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REGISTERED NUMBER: 11234363 (England and Wales)


















GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

FOR

D3S ENTERPRISE LTD

D3S ENTERPRISE LTD (REGISTERED NUMBER: 11234363)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
for the Year Ended 31 August 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 6

Report of the Independent Auditors 8

Consolidated Statement of Comprehensive Income 12

Consolidated Balance Sheet 14

Company Balance Sheet 15

Consolidated Statement of Changes in Equity 16

Company Statement of Changes in Equity 17

Consolidated Cash Flow Statement 18

Notes to the Consolidated Cash Flow Statement 19

Notes to the Consolidated Financial Statements 21


D3S ENTERPRISE LTD

COMPANY INFORMATION
for the Year Ended 31 August 2023







DIRECTORS: S Curtis
A Curtis





REGISTERED OFFICE: Unit 5 Cromwell Business Park
York Road
Wetherby
United Kingdom
LS22 7SU





REGISTERED NUMBER: 11234363 (England and Wales)





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

D3S ENTERPRISE LTD (REGISTERED NUMBER: 11234363)

GROUP STRATEGIC REPORT
for the Year Ended 31 August 2023

The directors present their strategic report of the company and the group for the year ended 31 August 2023.

The accounting reference date of D3S Enterprise Ltd and its subsidiaries Dolce Ltd, Dolce UK Limited and DCS North West Ltd. (The Group) are co terminus. The only trade that The Group carries out is that performed by its subsidiary Dolce Ltd. Therefore these accounts reflect the trading that was conducted by Dolce Ltd.

The Group 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.


D3S ENTERPRISE LTD (REGISTERED NUMBER: 11234363)

GROUP STRATEGIC REPORT
for the Year Ended 31 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%, and we achieved 81%.

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%


D3S ENTERPRISE LTD (REGISTERED NUMBER: 11234363)

GROUP STRATEGIC REPORT
for the Year Ended 31 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 group is exposed to financial risks that include the effects of credit risk, liquidity risk and interest rate risk. The group has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the group 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 group 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


D3S ENTERPRISE LTD (REGISTERED NUMBER: 11234363)

GROUP STRATEGIC REPORT
for the Year Ended 31 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 group'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 group therefore continues to adopt the going concern basis in preparing the financial statements.

ON BEHALF OF THE BOARD:





S Curtis - Director


11 April 2024

D3S ENTERPRISE LTD (REGISTERED NUMBER: 11234363)

REPORT OF THE DIRECTORS
for the Year Ended 31 August 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 August 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of its only trading subsidiary Dolce Limited, which was that of catering services.

The principal activity of the company is that of holding company.

DIVIDENDS
No dividends will be distributed for the year ended 31 August 2023.

RESEARCH AND DEVELOPMENT
There is unlikely to be any major investment in external research and development work in the foreseeable future. Research in the marketplace and interrogation of data and trends is always at the forefront of the innovation we adopt. However, much of this can and is done in-house using our industry knowledge and data management expertise. Any expenditure, albeit relatively small, is likely to relate to marketing and intelligence gathering.

FUTURE DEVELOPMENTS
The directors and management are tirelessly dedicated to maintaining standards and using innovation to aspire to be amongst the finest schools caterers in the country.

There are no immediate plans to diversify away from this strategy as it has been hugely effective in winning and retaining business during recent years.

Ensuring our menus are enjoyable, popular and current, at the right price and with the right cost control strategy underpinning it is vital to our future successes.

This is probably best described as an evolution in the development of the business as opposed to anything radical

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year 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

ENGAGEMENT WITH EMPLOYEES
Group Policy for Employment of Disabled Persons

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

Employee Involvement

The group 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


D3S ENTERPRISE LTD (REGISTERED NUMBER: 11234363)

REPORT OF THE DIRECTORS
for the Year Ended 31 August 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group'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
D3S ENTERPRISE LTD

Opinion
We have audited the financial statements of D3S Enterprise LTD (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 August 2023 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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
D3S ENTERPRISE LTD


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
D3S ENTERPRISE LTD


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:

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 and group'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.

