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Registered number: 05994921










ON A ROLL SANDWICH COMPANY LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

 
ON A ROLL SANDWICH COMPANY LIMITED
 
 
COMPANY INFORMATION


DIRECTOR
Mr J M Stoddart 




COMPANY SECRETARY
Mrs H Stoddart



REGISTERED NUMBER
05994921



REGISTERED OFFICE
The Pantry
Barton Road

Middlesborough

TS2 1RY




INDEPENDENT AUDITORS
Waltons Business Advisers Limited
Chartered Accountants & Statutory Auditors

Maritime House

Harbour Walk

The Marina

Hartlepool

TS24 0UX





 
ON A ROLL SANDWICH COMPANY LIMITED
 

CONTENTS



Page
Strategic report
4 - 5
Director's report
1 - 3
Independent auditors' report
6 - 9
Statement of income and retained earnings
10
Balance sheet
11 - 12
Statement of cash flows
13 - 14
Analysis of net debt
15
Notes to the financial statements
16 - 28


 
ON A ROLL SANDWICH COMPANY LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

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

DIRECTOR'S RESPONSIBILITIES STATEMENT

The director is responsible for preparing the strategic report, the director's report and the 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 of the profit or loss of the company for that period.

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


select suitable accounting policies for the company's financial statements 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 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PRINCIPAL ACTIVITY

The principal activity of the company during the year was that of food manufacturing and distribution.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £2,357,801 (2023 - £1,920,410).

DIRECTOR

The director who served during the year was:

Mr J M Stoddart 

Page 1

 
ON A ROLL SANDWICH COMPANY LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024

FUTURE DEVELOPMENTS

OAR have seen another year of growth (30%), which includes 50% increase in the frozen sector with further growth expect FY (financial year) 2025.  The chilled sector has had slower growth, but with a retailer starting to take a few more products, this is expected to exceed the 11% growth of last year.
The main focus for the next few years will be to build on the current customer base and grow their sales as well as start to look for other customers within the food to go market, within both fresh and frozen.  The company currently have a few tenders at final meeting stages, where it is hoped that one new larger customer will engage OAR.
The economy seems to be settling after the past few years of continuing increases in raw materials and fuel however, labour is still an issue due to cost and sourcing.  The management structure is still in its infancy and it is expected that the team will be well established over the coming years.
The aim for the next few years is still to invest in looking at untapped markets (MD currently back doing sales calls) as well as factory automation where possible.  
National coverage is still the main aim – whether this is by using new distribution hubs, external couriers, or long-term building a new factory further south.  This will all depend on settling the team and creating a new plan to grow.  
The next financial year will hopefully see further growth – but at a steadier rate with future years’ growth to be more stable at around 10-20% going forward.   

RESEARCH AND DEVELOPMENT ACTIVITIES

Research and development projects included:
OAR are currently working on developing further packaging, that has a particular emphasis on improved sealing to ensure freshness and prevention of tampering and contamination.  This is also ensuring that overall product quality is not degraded and if anything, it is improved.
NPD are also working with customers to develop additional frozen salad products for a specific menu sector to ensure quality and packaging is correct. They include new ingredients for freezing with numerous testing regimes to find and develop the right recipes and packaging to ensure shelf life and quality.

DISABLED EMPLOYEES

The company is committed to building a workforce which reflects the working population and our local community and are looking at ways we can provide greater flexibility in manufacturing, to increase diversity.  We are an equal opportunities employer, both at the point of recruitment and throughout employment; ensuring that all applicants and workers are treated equally and ensuring that everyone has the same access to promotion opportunities. 

MATTERS COVERED IN THE STRATEGIC REPORT

The business review, principal risks and uncertainties and financial key performance indicators are included in the strategic report.

Page 2

 
ON A ROLL SANDWICH COMPANY LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024

DISCLOSURE OF INFORMATION TO AUDITORS

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

he 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's auditors are aware of that information.

POST BALANCE SHEET EVENTS

There have been no significant events affecting the company since the year end.

