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Registered number: 06724887










ARTIZIAN GROUP LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
ARTIZIAN GROUP LIMITED
 

COMPANY INFORMATION


Director
A S Frith 




Registered number
06724887



Registered office
C/O James Cowper Kreston
8th Floor Reading Bridge House

George Street

Reading

Berkshire

RG1 8LS




Independent auditors
James Cowper Kreston Audit
Chartered Accountants and Statutory Auditor

8th Floor

Reading Bridge House

George Street

Reading

Berkshire

RG1 8LS





 
ARTIZIAN GROUP LIMITED
 

CONTENTS



Page
Group strategic report
1 - 3
Director's report
4 - 5
Independent auditors' report
6 - 8
Consolidated statement of comprehensive income
9
Consolidated balance sheet
10
Company balance sheet
11
Consolidated statement of changes in equity
12
Company statement of changes in equity
13
Consolidated statement of cash flows
14
Consolidated analysis of net debt
15
Notes to the financial statements
16 - 24


 
ARTIZIAN GROUP LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Business review
 
Business levels having reached a settled hybrid status in January 2023, and companies mandating attendance led to increased building occupancy levels which in turn increased turnover which saw an improved of 20% on 2023.
Strategic Management
Artizian continues to focus on the Business and Industry segment of the Foodservice management sector, primarily in London and the South-East. It is a boutique nutritionally led and chef inspired catering and hospitality business, delivering food service solutions to companies who value their employees’ wellbeing and mitigating their environmental impact. Contracts are usually for a duration of 3 + an option to extend by a further 2 years.
Added value is delivered via our Diversity credentials, Sustainability and Workplace Health and Wellbeing focus as workplaces make these important criteria for any suppliers they contract.
Other key objectives remain:

Helping and supporting clients to improve their Sustainability credentials and delivering against our own Sustainability goals and Carbon Zero Journey.
Managing costs for our clients whilst experiencing recruitment challenges and continually rising pay rates as companies pay more to retain their teams.

Principal risks and uncertainties
 
The impact of the election brings with it uncertainties that will affect all businesses, with the threat of increasing taxes and new legislative pay conditions that are projected to take place in October.  
Our forecast for 2024 and 2025 includes a focus on new business growth with the recent appointment of a Manager – Business Development.
Client payment terms remain an area of focus, although the contract that was causing greatest issue with payment averaging 90+ days has terminated, which will significantly ease pressure in cash flow. It has been extremely frustrating using our cash reserves to cover late payments in place of investing in our growth.
 
The hospitality sector continues to face a number of challenges with supplies and staff shortages and Artizian’s previous credentials from looking after our team players is helping us face these challenges, alongside the support of a good procurement specialist.

Financial key performance indicators
 
The directors use turnover, gross profit, operating profit, profit before tax and cash flow as its key performance indicators. These key performance indicators are used to ensure the company’s ability to continue to grow and remain profitable.
    
 2024   2023
Turnover    £11,312,554  £9,389,110
O
perating profit/(loss)  £71,208  £62,862
EBITDA    £78,495  £68,084
Diversity and Inclusion continues to be evident throughout Artizian and in addition 51% of team players are female, a ratio which runs across all positions except chef roles that remain predominantly male.
Focus on Sustainability remains prominent across our sector and tracking behaviour against Carbon Counted dishes is proving fruitful. Technology is a prominent feature of services and future plans.

Page 1

 
ARTIZIAN GROUP LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Directors' statement of compliance with duty to promote the success of the Group
 
The Directors are aware of their duty under section 172 of the Companies Act 2006, to act in a way which they consider, in good faith, would be most likely to promote the success of the Group for the benefit of its employees and other stakeholders as a whole and in doing so, have regard (amongst other matters) to:
 
The likely consequences of any decision in the long-term;
The interests of the company’s employees;
The need to foster the company’s business relationships with suppliers, customers and others;
The impact of the company’s operations on the community and the environment;
The desirability of the company maintaining a reputation for high standards of business conduct; and
The need to act fairly as between employees and stakeholders.

Below is how we focus and promote these areas:

Long term impact
 
The Directors considers the key stakeholders to be Our People, Our Clients and Customers, Our Suppliers and Our Communities and Environment. We regularly update our stakeholders with the following engagement:
 
Regular reports and presentations at Senior Management Meetings, including operation al reports presented by the Head of Finance and updates from senior management on food, health & safety, Sustainability, compliance, people (including team player engagement), supply chain and client / tender feedback.
A rolling agenda of matters to be considered by the directors including a budget for the following year and medium-term business plan.

