Sep 23
30 Sep 22
Note
£
£
Turnover
4
34,764,441
21,933,414
Cost of sales
28,362,258
18,524,889
-------------
-------------
Gross profit
6,402,183
3,408,525
Administrative expenses
3,434,353
2,246,245
------------
------------
Operating profit
5
2,967,830
1,162,280
Interest receivable
8
5,993
------------
------------
Profit before taxation
2,973,823
1,162,280
Taxation on ordinary activities
9
674,816
( 12,624)
------------
------------
Profit for the financial year and total comprehensive income
2,299,007
1,174,904
------------
------------
Dividends paid and payable
10
( 2,610,000)
Retained earnings at the start of the year
4,389,612
3,214,708
------------
------------
Retained earnings at the end of the year
4,078,619
4,389,612
------------
------------
All the activities of the company are from continuing operations.
Wilson Vale Catering Management Limited
Statement of Financial Position
30 September 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
11
1,520,181
1,367,595
Current assets
Stocks
12
114,027
139,625
Debtors
13
6,835,012
5,985,406
Cash at bank and in hand
3,638,384
3,558,566
-------------
------------
10,587,423
9,683,597
Creditors: amounts falling due within one year
14
8,020,362
6,640,337
-------------
------------
Net current assets
2,567,061
3,043,260
------------
------------
Total assets less current liabilities
4,087,242
4,410,855
Provisions
Taxation including deferred tax
15
( 44,008)
( 31,388)
------------
------------
Net assets
4,131,250
4,442,243
------------
------------
Capital and reserves
Called up share capital
19
49,998
49,998
Capital redemption reserve
20
2,633
2,633
Profit and loss account
20
4,078,619
4,389,612
------------
------------
Shareholders funds
4,131,250
4,442,243
------------
------------
These financial statements were approved by the board of directors and authorised for issue on 21 March 2024 , and are signed on behalf of the board by:
A S Wilson
C J Vale
Director
Director
Company registration number: 04306005
Wilson Vale Catering Management Limited
Statement of Cash Flows
Year ended 30 September 2023
2023
2022
£
£
Cash flows from operating activities
Profit for the financial year
2,299,007
1,174,904
Adjustments for:
Depreciation of tangible assets
548,302
430,249
Interest receivable
( 5,993)
Gains on disposal of tangible assets
( 32,981)
( 79,127)
Taxation on ordinary activities
674,816
( 12,624)
Accrued expenses
5,942
86,001
Changes in:
Stocks
25,598
( 26,071)
Trade and other debtors
( 849,606)
( 1,773,914)
Trade and other creditors
686,647
1,238,450
------------
------------
Cash generated from operations
3,351,732
1,037,868
Interest received
5,993
Tax paid
( 227,340)
------------
------------
Net cash from operating activities
3,357,725
810,528
------------
------------
Cash flows from investing activities
Purchase of tangible assets
( 702,274)
( 286,045)
Proceeds from sale of tangible assets
34,367
65,972
------------
------------
Net cash used in investing activities
( 667,907)
( 220,073)
------------
------------
Cash flows from financing activities
Dividends paid
( 2,610,000)
------------
------------
Net cash used in financing activities
( 2,610,000)
------------
------------
Net increase in cash and cash equivalents
79,818
590,455
Cash and cash equivalents at beginning of year
3,558,566
2,968,111
------------
------------
Cash and cash equivalents at end of year
3,638,384
3,558,566
------------
------------
Wilson Vale Catering Management Limited
Notes to the Financial Statements
Year ended 30 September 2023
1. General information
The principal activity of the company during the year was that of catering management. The company is a private company limited by shares, registered in England and Wales. The company's main place of business is Ivanhoe Business Park, Ashby-de-la-Zouch, LE65 2AB.
2. Statement of compliance
These financial statements have been prepared in compliance with 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. The length of reporting period has changed from 12 months to 9 months to align the year end with the ultimate parent company and therefore comparatives are not entirely comparable.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
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
The turnover shown in the statement of comprehensive income represents the amount received for catering management of catering units carried out by the company during the period exclusive of value added tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Assets held off site
-
Written off over the life of the contract
Furniture and Fittings
-
10% - 20% Straight line basis
Motor Vehicles
-
20% - 33.33% Straight line basis
Computer Equipment
-
33.33% Straight line basis
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
Period from
Year to
1 Jan 22 to
30 Sep 23
30 Sep 22
£
£
Rendering of services
34,764,441
21,933,414
-------------
-------------
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Operating profit
Operating profit or loss is stated after charging/crediting:
Period from
Year to
1 Jan 22 to
30 Sep 23
30 Sep 22
£
£
Depreciation of tangible assets
548,302
430,249
Gains on disposal of tangible assets
( 32,981)
( 79,127)
Impairment of trade debtors
(12,500)
(329)
Operating lease rentals
116,250
78,750
Auditors fees
18,577
13,157
---------
---------
6. Particulars of employees
The average number of persons employed by the company during the year, including the directors, amounted to:
2023
2022
No.
No.
Production staff
577
536
Administrative staff
39
36
----
----
616
572
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
Period from
Year to
1 Jan 22 to
30 Sep 23
30 Sep 22
£
£
Wages and salaries
14,652,973
9,583,620
Social security costs
1,310,647
856,641
Other pension costs
384,011
235,730
-------------
-------------
16,347,631
10,675,991
-------------
-------------
7. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
Period from
Year to
1 Jan 22 to
30 Sep 23
30 Sep 22
£
£
Remuneration
182,192
81,168
Company contributions to defined contribution pension plans
5,400
2,370
---------
--------
187,592
83,538
---------
--------
The number of directors who accrued benefits under company pension plans was as follows:
2023
2022
No.