AUDITORS

The auditorsWaltons Business Advisers Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





Mr J M Stoddart
Director

Date: 7 October 2024

Page 3

 
ON A ROLL SANDWICH COMPANY LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

BUSINESS REVIEW
 
On A Roll Sandwich Company Limited (OAR), has continued to grow sales – this year by 30% against last year, with growth in various sectors – including some new customers as well as organic growth with new products.  
It is felt, however, that inflation, higher interest rates as well as the turmoil of the employment market are all still affecting the operation of the business in many ways.
OAR has still managed to grow again this financial year and it has been more than forecasted. Margins have improved and efficiencies are starting to show. 
There still seems to be a lot of unrest across all areas of our customer base which has been deliberately kept diverse to ensure if one area drops off the overall effect on the business is minimal.  The sandwich industry, is still unsettled with more larger contracts going out to tender, and mid-tier manufacturers able to go head to head with the big nationals – however pricing does seem to be the main driver still, and this is particularly prevalent in the NHS sector with food buying groups pushing customers to go out to tender and only award for a year giving the successful supplier large mobilisation costs for a 12 month contract – whether this is with setting up distribution networks or putting new products into busy production plans.
OAR still doesn’t engage in many of the tendering opportunities and are still going with growth organically with our current customer base as well as recommendations from current customers too.  
However this did change a bit this financial year as a few current customers have gone out to tender as contracts have ended.  This has led to re-tendering and some of the smaller customers have changed to other suppliers.  However the larger ones have been retained.  Going into financial year 2025 there are a couple of potential tenders that OAR have reached final stages so this could increase sales again.
OAR continues to expand its capacity and during the next financial year will continue to work towards growing the output of the current factories as shifts are increased and a potential new line and 7 day working is introduced into Unit 2.

Page 4

 
ON A ROLL SANDWICH COMPANY LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024

PRINCIPAL RISKS AND UNCERTAINTIES
 
The new management team at OAR is starting to take shape and the new heads of departments are contributing to the business providing senior support to all the departments.  This has now started to impact positively on all areas of the business but is still a work in progress and it is felt that it will be well into financial year ending 31 January 2025 before it stabilises due to the continued business growth.  
Continuous investment is required in up-to-date machinery as well as new robotics on lines being trialled.  This is planned to assist growth and as well as replace labour as the labour market still recovers.  
Pricing of ingredients and packaging does seem to be settling, however the yearly increases in the living wage mean OAR should be passing increases on to customers but at the moment is trying to keep them to a minimum.
Labour is still one of the most difficult issues to deal with at the moment and has been since covid restrictions eased.  Improving the management structure has meant that the overheads are going up but this is not showing as much on the bottom line due to efficiencies and growth.  New KPIs are being worked on for all areas to reduce costs.
The food to go market remains very volatile and competitors can be aggressive in their sales approach and pricing.  OAR are continuing to provide a quality product that is not always the cheapest on the market.  Product and people are the key drivers for the business.
Pricing is still being reviewed on a monthly basis together with market and competitor information as inflation settles.

FINANCIAL KEY PERFORMANCE INDICATORS
 
The board monitors company performance using a range of indicators, some of the most significant of which are as follows:
 
Key performance indicators
2024
2023
2022
2021
2020

£'000
£'000
£'000
£'000
£'000
Sales growth / (reduction)
29%
58.9%
34.8%
(18.6%)
18.1%
Target for purchases as a % of sales - 55%
57%
56.7%
52.3%
52.8%
50.4%
Net profit before tax - 10%
8%
7.6%
7.9%
2.0%
4.6%
Direct employee costs as a % of sales target - 20%
20%
18.0%
24.1%
30.7%
22.8%



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



Mr J M Stoddart
Director

Date: 7 October 2024

Page 5

 
ON A ROLL SANDWICH COMPANY LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ON A ROLL SANDWICH COMPANY LIMITED
 

UNQUALIFIED OPINION


We have audited the financial statements of On A Roll Sandwich Company Limited (the 'company') for the year ended 31 January 2024, which comprise the statement of income and retained earnings, the balance sheet, the statement of cash flows 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 company's affairs as at 31 January 2024 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 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 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

