Company Registration No. 11351236 (England and Wales)
MELLORS CONSOLIDATED LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 JULY 2024
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
MELLORS CONSOLIDATED LIMITED
COMPANY INFORMATION
Director
Mr M Timmerman
Company number
11351236
Registered office
West Lancs Technology Management Centre
White Moss Business Park
Moss Lane View
Skelmersdale
England
WN8 9TN
Auditor
PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
MELLORS CONSOLIDATED LIMITED
CONTENTS
Page
Strategic report
1 - 3
Director's report
4 - 6
Independent auditor's report
7 - 10
Group statement of comprehensive income
11
Group balance sheet
12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Notes to the financial statements
17 - 30
MELLORS CONSOLIDATED LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 27 JULY 2024
- 1 -

The director presents the strategic report for the year ended 27 July 2024.

Review of the business

The group trades as a contract catering group serving meals on a daily basis under long term fixed price or cost-plus management fee contracts. These are mainly serving the education sector (Primary and Secondary Schools in north of England).

 

The group’s management team has continued to work on improving quality and financial contribution from the core site portfolio, re-structing and re-negotiating longer term arrangements, and not renewing contracts that do not meet the financial and or operational criteria of the group.

 

Food inflation has stabilised over this financial year at around 2%, with food cost margin better controlled from last year, partly due to the impact of the group’s investment in procurement talent and IT and quality local supply chain, combined with a stable and experienced area manager and operations team.

 

Food and sundries inflation combined with annual wage review and NJC cost are mitigated through annual review of catering subsidies and or customer tariffs and free school meal allowances. The entitlement of households’ access to free school meal entitlement has increased post pandemic which has brought further importance to the services and nutrition provided by Mellors. Free school meals represent 49.3% of revenue increasing from 47.1% last year. Demographic swings of primary and secondary children is mixed dependant on geographical area, but overall in shallow decline.

 

In year national business cost pressures of volatile energy markets do not substantially impact the group as services are provided on third party premises.

 

The group started the year with 332 trading contracts and ended it with 318 contracts. Less contacts but of larger size, reflected in the group’s sales level of £43.5m. This shift in contract numbers demonstrates the group’s continued strategy to step away from poorly performing and small contracts and continue to trade and improve catering contracts that surpass or have the potential to meet minimum contribution levels.

 

Contract catering is a labour intense sector of the hospitality industry, with complex and high levels of pension arrangements. Group labour margin this year is 54.4%, a betterment from last year’s 54.7%. The number of employees at the start of the year was 1,751, increasing to 1,764 at this year-end. 94% of group employees are female.

 

Improved work practices of Mellors circa 60 mobile support staff and investment in IT, has enabled the closure of one satellite support office. This has enabled the focus of all group support resources under one roof, Mellors Support Office (Skelmersdale), delivering overhead saving and environmental improvements.

 

Effective management and healthy market conditions has delivered this year has seen the best performance of EBITA in the history of the group, catalysed by offering the highest level of food and service in the UK education sector, reflected in our client satisfaction rating and portfolio retention.

MELLORS CONSOLIDATED LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 27 JULY 2024
- 2 -
Principal risks and uncertainties

92% of the group’s business focussed in the education sector, the remained in commercial and business and industry catering contacts. This strategic balance of business ensures healthy payment terms and minimises bad debts. The management team have carried out effective work during the year making significant inroads into long term debts of historic / closed contacts.

 

Last year’s enhanced holiday pay legislation has now been revoked, and new employment terms are in place for newly employed catering staff.

 

Annual enhancements of national living wage / NJC pay reviews and forthcoming employer’s NI responsibilities – these are funded through the group’s annual review of catering subsidies and customer prices.

 

Throughout the business, staff have and continue to be regularly updated both on group progress and relevant measures to keep them safe whilst providing service in order to avoid accidents at work which is the risk that is always present in a working environment such as that found in the group’s contracts.

 

Although contract retention is good considering the group’s maturing site portfolio, new contact gains has proved stubborn in the year; a market in post pandemic consolidation combined with a new and under development sales team for Mellors. Both aspects are set to improve and proactively the group is expanding geographical operating area southwards.

