IRIS Accounts Production v24.1.9.2 05076235 Board of Directors 1.1.23 31.12.23 31.12.23 true false true true false false true false Ordinary 0.01000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh050762352022-12-31050762352023-12-31050762352023-01-012023-12-31050762352021-12-31050762352022-01-012022-12-31050762352022-12-3105076235ns15:EnglandWales2023-01-012023-12-3105076235ns14:PoundSterling2023-01-012023-12-3105076235ns10:Director12023-01-012023-12-3105076235ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3105076235ns10:FRS1022023-01-012023-12-3105076235ns10:Audited2023-01-012023-12-3105076235ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-01-012023-12-3105076235ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-01-012023-12-3105076235ns10:FullAccounts2023-01-012023-12-3105076235ns10:OrdinaryShareClass12023-01-012023-12-3105076235ns10:Director22023-01-012023-12-3105076235ns10:Director32023-01-012023-12-3105076235ns10:CompanySecretary12023-01-012023-12-3105076235ns10:RegisteredOffice2023-01-012023-12-3105076235ns5:CurrentFinancialInstruments2023-12-3105076235ns5:CurrentFinancialInstruments2022-12-3105076235ns5:ShareCapital2023-12-3105076235ns5:ShareCapital2022-12-3105076235ns5:RetainedEarningsAccumulatedLosses2023-12-3105076235ns5:RetainedEarningsAccumulatedLosses2022-12-3105076235ns5:ShareCapital2021-12-3105076235ns5:RetainedEarningsAccumulatedLosses2021-12-3105076235ns5:RetainedEarningsAccumulatedLosses2022-01-012022-12-3105076235ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3105076235ns15:UnitedKingdom2023-01-012023-12-3105076235ns15:UnitedKingdom2022-01-012022-12-3105076235ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2023-01-012023-12-3105076235ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2022-01-012022-12-3105076235ns5:OwnedAssets2023-01-012023-12-3105076235ns5:OwnedAssets2022-01-012022-12-3105076235112023-01-012023-12-3105076235112022-01-012022-12-3105076235122023-01-012023-12-3105076235122022-01-012022-12-310507623552023-01-012023-12-310507623552022-01-012022-12-3105076235ns10:OrdinaryShareClass12022-01-012022-12-3105076235ns5:PlantMachinery2022-12-3105076235ns5:FurnitureFittings2022-12-3105076235ns5:MotorVehicles2022-12-3105076235ns5:PlantMachinery2023-01-012023-12-3105076235ns5:FurnitureFittings2023-01-012023-12-3105076235ns5:MotorVehicles2023-01-012023-12-3105076235ns5:PlantMachinery2023-12-3105076235ns5:FurnitureFittings2023-12-3105076235ns5:MotorVehicles2023-12-3105076235ns5:PlantMachinery2022-12-3105076235ns5:FurnitureFittings2022-12-3105076235ns5:MotorVehicles2022-12-3105076235ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3105076235ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3105076235ns5:WithinOneYear2023-12-3105076235ns5:WithinOneYear2022-12-3105076235ns5:BetweenOneFiveYears2023-12-3105076235ns5:BetweenOneFiveYears2022-12-3105076235ns5:MoreThanFiveYears2023-12-3105076235ns5:MoreThanFiveYears2022-12-3105076235ns5:AllPeriods2023-12-3105076235ns5:AllPeriods2022-12-3105076235ns5:AcceleratedTaxDepreciationDeferredTax2023-12-3105076235ns5:AcceleratedTaxDepreciationDeferredTax2022-12-3105076235ns5:DeferredTaxation2022-12-3105076235ns5:DeferredTaxation2023-01-012023-12-3105076235ns5:DeferredTaxation2023-12-3105076235ns10:OrdinaryShareClass12023-12-3105076235ns5:RetainedEarningsAccumulatedLosses2022-12-31
REGISTERED NUMBER: 05076235 (England and Wales)











Olive Catering Services Limited

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2023






Olive Catering Services Limited (Registered number: 05076235)