Auditors' responsibilities for the audit of the financial statements - continued

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
D3S ENTERPRISE LTD


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

D3S ENTERPRISE LTD (REGISTERED NUMBER: 11234363)

CONSOLIDATED
STATEMENT OF COMPREHENSIVE
INCOME
for the Year Ended 31 August 2023

2023 2022
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 8,716,692 7,713,344
887,919 (668,632 )

Other operating income 4 - 4,602
OPERATING PROFIT/(LOSS) 6 887,919 (664,030 )

Income from fixed asset investments 431 15
Other finance income 23 93,000 -
93,431 15
981,350 (664,015 )
Gain/loss on revaluation of investments - (149,534 )
981,350 (813,549 )

Interest payable and similar expenses 7 100,572 70,678
Other finance costs 23 - 16,000
100,572 86,678
PROFIT/(LOSS) BEFORE TAXATION 880,778 (900,227 )

Tax on profit/(loss) 8 265,535 (202,439 )
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

615,243

(697,788

)

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 YEAR, NET OF INCOME TAX

628,350

2,570,104
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,243,593

1,872,316


D3S ENTERPRISE LTD (REGISTERED NUMBER: 11234363)

CONSOLIDATED
STATEMENT OF COMPREHENSIVE
INCOME
for the Year Ended 31 August 2023

2023 2022
as restated
£    £   
Profit/(loss) attributable to:
Owners of the parent 615,243 (697,788 )

Total comprehensive income attributable to:
Owners of the parent 1,243,593 1,872,316

D3S ENTERPRISE LTD (REGISTERED NUMBER: 11234363)

CONSOLIDATED BALANCE SHEET
31 August 2023

2023 2022
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 69,035 110,758
Investments 13 - -
69,035 110,758

CURRENT ASSETS
Stocks 14 106,315 27,935
Debtors 15 4,451,389 3,827,312
Investments 16 - 1,562,410
Cash at bank and in hand 3,098,151 763,041
7,655,855 6,180,698
CREDITORS
Amounts falling due within one year 17 4,726,866 3,704,751
NET CURRENT ASSETS 2,928,989 2,475,947
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,998,024

2,586,705

CREDITORS
Amounts falling due after more than one
year

18

(766,667

)

(1,166,667

)

PROVISIONS FOR LIABILITIES 21 (237,123 ) (26,397 )

PENSION ASSET 24 2,737,000 2,094,000
NET ASSETS 4,731,234 3,487,641

CAPITAL AND RESERVES
Called up share capital 22 10,500 10,500
Retained earnings 23 4,720,734 3,477,141
SHAREHOLDERS' FUNDS 4,731,234 3,487,641

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


D3S ENTERPRISE LTD (REGISTERED NUMBER: 11234363)

COMPANY BALANCE SHEET
31 August 2023

2023 2022
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 - -
Investments 13 893,971 893,971
893,971 893,971

CURRENT ASSETS
Debtors 15 200,093 200,093
Cash at bank 53,704 53,944
253,797 254,037
CREDITORS
Amounts falling due within one year 17 233,668 233,668
NET CURRENT ASSETS 20,129 20,369
TOTAL ASSETS LESS CURRENT
LIABILITIES

914,100

914,340

CAPITAL AND RESERVES
Called up share capital 22 10,500 10,500
Retained earnings 23 903,600 903,840
SHAREHOLDERS' FUNDS 914,100 914,340

Company's loss for the financial year (240 ) (240 )

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


D3S ENTERPRISE LTD (REGISTERED NUMBER: 11234363)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 August 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 September 2021 10,500 1,604,825 1,615,325

Changes in equity
Total comprehensive income - 1,872,316 1,872,316
Balance at 31 August 2022 10,500 3,477,141 3,487,641

Changes in equity
Total comprehensive income - 1,243,593 1,243,593
Balance at 31 August 2023 10,500 4,720,734 4,731,234

D3S ENTERPRISE LTD (REGISTERED NUMBER: 11234363)

COMPANY STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 August 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 September 2021 10,500 904,080 914,580

Changes in equity
Total comprehensive income - (240 ) (240 )
Balance at 31 August 2022 10,500 903,840 914,340

Changes in equity
Total comprehensive income - (240 ) (240 )
Balance at 31 August 2023 10,500 903,600 914,100

D3S ENTERPRISE LTD (REGISTERED NUMBER: 11234363)

CONSOLIDATED CASH FLOW STATEMENT
for the Year Ended 31 August 2023

2023 2022
as restated
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,406,824 (1,171,770 )
Interest paid (100,572 ) (70,678 )
Tax paid (60,000 ) (222,881 )
Net cash from operating activities 1,246,252 (1,465,329 )