 

Long serving director and chairman Mr. Klaas Timmerman passed away during the year. Founder and Managing Director Mr. Mark Timmerman has taken on his limited remit. CEO Tony Trainor has also flexed his responsibilities in support whilst initiating the engagement of Mr. Andrew Walker as Operation Director, a new post for the group.

 

Ms. Julie Leigh has been introduced to the group as Finance Director. Mr. James Tredwell (non-executive director) is thanked for providing quality support and financial advice over this transitional period.

Development and performance

The management team has continued to invest in and implement new HR, procurement and employee information software solutions. During this year Mellors has also sourced a new food, menu and allergen management IT system to be launched next financial year.

 

Accounting systems were reviewed in year. The group’s current IT provider (Access) has been chosen to partner with, developing improved bespoke IT software.

 

The group launched new on-site branding for both Primary schools and Secondary schools, a new strap line, management mantras and a new interactive website supporting clients, customers, suppliers and staff. Mellors “valued added team” is tasked with launching new branded food and menu innovations.

 

Between the close of the accounting period and the date of these accounts, the director and senior management team have continually reviewed the trading performance and the value of the assets shown in the Balance Sheet. In their post Balance Sheet review the director concluded that the attached accounts represent a true and fair view of the group’s financial position as represented by the Balance Sheet as at the accounts date and that the asset values have not been impaired.

Key performance indicators

It is important, especially as the group continues to be impacted by increased costs in its key production costs, that the group continues to improve the control of these day to day production costs and new working conditions, menus and customer offerings were introduced during the period under review and measured at each monthly management meeting.

 

The ongoing and current performance of the business by unit is measured at the end of every trading week and compared to budgets, prior year incorporating factors such as trading days, sales per unit per day and sales per employee hour.

 

The director are pleased to report that all these indicators are showing steady trading as at the date of signing these accounts.

MELLORS CONSOLIDATED LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 27 JULY 2024
- 3 -
Results and dividends

During a period of continued difficult trading the group generate profits before tax of £996k comparable to the profits generated in the previous year £503k. This performance represents the ability of the group to trade profitably during ongoing challenging trading conditions.

On behalf of the board

Mr M Timmerman
Director
24 February 2025
MELLORS CONSOLIDATED LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 27 JULY 2024
- 4 -

The director presents his annual report and financial statements for the year ended 27 July 2024.

Principal activities

The principal activity of the company and group continued to be that of a contract catering group serving meals on a daily basis, predominantly into the education sector.

Results and dividends

The results for the year are set out on page 11.

Ordinary dividends were paid amounting to £166,230. The director does not recommend payment of a further dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr M Timmerman
Mr K Timmerman
(Resigned 21 March 2024)
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

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

 

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

 

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

Auditor

In accordance with the company's articles, a resolution proposing that PM+M Solutions for Business LLP be reappointed as auditor of the group will be put at a General Meeting.

MELLORS CONSOLIDATED LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 27 JULY 2024
- 5 -
Energy and carbon report

Mellors Catering Services provides quality bespoke long term catering services on third party premises; predominantly primary schools, secondary schools and colleges. Energy usage and waste management on these premises sits with-in the domain of our clients. Mellors has responsibility to use these resources effectively.

 

As a user of our clients’ energy and developer of on-site waste, we minimise our impact though staff training, menu planning and flexible year group meal portion, this reduces food waste which we target at 3.0%. Mellors also has effective management through procurement and use of food packaging and disposables, targeted at 2.0% and achieved this year 1.8%.

 

To reduce use of disposables further, in this financial year the group moved to near zero use of single use sandwich boxes as we switched all our food production to bagels and baguettes served in reduced bio-degradable sleeves. This single innovation has removed 483,000 sandwiches wedges (pa) from landfill.

 

Where all Mellors employees can influence the group’s environmental impact, there has been significant successes. For example, Mellors is working with Olio to redistribute surplus food to people in the community who need it, rather than it ending up in landfill. The initial trial with two Mellors education sites has proven positive. In the Autumn term 2024, the sites donated a level of food waste which has the positive effect of 417kg CO2 emissions.