Our People
We really believe that ‘the people that make up Artizian, make Artizian’. As a Women Enterprise Business Certified Company in what was predominantly a man’s world when Artizian was launched, we have always focused on the Equality, Diversity and Inclusion of our team players. We are also proud to hold Investors In People accreditation.
Nurturing & Valuing our Team Players and operating to the highest ethical standards is core to our success. Having Integrity, being Respectful and Encouraging is part of what we are.
Our Clients and Customers
The duration we retain our business, despite retendering, is we believe testament to how we consistently deliver and evolve each site. Our flat structure helps us stay nimble enabling our site teams and clients to call on an individual specialist with the skill they are seeking.
We only operate in the UK and have both internal and external independent auditors to ensure we are fully compliant with all applicable legislation.
Trust is essential in any relationship and delivering transparent and optimum financials plays a very important part, in knowing what you are paying for. It is why we have an open book policy. GDPR and confidentiality is taken extremely seriously and forms part of our contractual agreements with clients and team players.

Page 2

 
ARTIZIAN GROUP LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Our Suppliers
 
Artizian’s supply chain is in conjunction with our external procurement specialist partners; Allmanhall (allmanhall.co.uk) are aligned with our Net Zero journey and commitment to gain B Corp Certification.
Artizian’s and Allmanhall’s people, processes and systems ensure that integrity and efficiency operate throughout the entire supply chain. Our 360 approach ensures that contractual terms, including quality and service standards, sustainability, sourcing, and policy compliance are managed through flow downs terms and statements of work with our nominated suppliers where possible. These are then monitored, and performance managed throughout the life cycle of the contract
Our supplier negotiations are undertaken by expert CIPS qualified buyers, & the procurement team ensure they are kept fully informed & maintain an intimate knowledge of all the variables affecting the markets, & the factors that influence inflationary fluctuations.
All suppliers have to pass a Vendor Capability Assessment to ensure they meet quality criteria and prior to becoming an Artizian approved supplier. Suppliers are thoroughly and proactively managed and through consistent market analysis and benchmarking, supplier pricing is constantly monitored to ensure competitiveness within the marketplace.
Community & Environment
As a Women Enterprise Business certified company with ISO14001 credentials, we like to lead by example and successfully graduated from Heart of the City’s Climate for SME’s 4 steps to Action towards Net Zero courses, culminating in the presentation of its Net Zero Plan. 
We achieve benefits from Sustainability by educating informing & inspiring our teams who work across our company to positively influence & optimise the results, nurturing our skills & increasing teamwork across our organisation, whilst doing something positive for our community. A team player sustainability app is supporting our commitment to net zero by 2030.
Future developments
Continuing to increase use of technology within services delivered and achieve Net Zero by 2030.


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



A S Frith
Director
Date: 19 August 2024

Page 3

 
ARTIZIAN GROUP LIMITED
 

 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The director presents his report and the financial statements for the year ended 31 March 2024.

Director

The director who served during the year was:

A S Frith 

Director's responsibilities statement

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

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


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

make judgments and accounting estimates that are reasonable and prudent;

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

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

Disclosure of information to auditors

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

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

Auditors

The auditorsJames Cowper Kreston Auditwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 4

 
ARTIZIAN GROUP LIMITED
 

 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


Small companies note

In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

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




A S Frith
Director
Date: 19 August 2024

Page 5

 
ARTIZIAN GROUP LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ARTIZIAN GROUP LIMITED
 

Opinion


We have audited the financial statements of Artizian Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 March 2024 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


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


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or 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 director with respect to going concern are described in the relevant sections of this report.


Page 6

 
ARTIZIAN GROUP LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ARTIZIAN GROUP LIMITED (CONTINUED)


Other information


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


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

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


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


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the 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 Director's report.


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


adequate accounting records have not been kept 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 director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the Director's report.


Responsibilities of directors
 

As explained more fully in the Director's responsibilities statement set out on page 4, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the director is responsible for assessing the 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 director either intends to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
ARTIZIAN GROUP LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ARTIZIAN GROUP LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

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


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.
The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:
 
Enquiry of management and those charged with governance around actual and potential litigation and claims;
Enquiry of management and those charged with governance to identify any material instances of non compliance with laws and regulations;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work  to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.


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


Use of our report
 

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


Darren O'Connor BSc (Hons) FCCA ACA (Senior Statutory Auditor)
  
for and on behalf of
James Cowper Kreston Audit
 
Chartered Accountants and Statutory Auditor
  
8th Floor
Reading Bridge House
George Street
Reading
Berkshire
RG1 8LS

21 August 2024
Page 8

 
ARTIZIAN GROUP LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 4 
11,312,554
9,389,110

Cost of sales
  
(10,288,158)
(8,417,979)

Gross profit
  
1,024,396
971,131

Administrative expenses
  
(953,188)
(906,269)

Operating profit
 5 
71,208
64,862

Interest receivable and similar income
  
11,167
1,983

Profit before tax
  
82,375
66,845

Tax on profit
 9 
(20,237)
(8,965)

Profit for the financial year
  
62,138
57,880

Profit for the year attributable to:
  

Owners of the parent company
  
(62,138)
(57,880)

  
(62,138)
(57,880)

There was no other comprehensive income for 2024 (2023: £NIL).

