Accent Catering Services Limited
Annual Report and Financial Statements
For the Period ended 29 March 2024
Company Registration No. 04298350 (England and Wales)
Accent Catering Services Limited
Company Information
Directors
D. Warman
C. Haggarty
I. Crabtree
Secretary
D. Warman
Company number
04298350
Registered office
Montreaux House
The Hythe
Staines-Upon-Thames
England
TW18 3JQ
Auditor
Moore Kingston Smith LLP
The Shipping Building
The Old Vinyl Factory
Blyth Road
Hayes
London
UB3 1HA
Accent Catering Services Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15 - 28
Accent Catering Services Limited
Strategic Report
For the period ended 29 March 2024
Page 1

The directors present the strategic report and financial statements for the Period ended 29 March 2024.

Fair review of the business

The directors are pleased with the company's results for the period and its financial position. In the period ending 29 March 2024, the Company’s turnover grew to over £36m through a mixture of new contract gains, very high contract retention rates and growth in sales in existing contracts. The Company’s profit before tax of £1.26m in the period has been mainly re-utilised in the business in a number of key appointments and promotions, investment in client contracts and new IT systems.

 

The Company has continued to prioritise providing healthy nutritious freshly prepared food and supporting its operations to provide a very high standard of service.

 

Since the year-end, the business has continued to grow with the turnover for the subsequent financial year expected to be over £44m.

Principal risks and uncertainties

The directors consider the principal risks to the business to be the continuing effects of the wars in Ukraine and in the Gaza Strip, changes in government policy & legislation, food inflation, supply chain problems, the availability of high calibre staff and wage inflation. As partly envisaged the policies of the new Government have brought a number of challenges in both the independent and state sectors. Nevertheless, the Company has continued to strengthen its workforce who are without doubt our greatest asset.

 

Risks from changes in government policy are minimised by maintaining a mixture of business in different market sectors and by continually developing our services.

 

The risks from food inflation are managed by sustaining excellent relationships with highly reputable suppliers, employing highly skilled chefs, by use of a specialist purchasing resource and managing customer tariffs as required. High calibre employees are attracted and retained by paying very competitive salaries, investing in training and developing staff, valuing their contribution, by employing a specialist recruitment resource and by creating an enjoyable and rewarding working environment.

 

The Company has continued to maintain its status as an independent, owner managed standalone company that prioritises its clients, employees, and quality of its catering operations.

 

In order to further reduce the risks noted above and any future unforeseen events the Company intends to continue with its prudent approach to the Company’s finances and to further strengthen the Company’s balance sheet and cash reserves as the opportunities arise. The directors anticipate no going concern issues for the company.

 

 

Development and performance

The directors intend to continue pursuing new contracts in the education sectors and business & industry where fresh high quality food delivered by outstanding staff at a competitive price is the aspiration.

 

 

Accent Catering Services Limited
Strategic Report (Continued)
For the period ended 29 March 2024
Page 2
Key performance indicators

The directors consider the key performance indicators to be the Company’s clients’ satisfaction, performance against agreed client budgets, contract retention rates, sales per head per day, employee satisfaction and turnover, the Company’s gross profit margin, supplier order fulfilment, on site attendance levels, profit before tax, cash flow position, capital expenditure requirements and total net asset value.

 

 

On behalf of the board

D. Warman
Director
28 March 2025
Accent Catering Services Limited
Directors' Report
For the period ended 29 March 2024
Page 3

The directors present their annual report and financial statements for the 52 week period ended 29 March 2024.

Principal activities

The principal activity of the company continued to be that of contract catering.

Directors

The directors who held office during the Period and up to the date of signature of the financial statements were as follows:

D. Warman
C. Haggarty
I. Crabtree
Results and dividends

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

Details of dividends paid can be found in note 11 to the financial statements.

Disabled persons
The company applies the principles of its Diversity Policy in all recruitment and training and development for people with disabilities. All employees that return from long term sickness leave have risk assessments and reasonable adjustments to working conditions considered, to support their return to work.

