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Registered number: 04953033









NOURISH CONTRACT CATERING LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

 
NOURISH CONTRACT CATERING LIMITED
 
 
COMPANY INFORMATION


Directors
S Ailes (resigned 27 November 2023)
S Murphy 
D Parkinson 
M Hammond (appointed 27 November 2023) 
A Ryan-Murphy 
R L Murphy (appointed 30 September 2024) 
R J Murphy (appointed 30 September 2024) 




Registered number
04953033



Registered office
Unit 27 Metro Business Centre
Kangley Bridge Road

London

SE26 5BW




Independent auditors
Barnes Roffe LLP
Chartered Accountants and Satutory Auditor

Charles Lake House

Claire Causeway

Crossways Business Park

Dartford

Kent

DA2 6QA





 
NOURISH CONTRACT CATERING LIMITED
 

CONTENTS



Page
Strategic report
 
1
Directors' report
 
2 - 3
Independent auditors' report
 
4 - 8
Statement of comprehensive income
 
9
Balance sheet
 
10
Statement of changes in equity
 
11
Statement of cash flows
 
12 - 13
Notes to the financial statements
 
14 - 23

 
NOURISH CONTRACT CATERING LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024

Introduction
 
The directors present their strategic report accompanying the financial statements for the year ended 31 August 2024.

Business review
 
The company's financial performance for the year ended 31 August 2024, reflects continued stability with a positive increase in revenue and profit margin. 
The company is making considerable investments in upgrading and implementing new technology and accounting systems which will enhance operational efficiency, improve data-driven decision making, and position the company to adapt to evolving industry trends.
In addition, the company has prioritised upskilling its workforce and expanding the management team of the business. This investment in human capital ensures the company has the talent and expertise necessary to capitalise on future opportunities.
These continued investments, while impacting short-term profitability, are expected to yield significant long-term benefits. The upgraded technology infrastructure will streamline operations, leading to cost savings and improved productivity. The enhanced skillset of the workforce will enable the company to explore new markets, develop innovative products and services, and ultimately become a more prominent force within the industry.
The company's financial performance in the year ended 31 August 2024, reflects a focus on long-term growth and sustainability. By prioritising investments in technology and staff development, the company is building a strong foundation for future success. We are confident that these investments will allow us to capitalise on new opportunities and solidify our position as a leader within the industry.

Principal risks and uncertainties
 
The management of the business and the execution of the company's strategy are subject to a number of risks. The key business risks and uncertainties are considered to relate to competition from established competitors and the significant inflation in food prices in the UK, along with any labour increases resulting from the next budget by way of minimum wage increase and NI changes.

Financial key performance indicators
 
Given the straight forward nature of the business, the company's directors are of the opinion that using KPI's is not necessary for an understanding of the development, performance or position of the business.


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



A Ryan-Murphy
Director

Date: 6 February 2025
Page 1

 
NOURISH CONTRACT CATERING LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2024

The directors present their report and the financial statements for the year ended 31 August 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 of the profit or loss of the company for that period.

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


select suitable accounting policies for the company'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 company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £967,173 (2023 - £636,621).

Dividends of £200,000 (2023: £60,000) were voted during the year.

Directors

The directors who served during the year were:

S Ailes (resigned 27 November 2023)
S Murphy 
D Parkinson 
M Hammond (appointed 27 November 2023)
A Ryan-Murphy 

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'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's auditors are aware of that information.

Page 2

 
NOURISH CONTRACT CATERING LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024

Post balance sheet events

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

Auditors

The auditorsBarnes Roffe LLPwill 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.
 





A Ryan-Murphy
Director

Date: 6 February 2025
Page 3

 
NOURISH CONTRACT CATERING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NOURISH CONTRACT CATERING LIMITED
 

Qualified opinion


We have audited the financial statements of Nourish Contract Catering Limited (the 'company') for the year ended 31 August 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the 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, except for the effects of the matter described in the Basis for qualified opinion section, in our opinion the financial statements:


give a true and fair view of the state of the company's affairs as at 31 August 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for qualified opinion


We attended a stocktake in September 2023, but did not attend a stocktake at 31 August 2023 year end.  We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31 August 2023, which were included in the balance sheet at £283,253, by using other audit procedures. Consequently we were unable to determine whether any adjustment to these amounts were necessary in 2023, or whether there was any consequential effect on the opening stock as at 1 September 2023.
In 2024, we were able to satisfy ourselves concerning the inventory quantities held at 31 August 2024, which were included in the balance sheet at £344,783.


