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Registered number: 01272521










SANDS CATERING COMPANY LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

 
SANDS CATERING COMPANY LIMITED
 
 
COMPANY INFORMATION


Directors
Mr M Rapacioli 
Mrs A Rapacioli 




Company secretary
Mr M Rapacioli



Registered number
01272521



Registered office
2a Grenville Road,

London

N19 4EH




Independent auditors
MHA
Statutory Auditor

6th Floor

2 London Wall Place

London

EC2Y 5AU





 
SANDS CATERING COMPANY LIMITED
 

CONTENTS



Page
Group strategic report
1
Directors' report
2 - 3
Independent auditors' report
4 - 7
Consolidated statement of comprehensive income
8
Consolidated balance sheet
9
Consolidated statement of changes in equity
11 - 12
Company statement of changes in equity
13
Consolidated statement of cash flows
14 - 15
Consolidated analysis of net debt
16
Notes to the financial statements
17 - 36


 
SANDS CATERING COMPANY LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2023

The director presents the strategic report for Sands Catering Company Limited for the year ended 31 August 2023.

Introduction
 
The Company’s principal activities are delivery to principally office catering, event style catering provided at customer sites and event venues, and wholesale higher-volume catering contracts and projects. Whilst based in London, and focused strongly on the London corporate / office market, the Business is able to service UK-wide and has various wholesale customers which it services outside of London.

Business review
 
The company achieved a turnover of £22,257,898 in 2023, an increase from £16,900,236 in 2022. The profit for the year after taxation amounted to £3,756,113 (2022 - £2,361,368).

Principal risks and uncertainties
 
The principal risks affecting the business include economic factors, competition, and regulatory changes that could impact financial performance.

Financial key performance indicators
 
Key financial indicators for the year include turnover growth of 24.1%, a decrease in gross profit margin from 62% to 59%, and profit before tax of £4,631,810 (2022: £2,972,601).

Other key performance indicators
 
The company has moved into its new purpose-built £1m site in early 2024, and deliberately built the facility with significant excess capacity to be able to service a significantly higher revenue base. This 17,500 sqft facility (CPU) based in London, with supporting storage and delivery infrastructure, to fully utilises sophisticated purchasing and customer ordering systems and platforms.


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



Mr M Rapacioli
Director

Date: 4 November 2024

Page 1

 
SANDS CATERING COMPANY LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2023

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

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 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 directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies 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 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the company is the management of event catering activities.

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £3,150,084 (2022 - £1,847,448).

During the year, dividends of £320,000 (2022- £70,000) were paid.

Directors

The directors who served during the year were:

Mr M Rapacioli 
Mrs A Rapacioli 


Future developments

The new purpose-built premises which the company moved to in early 2024 has significant excess capacity to support the growth of the business.

Page 2

 
SANDS CATERING COMPANY LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023

Disclosure of information to auditors

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

the director 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.

Post balance sheet events

The company has moved into its new purpose-built £1m site in early 2024, and deliberately built the facility with significant excess capacity to be able to service a significantly higher revenue base. This 17,500 sqft facility (CPU) based in London, with supporting storage and delivery infrastructure, to fully utilises sophisticated purchasing and customer ordering systems and platforms.

Auditors

The auditorsMHAwill 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 M Rapacioli
Director

Date: 4 November 2024

Page 3

 
SANDS CATERING COMPANY LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SANDS CATERING COMPANY LIMITED
 

Opinion


We have audited the financial statements of Sands Catering Company Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 August 2023, 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 August 2023 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


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


Page 4

 
SANDS CATERING COMPANY LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SANDS CATERING 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 directors are 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 Directors' 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 Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the 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 Directors' report.


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


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 5

 
SANDS CATERING COMPANY LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SANDS CATERING COMPANY LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


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


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.


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:

Enquiry of management and those charged with governance around actual and potential litigation and claims;
Enquiry of entity staff in compliance functions to identify any instances of non-compliance with laws and regulations;
Performing audit work over the risk of 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 bias;
Reviewing minutes of meetings of those charged with governance and
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations

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 Auditors' report.


Page 6

 
SANDS CATERING COMPANY LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SANDS CATERING 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.