 

In line with group strategy, all group cars are either hybrid or electric. This choice of vehicle aligns with the group’s environmental initiatives through ISO14001 accreditation. It also demonstrates a dedication to adopting eco-friendly solutions. Investing in hybrid and electric vehicles is a vital step towards achieving a greener future and minimising the group’s environmental impact and reduced our CO2 emissions.

 

The group encourages meetings via online meeting platforms as a priority (4 people maximum), car sharing & has reviewed site and area manager locations to minimise transportation. The average six month milage per driver has reduced by 15% to 8,605 miles per driver. Logistics mileage is minimized through 61% of our £22m of food purchased locally.

 

Improved work practices enabled the closer of our regional Sheffield office this fiscal year, relocating all resources centrally to Mellors Support Office (Skelmersdale). This promotes better communications and reduced energy use. Annual figure of 58,824 KWh which is on par with previous year, 13,825kg of CO2.

 

The group’s greatest opportunity for environmental protection is the education, habit forming and attitude nudging of the 125,000 young people we serve daily. We target on-site messages and promotions to influence Mellors customers approach to purchasing, food waste, waste segregation, life-style choices, method of transport to school etc

MELLORS CONSOLIDATED LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 27 JULY 2024
- 6 -
Statement of director's responsibilities

The director is responsible for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

 

 

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

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr M Timmerman
Director
24 February 2025
MELLORS CONSOLIDATED LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MELLORS CONSOLIDATED LIMITED
- 7 -
Opinion

We have audited the financial statements of Mellors Consolidated Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 27 July 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

 

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

 

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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.

Opinions on other matters prescribed by the Companies Act 2006

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

MELLORS CONSOLIDATED LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MELLORS CONSOLIDATED LIMITED
- 8 -
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 their 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:

Responsibilities of director

As explained more fully in the director's responsibilities statement, 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 parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.

Auditor's 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 auditor's 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.

Extent to which the audit was considered capable of detecting irregularities, including fraud

 

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 identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

MELLORS CONSOLIDATED LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MELLORS CONSOLIDATED LIMITED
- 9 -

Identifying and assessing potential risks related to irregularities

 

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

 

 

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: timing of recognition of commercial income, posting of unusual journals and complex transactions; and manipulating the Group's performance profit measures and other key performance indicators to meet remuneration targets and externally communicated targets. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

 

We also obtained an understanding of the legal and regulatory frameworks that the Group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act, employment law, health and safety regulations, pensions legislation and tax legislation.

Audit response to risks identified

Our procedures to respond to risks identified included the following:

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

MELLORS CONSOLIDATED LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MELLORS CONSOLIDATED LIMITED
- 10 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's 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.

Christopher Johnson FCA
Senior statutory auditor
For and on behalf of PM+M Solutions for Business LLP
24 February 2025
Chartered Accountants
Statutory Auditor
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
MELLORS CONSOLIDATED LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 27 JULY 2024
- 11 -
2024
2023
Notes
£
£
Turnover
3
47,649,313
46,345,461
Distribution costs
(45,225,496)
(44,327,416)
Administrative expenses
(1,418,429)
(1,589,810)
Other operating income
-
80,000
Operating profit
4
1,005,388
508,235
Interest payable and similar expenses
8
(8,990)
-
0
Profit before taxation
996,398
508,235
Tax on profit
9
(330,606)
(103,795)
Profit for the financial year
665,792
404,440
Profit for the financial year is all attributable to the owners of the parent company.
MELLORS CONSOLIDATED LIMITED
GROUP BALANCE SHEET
AS AT
27 JULY 2024
27 July 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
52,010
26,209
Current assets
Stocks
14
544,860
520,347
Debtors
15
9,366,604
7,564,588
Cash at bank and in hand
3,743,281
3,668,915
13,654,745
11,753,850
Creditors: amounts falling due within one year
16
(8,653,452)
(7,226,318)
Net current assets
5,001,293
4,527,532
Net assets
5,053,303
4,553,741
Capital and reserves
Called up share capital
19
1,000
1,000
Other reserves
20
(7,499,999)
(7,499,999)
Profit and loss reserves
12,552,302
12,052,740
Total equity
5,053,303
4,553,741
The financial statements were approved by the board of directors and authorised for issue on 24 February 2025 and are signed on its behalf by:
Mr M Timmerman
Director
Company registration number 11351236 (England and Wales)
MELLORS CONSOLIDATED LIMITED
COMPANY BALANCE SHEET
AS AT
27 JULY 2024
27 July 2024
- 13 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
-
0
6,332
Investments
12
7,500,000
7,500,000
7,500,000
7,506,332
Current assets
Debtors
15
2,645,974
1,118,444
Cash at bank and in hand
4,194
1,419
2,650,168
1,119,863
Creditors: amounts falling due within one year
16
(3,348,406)
(1,675,353)
Net current liabilities
(698,238)
(555,490)
Net assets
6,801,762
6,950,842
Capital and reserves
Called up share capital
19
1,000
1,000
Profit and loss reserves
6,800,762
6,949,842
Total equity
6,801,762
6,950,842