No.
Defined contribution plans
2
2
----
----
8. Interest receivable
Period from
Year to
1 Jan 22 to
30 Sep 23
30 Sep 22
£
£
Interest on cash and cash equivalents
5,993
-------
----
9. Taxation on ordinary activities
Major components of tax expense/(income)
Period from
Year to
1 Jan 22 to
30 Sep 23
30 Sep 22
£
£
Current tax:
UK current tax expense
687,436
Deferred tax:
Origination and reversal of timing differences
( 12,620)
( 12,624)
---------
--------
Taxation on ordinary activities
674,816
( 12,624)
---------
--------
Reconciliation of tax expense/(income)
The tax assessed on the profit on ordinary activities for the year is higher than (2022: lower than) the standard rate of corporation tax in the UK of 22.01 % (2022: 19 %).
Period from
Year to
1 Jan 22 to
30 Sep 23
30 Sep 22
£
£
Profit on ordinary activities before taxation
2,973,823
1,162,280
------------
------------
Profit on ordinary activities by rate of tax
654,485
220,833
Effect of expenses not deductible for tax purposes
228
77
Effect of capital allowances and depreciation
30,360
16,199
Effect of different UK tax rates on some earnings
(10,259)
Utilisation of tax losses
( 249,730)
Rounding on tax charge
2
( 3)
------------
------------
Tax on profit
674,816
( 12,624)
------------
------------
10. Dividends
2023
2022
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
2,610,000
------------
----
11. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 October 2022
991,069
1,482,960
749,440
365,220
3,588,689
Additions
345,823
4,892
296,810
54,749
702,274
Disposals
( 124,906)
( 113,499)
( 14,338)
( 252,743)
------------
------------
---------
---------
------------
At 30 September 2023
1,211,986
1,487,852
932,751
405,631
4,038,220
------------
------------
---------
---------
------------
Depreciation
At 1 October 2022
839,071
708,232
422,879
250,912
2,221,094
Charge for the year
116,070
167,220
214,491
50,521
548,302
Disposals
( 124,906)
( 112,114)
( 14,337)
( 251,357)
------------
------------
---------
---------
------------
At 30 September 2023
830,235
875,452
525,256
287,096
2,518,039
------------
------------
---------
---------
------------
Carrying amount
At 30 September 2023
381,751
612,400
407,495
118,535
1,520,181
------------
------------
---------
---------
------------
At 30 September 2022
151,998
774,728
326,561
114,308
1,367,595
------------
------------
---------
---------
------------
12. Stocks
2023
2022
£
£
Raw materials
114,027
139,625
---------
---------
13. Debtors
2023
2022
£
£
Trade debtors
6,239,842
5,584,777
Prepayments and accrued income
595,170
400,629
------------
------------
6,835,012
5,985,406
------------
------------
14. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
4,763,716
4,410,608
Amounts owed to group undertakings
213,434
Accruals and deferred income
1,514,040
1,508,098
Corporation tax
687,436
Social security and other taxes
841,736
721,631
------------
------------
8,020,362
6,640,337
------------
------------
15. Provisions
Deferred tax (note 16)
£
At 1 October 2022
( 31,388)
Additions
( 12,620)
--------
At 30 September 2023
( 44,008)
--------
16. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions (note 15)
( 44,008)
( 31,388)
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
125,135
( 18,764)
Provisions
( 169,143)
( 12,624)
---------
--------
(44,008)
(31,388)
---------
--------
17. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 384,011 (2022: £ 235,730 ).
There were outstanding contributions to be paid of £80,838 (2022: £57,147) at the balance sheet date.
18. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2023
2022
£
£
Financial assets that are debt instruments measured at amortised cost
Trade debtors
5,936,590
5,366,621
------------
------------
Financial liabilities measured at amortised cost
Trade creditors
3,860,302
3,447,769
------------
------------
19. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares with voting rights shares of £ 1 each
49,998
49,998
49,998
49,998
--------
--------
--------
--------
20. Reserves
Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. Profit and loss account - This reserve records retained earnings and accumulated losses.
21. Analysis of changes in net debt
At 1 Oct 2022
Cash flows
At 30 Sep 2023
£
£
£
Cash at bank and in hand
3,558,566
79,818
3,638,384
Debt due within one year
(213,434)
(213,434)
------------
---------
------------
3,558,566
( 133,616)
3,424,950
------------
---------
------------
22. Commitments under operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
30,000
116,250
Later than 1 year and not later than 5 years
30,000
--------
---------
30,000
146,250
--------
---------
23. Directors' advances, credits and guarantees
The company paid rent of £53,750 (2022: £39,375) to A S Wilson and £53,750 (2022: £39,375) to C J Vale during the period. There were no amounts owing or owed to the directors at the period end.
24. Related party transactions
Under FRS 102 the company is exempt from disclosing transactions with fellow group companies on the basis that consolidated accounts are prepared which are publicly available.
Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the company. The total compensation paid to key management personnel for services provided to the company was £ 354,490 (2022: £ 230,751 ).
25. Controlling party
The parent company is Wilson Vale Holdings Limited, a company registered in England & Wales. The company is controlled by Aramark Limited, a Company registered in England and Wales. The registered office is the same as given on the Company Information page. Aramark Limited prepares group financial statements and copies can be obtained from its registered office at Ascent 4 Farnborough Aerospace Centre, Farnborough, Hampshire, GU14 6XN.