Arrangements are made, wherever possible, for retraining employees who have become disabled, to enable them to perform work identified as appropriate to their aptitudes and abilities.
Employee involvement

The company maintain close links with its employees via a combination of weekly newsletters, website, blog and twitter updates, employee recognition schemes and regular meetings.

Future developments

In accordance with s414c(11) of the Companies Act 2006, the information relating to the future developments and financial risk management are included in the strategic report.

Auditor

The auditor, Moore Kingston Smith LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Accent Catering Services Limited
Directors' Report (Continued)
For the period ended 29 March 2024
Page 4
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 company’s auditor 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 company’s auditor is aware of that information.

On behalf of the board
D. Warman
Director
28 March 2025
Accent Catering Services Limited
Directors' Responsibilities Statement
For the period ended 29 March 2024
Page 5

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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:

 

 

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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.

Accent Catering Services Limited
Independent Auditor's Report
To the Members of Accent Catering Services Limited
Page 6
Opinion

We have audited the financial statements of Accent Catering Services Limited (the 'company') for the Period ended 29 March 2024 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity, the 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 FRS 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 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 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.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

 

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Accent Catering Services Limited
Independent Auditor's Report (Continued)
To the Members of Accent Catering Services Limited
Page 7

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

 

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

 

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement on page 5, 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.

Accent Catering Services Limited
Independent Auditor's Report (Continued)
To the Members of Accent Catering Services Limited
Page 8
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.

 

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

 

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

 

 

Accent Catering Services Limited
Independent Auditor's Report (Continued)
To the Members of Accent Catering Services Limited
Page 9

Explanation as to what extent 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.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

 

 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Accent Catering Services Limited
Independent Auditor's Report (Continued)
To the Members of Accent Catering Services Limited
Page 10

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.

Jonathan Seymour
Senior Statutory Auditor
for and on behalf of Moore Kingston Smith LLP
28 March 2025
Chartered Accountants
Statutory Auditor
The Shipping Building
The Old Vinyl Factory
Blyth Road
Hayes
London
UB3 1HA
Accent Catering Services Limited
Statement of Comprehensive Income
For the period ended 29 March 2024
Page 11
Period
Period
ended
ended
29 March
31 March
2024
2023
Notes
£
£
Turnover
3
36,327,651
28,188,362
Cost of sales
(30,495,899)
(23,904,472)
Gross profit
5,831,752
4,283,890
Administrative expenses
(4,588,073)
(3,801,862)
Operating profit
4
1,243,679
482,028
Interest receivable and similar income
8
42,108
4,004
Interest payable and similar expenses
9
(28,540)
(21,064)
Profit before taxation
1,257,247
464,968
Tax on profit
10
(315,744)
(12,188)
Profit for the financial Period
941,503
452,780

The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.

