Company Registration No. SC342922 (Scotland)
ENTIER LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
ENTIER LIMITED
COMPANY INFORMATION
Directors
Mr P Bruce
Mr S Ritchie
Mr C G Little (Non-Executive)
Mr M B Gammon (Non-Executive)
Secretary
Blackwood Partners LLP
Company number
SC342922
Registered office
The Olive House
Endeavour Drive
Arnhall Business Park
Westhill
AB32 6UF
Auditor
Johnston Carmichael LLP
Bishop's Court
29 Albyn Place
Aberdeen
AB10 1YL
ENTIER LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 6
Directors' responsibilities statement
7
Independent auditor's report
8 - 11
Group profit and loss account
12
Group statement of comprehensive income
13
Group balance sheet
14
Company balance sheet
15 - 16
Group statement of changes in equity
17
Company statement of changes in equity
18
Group statement of cash flows
19
Notes to the financial statements
20 - 38
ENTIER LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -

The directors present the strategic report in respect of Entier Limited ("the company") and its subsidiaries (collectively known as "the group"), for the year ended 30 September 2024.

Principal activities

The principal activity of the company and group is the provision of catering, hospitality and technical support services at oil and gas installations, mobile marine vessels, client premises, retail outlets and venues encompassing three divisions: Remote Sites Global ("RSG"), FRESH and Wilde Thyme.

The business operates globally, with permanent presence in the UK, USA, Australia, New Zealand, Trinidad, Canada, Norway and Saudi Arabia.

Principal risks and uncertainties

The group maintains a Risk Register to focus and manage principal risks to the business. Risks are disclosed by description, likelihood, impact, importance and mitigating actions identified.

Particular focus has identified some key risks in the areas of:

 

The Board reviews the Register, develops strategy, implements action and continues to measure risk on an ongoing basis.

Key performance indicators ("KPIs")

The directors and senior management monitor the following financial KPIs to assess the group’s performance: turnover, gross profit, operating profit, earnings before interest, tax, depreciation and amortisation ("EBITDA") and net assets. Employee engagement, health and safety, environment and quality are non-financial KPIs used by the directors and senior management to assess performance.

 

Fair review of the business

The 12 months to 30th September 2024 was another successful year for the group with revenue and EBITDA growth and new business secured with clients both onshore and offshore.

Group turnover increased by 7.6% from £76.8m to £82.6m and group EBITDA increased from £3.1m to £3.8m. Gross profit increased from £7.1m to £9.1m, with the gross margin percentage increasing slightly from 9.2% to 11%. Operating profit for the financial year increased from £2.8m to £3.5m.

The balance sheet remained strong with group net assets increasing from £3.5m to £4.7m. Liquidity remained strong throughout the year with net current assets increasing from £2.7m to £4.0m and cash balances increasing from £1.2m to £2.7m, and long term debt fully paid off during the year.

The Entier Values remain core to the way the company conducts its business.

ENTIER LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
Fair review of the business (continued)

The business experienced growth despite challenging market conditions created by UK political policy and uncertainty. A significant contract with a client in the North Sea oil and gas production sector was not renewed following a retender process in the year, but this was more than compensated for by growth in the marine and renewables sectors.

Entier remains committed to supporting local communities and businesses by sourcing local produce. The company continued to support its nominated principal charity, Friends of Anchor, and also supported several other charities including Macmillan Cancer Support with fundraising held thoughout the business.

The group continues to maintain a culture of working to improve the lives of those in our communities less fortunate than ourselves. This support takes many forms from individual employee or group hands on fundraising to direct support from those within the company.

Health, safety, environment and quality

Entier’s behavioural safety culture model “Safety, it’s in your hands” provides a structured approach to incident reduction and drives continuous improvement. Business and operational objectives are set out annually to ensure that all employees have clear expectations of behaviour, personal responsibility, and accountability for working safely, and maintaining the highest standards of food safety across all our operations.