Cash flows from investing activities
Purchase of tangible fixed assets (35,421 ) (55,232 )
Sale of tangible fixed assets 19,548 -
Sale of fixed asset investments (45,359 ) -
Purchase of current asset investments - (1,470,000 )
Sale of current asset investments 1,562,410 1,064,027
Dividends received 431 15
Net cash from investing activities 1,501,609 (461,190 )

Cash flows from financing activities
Loan repayments in year (400,000 ) (400,000 )
Amount withdrawn by directors (12,751 ) -
Net cash from financing activities (412,751 ) (400,000 )

Increase/(decrease) in cash and cash equivalents 2,335,110 (2,326,519 )
Cash and cash equivalents at beginning of
year

2

763,041

3,089,560

Cash and cash equivalents at end of year 2 3,098,151 763,041

D3S ENTERPRISE LTD (REGISTERED NUMBER: 11234363)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
for the Year Ended 31 August 2023

1. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
as restated
£    £   
Profit/(loss) before taxation 880,778 (900,227 )
Depreciation charges 73,262 51,573
Loss on disposal of fixed assets 29,693 2,740
Loss on revaluation of fixed assets - 149,534
Adjustment for pension funding 206,000 (428,000 )
Finance costs 100,572 86,678
Finance income (93,431 ) (15 )
1,196,874 (1,037,717 )
Increase in stocks (78,380 ) (27,935 )
Increase in trade and other debtors (551,326 ) (810,820 )
Increase in trade and other creditors 839,656 704,702
Cash generated from operations 1,406,824 (1,171,770 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 August 2023
31/8/23 1/9/22
£    £   
Cash and cash equivalents 3,098,151 763,041
Year ended 31 August 2022
31/8/22 1/9/21
as restated
£    £   
Cash and cash equivalents 763,041 3,089,560


D3S ENTERPRISE LTD (REGISTERED NUMBER: 11234363)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
for the Year Ended 31 August 2023

3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/9/22 Cash flow At 31/8/23
£    £    £   
Net cash
Cash at bank and in hand 763,041 2,335,110 3,098,151
763,041 2,335,110 3,098,151

Liquid resources
Current asset investments 1,562,410 (1,562,410 ) -
1,562,410 (1,562,410 ) -
Debt
Debts falling due within 1 year (400,000 ) - (400,000 )
Debts falling due after 1 year (1,166,667 ) 400,000 (766,667 )
(1,566,667 ) 400,000 (1,166,667 )
Total 758,784 1,172,700 1,931,484

D3S ENTERPRISE LTD (REGISTERED NUMBER: 11234363)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the Year Ended 31 August 2023

1. STATUTORY INFORMATION

D3S Enterprise Ltd and its subsidiaries DCS (North West) Limited , Dolce UK Limited and Dolce Limited are limited companies incorporated and domiciled in the United Kingdom. The address of the registered office for D3S Enterprise Ltd is disclosed on page 1. The registered office and principal place of business of the intermediary holding company D.C.S (North West) Limited, dormant subsidiary Dolce UK Limited and the trading company Dolce Limited is Lowton Business Park Newton Road, Lowton St Mary's, Warrington, Lancashire, England, WA3 2AN. Dolce Limited provides catering services nationally.

2. STATUTORY INFORMATION

D3S Enterprise LTD 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 General Information page.

3. 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.

The parent company is included in the consolidated financial statements and is considered to be a qualifying entity under FRS 102 paragraphs 1.8 to 1.12

Going Concern
Most of The Group'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 group'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 group'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 group has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirement of paragraph 33.7.

D3S ENTERPRISE LTD (REGISTERED NUMBER: 11234363)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2023

3. ACCOUNTING POLICIES - continued

Basis of consolidation
The Group consolidated financial statements are prepared to 31 August 2023. These include the Company and its subsidiary undertakings all of which have an accounting reference date of 31 August each year.
The accounts of the subsidiary Dolce Ltd have been prepared for the financial year ended 26 August 2023, which is the last Friday in August, in accordance with section 390(3) of the Companies Act 2006, this does not change the accounting reference date and thus have been used in the consolidated accounts without adjustment.

The results of subsidiaries acquired or sold are consolidated for the periods from or to the date on which control passed.

Business combinations are accounted for by applying the purchase method.

The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination.

On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.