Accent Catering Services Limited
Balance Sheet
As at 29 March 2024
29 March 2024
Page 12
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
1,239,949
786,579
Current assets
Stock
13
355,701
338,644
Debtors
14
5,003,050
4,290,044
Cash at bank and in hand
3,809,438
3,435,515
9,168,189
8,064,203
Creditors: amounts falling due within one year
15
(5,674,001)
(4,772,473)
Net current assets
3,494,188
3,291,730
Total assets less current liabilities
4,734,137
4,078,309
Creditors: amounts falling due after more than one year
16
(483,333)
(683,333)
Provisions for liabilities
Deferred tax liability
18
(294,820)
(180,495)
(294,820)
(180,495)
Net assets
3,955,984
3,214,481
Capital and reserves
Called up share capital
21
1,000
1,000
Profit and loss reserves
3,954,984
3,213,481
Total equity
3,955,984
3,214,481
The financial statements were approved by the board of directors and authorised for issue on 28 March 2025 and are signed on its behalf by:
D. Warman
Director
Company Registration No. 04298350
Accent Catering Services Limited
Statement of Changes in Equity
For the period ended 29 March 2024
Page 13
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 26 March 2022
1,000
2,960,701
2,961,701
Period ended 31 March 2023:
Profit and total comprehensive income for the period
-
452,780
452,780
Dividends
11
-
(200,000)
(200,000)
Balance at 31 March 2023
1,000
3,213,481
3,214,481
Period ended 29 March 2024:
Profit and total comprehensive income for the period
-
941,503
941,503
Dividends
11
-
(200,000)
(200,000)
Balance at 29 March 2024
1,000
3,954,984
3,955,984
Accent Catering Services Limited
Statement of Cash Flows
For the period ended 29 March 2024
Page 14
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
1,846,721
1,343,696
Interest paid
(28,540)
(21,064)
Income taxes paid
(67,642)
(224,324)
Net cash inflow from operating activities
1,750,539
1,098,308
Investing activities
Purchase of tangible fixed assets
(1,042,856)
(530,642)
Proceeds from disposal of tangible fixed assets
24,132
48,571
Interest received
42,108
4,004
Net cash used in investing activities
(976,616)
(478,067)
Financing activities
Repayment of borrowings
(200,000)
(116,667)
Dividends paid
(200,000)
(200,000)
Net cash used in financing activities
(400,000)
(316,667)
Net increase in cash and cash equivalents
373,923
303,574
Cash and cash equivalents at beginning of Period
3,435,515
3,131,941
Cash and cash equivalents at end of Period
3,809,438
3,435,515
Accent Catering Services Limited
Notes to the Financial Statements
For the period ended 29 March 2024
Page 15
1
Accounting policies
Company information

Accent Catering Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Montreaux House, The Hythe, Staines-Upon-Thames, England, TW18 3JQ.

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.

1.2
Going concern

The company made a profit for the year of £true941,503 and as at the balance sheet date had net assets of £3,955,984 of which cash being £3,809,438. Based on the current strong financial position and trading, and projected results, the directors believe that the company will be able to continue in business and meet its liabilities as they fall due for a period of at least twelve months from the date of approval of the financial statements.

1.3
Reporting period

The company has an accounting reference date of 29 March.

 

The financial statements have been presented to the nearest Friday to the accounting reference day for 52 weeks to 29 March 2024. The previous year financial statements were prepared for 53 weeks to 31 March 2023.

1.4
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.

Turnover derived from the principal activities of contract catering is recognised at the point of sale.

1.5
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 machinery
Straight line over 1 - 6 years

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 credited or charged to profit or loss.

Accent Catering Services Limited
Notes to the Financial Statements (Continued)
For the period ended 29 March 2024
1
Accounting policies
(Continued)
Page 16
1.6
Impairment of fixed assets

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stock

Stock 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 stock to their present location and condition.

 

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock 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.

1.8
Cash at bank and in hand

Cash and cash equivalents include cash in hand, deposits held at call with banks.

1.9
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Accent Catering Services Limited
Notes to the Financial Statements (Continued)
For the period ended 29 March 2024
1
Accounting policies
(Continued)
Page 17
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 company 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.

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities include trade and other payables.

 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the company 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 company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

Accent Catering Services Limited
Notes to the Financial Statements (Continued)
For the period ended 29 March 2024
1
Accounting policies
(Continued)
Page 18
1.11
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 company’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 taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes.  The deferred tax balance has not been discounted.
1.12
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.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Defined contribution schemes

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the Period they are payable.

Local Government Pension Schemes ("LGPS")

The Company participated in 6 LGPS defined benefit pension schemes via Admitted Body arrangements in respect of 45 employees who transferred to the Company under TUPE. Contractual protections are in place for each scheme allowing actuarial and investment risk to be passed on to the end customer.

 

The nature of these arrangements varies from contract to contract, but typically allow for the contributions payable to the scheme, in excess of an initial rate agreed at inception and any exit payments payable to the scheme at the cessation of the contract, to be recovered from the end customer. At the point of admission each scheme is deemed to be fully funded and the Company's share of the scheme assets is assumed to equal the share of its liabilities. The Company is required to pay regular contributions, as decided by the relevant scheme actuaries, and detailed in each scheme's Contribution Certificate, which are calculated every 3 years as part of the triennial valuation. The Company only participates in the scheme for the duration of the contract, being between 3 and 6 years.