Neil Stern, FCA (Senior statutory auditor)
  
for and on behalf of
MHA
 
Statutory Auditor
  
London, United Kingdom

Date: 
 
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (Registered number OC312313)
4 November 2024
Page 7

 
SANDS CATERING COMPANY LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2023

2023
2022
Note
£
£

  

Turnover
 4 
22,257,898
16,900,236

Cost of sales
  
(9,023,681)
(6,409,739)

Gross profit
  
13,234,217
10,490,497

Administrative expenses
  
(8,573,662)
(7,566,049)

Other operating income
 5 
-
59,114

Operating profit
  
4,660,555
2,983,562

Interest payable and similar expenses
 9 
(28,745)
(10,961)

Profit before taxation
  
4,631,810
2,972,601

Tax on profit
 10 
(875,697)
(611,233)

Profit for the financial year
  
3,756,113
2,361,368

Profit for the year attributable to:
  

Non-controlling interests
  
606,029
513,920

Owners of the parent Company
  
3,150,084
1,847,448

  
3,756,113
2,361,368

Total comprehensive income for the year attributable to:
  

Non-controlling interest
  
606,029
513,920

Owners of the parent Company
  
3,150,084
1,847,448

  
3,756,113
2,361,368

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 17 to 36 form part of these financial statements.

Page 8

 
SANDS CATERING COMPANY LIMITED
REGISTERED NUMBER: 01272521

CONSOLIDATED BALANCE SHEET
AS AT 31 AUGUST 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 12 
2,152,434
641,682

Investments
 13 
312,875
-

  
2,465,309
641,682

Current assets
  

Stocks
  
35,866
20,000

Debtors: amounts falling due after more than one year
 15 
48,514
6,250

Debtors: amounts falling due within one year
 15 
7,288,974
1,833,814

Cash at bank and in hand
 16 
1,440,670
4,348,551

  
8,814,024
6,208,615

Creditors: amounts falling due within one year
  
(2,896,840)
(1,601,338)

Net current assets
  
 
 
5,917,184
 
 
4,607,277

Creditors: amounts falling due after more than one year
  
(144,150)
(269,381)

Provisions for liabilities
  

Deferred tax
  
(371,000)
(148,348)

  
 
 
(371,000)
 
 
(148,348)

Net assets
  
7,867,343
4,831,230


Capital and reserves
  

Called up share capital 
  
17,500
17,500

Non-controlling Interests
  
699,907
493,878

Profit and loss account
  
7,149,936
4,319,852

  
7,867,343
4,831,230


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




Mr M Rapacioli
Director

Date: 4 November 2024

The notes on pages 17 to 36 form part of these financial statements.

Page 9

 
SANDS CATERING COMPANY LIMITED
REGISTERED NUMBER: 01272521

COMPANY BALANCE SHEET
AS AT 31 AUGUST 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Investments
 13 
337,755
24,880

  
337,755
24,880

Current assets
  

Debtors: amounts falling due within one year
 15 
5,221,155
101,700

Cash at bank and in hand
 16 
-
2,494,887

  
5,221,155
2,596,587

Creditors: amounts falling due within one year
 17 
(1,166,221)
(234,745)

Net current assets
  
 
 
4,054,934
 
 
2,361,842

  

  

Net assets
  
4,392,689
2,386,722


Capital and reserves
  

Called up share capital 
  
17,500
17,500

Profit and loss account carried forward
  
4,375,189
2,369,222

  
4,392,689
2,386,722


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


Mr M Rapacioli
Director

Date: 4 November 2024

The notes on pages 17 to 36 form part of these financial statements.

Page 10

 
SANDS CATERING COMPANY LIMITED
 

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


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity

£
£
£
£
£

At 1 September 2022
17,500
4,319,852
4,337,352
493,878
4,831,230


Comprehensive income for the year

Profit for the year
-
3,150,084
3,150,084
206,029
3,356,113
Total comprehensive income for the year
-
3,150,084
3,150,084
206,029
3,356,113

Dividends: Equity capital
-
(320,000)
(320,000)
-
(320,000)


Total transactions with owners
-
(320,000)
(320,000)
-
(320,000)


At 31 August 2023
17,500
7,149,936
7,167,436
699,907
7,867,343

The notes on pages 17 to 36 form part of these financial statements.

Page 11

 
SANDS CATERING COMPANY LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2022


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity

£
£
£
£
£

At 1 September 2021
17,500
2,542,404
2,559,904
279,958
2,839,862


Comprehensive income for the year

Profit for the year
-
1,847,448
1,847,448
213,920
2,061,368
Total comprehensive income for the year
-
1,847,448
1,847,448
213,920
2,061,368

Dividends: Equity capital
-
(70,000)
(70,000)
-
(70,000)


Total transactions with owners
-
(70,000)
(70,000)
-
(70,000)


At 31 August 2022
17,500
4,319,852
4,337,352
493,878
4,831,230


The notes on pages 17 to 36 form part of these financial statements.