The Board, Leadership Team and Operational Teams continue to demonstrate their commitment to the employee engagement process. By providing safety commitment statements to support unit teams, the group aims to drive continuous safety improvement opportunities.

External audits for integrated systems covering the ISO9001, ISO14001, ISO45001, ISO22000 and ISO27001 systems were completed with zero non-conformances and 140 positive observations. ISO27001:2013 was updated to the latest version ISO270001:2022 during the year.

The group continues to develop its Environmental, Social and Governance strategy (ESG) and has established appropriate goals as part of its commitment to strong governance and social and environmental responsibility.

Employees

A steady average headcount has been maintained with an average monthly turnover of 1.3% reflecting stability across the group.

We have continued to raise awareness of our employee benefits program, with a particular focus on wellbeing initiatives. The YuLife app, which promotes healthy habits, has continued to see positive engagement across our workforce, maintaining consistent usage from our employees as we entered our second year of implementation.

We remain committed to the growth and development of our teams. Employees have participated in the remote People Management scholarships and The Art of Leadership programme, held onsite at EHL Hospitality Business School in Lausanne through HiT Scotland, supporting with developing leadership and management capabilities. Additionally, two employees have started Graduate Apprenticeships at Robert Gordon University, beginning a four-year program to achieve a BA (Hons) in Business Management degree.

This year, we also launched the Future Board team, a developmental group designed to nurture potential future leaders. The Future Board enables the team to align company values across departments and identify and implement initiatives that drive efficiency and growth. This initiative has already delivered several impactful projects, while allowing teamwork and collaboration across departments and business areas.

Future developments

RSG’s pipeline of contracts provides a solid platform for growth. Significant opportunities exist both domestically and internationally, particularly in the marine and renewables sectors with several live opportunities being pursued.

The FRESH business has seen growth in the year and intends to continue this expansion with its flexible offering supported by Entier’s unique production kitchen facilities.

The Wilde Thyme business returned to growth, with several new clients and venues secured. The pipeline of events remains strong with over £364k of confirmed events for 2024/25.

ENTIER LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
Section 172(1) Statement

The directors have complied with their duties under Section 172(1) to promote the success of the business for the benefit of its members as a whole by:

On behalf of the board

Mr P Bruce
Director
19 December 2024
ENTIER LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -

The directors present their annual report and financial statements for the year ended 30 September 2024.

Future developments

Details of future developments can be found in the strategic report on pages 1 to 3 and form part of this report by cross-reference.

Branches

The company has branches, as defined in section 1046(3) of the Companies Act 2006, outside the UK in Trinidad & Tobago and Norway.

Results and dividends

The results for the year are set out on page 12.

Ordinary dividends were paid amounting to £605,354 (2023: £1,212,641). The directors do not recommend payment of a final dividend.

Directors

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

Mr P Bruce
Mr S Ritchie
Mr C G Little (Non-Executive)
Mr M B Gammon (Non-Executive)
Mr K J Barclay (Non-Executive)
(Resigned 26 April 2024)
Financial instruments

The company's and group's activities expose it to a variety of financial risks: liquidity risk, credit risk and market risk (including foreign exchange risk, cash flow and interest rate risk).

 

Risk management is carried out by the group. Overall risk management programmes focus on minimising potential adverse affects on the group's financial performance. Derivatives are not used to manage financial risk.

Liquidity Risk

Prudent liquidity management is maintaining sufficient cash and the availability of funding through an adequate amount of credit facilities. The group maintains flexibility in funding by retaining adequate cash balances generated from its operations.

Credit risk

Credit risk is the risk of financial loss to the group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. Credit risk arises from cash and cash equivalents with banks and credit exposure to customers.

 

The maximum exposure to credit risk is represented by the carrying amount of the financial assets on the balance sheet. Credit risk is managed via thorough credit evaluations of potential customers as and when required, carrying trade credit insurance wherever possible, and maintaining strong ongoing relationships with existing customers. The credit risk on liquid funds is limited because the counterparties are banks with credit-ratings assigned by credit-rating agencies.