 

As a result, the Company' exposure to actuarial and investment risk is considered to be immaterial. The Company accounts for its legal and constructive obligations, over the period of its participation, on a defined contribution basis and no amounts are recognised on the Company's balance sheet.

Accent Catering Services Limited
Notes to the Financial Statements (Continued)
For the period ended 29 March 2024
1
Accounting policies
(Continued)
Page 19
1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to income 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 lease asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are 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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Depreciation

The annual depreciation charge for fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 12 for the carrying amount of the fixed assets and note 1.5 for the useful economic lives for each class of asset.

Stock provision

The company assesses its inventory of food and related supplies regularly to ensure it reflects the lower of cost and net realisable value, in accordance with accounting standards. Given the nature of the business and the perishable nature of food items, a provision is made for any slow-moving, obsolete, or expired stock at each reporting period. The provision is reviewed and adjusted based on historical usage, shelf life, and future demand forecasts.

Bad debt provision

The company reviews its trade receivables periodically to assess the recoverability of outstanding amounts. A provision is recognised based on an expected credit loss model, considering factors such as the age of receivables, historical collection patterns, and the creditworthiness of customers. A provision is made where there is significant uncertainty over the recoverability of these balances.

Accent Catering Services Limited
Notes to the Financial Statements (Continued)
For the period ended 29 March 2024
Page 20
3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Trade sales
36,327,651
28,188,362
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
36,327,651
28,188,362
2024
2023
£
£
Other significant revenue
Interest income
42,108
4,004
4
Operating profit
2024
2023
Operating profit for the period is stated after charging/(crediting):
£
£
Depreciation of owned tangible fixed assets
557,870
415,288
Loss/(profit) on disposal of tangible fixed assets
7,484
(14,156)
Cost of stock recognised as an expense
12,491,675
9,478,642
Operating lease charges
53,610
69,952
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
19,450
15,600
Accent Catering Services Limited
Notes to the Financial Statements (Continued)
For the period ended 29 March 2024
Page 21
6
Employees

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

2024
2023
Number
Number
Head office and administration
73
62
Operations
853
687
Total
926
749

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
17,658,861
14,142,522
Social security costs
1,290,713
1,002,867
Pension costs
517,018
491,141
19,466,592
15,636,530
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
388,857
250,594
Company pension contributions to defined contribution schemes
43,534
134,490
432,391
385,084
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
204,236
138,021
Company pension contributions to defined contribution schemes
10,000
54,490
Accent Catering Services Limited
Notes to the Financial Statements (Continued)
For the period ended 29 March 2024
Page 22
8
Interest receivable and similar income
2024
2023
£
£
Interest received
Interest on bank deposits
42,108
4,004
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
28,540
20,722
Other finance costs:
Other interest
-
0
342
28,540
21,064
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
182,427
67,642
Deferred tax
Origination and reversal of timing differences
133,317
(55,454)
Total tax charge
315,744
12,188
Accent Catering Services Limited
Notes to the Financial Statements (Continued)
For the period ended 29 March 2024
10
Taxation
(Continued)
Page 23