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


Conclusions relating to going concern


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


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


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


Page 4

 
NOURISH CONTRACT CATERING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NOURISH CONTRACT CATERING 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.


As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the inventory quantities of £283,253 held at 31 August 2023. We have concluded that where the other information refers to the inventory balance or related balances such as cost of sales, it may be materially misstated for the same reason. 
In 2024, we were able to satisfy ourselves concerning the inventory quantities held at 31 August 2024, which were included in the balance sheet at £344,783.


Opinion on other matters prescribed by the Companies Act 2006
 

Except for the possible effects of the matter described in the basis for qualified opinion section of our report, In our opinion, based on the work undertaken in the course of the audit:


the information given in the 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 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
 

Except for the matter described in the basis for qualified opinion section of our report, in the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
Arising solely from the limitation on the scope of our work relating to inventory, referred to above:
• we have not obtained all the information and explanations that we considered necessary for the purpose    of our audit; and
• we were unable to determine whether adequate accounting records have been kept.


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


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of 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

 
NOURISH CONTRACT CATERING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NOURISH CONTRACT CATERING 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.


Auditors' responsibilities for the audit of the financial statements
 

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


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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows: 
• The engagement partner ensured that the engagement team collectively had the appropriate competence,  capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
• We identified the laws and regulations applicable to the company through discussion with directors and    other management, and from our commercial knowledge and experience of the relevant sector;
• The specific laws and regulations which we considered may have a direct material effect on the financial   statements or the operations of the company, are as follows;
  o Companies Act 2006.
  o FRS102.
  o ISO 22000 2018.
  o Health and Safety legislation, including food safety.
  o Employment legislation.
  o Tax legislation.
           o  DBS checks on employees. 
  o Specific accreditations include Red Tractor, Allergen accreditation and Soil association.
• We assessed the compliance with the laws and regulations identified above through making     enquiries of management, reviewing board minutes, inspecting certificates of compliance and inspecting   legal correspondence; and
• Laws and regulations were communicated within the audit team at the planning meeting, and during the    audit as any further laws and regulation were identified. The audit team remained alert to instances of    non-compliance throughout the audit.
 
Page 6

 
NOURISH CONTRACT CATERING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NOURISH CONTRACT CATERING LIMITED (CONTINUED)


We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by: 
• Making enquires of management as to where they consider there was susceptibility to fraud and their    knowledge of actual suspected and alleged fraud; 
• Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and    regulations;
• Reviewing the financial statements and testing the disclosures against supporting documentation;
• Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
• Inspecting and testing journal entries to identify unusual or unexpected transactions;
• Assessing whether judgement and assumptions made in determining significant accounting estimates    were indicative of management bias; and
• Investigating the rationale behind significant transactions, or transactions that are unusual or outside the    company’s usual course of business.
The areas that we identified as being susceptible to misstatement through fraud were:
• Management bias in the estimates and judgements made;
• Management override of controls; 
• Revenue recognition; and 
• Posting of unusual journals or transactions.
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 7

 
NOURISH CONTRACT CATERING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NOURISH CONTRACT CATERING 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.





Mario Cientanni (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants and Satutory Auditor
Charles Lake House
Claire Causeway
Crossways Business Park
Dartford
Kent
DA2 6QA

 
 
Date: 
21 February 2025
Page 8

 
NOURISH CONTRACT CATERING LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2024

2024
2023
Note
£
£

  

Turnover
 4 
19,124,650
13,680,029

Cost of sales
  
(15,891,472)
(11,588,666)

Gross profit
  
3,233,178
2,091,363

Administrative expenses
  
(2,045,681)
(1,311,378)

Operating profit
 5 
1,187,497
779,985

Interest receivable and similar income
 9 
107,849
52,131

Interest payable and similar expenses
 10 
-
(3,159)

Profit before tax
  
1,295,346
828,957

Tax on profit
 11 
(328,173)
(192,336)