ENTIER LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
Market Risk

i) Foreign exchange risk

The group has exposure to foreign currency risk but most transactions during the period occurred in functional currency. Foreign exchange risk arises from the monetary valuation of assets/liabilities that are not denominated in the functional currency and thus require balance sheet translation. Significant fluctuations in currency values result in a high risk of assets/liabilities being over/understated depending on direction of movement and materiality of the balance. Where possible, management seek to match monetary assets and liabilities in the same currency and adopt natural hedging as far as possible. Derivatives have not been used to manage foreign exchange risk.

 

ii) Cash flow and interest rate risk

The group primarily has interest-bearing liabilities and has a policy of maintaining debt at a fixed rate to ensure certainty of future interest cash flows.

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 be identical to that of other employees.

Employee involvement

Details of employee involvement can be found in the strategic report on pages 1 to 3 and form part of this report through cross-reference.

The Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2019

The Group's Energy and Carbon reporting is as follows:

2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
875,978
1,079,043
2024
2023
Emissions of CO2 equivalent
kg
kg
Scope 1 - direct emissions
- Gas combustion
52,618
116,744
- Fuel consumed for owned transport
52,524
45,173
105,142
161,917
Scope 2 - indirect emissions
- Electricity purchased
79,899
43,742
Total gross emissions
185,041
205,659
Intensity ratio
Kg CO2e per £1,000 Turnover
2.24
2.70
Quantification and reporting methodology

The group has followed the 2019 HM Government Environmental Reporting Guidelines. The group has also used the GHG Reporting Protocol – Corporate Standard and have used the 2024 UK Government’s Conversion Factors for Company Reporting.

ENTIER LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £1,000 of turnover, the recommended ratio for the sector.

Measures taken to improve energy efficiency

Entier is committed to minimising its impact on the environment and uses a voltage optimisation unit at the Olive House and low energy LED lighting to reduce electricity consumption; and utilised route planning software to minimise vehicle miles travelled. Future developments include the replacement of vehicles with hybrid or electric models wherever possible.

Auditor

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

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 parent company and group 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 parent company and group is aware of that information.

On behalf of the board
Mr P Bruce
Director
19 December 2024
ENTIER LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -

The directors are responsible for preparing the strategic report, 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 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 group and parent company, and of the profit or loss of the group 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 group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 group and parent company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ENTIER LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ENTIER LIMITED
- 8 -
Opinion

We have audited the financial statements of Entier Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the group profit and loss account, 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 responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 group's or parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

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

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 directors are 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:

 

ENTIER LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ENTIER LIMITED
- 9 -
Matters on which we are required to report by exception

In the light of our 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 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 as set out on page 7, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

 

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

Auditor 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.

 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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 assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations by considering their experience, past performance and support available.

All engagement team members were briefed on relevant identified laws and regulations and potential fraud risks at the planning stage of the audit. Engagement team members were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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

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

We obtained an understanding of the legal and regulatory frameworks that are applicable to the group and the parent company, and the sector in which they operate, focussing on those provisions that had a direct effect on the determination of material amounts and disclosures in the financial statements. The most relevant frameworks we identified include:

 

 

We gained an understanding of how the group and the parent company are complying with these laws and regulations by making enquiries of management and those charged with governance. We corroborated these enquiries through our review of submitted returns, external inspections, relevant correspondence with regulatory bodies and board meeting minutes.