 
ON A ROLL SANDWICH COMPANY LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ON A ROLL SANDWICH COMPANY 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 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, 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 director's 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 director's responsibilities statement set out on page 1, 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 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 company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
ON A ROLL SANDWICH COMPANY LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ON A ROLL SANDWICH COMPANY 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 financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the area in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We identified the greatest potential for fraud in the following areas: existence and timing of recognition of income and the posting of unusual journals. We discussed these risks with management and designed audit procedures to test the timing and existence of revenue. We reviewed journals posted during the year and around the year end to look for potential “window dressing”.


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.


Page 8

 
ON A ROLL SANDWICH COMPANY LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ON A ROLL SANDWICH COMPANY LIMITED (CONTINUED)


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.





Heather O'Driscoll FCA (senior statutory auditor)
  
for and on behalf of
Waltons Business Advisers Limited
 
Chartered Accountants
Statutory Auditors
  
Maritime House
Harbour Walk
The Marina
Hartlepool
TS24 0UX

22 October 2024
Page 9

 
ON A ROLL SANDWICH COMPANY LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 JANUARY 2024

2024
2023
Note
£
£

  

Turnover
 3 
39,592,233
30,516,309

Cost of sales
  
(30,848,663)
(23,456,307)

GROSS PROFIT
  
8,743,570
7,060,002

Distribution costs
  
(2,185,158)
(2,158,512)

Administrative expenses
  
(3,262,847)
(2,586,850)

Other operating income
 4 
22,305
22,305

OPERATING PROFIT
 5 
3,317,870
2,336,945

Interest receivable and similar income
 9 
13,686
2,455

Interest payable and similar expenses
 10 
(23,961)
(11,906)

PROFIT BEFORE TAX
  
3,307,595
2,327,494

Tax on profit
 11 
(949,794)
(407,084)

PROFIT AFTER TAX
  
2,357,801
1,920,410

  

  

Retained earnings at the beginning of the year
  
7,193,052
5,413,642

  
7,193,052
5,413,642

Profit for the year
  
2,357,801
1,920,410

Dividends declared and paid
  
(177,916)
(141,000)

RETAINED EARNINGS AT THE END OF THE YEAR
  
9,372,937
7,193,052
The notes on pages 16 to 28 form part of these financial statements.

Page 10

 
ON A ROLL SANDWICH COMPANY LIMITED
REGISTERED NUMBER: 05994921

BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Tangible assets
 13 
4,328,670
4,541,660

Investments
 14 
1,080
1,080

  
4,329,750
4,542,740

CURRENT ASSETS
  

Stocks
 15 
2,088,312
2,108,739

Debtors: amounts falling due within one year
 16 
5,515,997
4,634,566

Cash at bank and in hand
 17 
2,349,271
1,432,789

  
9,953,580
8,176,094

Creditors: amounts falling due within one year
 18 
(3,719,062)
(4,266,477)

NET CURRENT ASSETS
  
 
 
6,234,518
 
 
3,909,617

TOTAL ASSETS LESS CURRENT LIABILITIES
  
10,564,268
8,452,357

Creditors: amounts falling due after more than one year
 19 
(43,661)
(210,622)

PROVISIONS FOR LIABILITIES
  

Deferred tax
 22 
(679,508)
(558,216)

Other provisions
 23 
(468,062)
(490,367)

  
 
 
(1,147,570)
 
 
(1,048,583)

NET ASSETS
  
9,373,037
7,193,152


CAPITAL AND RESERVES
  

Called up share capital 
 24 
100
100

Profit and loss account
 25 
9,372,937
7,193,052

  
9,373,037
7,193,152


Page 11

 
ON A ROLL SANDWICH COMPANY LIMITED
REGISTERED NUMBER: 05994921
    
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 October 2024.