Page 12

 
SANDS CATERING COMPANY LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 September 2022
17,500
2,369,222
2,386,722


Comprehensive income for the year

Profit for the year
-
2,325,967
2,325,967
Total comprehensive income for the year
-
2,325,967
2,325,967


Contributions by and distributions to owners

Dividends: Equity capital
-
(320,000)
(320,000)


Total transactions with owners
-
(320,000)
(320,000)


At 31 August 2023
17,500
4,375,189
4,392,689


The notes on pages 17 to 36 form part of these financial statements.


COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 September 2021
17,500
1,447,455
1,464,955


Comprehensive income for the year

Profit for the year
-
991,767
991,767
Total comprehensive income for the year
-
991,767
991,767


Contributions by and distributions to owners

Dividends: Equity capital
-
(70,000)
(70,000)


Total transactions with owners
-
(70,000)
(70,000)


At 31 August 2022
17,500
2,369,222
2,386,722


The notes on pages 17 to 36 form part of these financial statements.

Page 13

 
SANDS CATERING COMPANY LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
3,756,113
2,361,368

Adjustments for:

Amortisation of intangible assets
-
4,000

Depreciation of tangible assets
129,940
124,877

Impairments of fixed assets investments
-
1

Government grants
-
(14,902)

Interest paid
28,745
10,961

Taxation charge
875,697
611,233

(Increase)/decrease in stocks
(15,866)
-

(Increase) in debtors
(5,497,424)
(977,646)

Decrease in amounts owed by groups
-
450,111

Increase/(decrease) in creditors
352,387
(162,150)

Increase/(decrease)) in amounts owed to groups
-
(450,111)

Corporation tax (paid)/received
(673,370)
-

Net cash generated from operating activities

(1,043,778)
1,957,742


Cash flows from investing activities

Purchase of tangible fixed assets
(1,640,692)
(142,250)

Purchase of unlisted and other investments
(312,875)
-

Government grants received
-
14,902

HP interest paid
(12,758)
(7,678)

Net cash from investing activities

(1,966,325)
(135,026)

Cash flows from financing activities

Repayment of loans
(50,000)
(12,500)

Repayment of/new finance leases
(56,839)
(57,802)

Dividends paid
(320,000)
(70,000)

Interest paid
(15,987)
(3,283)

Dividends paid to non-controlling interests
(400,000)
(300,000)

Net cash used in financing activities
(842,826)
(443,585)

Net (decrease)/increase in cash and cash equivalents
(3,852,929)
1,379,131

Cash and cash equivalents at beginning of year
4,348,551
2,969,420

Cash and cash equivalents at the end of year
495,622
4,348,551


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,440,670
4,348,551
Page 14

 
SANDS CATERING COMPANY LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023


2023
2022

£
£


Bank overdrafts
(945,048)
-

495,622
4,348,551


The notes on pages 17 to 36 form part of these financial statements.

Page 15

 
SANDS CATERING COMPANY LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 AUGUST 2023




At 1 September 2022
Cash flows
At 31 August 2023
£

£

£

Cash at bank and in hand

4,348,551

(2,907,881)

1,440,670

Bank overdrafts

-

(945,048)

(945,048)

Debt due after 1 year

(225,000)

87,500

(137,500)

Debt due within 1 year

(62,007)

3,283

(58,724)

Finance leases

(86,674)

56,839

(29,835)


3,974,870
(3,705,307)
269,563

The notes on pages 17 to 36 form part of these financial statements.

Page 16

 
SANDS CATERING COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1.


General information

Sands Catering Company Limited is a private company limited by shares incorporated in England in the United Kingdom. The address of the registered office and principal place of business is 2a, Grenville Road, London, N19 4EH.

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 accounts have been prepared on a going concern basis.
The Company is a parent company of a medium group and it is the first time consolidation. These financial statements are presented for the group. 
The Company's functional and presentational currency of the financial statements is Sterling, and all values are rounded to the nearest £1.

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.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 17

 
SANDS CATERING COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
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.

 
2.4

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to the Consolidated statement of comprehensive income on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

The Group has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 September 2021 to continue to be charged over the period to the first market rent review rather than the term of the lease.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. 
Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 18

 
SANDS CATERING COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.8

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.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 19

 
SANDS CATERING COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.10

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.11

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, as follows:.

Depreciation is provided on the following basis:

Short-term leasehold property
-
over the term of the lease
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
15% reducing balance

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.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Page 20

 
SANDS CATERING COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.13

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. Work in progress and finished goods include labour and attributable overheads.

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 profit or loss.

 
2.14

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.

 
2.15

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.

 
2.16

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.