The notes on pages 16 to 24 form part of these financial statements.

Page 9

 
ARTIZIAN GROUP LIMITED
REGISTERED NUMBER: 06724887

CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 10 
7,089
5,838

  
7,089
5,838

Current assets
  

Debtors: amounts falling due within one year
 12 
1,945,927
2,121,454

Cash at bank and in hand
 13 
831,824
457,633

  
2,777,751
2,579,087

Creditors: amounts falling due within one year
  
(2,061,883)
(1,924,106)

Net current assets
  
 
 
715,868
 
 
654,981

Total assets less current liabilities
  
722,957
660,819

  

Net assets
  
722,957
660,819


Capital and reserves
  

Called up share capital 
 15 
200
200

Other reserves
 16 
64,111
64,111

Profit and loss account
 16 
658,646
596,508

  
722,957
660,819


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


A S Frith
Director
Date: 19 August 2024

The notes on pages 16 to 24 form part of these financial statements.

Page 10

 
ARTIZIAN GROUP LIMITED
REGISTERED NUMBER: 06724887

COMPANY BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 11 
190
190

  
190
190

Current assets
  

Debtors: amounts falling due within one year
 12 
10
10

  
10
10

Total assets less current liabilities
  
 
 
200
 
 
200

  

  

Net assets
  
200
200


Capital and reserves
  

Called up share capital 
 15 
200
200

  
200
200


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


A S Frith
Director
Date: 19 August 2024

The notes on pages 16 to 24 form part of these financial statements.

Page 11

 
ARTIZIAN GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Other reserves
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£

At 1 April 2023
200
64,111
596,508
660,819
660,819


Comprehensive income for the year

Profit for the year
-
-
62,138
62,138
62,138


At 31 March 2024
200
64,111
658,646
722,957
722,957


The notes on pages 16 to 24 form part of these financial statements.


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Other reserves
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£

At 1 April 2022
200
64,111
538,628
602,939
602,939


Comprehensive income for the year

Profit for the year
-
-
57,880
57,880
57,880


At 31 March 2023
200
64,111
596,508
660,819
660,819


The notes on pages 16 to 24 form part of these financial statements.

Page 12

 
ARTIZIAN GROUP LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Total equity

£
£

At 1 April 2023
200
200


At 31 March 2024
200
200


The notes on pages 16 to 24 form part of these financial statements.


COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Total equity

£
£

At 1 April 2022
200
200


At 31 March 2023
200
200


The notes on pages 16 to 24 form part of these financial statements.

Page 13

 
ARTIZIAN GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
62,138
57,880

Adjustments for:

Depreciation of tangible assets
7,287
3,222

Interest received
(11,167)
(1,983)

Taxation charge
20,237
9,061

Decrease in stocks
-
32,135

Decrease/(increase) in debtors
184,832
(869,460)

Increase in creditors
128,472
586,524

Corporation tax (paid)/received
(20,237)
8,269

Net cash generated from operating activities

371,562
(174,352)


Cash flows from investing activities

Purchase of tangible fixed assets
(8,538)
(4,988)

Interest received
11,167
1,983

Net cash from investing activities

2,629
(3,005)


Net increase/(decrease) in cash and cash equivalents
374,191
(177,357)

Cash and cash equivalents at beginning of year
457,633
634,990

Cash and cash equivalents at the end of year
831,824
457,633


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
831,824
457,633

831,824
457,633


The notes on pages 16 to 24 form part of these financial statements.

Page 14

 
ARTIZIAN GROUP LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2024




At 1 April 2023
Cash flows
At 31 March 2024
£

£

£

Cash at bank and in hand

457,633

374,191

831,824


457,633
374,191
831,824

The notes on pages 16 to 24 form part of these financial statements.

Page 15

 
ARTIZIAN GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Artizian Group Limited is a private limited company incorporated and domiciled in England and Wales. The address of the registered office is 8th Floor, Reading Bridge House, George Street, Reading, Berkshire, RG1 8LS and trading address 5  Beech Court, Wokingham Road, Hurst, Berkshire, RG10 0RQ.
The principal activity of the Group is the provision of catering services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as 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 revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 16

 
ARTIZIAN GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

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 basis:

Office equipment
-
33% straight line basis
Computer equipment
-
25% - 50% straight line basis

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

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

 
2.5

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 17

 
ARTIZIAN GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.10

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.11

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

 
2.12

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management's best knowledge of the amount, events or actions, actual results may ultimately differ from those estimates.
Revenue recognition
The group recognises revenue generally at the time of delivery and when collection of the resulting receivable is reasonably assured. Payments received in advance of revenue recognition are recorded as deferred income in the event that revenue is received but management do not believe the delivery of goods and services has been performed.