Mr J M Stoddart
Director

The notes on pages 16 to 28 form part of these financial statements.

Page 12

 
ON A ROLL SANDWICH COMPANY LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024

2024
2023
£
£

CASH FLOWS FROM OPERATING ACTIVITIES

PROFIT AFTER TAX
2,357,801
1,920,410

ADJUSTMENTS FOR:

Depreciation of tangible assets
469,788
455,062

Government grants
(22,305)
(22,305)

Interest paid
23,961
11,906

Interest received
(13,686)
(2,455)

Taxation charge
828,502
407,084

Decrease/(increase) in stocks
20,427
(1,134,967)

(Increase) in debtors
(881,431)
(1,827,796)

(Decrease)/increase in creditors
(358,931)
1,565,975

Corporation tax (paid)
(831,688)
(153,545)

NET CASH GENERATED FROM OPERATING ACTIVITIES

1,592,438
1,219,369


CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of tangible fixed assets
(256,800)
(649,259)

Interest received
13,686
2,455

HP interest paid
(7,764)
4,226

NET CASH FROM INVESTING ACTIVITIES

(250,878)
(642,578)
Page 13

 
ON A ROLL SANDWICH COMPANY LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024


2024
2023

£
£



CASH FLOWS FROM FINANCING ACTIVITIES

Repayment of loans
(186,158)
(1,647,363)

Repayment of/new finance leases
(44,807)
(85,080)

Dividends paid
(177,916)
(141,000)

Interest paid
(16,197)
(16,132)

NET CASH USED IN FINANCING ACTIVITIES
(425,078)
(1,889,575)

INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS
916,482
(1,312,784)

Cash and cash equivalents at beginning of year
1,432,789
2,745,573

CASH AND CASH EQUIVALENTS AT THE END OF YEAR
2,349,271
1,432,789


CASH AND CASH EQUIVALENTS AT THE END OF YEAR COMPRISE:

Cash at bank and in hand
2,349,271
1,432,789

2,349,271
1,432,789


The notes on pages 16 to 28 form part of these financial statements.

Page 14

 
ON A ROLL SANDWICH COMPANY LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JANUARY 2024




At 1 February 2023
Cash flows
At 31 January 2024
£

£

£

Cash at bank and in hand

1,432,789

916,482

2,349,271

Debt due after 1 year

(129,220)

129,220

-

Debt due within 1 year

(182,500)

56,938

(125,562)

Finance leases

(139,477)

44,807

(94,670)


981,592
1,147,447
2,129,039

The notes on pages 16 to 28 form part of these financial statements.

Page 15

 
ON A ROLL SANDWICH COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


GENERAL INFORMATION

The company is a private company limited by share capital and registered in England and Wales. The registered office address is:
The Pantry
Barton Road
Middlesbrough
TS2 1RY

2.ACCOUNTING POLICIES

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom 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 management to exercise judgment in applying the company's accounting policies.

 
2.2

Going concern

The director, having made due and careful enquiry, is of the opinion that the company has in excess of £2m in cash reserves and an invoice discounting arrangement, therefore is confident it has adequate working capital to execute its operations over the next 12 months. The director, therefore, has made an informed judgement, at the time of approving the financial statements, that there is reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As a result the director has continued to adopt the going concern basis of accounting in preparing the annual financial statements.

 
2.3

Revenue

Revenue comprises revenue recognised by the company in respect of goods supplied during the year, exclusive of Value Added Tax.
Revenue is recognised when the company has transferred ownership of goods to the buyer and revenue can be measured reliably. 

  
2.4
Invoice discounting

The company obtains finance in respect of trade debtors under an invoice discounting arrangement. This is regarded as a financing arrangement only, and the gross amount of the trade debtor is included in debtors with any advances received against these debts being included in other creditors. Interest and charges in respect of these arrangements are charged to the profit and loss on an accruals basis.

Page 16

 
ON A ROLL SANDWICH COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.5

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.