Contents of the Financial Statements
for the Year Ended 31 December 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 16


Olive Catering Services Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: A G Norrie
S A Bradley
D P Brown



SECRETARY: A G Norrie



REGISTERED OFFICE: Barn Farm, Sibson Road
Ratcliffe Culey
Atherstone
Warwickshire
CV9 3PH



REGISTERED NUMBER: 05076235 (England and Wales)



SENIOR STATUTORY AUDITOR: Stephen Butler BA FCA



AUDITORS: Haines Watts Tamworth Limited
Chartered Accountants and Statutory Auditors
Sterling House
97 Lichfield Street
Tamworth
Staffordshire
B79 7QF

Olive Catering Services Limited (Registered number: 05076235)

Strategic Report
for the Year Ended 31 December 2023


The directors present their strategic report for the year ended 31 December 2023.

INTRODUCTION
The Directors are pleased with the results of the business for the year ended 31 December 2023. A summary of the Company's five year results are shown below:

BUSINESS REVIEW AND KEY PERFORMANCE INDICATORS


2019 2020 2021 2022 2023
£    £    £    £    £   
Turnover 30,204 21,680 23,444 34,420 42,902
Gross profit 4,740 4,557 5,519 6,630 7,282
Gross profit % 15.7% 21.0% 23.5% 19.3% 17.0%
Profit before tax 1,846 2,020 3,132 3,419 3,328
PBT % 6.1% 9.3% 13.4% 9.9% 7.8%
Shareholders' funds 2,647 2,972 3,654 3,890 3,704

Growth continued apace in 2023 with turnover increasing 24.6% from £34.4m in 2022 to £42.9m in 2023. This was driven by the full year impact of business won during 2022, net new contract gains in 2023 and significant inflation in both food and employment costs (both c. 10%).

As the leading independent contract caterer in the UK with national coverage, the Company remains resolutely focussed on its B&I market which includes offices, factories and distribution centres. As a provider of high quality workplace catering solutions, the company seeks to work with clients who value the provision of catering services as a benefit to their employees. Those clients also recognise the intangible benefits of a staff restaurant including: staff moral, recruitment, retention and social interaction; especially where the food offer is exciting, compelling and continuously evolving.

Whilst food inflation was a major issue during 2023, our appointment of a Purchasing Director and recent tendering of our main suppliers has assisted in managing costs for our clients. Similarly, increases in the National Minimum wage has driven employments costs across all levels of the business and, whilst food inflation has eased in 2024, the increase in the headline rate of the National Minimum wage by 9.8% in April 2024 has placed further pressure on wage costs.

The Company has continued to invest heavily in its structures to support future growth and the increase in overheads is reflected in the decrease in the operating margin from 9.9% in 2022 to 7.8% in 2023. The full year effects of the investments will likely impact 2024 together with additional investments in our sales team made during 2024 which we anticipate will help support our growth through 2025 and beyond.

During 2023, the Company successfully implemented electronic data interchange (EDI) for 90% of our supplier base which has yielded significant efficiencies in our contracts and at head office. The Company also installed its first Artificial Intelligence enabled check out till which has provided an intriguing enhancement to the service at our client's site.

As set out in our 2022 report, in 2023 we introduced our Ethical Olive framework to support sustainability and our journey towards achieving our net zero target by 2035. The framework ensures a balance between environmental care, social well-being and economic growth. We are working toward an accreditation with the Sustainable Restaurant Association, which we expect to achieve in the second half of 2024.

2024 will see Olive Catering entering its twentieth year of operation and the business continues to thrive. We have 12 new contract openings confirmed so far year to date and we expect turnover to increase steadily to £46m in 2024.


Olive Catering Services Limited (Registered number: 05076235)

Strategic Report
for the Year Ended 31 December 2023

PRINCIPAL RISKS AND UNCERTAINTIES
The Directors have significant experience in the sector and have developed review procedures and control systems to effectively manage the principal strategic, financial and operational risks faced by the business.