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £17,150 (2023 - £37,304 loss).

The financial statements were approved by the board of directors and authorised for issue on 24 February 2025 and are signed on its behalf by:
Mr M Timmerman
Director
Company registration number 11351236 (England and Wales)
MELLORS CONSOLIDATED LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 27 JULY 2024
- 14 -
Share capital
Other reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 29 July 2020
1,000
(7,499,999)
11,818,587
4,319,588
Year ended 27 July 2023:
Profit and total comprehensive income
-
-
404,440
404,440
Dividends
10
-
-
(170,287)
(170,287)
Balance at 27 July 2023
1,000
(7,499,999)
12,052,740
4,553,741
Year ended 27 July 2024:
Profit and total comprehensive income
-
-
665,792
665,792
Dividends
10
-
-
(166,230)
(166,230)
Balance at 27 July 2024
1,000
(7,499,999)
12,552,302
5,053,303
MELLORS CONSOLIDATED LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 27 JULY 2024
- 15 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 29 July 2020
1,000
7,157,433
7,158,433
Year ended 27 July 2023:
Loss and total comprehensive income for the year
-
(37,304)
(37,304)
Dividends
10
-
(170,287)
(170,287)
Balance at 27 July 2023
1,000
6,949,842
6,950,842
Year ended 27 July 2024:
Profit and total comprehensive income
-
17,150
17,150
Dividends
10
-
(166,230)
(166,230)
Balance at 27 July 2024
1,000
6,800,762
6,801,762
MELLORS CONSOLIDATED LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 27 JULY 2024
- 16 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
2,064,749
1,041,251
Income taxes paid
(298,798)
(131,583)
Net cash inflow from operating activities
1,765,951
909,668
Investing activities
Purchase of tangible fixed assets
(37,633)
(21,990)
Net cash used in investing activities
(37,633)
(21,990)
Financing activities
Loans to related parties
(1,487,722)
-
Dividends paid to equity shareholders
(166,230)
(170,287)
Net cash used in financing activities
(1,653,952)
(170,287)
Net increase in cash and cash equivalents
74,366
717,391
Cash and cash equivalents at beginning of year
3,668,915
2,951,524
Cash and cash equivalents at end of year
3,743,281
3,668,915
MELLORS CONSOLIDATED LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 JULY 2024
- 17 -
1
Accounting policies
Company information

Mellors Consolidated Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is West Lancs Technology Management Centre White Moss Business Park, Moss Lane View, Skelmersdale, United Kingdom, WN8 9TN

 

The group consists of Mellors Consolidated Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Prior period error

A reclassification of £468,000 has been made between management charge income and wages & salaries for the prior period. This adjustment does not impact the reported profit.

1.3
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

MELLORS CONSOLIDATED LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 JULY 2024
1
Accounting policies
(Continued)
- 18 -
1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Mellors Consolidated Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 20 July 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.5
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.6
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue is recognised when services are delivered and the company has fulfilled its contractual obligation to the customer.