Profit for the financial year
  
967,173
636,621

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

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

The notes on pages 14 to 23 form part of these financial statements.
Page 9

 
NOURISH CONTRACT CATERING LIMITED
REGISTERED NUMBER: 04953033

BALANCE SHEET
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
350,885
360,546

  
350,885
360,546

Current assets
  

Stocks
 14 
344,793
283,253

Debtors: amounts falling due after more than one year
 15 
594,000
611,453

Debtors: amounts falling due within one year
 15 
1,783,600
1,595,455

Cash at bank and in hand
 16 
3,666,485
2,776,667

  
6,388,878
5,266,828

Creditors: amounts falling due within one year
 17 
(1,831,916)
(1,486,700)

Net current assets
  
 
 
4,556,962
 
 
3,780,128

Total assets less current liabilities
  
4,907,847
4,140,674

  

Net assets
  
4,907,847
4,140,674


Capital and reserves
  

Called up share capital 
 18 
100
100

Profit and loss account
  
4,907,747
4,140,574

  
4,907,847
4,140,674


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




A Ryan-Murphy
Director

Date: 6 February 2025

The notes on pages 14 to 23 form part of these financial statements.
Page 10

 
NOURISH CONTRACT CATERING LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 September 2023
100
4,140,574
4,140,674



Profit for the year
-
967,173
967,173

Dividends: Equity capital
-
(200,000)
(200,000)


At 31 August 2024
100
4,907,747
4,907,847



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
100
3,563,953
3,564,053



Profit for the year
-
636,621
636,621

Dividends: Equity capital
-
(60,000)
(60,000)


At 31 August 2023
100
4,140,574
4,140,674


The notes on pages 14 to 23 form part of these financial statements.

Page 11

 
NOURISH CONTRACT CATERING LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
967,173
636,621

Adjustments for:

Depreciation of tangible assets
89,838
74,463

Loss on disposal of tangible assets
3,216
-

Interest paid
-
3,159

Interest received
(119,302)
(52,131)

Taxation charge
328,173
192,336

(Increase) in stocks
(61,540)
(47,767)

(Increase) in debtors
(360,692)
(1,261,663)

Increase in creditors
414,510
205,062

Corporation tax (paid)
(397,467)
(185,769)

Net cash generated from operating activities

863,909
(435,689)


Cash flows from investing activities

Purchase of tangible fixed assets
(83,597)
(124,039)

Sale of tangible fixed assets
204
-

Interest received
119,302
52,131

Net cash from investing activities

35,909
(71,908)
Page 12

 
NOURISH CONTRACT CATERING LIMITED
 

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


2024
2023

£
£



Cash flows from financing activities

Repayment of loans
-
(34,540)

Dividends paid
(10,000)
(60,000)

Interest paid
-
(3,159)

Net cash used in financing activities
(10,000)
(97,699)

Net increase/(decrease) in cash and cash equivalents
889,818
(605,296)

Cash and cash equivalents at beginning of year
2,776,667
3,381,963

Cash and cash equivalents at the end of year
3,666,485
2,776,667


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,666,485
2,776,667

3,666,485
2,776,667


The notes on pages 14 to 23 form part of these financial statements.

Page 13

 
NOURISH CONTRACT CATERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


General information

Nourish Contract Catering Limited is a private company, limited by shares, registered in England and Wales. The registered office and trading address is Unit 27, Metro Business Centre, Kangley Bridge Road, London, SE26 5BW.
The principal activity of the company is the provision of catering services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

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

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company 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 company 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.

 
2.3

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss 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.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 14

 
NOURISH CONTRACT CATERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.5

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.

 
2.6

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company 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 company in independently administered funds.

 
2.7

Taxation

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

The current 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 operates and generates income.

 
2.8

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 on the following bases:

Freehold property
-
1%
Straight line
Plant, machinery and equipment
-
10%
Straight line
Motor vehicles
-
25%
Straight line
Fixtures and fittings
-
33%
Straight line
Office equipment
-
25%
Straight line

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stock. Cost is based on the most recent purchase price.

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.

Page 15

 
NOURISH CONTRACT CATERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.10

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.

 
2.11

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 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 company's cash management.

 
2.12

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.