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its 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
Page 21

 
SANDS CATERING COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)


2.18
Financial instruments (continued)

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.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument 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.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.19

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 at an annual general meeting.

Page 22

 
SANDS CATERING COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgements that affect the reported amounts of assets and liabilities, as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.


4.


Turnover

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


2023
2022
£
£

Catering services
22,257,898
16,900,236

22,257,898
16,900,236


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
22,257,898
16,900,236

22,257,898
16,900,236



5.


Other operating income

2023
2022
£
£

Net rents receivable
-
10,000

Government grants receivable
-
14,902

Insurance claims receivable
-
34,212


Page 23

 
SANDS CATERING COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

6.


Auditors' remuneration

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


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
7,500
-

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

The auditing of accounts of associates of the Company
22,500
-

Taxation compliance services
1,350
-

All non-audit services not included above
3,500
-


7.


Employees

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
6,018,507
4,756,367
374,324
389,859

Social security costs
569,963
463,209
47,304
46,132

Cost of defined contribution scheme
117,236
1,055,154
8,242
973,242

6,705,706
6,274,730
429,870
1,409,233


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



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Employees
175
171
4
5


8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
291,005
280,085

Group contributions to defined contribution pension schemes
8,242
973,242

299,247
1,253,327


Page 24

 
SANDS CATERING COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

9.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
7,552
-

Other loan interest payable
7,293
3,238

Finance leases and hire purchase contracts
12,758
7,678

Other interest payable
1,142
45

28,745
10,961


10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
758,554
608,122

Adjustments in respect of previous periods
(105,509)
-


653,045
608,122


Total current tax
653,045
608,122

Deferred tax


Origination and reversal of timing differences
222,652
3,111

Total deferred tax
222,652
3,111


Tax on profit
875,697
611,233
Page 25

 
SANDS CATERING COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
4,631,810
2,972,601


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
1,157,953
564,794

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
10,839
-

Capital allowances for year in excess of depreciation
(226,925)
-

Utilisation of tax losses
(52,100)
-

Adjustments to tax charge in respect of prior periods
(105,509)
-

Short-term timing difference leading to an increase (decrease) in taxation
222,652
-

Changes in provisions leading to an increase (decrease) in the tax charge
(9,939)
-

Other differences leading to an increase (decrease) in the tax charge
(121,274)
46,439

Total tax charge for the year
875,697
611,233


Factors that may affect future tax charges

An increase in the UK corporation tax rate from 19% to 25% was substantively enacted in June 2021 and has taken effect from 1 April 2023 for profits over £250,000. For profits under £50,000 the tax rate will remain the same at 19% and for profits between these figures it will be subject to 25% but reduced by a marginal relief providing a gradual increase in the effective corporation tax rate.

Page 26

 
SANDS CATERING COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

11.


Intangible assets

Group and Company





Trademarks
Goodwill
Total

£
£
£



Cost


At 1 September 2022
104,167
1,210,000
1,314,167



At 31 August 2023

104,167
1,210,000
1,314,167



Amortisation


At 1 September 2022
104,167
1,210,000
1,314,167



At 31 August 2023

104,167
1,210,000
1,314,167



Net book value



At 31 August 2023
-
-
-



At 31 August 2022
-
-
-



Page 27

 
SANDS CATERING COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

12.


Tangible fixed assets

Group






Short-term leasehold property
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 September 2022
-
408,623
1,160,359
1,568,982


Additions
65,176
84,050
1,491,466
1,640,692



At 31 August 2023

65,176
492,673
2,651,825
3,209,674



Depreciation


At 1 September 2022
-
183,356
743,944
927,300


Charge for the year on owned assets
-
63,592
66,348
129,940



At 31 August 2023

-
246,948
810,292
1,057,240



Net book value



At 31 August 2023
65,176
245,725
1,841,533
2,152,434



At 31 August 2022
-
225,267
416,415
641,682

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


2023
2022
£
£



Motor vehicles
39,630
87,525

Furniture, fittings and equipment
-
11,685

39,630
99,210

Page 28

 
SANDS CATERING COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

13.


Fixed asset investments

Group





Unlisted investments

£



Cost or valuation


At 1 September 2022
14,732


Additions
312,875



At 31 August 2023

327,607



Impairment


At 1 September 2022
14,732



At 31 August 2023

14,732



Net book value



At 31 August 2023
312,875



At 31 August 2022
-

Unlisted investments
There are additions of £312,875 in Tileyard Estates Limited at 31 August 2024.