1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
15% per annum straight line
Fixtures and fittings
15% per annum straight line
Motor vehicles
15% per annum straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
Fixed asset investments

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

MELLORS CONSOLIDATED LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 JULY 2024
1
Accounting policies
(Continued)
- 19 -
1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

MELLORS CONSOLIDATED LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 JULY 2024
1
Accounting policies
(Continued)
- 20 -
Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

MELLORS CONSOLIDATED LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 JULY 2024
1
Accounting policies
(Continued)
- 21 -
1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

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

A source of estimation uncertainty is the bad debt provision but the directors have used their historical knowledge and customer payment terms to determine the provision. The directors do not believe there to be any other critical judgements or key sources of estimation uncertainty.

3
Turnover

All turnover arose from the provision of catering services and within the United Kingdom.

4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
11,832
16,024
Operating lease charges
135,128
85,272
MELLORS CONSOLIDATED LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 JULY 2024
- 22 -
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Catering services
1,775
1,897
17
17
Directors
2
2
2
2
Total
1,777
1,899
19
19

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
22,364,860
22,022,810
672,374
673,743
Social security costs
1,208,850
1,042,282
48,623
57,263
Pension costs
1,990,275
1,576,174
72,758
69,704
25,563,985
24,641,266
793,755
800,710
6
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
18,192
17,939
Company pension contributions to defined contribution schemes
60,000
60,000
78,192
77,939

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).

MELLORS CONSOLIDATED LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 JULY 2024
- 23 -
7
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
2,100
1,750
Audit of the financial statements of the company's subsidiaries
19,200
16,000
21,300
17,750
For other services
All other non-audit services
3,600
3,600
8
Interest payable and similar expenses
2024
2023
£
£
Other interest
8,990
-
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
262,355
55,991
Adjustments in respect of prior periods
81,480
27,985
Total current tax
343,835
83,976
Deferred tax
Origination and reversal of timing differences
(13,229)
19,819
Total tax charge
330,606
103,795
MELLORS CONSOLIDATED LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 JULY 2024
9
Taxation
(Continued)
- 24 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
996,398
508,235
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.78%)
249,100
105,611
Tax effect of expenses that are not deductible in determining taxable profit
1,192
8,490
Adjustments in respect of prior years
81,480
27,985
Other timing differences
-
0
4,071
Other items
(1,166)
(42,746)
Loss carried back
-
0
384
Taxation charge
330,606
103,795

From the 1 April 2023 the effective tax rate is 25%.

10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
166,230
170,287
MELLORS CONSOLIDATED LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 JULY 2024
- 25 -
11
Tangible fixed assets
Group
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 28 July 2023
79,096
64,792
21,990
165,878
Additions
-
0
37,633
-
0
37,633
Disposals
(79,096)
(64,792)
-
0
(143,888)
At 27 July 2024
-
0
37,633
21,990
59,623
Depreciation and impairment
At 28 July 2023
72,764
64,792
2,113
139,669
Depreciation charged in the year
6,332
-
0
5,500
11,832
Eliminated in respect of disposals
(79,096)
(64,792)
-
0
(143,888)
At 27 July 2024
-
0
-
0
7,613
7,613
Carrying amount
At 27 July 2024
-
0
37,633
14,377
52,010
At 27 July 2023
6,332
-
0
19,877
26,209
Company
Plant and equipment
£
Cost
At 28 July 2023
79,096
Disposals
(79,096)
At 27 July 2024
-
0
Depreciation and impairment
At 28 July 2023
72,764
Depreciation charged in the year
6,332
Eliminated in respect of disposals
(79,096)
At 27 July 2024
-
0
Carrying amount
At 27 July 2024
-
0
At 27 July 2023
6,332
MELLORS CONSOLIDATED LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 JULY 2024
- 26 -
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
7,500,000
7,500,000
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 28 July 2023 and 27 July 2024
7,500,000
Carrying amount
At 27 July 2024
7,500,000
At 27 July 2023
7,500,000
13
Subsidiaries

Details of the company's subsidiaries at 27 July 2024 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Mellors Catering Services Limited
United Kingdom
Ordinary
100.00

Registered office addresses (all UK unless otherwise indicated):