 
2.13

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

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

Basic financial assets

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

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

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 company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans 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.
Page 16

 
NOURISH CONTRACT CATERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)


2.13
Financial instruments (continued)


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.

 
2.14

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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing the financial statements, the directors are required to make estimates and judgements. These estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant and reviewed on an ongoing basis.
None of these estimates or judgements are considered to be material to the financial statements.


4.


Turnover

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


2024
2023
£
£

Catering services
19,124,650
13,680,029

19,124,650
13,680,029


All turnover arose within the United Kingdom.

Page 17

 
NOURISH CONTRACT CATERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation
94,325
73,958

Pension costs
10,038
6,470


6.


Auditors' remuneration

2024
2023
£
£

Fees payable to the company's auditors for the audit of the company's financial statements
9,450
8,725

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
9,952,218
6,698,173

Social security costs
495,639
313,413

Cost of defined contribution scheme
177,547
143,540

10,625,404
7,155,126


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


        2024
        2023
            No.
            No.







Directors
4
4



Head office
9
7



Operations
736
590

749
601

Page 18

 
NOURISH CONTRACT CATERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
704,083
281,000

Company contributions to defined contribution pension schemes
1,543
2,454

705,626
283,454


During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £360,856 (2023 - £156,529).

The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,203 (2023 - £NIL).


9.


Interest receivable

2024
2023
£
£


Other interest receivable
107,849
52,131

107,849
52,131


10.


Interest payable and similar expenses

2024
2023
£
£


Other loan interest payable
-
3,159

-
3,159


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
328,173
192,336



Tax on profit
328,173
192,336
Page 19

 
NOURISH CONTRACT CATERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

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

2024
2023
£
£


Profit on ordinary activities before tax
1,295,346
828,957


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19/25%)
323,837
178,350

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
3,789
10,473

Depreciation for year in excess of capital allowances
547
3,513

Total tax charge for the year
328,173
192,336


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Dividends

2024
2023
£
£


Ordinary shares
200,000
60,000

200,000
60,000

Page 20

 
NOURISH CONTRACT CATERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

13.


Tangible fixed assets





Freehold property
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 September 2023
191,843
587,659
779,502


Additions
-
83,597
83,597


Disposals
-
(3,420)
(3,420)



At 31 August 2024

191,843
667,836
859,679



Depreciation


At 1 September 2023
16,784
402,172
418,956


Charge for the year on owned assets
1,918
87,920
89,838



At 31 August 2024

18,702
490,092
508,794



Net book value



At 31 August 2024
173,141
177,744
350,885



At 31 August 2023
175,059
185,487
360,546


14.


Stocks

2024
2023
£
£

Consumables
344,793
283,253

344,793
283,253


Page 21

 
NOURISH CONTRACT CATERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

15.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
594,000
611,453

594,000
611,453


2024
2023
£
£

Due within one year

Trade debtors
1,410,508
1,012,148

Other debtors
206,980
404,383

Prepayments and accrued income
166,112
178,924

1,783,600
1,595,455



16.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
3,666,485
2,776,667

3,666,485
2,776,667



17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
389,130
333,661

Corporation tax
328,370
398,647

Other taxation and social security
734,504
479,451

Other creditors
135,710
149,143

Accruals and deferred income
244,202
125,798

1,831,916
1,486,700


Page 22

 
NOURISH CONTRACT CATERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

18.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,000 (2023 - 1,000) Ordinary shares of £0.10 each
100
100



19.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £177,547 (2023: £143,540). The amount payable to the fund at the balance sheet date is £122,238 (2023: £142,760).


20.


Commitments under operating leases

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

2024
2023
£
£


Not later than 1 year
8,400
-

8,400
-


21.


Transactions with directors

Included in other creditors due within one year, is an amount of £46 owed to a director (2023: £190,754 owed by a director and included in other debtors due within one year).


22.


Related party transactions

Dividends of £200,000 (2023: £60,000) were paid to the directors in the year.
Included in other debtors due after more than one year, is an amount of £594,000 (2023: £611,453) owed to the company by a close family member of a director. This loan balance is secured against the asset to which the loan relates. Interest was being charged on this balance monthly in arrears at a rate of 1.5%. 

 
Page 23