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

2024
2023
£
£
Profit before taxation
1,257,247
464,968
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
314,312
88,344
Tax effect of expenses that are not deductible in determining taxable profit
1,432
522
Superdeduction on capital items
-
0
(30,247)
Remeasurement of deferred tax for changes in tax rates
-
0
(2,849)
Movement in deferred tax not recognised prior year
-
0
(43,582)
Taxation charge for the period
315,744
12,188
11
Dividends
2024
2023
£
£
Interim paid
200,000
200,000
Accent Catering Services Limited
Notes to the Financial Statements (Continued)
For the period ended 29 March 2024
Page 24
12
Tangible fixed assets
Plant and machinery
£
Cost
At 1 April 2023
3,082,158
Additions
1,042,856
Disposals
(1,663,091)
At 29 March 2024
2,461,923
Depreciation and impairment
At 1 April 2023
2,295,579
Depreciation charged in the Period
557,870
Eliminated in respect of disposals
(1,631,475)
At 29 March 2024
1,221,974
Carrying amount
At 29 March 2024
1,239,949
At 31 March 2023
786,579
13
Stock
2024
2023
£
£
Finished goods and goods for resale
355,701
338,644
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,228,054
3,471,036
Other debtors
492,024
527,287
Prepayments
145,670
135,427
4,865,748
4,133,750
Deferred tax asset (note 18)
137,302
156,294
5,003,050
4,290,044
Accent Catering Services Limited
Notes to the Financial Statements (Continued)
For the period ended 29 March 2024
Page 25
15
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Other borrowings
17
200,000
200,000
Trade creditors
2,805,637
2,518,164
Corporation tax
182,427
67,642
Other taxation and social security
881,284
608,393
Deferred income
19
134,133
18,145
Other creditors
542,687
483,256
Accruals
927,833
876,873
5,674,001
4,772,473
16
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Other borrowings
17
483,333
683,333
17
Loans and overdrafts
2024
2023
£
£
Other loans
683,333
883,333
Payable within one year
200,000
200,000
Payable after one year
483,333
683,333

 

 

Accent Catering Services Limited
Notes to the Financial Statements (Continued)
For the period ended 29 March 2024
Page 26
18
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Balances:
£
£
£
£
Accelerated capital allowances
294,820
180,495
-
-
Retirement benefit obligations
-
-
114,387
108,469
Unpaid directors' emoluments
-
-
22,915
47,825
294,820
180,495
137,302
156,294
2024
Movements in the Period:
£
Liability at 1 April 2023
24,201
Charge to profit or loss
133,317
Liability at 29 March 2024
157,518

The deferred tax asset set out above is expected to reverse within 12 months and relates to directors' emoluments and retirement benefit timing differences. The timing of the reversal of the deferred tax liability relating to accelerated capital allowances is uncertain but is expected to be more than a year.

19
Deferred income
2024
2023
£
£
Other deferred income
134,133
18,145
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
517,018
491,141

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Included within other creditors at the year end are £457,547 (2023: £433,879) of unpaid contributions.

Accent Catering Services Limited
Notes to the Financial Statements (Continued)
For the period ended 29 March 2024
Page 27
21
Share capital
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
22
Operating lease commitments
Lessee

Operating lease payments represent rentals payable by the company for use of its property.

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

2024
2023
£
£
Within one year
32,651
58,778
Between two and five years
4,368
42,495
37,019
101,273
23
Capital commitments

Amounts contracted for but not provided in the financial statements:

2024
2023
£
£
Acquisition of tangible fixed assets
862,742
885,658
24
Related party transactions
Remuneration of key management personnel

Key management personnel are the directors. Remuneration is as follows.

2024
2023
£
£
Aggregate compensation
432,391
385,084

 

Accent Catering Services Limited
Notes to the Financial Statements (Continued)
For the period ended 29 March 2024
Page 28
25
Cash generated from operations
2024
2023
£
£
Profit for the Period after tax
941,503
452,780
Adjustments for:
Taxation charged
315,744
12,188
Finance costs
28,540
21,064
Investment income
(42,108)
(4,004)
Loss/(gain) on disposal of tangible fixed assets
7,484
(14,156)
Depreciation and impairment of tangible fixed assets
557,870
415,288
Movements in working capital:
Increase in stock
(17,057)
(33,956)
(Increase)/decrease in debtors
(731,998)
147,021
Increase in creditors
670,755
329,326
Increase in deferred income
115,988
18,145
Cash generated from operations
1,846,721
1,343,696
26
Analysis of changes in net funds
1 April 2023
Cash flows
29 March 2024
£
£
£
Cash at bank and in hand
3,435,515
373,923
3,809,438
Borrowings excluding overdrafts
(883,333)
200,000
(683,333)
2,552,182
573,923
3,126,105
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