ON BEHALF OF THE BOARD:





A G Norrie - Director


21 June 2024

Olive Catering Services Limited (Registered number: 05076235)

Report of the Directors
for the Year Ended 31 December 2023


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

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of catering services.

DIVIDENDS
The Company paid dividends of £2,715,000 during the year (2022 - £2,535,000).

FUTURE DEVELOPMENTS
2024 has started very strongly with the Company winning 12 new contracts during the first six months of the year and is on track to achieve turnover in excess of £46m in 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

A G Norrie
S A Bradley
D P Brown

ENGAGEMENT WITH EMPLOYEES
The Company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

Information relating to matters of concern to its employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the Company's performance.


DISABLED EMPLOYEES

The Company's policy is to recruit disabled workers for those vacancies that they are able to fill. All necessary assistance with initial training courses is given. Once employed, a career plan is developed so as to ensure suitable opportunities for each disabled person. Arrangements are made, wherever possible, for retraining employees who become disabled, to enable them to perform work identified as appropriate to their aptitudes and abilities.

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

Olive Catering Services Limited (Registered number: 05076235)

Report of the Directors
for the Year Ended 31 December 2023


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

AUDITORS
The auditors, Haines Watts Tamworth Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





A G Norrie - Director


21 June 2024

Report of the Independent Auditors to the Members of
Olive Catering Services Limited


Opinion
We have audited the financial statements of Olive Catering Services Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

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

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Olive Catering Services Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Report of the Independent Auditors to the Members of
Olive Catering Services Limited


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

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

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- results of our enquiries of management about their own identification and assessment of the risks and irregularities
- any matters we identified having obtained an understanding of the company policies and procedures relating to
identifying, evaluating and complying with laws and regulations and whether they are aware of any instances of
non-compliance
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or
alleged fraud
- the internal controls set up to mitigate risks of fraud or non-compliance with laws and regulations
- the matters discussed among the audit engagement team regarding how and where fraud might occur in the
financial statements and any potential indicators of fraud.
- obtaining an understanding of the legal and regulatory framework that the company operates in, focusing on those
laws and regulations that had a direct effect on the financial statements, including UK Companies Act 2006,
pensions and tax legislation
- provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance
with which may be fundamental to the company's ability to operate or to avoid material penalty. These include
employment regulation, health and safety regulation and anti-money laundering regulation.

As a result of performing the above, we did not identify any key audit matters related to the potential risk of fraud or non-compliance with laws and regulations.

Audit response to risks identified

Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with
provisions of relevant laws and regulations described as having a direct effect on the financial statements
- enquiring of management concerning actual and potential legal action and claims
- carrying out analytical procedures to identify any unusual or unexpected relationships that may indicate risks of
material misstatement due to fraud
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal
entries and other adjustments; assessing whether the judgements made in making accounting estimates are
indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual
or outside the normal course of business.
- considering performance targets and their influence on efforts made by management to manage earnings

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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
Olive Catering Services Limited


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




Stephen Butler BA FCA (Senior Statutory Auditor)
for and on behalf of Haines Watts Tamworth Limited
Chartered Accountants and Statutory Auditors
Sterling House
97 Lichfield Street
Tamworth
Staffordshire
B79 7QF

21 June 2024

Olive Catering Services Limited (Registered number: 05076235)

Income Statement
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

TURNOVER 3 42,902,002 34,419,928

Cost of sales 35,620,143 27,789,135
GROSS PROFIT 7,281,859 6,630,793

Administrative expenses 3,996,943 3,231,708
OPERATING PROFIT 6 3,284,916 3,399,085

Interest receivable and similar income 42,949 20,115
3,327,865 3,419,200

Interest payable and similar expenses 7 259 -
PROFIT BEFORE TAXATION 3,327,606 3,419,200

Tax on profit 8 798,087 647,919
PROFIT FOR THE FINANCIAL YEAR 2,529,519 2,771,281

Olive Catering Services Limited (Registered number: 05076235)

Other Comprehensive Income
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 2,529,519 2,771,281


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

2,529,519

2,771,281

Olive Catering Services Limited (Registered number: 05076235)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 291,081 319,234