Where the fair value of the group's interest in the assets, liabilities and contingent liabilities acquired exceeds the cost of the business combination, negative goodwill arises. The Group, after consideration of the assets, liabilities and contingent liabilities acquired and the cost of the combination, recognises negative goodwill on the balance sheet and releases this to profit and loss, up to the fair value of non-monetary assets acquired, over the periods in which the non-monetary assets are recovered and any excess over the fair value of non-monetary assets in the income statement over the period expected to benefit. The negative goodwill is released in line with the depreciation of the tangible fixed assets being 25% cost (4 years).

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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

D3S ENTERPRISE LTD (REGISTERED NUMBER: 11234363)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2023

3. 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of four years.

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.


D3S ENTERPRISE LTD (REGISTERED NUMBER: 11234363)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2023

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

A deferred tax asset / (liability is recognised on the pension scheme (deficit) / surplus when a deficit recovery 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.

Pension costs and other post-retirement benefits
When employees have rendered service to the group, 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 group 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.

D3S ENTERPRISE LTD (REGISTERED NUMBER: 11234363)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2023

3. ACCOUNTING POLICIES - continued

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

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.

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

During the year the company has moved into secondary school provision, which has required much greater on-boarding costs than for primary schools. These costs have been 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.

4. OTHER OPERATING INCOME
2023 2022
as restated
£    £   
Government grants - 4,602

Government grants represents monies received in relation to the Coronavirus Job Retention Scheme £Nil (2022 £4,602).

5. EMPLOYEES AND DIRECTORS
2023 2022
as restated
£    £   
Wages and salaries 22,360,505 17,695,256
Social security costs 876,122 673,048
Other pension costs 1,187,209 1,716,158
24,423,836 20,084,462

The average number of employees during the year was as follows:
2023 2022
as restated

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

D3S ENTERPRISE LTD (REGISTERED NUMBER: 11234363)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2023

5. EMPLOYEES AND DIRECTORS - continued

2023 2022
as restated
£    £   
Directors' remuneration 197,871 169,589
Directors' pension contributions to money purchase schemes 38,368 22,842

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

Money purchase schemes 2 2

6. OPERATING PROFIT/(LOSS)

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

2023 2022
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
Goodwill amortisation - (32,444 )
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

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
as restated
£    £   
Bank loan interest 100,572 70,678

8. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2023 2022
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 )

D3S ENTERPRISE LTD (REGISTERED NUMBER: 11234363)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2023

8. TAXATION - continued

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

2023 2022
as restated
£    £   
Profit/(loss) before tax 880,778 (900,227 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of
25 % (2022 - 19 %)

220,195

(171,043

)

Effects of:
Expenses not deductible for tax purposes 11,535 8,264
Income not taxable for tax purposes - (14,601 )
Utilisation of tax losses 60 45
Adjustments to tax charge in respect of previous periods 37,383 (31,310 )
Adjustment for defined benefit pension scheme 28,250 (33,760 )
Roundings 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 )

Tax effects relating to effects of other comprehensive income

2023
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

D3S ENTERPRISE LTD (REGISTERED NUMBER: 11234363)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2023

9. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


10. 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.

11. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 September 2022
and 31 August 2023 (129,779 )
AMORTISATION
At 1 September 2022
and 31 August 2023 (129,779 )
NET BOOK VALUE
At 31 August 2023 -
At 31 August 2022 -

12. TANGIBLE FIXED ASSETS

Group
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 September 2022 110,460 51,376 290,594 1,207 453,637
Additions - - 26,600 8,821 35,421
Disposals - - (41,449 ) - (41,449 )
At 31 August 2023 110,460 51,376 275,745 10,028 447,609
DEPRECIATION
At 1 September 2022 99,354 46,153 196,190 1,182 342,879
Charge for year 9,560 4,343 58,906 453 73,262
Eliminated on disposal - - (37,567 ) - (37,567 )
At 31 August 2023 108,914 50,496 217,529 1,635 378,574
NET BOOK VALUE
At 31 August 2023 1,546 880 58,216 8,393 69,035
At 31 August 2022 11,106 5,223 94,404 25 110,758

D3S ENTERPRISE LTD (REGISTERED NUMBER: 11234363)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2023

13. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 September 2022
and 31 August 2023 893,971
NET BOOK VALUE
At 31 August 2023 893,971
At 31 August 2022 893,971