Page 29

 
SANDS CATERING COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
Company





Investments in subsidiary companies
Unlisted investments
Re-stated
Total

£
£
£



Cost or valuation


At 1 September 2022
56,520
14,732
71,252


Additions
-
312,875
312,875



At 31 August 2023

56,520
327,607
384,127



Impairment


At 1 September 2022
31,640
14,732
46,372



At 31 August 2023

31,640
14,732
46,372



Net book value



At 31 August 2023
24,880
312,875
337,755



At 31 August 2022
24,880
-
24,880


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Supernote Limited
2A Grenville Road, London, N19 4EH
Ordinary
80%
Sands Catering Services Limited
2A Grenville Road, London, N19 4EH
Ordinary
80%

The aggregate of the share capital and reserves as at 31 August 2023 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)
£
£

Supernote Limited
3,474,620
3,011,081

Sands Catering Services Limited
24,914
19,065

Page 30

 
SANDS CATERING COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

14.


Stocks

Group
Group
2023
2022
£
£

Raw materials and consumables
35,866
20,000

35,866
20,000


The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 31

 
SANDS CATERING COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

15.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Due after more than one year

Other debtors
48,514
6,250
-
-

48,514
6,250
-
-


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Due within one year

Trade debtors
2,138,079
1,568,275
-
-

Amounts owed by group undertakings
-
-
459,260
97,057

Other debtors
4,962,794
62,669
4,758,151
882

Prepayments and accrued income
184,775
199,544
418
435

Tax recoverable
3,326
3,326
3,326
3,326

7,288,974
1,833,814
5,221,155
101,700



16.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
1,440,670
4,348,551
-
2,494,887

Less: bank overdrafts
(945,048)
-
(945,048)
-


Page 32

 
SANDS CATERING COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

17.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank overdrafts
945,048
-
945,048
-

Bank loans
50,000
12,500
-
-

Trade creditors
721,728
121,195
-
-

Amounts owed to group undertakings
-
-
80
80

Corporation tax
747,959
768,284
142,323
62,103

Other taxation and social security
177,603
361,003
70,302
156,951

Obligations under finance lease and hire purchase contracts
23,185
42,293
-
-

Other creditors
11,596
57,594
189
8,061

Accruals and deferred income
219,721
238,469
8,279
7,550

2,896,840
1,601,338
1,166,221
234,745



18.


Creditors: Amounts falling due after more than one year

Group
Group
2023
2022
£
£

Bank loans
137,500
225,000

Net obligations under finance leases and hire purchase contracts
6,650
44,381

144,150
269,381


National Westminister Bank Plc hold a fixed and floating charge over all assets of the company in relation
to bank loans of £187,500 (2022: £237,500).

Page 33

 
SANDS CATERING COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

19.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2023
2022
£
£

Within one year
23,185
207,293

Between 1-5 years
6,650
154,381

29,835
361,674

Net obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.


20.


Deferred taxation


Group



2023
2022


£

£






At beginning of year
(148,348)
(145,237)


Charged to profit or loss
(222,652)
(3,111)



At end of year
(371,000)
(148,348)

Company


2023
2022






At end of year
-
-
Group
Group
2023
2022
£
£

Accelerated capital allowances
(373,000)
(160,420)

Pension surplus
2,000
12,072

(371,000)
(148,348)

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SANDS CATERING COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

21.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



17,500 (2022 - 17,500) Ordinary shares of £1.00 each
17,500
17,500



22.


Reserves

Profit and loss account

The profit and loss account represents the accumulated profits, losses and distributions of the Company and Group. 


23.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £117,236 (2022: £1,055,154) and payable by the Company to the fund and amounted to £8,242 (2022: £973,242). Contributions totaling £8,021 (2022: £48,804) were payable to the fund by the Group and by the Company were receivable £514 (2022: £514 payable)  at the balance sheet date and are included in creditors. 


24.


Commitments under operating leases

At 31 August 2023 the Group had future minimum lease payments under non-cancellable operating leases as follows:

2023
2022
Group
£
£


Not later than 1 year
286,100
82,500

Later than 1 year and not later than 5 years
1,256,830
29,792

1,542,930
112,292


25.


Prior year restatement

When audited it was noted that the value of investments in the subsidiary companies required an impairment. This does not impact the consolidated accounts, as it is eliminated on consolidation.






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SANDS CATERING COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

26.


Related party transactions

At 31 August 2023, the Company owed £4,748,156 (2022: £6,844 owed to) and the Group owed £4,761,994 (2022: £6,994) from Tileyard Estates Limited, a company with a common director.


27.


Controlling party

The ultimate controlling party was Mr M Rapacioli throughout the current and previous year.

 
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