Land is not depreciated. Depreciation on other assets 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:

Freehold property
-
50 years
Plant & machinery
-
8 years
Motor vehicles
-
4 years
Fixtures & fittings
-
4 years

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.

 
2.6

Stocks

Stocks of goods 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. 

 
2.7

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.


3.


TURNOVER

All turnover arose within the United Kingdom.


4.


OTHER OPERATING INCOME

2024
2023
£
£

Government grants released
22,305
22,305

22,305
22,305


Page 17

 
ON A ROLL SANDWICH COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

5.


OPERATING PROFIT

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
469,788
455,062

Exchange differences
3,224
-

Defined contribution pension cost
445,818
97,282

Government grants
(22,305)
(22,305)


6.


AUDITORS' REMUNERATION

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


2024
2023
£
£

Fees payable to the company's auditors for the audit of the company's financial statements
12,020
10,925

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

Taxation compliance services
1,035
960

All non-audit services not included above
6,810
6,330
Page 18

 
ON A ROLL SANDWICH COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

7.


EMPLOYEES

Staff costs, including director's remuneration, were as follows:


2024
2023
£
£

Wages and salaries
6,178,888
4,985,830

Social security costs
510,233
401,777

Cost of defined contribution scheme
445,818
97,282

7,134,939
5,484,889


Total remuneration to key management personnel was £24,120 (2023: £24,120).

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


        2024
        2023
            No.
            No.







Production
213
202



Admin and directors
23
20



Quality assurance department
14
13



Maintenance
3
3

253
238


8.


DIRECTOR'S REMUNERATION

2024
2023
£
£

Director's emoluments
12,070
12,070

Company contributions to defined contribution pension schemes
168,163
7,319

180,233
19,389


During the year retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.

Page 19

 
ON A ROLL SANDWICH COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

9.


INTEREST RECEIVABLE

2024
2023
£
£


Other interest receivable
13,686
2,455

13,686
2,455


10.


INTEREST PAYABLE AND SIMILAR EXPENSES

2024
2023
£
£


Bank interest payable
16,197
16,132

Finance leases and hire purchase contracts
7,764
(4,226)

23,961
11,906


11.


TAXATION


2024
2023
£
£

Corporation tax


Current tax on profits for the year
828,502
370,037


828,502
370,037


Deferred tax


Origination and reversal of timing differences
(20,947)
37,047

Changes to tax rates
142,239
-

Total deferred tax
121,292
37,047


Tax on profit
949,794
407,084
Page 20

 
ON A ROLL SANDWICH COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
 
11.TAXATION (CONTINUED)


FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
3,307,595
2,327,494


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
794,820
442,224

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
3,725
1,202

Capital allowances for year in excess of depreciation
35,317
(69,151)

Short-term timing difference leading to an increase (decrease) in taxation
(20,947)
37,047

Other timing differences leading to an increase (decrease) in taxation
142,239
-

Non-taxable income
(5,360)
(4,238)

Total tax charge for the year
949,794
407,084


12.


DIVIDENDS

2024
2023
£
£


Dividends
177,916
141,000

177,916
141,000

Page 21

 
ON A ROLL SANDWICH COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

13.


TANGIBLE FIXED ASSETS





Land and buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Total

£
£
£
£
£



Cost


At 1 February 2023
3,967,695
2,930,881
376,674
131,251
7,406,501


Additions
-
256,800
-
-
256,800



At 31 January 2024

3,967,695
3,187,681
376,674
131,251
7,663,301



Depreciation


At 1 February 2023
674,017
1,895,317
190,072
105,437
2,864,843


Charge for the year on owned assets
69,609
188,248
89,569
7,520
354,946


Charge for the year on financed assets
-
114,842
-
-
114,842



At 31 January 2024

743,626
2,198,407
279,641
112,957
3,334,631



Net book value



At 31 January 2024
3,224,069
989,274
97,033
18,294
4,328,670



At 31 January 2023
3,293,678
1,035,564
186,602
25,814
4,541,658

Page 22

 
ON A ROLL SANDWICH COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

           13.TANGIBLE FIXED ASSETS (CONTINUED)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Land and buildings
186,131
190,631

Plant and machinery
160,266
234,553

346,397
425,184


14.