CURRENT ASSETS
Stocks 11 379,225 373,030
Debtors 12 8,560,440 7,971,818
Cash at bank 3,284,440 2,343,089
12,224,105 10,687,937
CREDITORS
Amounts falling due within one year 13 8,752,127 7,072,747
NET CURRENT ASSETS 3,471,978 3,615,190
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,763,059

3,934,424

PROVISIONS FOR LIABILITIES 15 58,088 43,972
NET ASSETS 3,704,971 3,890,452

CAPITAL AND RESERVES
Called up share capital 16 900 900
Retained earnings 17 3,704,071 3,889,552
SHAREHOLDERS' FUNDS 3,704,971 3,890,452

The financial statements were approved by the Board of Directors and authorised for issue on 21 June 2024 and were signed on its behalf by:





A G Norrie - Director


Olive Catering Services Limited (Registered number: 05076235)

Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 900 3,653,271 3,654,171

Changes in equity
Dividends - (2,535,000 ) (2,535,000 )
Total comprehensive income - 2,771,281 2,771,281
Balance at 31 December 2022 900 3,889,552 3,890,452

Changes in equity
Dividends - (2,715,000 ) (2,715,000 )
Total comprehensive income - 2,529,519 2,529,519
Balance at 31 December 2023 900 3,704,071 3,704,971

Olive Catering Services Limited (Registered number: 05076235)

Cash Flow Statement
for the Year Ended 31 December 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 4,423,481 3,056,049
Interest paid (259 ) -
Tax paid (679,740 ) (597,259 )
Net cash from operating activities 3,743,482 2,458,790

Cash flows from investing activities
Purchase of tangible fixed assets (137,855 ) (249,223 )
Sale of tangible fixed assets 7,775 -
Interest received 42,949 20,115
Net cash from investing activities (87,131 ) (229,108 )

Cash flows from financing activities
Equity dividends paid (2,715,000 ) (2,535,000 )
Net cash from financing activities (2,715,000 ) (2,535,000 )

Increase/(decrease) in cash and cash equivalents 941,351 (305,318 )
Cash and cash equivalents at beginning of
year

2

2,343,089

2,648,407

Cash and cash equivalents at end of year 2 3,284,440 2,343,089

Olive Catering Services Limited (Registered number: 05076235)

Notes to the Cash Flow Statement
for the Year Ended 31 December 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 3,327,606 3,419,200
Depreciation charges 159,099 119,753
Profit on disposal of fixed assets (866 ) -
Finance costs 259 -
Finance income (42,949 ) (20,115 )
3,443,149 3,518,838
Increase in stocks (6,195 ) (81,649 )
Increase in trade and other debtors (588,622 ) (2,457,829 )
Increase in trade and other creditors 1,575,149 2,076,689
Cash generated from operations 4,423,481 3,056,049

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 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 3,284,440 2,343,089
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 2,343,089 2,648,407


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank 2,343,089 941,351 3,284,440
2,343,089 941,351 3,284,440
Total 2,343,089 941,351 3,284,440

Olive Catering Services Limited (Registered number: 05076235)

Notes to the Financial Statements
for the Year Ended 31 December 2023


1. STATUTORY INFORMATION

Olive Catering Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In the application of the Company's accounting policies, management are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to the accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both the current and future periods.

For the judgements made around depreciation rates, stock and bad debt provisions, see the accounting policies stated. No further judgemental items are noted within the financial statements.

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:

- the Company has transferred the significant risks and rewards of ownership to the buyer;

- the Company retains neither continuing managerial involvement to the degree usually associated with
ownership nor effective control over the goods sold;

- the amount of turnover can be measured reliably;

- it is probable that the Company will receive the consideration due under the transaction; and

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Olive Catering Services Limited (Registered number: 05076235)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

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

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

Plant and machinery- 3 to 5 years
Motor vehicles- 3 to 5 years
Fixtures & fittings- 3 to 5 years

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

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the statement of comprehensive income.