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

D.C.S. (North West Limited)
Registered office: United Kingdom
Nature of business: Holding Company
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 97,590 97,590

Dolce Limited
Registered office: United Kingdom
Nature of business: Catering services
%
Class of shares: holding
Ordinary 100.00
Non-Voting 100.00
2023 2022
£    £   
Aggregate capital and reserves 5,052,689 3,681,206
Profit for the year 1,371,483 2,047,009

Dolce UK Limited
Registered office: United Kingdom
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 108 108


D3S ENTERPRISE LTD (REGISTERED NUMBER: 11234363)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2023

14. STOCKS

Group
2023 2022
as restated
£    £   
Stocks 106,315 27,935

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
as restated as restated
£    £    £    £   
Trade debtors 2,867,833 2,228,797 - -
Other debtors 535,684 716,373 2,500 2,500
Directors' current accounts 163,227 150,476 150,476 150,476
Tax 252,317 192,317 47,117 47,117
Prepayments 632,328 539,349 - -
4,451,389 3,827,312 200,093 200,093

16. CURRENT ASSET INVESTMENTS

Group
2023 2022
as restated
£    £   
Listed investments - 1,562,410

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
as restated as restated
£    £    £    £   
Bank loans and overdrafts (see note 19) 400,000 400,000 - -
Trade creditors 1,503,533 1,491,628 - -
Amounts owed to group undertakings - - 224,997 224,997
Tax 182,459 - - -
Social security and other taxes 203,476 25,575 - -
VAT 1,353,720 927,309 - -
Other creditors 402,013 204,931 8,671 8,671
Accrued expenses 681,665 655,308 - -
4,726,866 3,704,751 233,668 233,668

D3S ENTERPRISE LTD (REGISTERED NUMBER: 11234363)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2023

18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2023 2022
as restated
£    £   
Bank loans (see note 19) 766,667 1,166,667

19. LOANS

An analysis of the maturity of loans is given below:

Group
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

20. 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.

21. PROVISIONS FOR LIABILITIES

Group
2023 2022
as restated
£    £   
Deferred tax
Accelerated capital allowances 9,397 19,576
Tax losses carried forward (12,782 ) (11,999 )
Other timing differences 334,546 206,896
Deferred tax asset due within one year (94,038 ) (94,076 )
Deferred tax asset due after one year - (94,000 )
237,123 26,397

D3S ENTERPRISE LTD (REGISTERED NUMBER: 11234363)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2023

21. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1 September 2022 26,397
Charge to Statement of Comprehensive Income during year 83,076
Charge to other comprehensive
income 127,650
Balance at 31 August 2023 237,123

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: as restated
£    £   
10,500 Ordinary £1 10,500 10,500

23. RESERVES

Group
Retained
earnings
£   

At 1 September 2022 3,477,141
Profit for the year 615,243
Actuarial gain/(loss) relating to
pension scheme

756,000

No description (127,650 )
At 31 August 2023 4,720,734

Company
Retained
earnings
£   

At 1 September 2022 903,840
Deficit for the year (240 )
At 31 August 2023 903,600


D3S ENTERPRISE LTD (REGISTERED NUMBER: 11234363)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2023

24. 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 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

)
Oblig other remeasurement 193,000 878,000
5,950,000 6,024,000

D3S ENTERPRISE LTD (REGISTERED NUMBER: 11234363)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2023

24. 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
Oblig other remeasurement (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%

D3S ENTERPRISE LTD (REGISTERED NUMBER: 11234363)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2023

24. 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 commutations 75.00% 75.00%

Defined contribution scheme

2023 2022
£    £   
Charge to profit or loss in respect of defined contribution schemes 524,374 381,157

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

25. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 August 2023 and 31 August 2022:

2023 2022
as restated
£    £   
S Curtis
Balance outstanding at start of year 81,726 81,726
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 81,726 81,726

A Curtis
Balance outstanding at start of year 68,750 68,750
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 68,750 68,750

26. 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 represent companies under the control of the Curtis Family.

D3S ENTERPRISE LTD (REGISTERED NUMBER: 11234363)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2023

26. RELATED PARTY DISCLOSURES - continued

During the year, a total of key management personnel compensation of £ 423,642 (2022 - £ 271,565 ) was paid.

Key management personnel include the directors of the parent company and trading subsidiary, Dolce Limited

27. 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.

28. ULTIMATE CONTROLLING PARTY

The group is under the control of the Curtis family.