FIXED ASSET INVESTMENTS





Unlisted investments

£





At 1 February 2023

1,080



At 31 January 2024
1,080





15.


STOCKS

2024
2023
£
£

Raw materials and consumables
1,270,157
1,477,585

Finished goods and goods for resale
818,155
631,154

2,088,312
2,108,739


Page 23

 
ON A ROLL SANDWICH COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

16.


DEBTORS

2024
2023
£
£


Trade debtors
4,466,760
3,644,171

Other debtors
990,894
955,746

Prepayments and accrued income
58,343
34,649

5,515,997
4,634,566


Of the trade debtors 100% (2023: 100%) are held under a financing arrangement at the year end.


17.


CASH AND CASH EQUIVALENTS

2024
2023
£
£

Cash at bank and in hand
2,349,271
1,432,789

2,349,271
1,432,789



18.


CREDITORS: Amounts falling due within one year

2024
2023
£
£

Bank loans
125,562
182,500

Trade creditors
2,263,905
2,816,115

Corporation tax
442,756
445,944

Other taxation and social security
50,031
72,712

Obligations under finance lease and hire purchase contracts
51,009
58,075

Other creditors
366,201
271,586

Accruals and deferred income
419,598
419,545

3,719,062
4,266,477


Page 24

 
ON A ROLL SANDWICH COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

19.


CREDITORS: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
-
129,220

Net obligations under finance leases and hire purchase contracts
43,661
81,402

43,661
210,622


The following liabilities were secured:
The mortgage is secured upon the land owned by the company at Riverside Park, Middlesbrough.
The net obligation under finance leases and hire purchase contracts are secured upon the assets to which they relate.


20.


LOANS


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
125,562
182,500

Amounts falling due 1-2 years

Bank loans
-
129,220



125,562
311,720


Page 25

 
ON A ROLL SANDWICH COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

21.


FINANCIAL INSTRUMENTS

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
2,349,271
1,432,789

Financial assets that are debt instruments measured at amortised cost
5,457,654
4,599,917

7,806,925
6,032,706


Financial liabilities


Financial liabilities measured at amortised cost
(3,319,967)
(4,031,155)


Financial assets measured at fair value through profit or loss comprise cash in hand.


Financial assets that are debt instruments measured at amortised cost comprise trade and other debtors, VAT repayable. 


Financial liabilities measured at amortised cost comprise bank loans and overdrafts, trade creditors,  PAYE liabilities, obligations under finance lease and hire purchase contracts, accruals and other creditors.

Page 26

 
ON A ROLL SANDWICH COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

22.


DEFERRED TAXATION




2024
2023


£

£






At beginning of year
558,216
521,169


Charged to the profit or loss
121,292
37,047



At 31 January 2024
679,508
558,216

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
679,508
558,216

679,508
558,216


23.


GRANTS




Grants

£





At 1 February 2023
490,367


Utilised in year
(22,305)



At 31 January 2024
468,062


24.


SHARE CAPITAL

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



25.


RESERVES

Profit & loss account

The profit and loss account represents accumulated profits less dividends paid.

Page 27

 
ON A ROLL SANDWICH COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

26.


PENSION COMMITMENTS

Included within other creditors is an amount of £13,474 (1 February 2023: £1,100) in relation to outstanding  pension contributions.


27.


COMMITMENTS UNDER OPERATING LEASES

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

2024
2023
£
£


Not later than 1 year
16,813
16,813

Later than 1 year and not later than 5 years
23,841
40,654

40,654
57,467


28.


RELATED PARTY TRANSACTIONS

At 31 January 2024 £289,307 (1 February 2023: £289,307) was due from the director and his wife. This was the maximum balance outstanding during the year.
Dividends of £177,916 were paid to the director and his wife during the year.

 
Page 28