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Cash
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Creditors
Short term creditors are measured at the transaction price.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


Olive Catering Services Limited (Registered number: 05076235)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued
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.

Pension costs and other post-retirement benefits
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.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United Kingdom 42,902,002 34,419,928
42,902,002 34,419,928

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 18,216,705 15,000,748
Social security costs 1,416,034 1,152,661
Other pension costs 478,378 363,427
20,111,117 16,516,836

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

Management and administration 41 36
Operations 756 649
797 685

5. DIRECTORS' EMOLUMENTS
2023 2022
£    £   
Directors' remuneration 189,263 173,606

Olive Catering Services Limited (Registered number: 05076235)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


5. DIRECTORS' EMOLUMENTS - continued

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

Money purchase schemes 3 3

6. OPERATING PROFIT

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

2023 2022
£    £   
Depreciation - owned assets 159,099 119,753
Profit on disposal of fixed assets (866 ) -
Auditors' remuneration 14,400 15,000
Auditors' remuneration for non audit work - 1,336
Defined contribution pension cost 478,378 363,427
Operating lease costs 238,084 208,651

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Interest on overdue taxation 259 -

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 781,980 579,513
Adjustments in respect of previous periods 1,991 -
Total current tax 783,971 579,513

Deferred tax 14,116 68,406
Tax on profit 798,087 647,919

Olive Catering Services Limited (Registered number: 05076235)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


8. TAXATION - continued

Reconciliation of total tax charge 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
£    £   
Profit before tax 3,327,606 3,419,200
Profit multiplied by the standard rate of corporation tax in the UK of 23.521%
(2022 - 19%)

782,686

649,648

Effects of:
Expenses not deductible for tax purposes (9,573 ) 1,984
Depreciation in excess of capital allowances 22,983 6,411
Adjustments to tax charge in respect of previous periods 1,991 -
Changes in deferred tax rate - (10,124 )
Total tax charge 798,087 647,919

9. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £0.01 each
Final 2,715,000 2,535,000

10. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 January 2023 425,971 122,393 5,871 554,235
Additions 66,534 62,462 8,859 137,855
Disposals (149,438 ) (15,494 ) (5,871 ) (170,803 )
At 31 December 2023 343,067 169,361 8,859 521,287
DEPRECIATION
At 1 January 2023 192,262 37,397 5,342 235,001
Charge for year 117,747 38,116 3,236 159,099
Eliminated on disposal (142,529 ) (15,494 ) (5,871 ) (163,894 )
At 31 December 2023 167,480 60,019 2,707 230,206
NET BOOK VALUE
At 31 December 2023 175,587 109,342 6,152 291,081
At 31 December 2022 233,709 84,996 529 319,234

Olive Catering Services Limited (Registered number: 05076235)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


11. STOCKS
2023 2022
£    £   
Stocks 379,225 373,030

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 7,080,270 6,414,355
Other debtors 1,423,621 1,494,073
Prepayments 56,549 63,390
8,560,440 7,971,818

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 5,134,266 4,476,307
Tax 423,744 319,513
Social security and other taxes 430,509 341,976
VAT 1,397,038 1,193,957
Other creditors 102,409 182,321
Accruals and deferred income 1,264,161 558,673
8,752,127 7,072,747

14. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 181,561 138,052
Between one and five years 296,912 185,058
In more than five years - 8,750
478,473 331,860

15. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 72,533 79,556
Other timing differences (14,445 ) (35,584 )
58,088 43,972

Olive Catering Services Limited (Registered number: 05076235)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


15. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2023 43,972
Provided during year 14,116
Balance at 31 December 2023 58,088

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
90,000 Ordinary £0.01 900 900

17. RESERVES
Retained
earnings
£   

At 1 January 2023 3,889,552
Profit for the year 2,529,519
Dividends (2,715,000 )
At 31 December 2023 3,704,071

18. RELATED PARTY DISCLOSURES

The key management personnel in the year were deemed to be the Directors, as shown in note 5.

Aggregate compensation payable to family members of key management personnel during the year was £127,002 (2022 - £180,000).