1
West Lancs Technology Centre, Moss Lane View, Skelmersdale, Lancashire, WN8 5PE, United Kingdom
14
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
544,860
520,347
-
0
-
0
MELLORS CONSOLIDATED LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 JULY 2024
- 27 -
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,553,678
5,233,490
5,014
-
0
Corporation tax recoverable
-
0
517
-
0
517
Other debtors
3,215,651
1,578,255
2,544,837
1,065,674
Prepayments and accrued income
1,109,293
154,627
64,239
38,558
8,878,622
6,966,889
2,614,090
1,104,749
Deferred tax asset (note 17)
136,599
124,536
31,884
13,695
9,015,221
7,091,425
2,645,974
1,118,444
Amounts falling due after more than one year:
Other debtors
351,383
473,163
-
0
-
0
Total debtors
9,366,604
7,564,588
2,645,974
1,118,444
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
3,036,837
2,495,210
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
3,092,576
1,436,382
Corporation tax payable
262,773
210,429
522
-
0
Other taxation and social security
681,859
540,796
14,704
17,201
Other creditors
3,522,653
3,069,833
6,256
3,938
Accruals and deferred income
1,149,330
910,050
234,348
217,832
8,653,452
7,226,318
3,348,406
1,675,353
MELLORS CONSOLIDATED LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 JULY 2024
- 28 -
17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Assets
Assets
2024
2023
Group
£
£
Accelerated capital allowances
(4,937)
(5,159)
Retirement benefit obligations
109,984
114,417
Short term timing differences
31,552
15,278
136,599
124,536
Assets
Assets
2024
2023
Company
£
£
Accelerated capital allowances
332
(1,583)
Short term timing differences
31,552
15,278
31,884
13,695
Group
Company
2024
2024
Movements in the year:
£
£
Asset at 28 July 2023
(124,536)
(13,695)
Credit to profit or loss
(12,063)
(18,189)
Asset at 27 July 2024
(136,599)
(31,884)

An unknown amount of the deferred tax asset is expected to reverse in the 12 months following the end of the accounting period. This relates to unpaid pension contributions due to delays of pension scheme set up from councils out of the control of Mellors Catering Services Limited.

18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
1,990,275
1,576,174

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

 

Contributions totalling £745,836 (2023: £709,137) were payable to the fund at the balance sheet date.

MELLORS CONSOLIDATED LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 JULY 2024
- 29 -
19
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
20
Reserves
Other reserve

This relates to the application of merger accounting, with regards to previous acquisition of Mellors Catering Services.

21
Financial commitments, guarantees and contingent liabilities

The group has an unlimited guarantee with Double Dutch Hotels Limited, a related party, This guarantee is secured by a fixed and floating charge held by National Westminster Bank over all fixed and current assets of the company. The outstanding borrowings at year end was £3.5m.

22
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
227,154
181,053
5,748
-
Between two and five years
307,866
397,344
11,976
-
535,020
578,397
17,724
-
MELLORS CONSOLIDATED LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 JULY 2024
- 30 -
23
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
356,068
304,581
Other information

At the year end, amounts due to the group from entities related by common control, totalled £2,537,893 (2023: £1,050,171).

 

At the year end, amounts due from the group to entities related by common control, totalled £26,574 (2023: £17,143).

 

These loans are interest free and repayable on demand.

24
Controlling party

The ultimate controlling party of the company is Mr M Timmerman.

25
Cash generated from group operations
2024
2023
£
£
Profit after taxation
665,792
404,440
Adjustments for:
Taxation charged
330,606
103,795
Finance costs
8,990
-
0
Depreciation and impairment of tangible fixed assets
11,832
16,024
Movements in working capital:
(Increase)/decrease in stocks
(24,513)
83,352
(Increase)/decrease in debtors
(302,748)
1,521,706
Increase/(decrease) in creditors
1,374,790
(1,088,066)
Cash generated from operations
2,064,749
1,041,251
26
Analysis of changes in net funds - group
28 July 2023
Cash flows
27 July 2024
£
£
£
Cash at bank and in hand
3,668,915
74,366
3,743,281
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