Page 18

 
ARTIZIAN GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Goods and services
11,312,554
9,389,110

11,312,554
9,389,110


All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
7,287
3,222

Other operating lease rentals
39,027
44,545

Defined contribution pension costs
128,171
109,512


6.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
15,800
15,000

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

Taxation compliance services
3,700
3,500

All other services
6,600
6,250


7.


Employees

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



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Employees
165
140
1
1

Page 19

 
ARTIZIAN GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Director's remuneration

Group
Group
2024
2023
£
£


Directors' emoluments
71,862
70,323

Company contributions to defined contribution pension schemes
5,030
14,424

76,892
84,747


9.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
20,714
8,965

Adjustments in respect of previous periods
(477)
-



Tax on profit
20,237
8,965

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
82,375
66,845


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
20,594
12,701

Effects of:


Fixed asset differences
-
(284)

Expenses not deductible for tax purposes
181
268

Group relief surrendered/(claimed)
-
(1,752)

Marginal relief
(7)
-

Adjustments to tax charge in respect of previous periods
(477)
-

Remeasurement of deferred tax for changes in tax rates
-
706

Movement in deferred tax not recognised
(54)
(2,871)

Other timing differences leading to an increase (decrease) in taxation
-
197

Total tax charge for the year
20,237
8,965

Page 20

 
ARTIZIAN GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
9.Taxation (continued)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


10.


Tangible fixed assets

Group






Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 April 2023
11,451
116,304
127,755


Additions
-
8,538
8,538



At 31 March 2024

11,451
124,842
136,293



Depreciation


At 1 April 2023
11,451
110,466
121,917


Charge for the year
-
7,287
7,287



At 31 March 2024

11,451
117,753
129,204



Net book value



At 31 March 2024
-
7,089
7,089



At 31 March 2023
-
5,838
5,838

Page 21

 
ARTIZIAN GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
190



At 31 March 2024
190





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Artizian Catering Services Limited
Ordinary
100%
Nutrition Bites Limited
Ordinary
75%

The registered office for both subsidiaries is the same as the parent company and referenced within company information.
Nutrition Bites Limited has taken advantage of the exemption from a statutory audit under the parent guarantee as per the Companies Act Section 479A.

The aggregate of the share capital and reserves as at 31 March 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Artizian Catering Services Limited
733,675
65,158

Nutrition Bites Limited
13,748
(3,020)

Page 22

 
ARTIZIAN GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
1,888,680
2,086,825
-
-

Other debtors
50,368
25,671
10
10

Prepayments and accrued income
6,879
8,958
-
-

1,945,927
2,121,454
10
10



13.


Cash and cash equivalents

Group
Group
2024
2023
£
£

Cash at bank and in hand
831,824
457,633

831,824
457,633



14.


Creditors: Amounts falling due within one year

Group
Group
2024
2023
£
£

Trade creditors
858,220
957,542

Corporation tax
20,714
9,061

Other taxation and social security
502,077
440,837

Other creditors
149,953
104,156

Accruals and deferred income
530,919
412,510

2,061,883
1,924,106



15.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



200 (2023 - 200) Ordinary shares of £1.00 each
200
200



16.


Reserves

Profit and loss account

Includes all current and prior period retained profits and losses.

Page 23

 
ARTIZIAN GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

17.


Pension commitments

A subsidiary undertaking, Artizian Catering Services Limited operates a defined contributions pension scheme and the pension charge of £128,171 (2023: £109,512) represents the amounts payable by the company to the fund in respect of the year. At the year end contributions amounting to £20,053 (2023: £15,799) were outstanding.


18.


Commitments under operating leases

At 31 March 2024 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
Group
£
£


Not later than 1 year
33,500
33,500

Later than 1 year and not later than 5 years
4,956
39,083

38,456
72,583


19.


Related party transactions

The company has taken advantage of the exemptions of disclosing transactions with related companies under the provision of Section 33 of Financial Reporting Standard 102.
Included in other debtors is £10,000 (2023: £10,000) due from J K Marriott. The maximum balance outstanding during the year was £10,000. No interest is payable on this balance.
The remuneration of the key management personnel for the year was £85,554 (2023: £84,747).


20.


Controlling party

The ultimate controlling party is A S Frith.

Page 24