 

We assessed the susceptibility of the group’s and parent company’s financial statements to material misstatement, including how fraud might occur, by meeting with management and those charged with governance to understand where it was considered there was susceptibility to fraud. This evaluation also considered how management and those charged with governance were remunerated and whether this provided an incentive for fraudulent activity. We considered the overall control environment and how management and those charged with governance oversee the implementation and operation of controls. In areas of the financial statements where the risks were considered to be higher, we performed procedures to address each identified risk. We identified a heightened fraud risk in relation to:

 

In addition to the above, the following procedures were performed to provide reasonable assurance that the financial statements were free of material fraud or error:

 

Our audit procedures were designed to respond to the risk of material misstatements in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

ENTIER LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ENTIER LIMITED
- 11 -

Use of our report

This report is made solely to the parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Lisa Thomson (Senior Statutory Auditor)
For and on behalf of Johnston Carmichael LLP
19 December 2024
Statutory Auditor
Bishop's Court
29 Albyn Place
Aberdeen
AB10 1YL
ENTIER LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 12 -
2024
2023
Notes
£
£
Turnover
3
82,588,995
76,840,454
Cost of sales
(73,516,984)
(69,742,299)
Gross profit
9,072,011
7,098,155
Administrative expenses
(5,589,146)
(4,206,947)
Exceptional items
4
-
0
(117,076)
Operating profit
5
3,482,865
2,774,132
Interest payable and similar expenses
9
(663,599)
(715,349)
Profit before taxation
2,819,266
2,058,783
Tax on profit
10
(689,376)
(536,745)
Profit for the financial year
23
2,129,890
1,522,038
Profit for the financial year is all attributable to the owners of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

ENTIER LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
2024
2023
£
£
Profit for the year
2,129,890
1,522,038
Other comprehensive income
Currency translation differences
11,632
59,390
Total comprehensive income for the year
2,141,522
1,581,428
Total comprehensive income for the year is all attributable to the owners of the parent company.
ENTIER LIMITED
GROUP BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 14 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
12
198,449
271,796
Tangible assets
13
503,468
526,217
701,917
798,013
Current assets
Stocks
16
1,916,576
1,880,029
Debtors
17
13,742,477
13,745,207
Cash at bank and in hand
27
2,701,240
1,174,184
18,360,293
16,799,420
Creditors: amounts falling due within one year
18
(14,314,988)
(14,122,466)
Net current assets
4,045,305
2,676,954
Total assets less current liabilities
4,747,222
3,474,967
Provisions for liabilities
Deferred tax liability
20
39,528
24,592
(39,528)
(24,592)
Net assets
4,707,694
3,450,375
Capital and reserves
Called up share capital
22
473,602
488,602
Share premium account
23
8,489
8,489
Capital redemption reserve
23
26,530
11,530
Profit and loss reserves
23
4,199,073
2,941,754
Total equity
4,707,694
3,450,375
The financial statements were approved by the board of directors and authorised for issue on 19 December 2024 and are signed on its behalf by:
19 December 2024
Mr P Bruce
Director
ENTIER LIMITED
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 15 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
12
198,449
271,796
Tangible assets
13
498,187
520,081
Investments
14
240
333,784
696,876
1,125,661
Current assets
Stocks
16
1,736,501
1,880,029
Debtors
17
13,312,505
14,453,113
Cash at bank and in hand
2,171,574
853,327
17,220,580
17,186,469
Creditors: amounts falling due within one year
18
(13,058,976)
(13,720,496)
Net current assets
4,161,604
3,465,973
Total assets less current liabilities
4,858,480
4,591,634
Provisions for liabilities
Deferred tax liability
20
39,528
24,592
(39,528)
(24,592)
Net assets
4,818,952
4,567,042
Capital and reserves
Called up share capital
22
473,602
488,602
Share premium account
23
8,489
8,489
Capital redemption reserve
23
26,530
11,530
Profit and loss reserves
23
4,310,331
4,058,421
Total equity
4,818,952
4,567,042
ENTIER LIMITED
COMPANY BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024
30 September 2024
- 16 -

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 £1,136,113 (2023 - £1,756,116 profit).

The financial statements were approved by the board of directors and authorised for issue on 19 December 2024 and are signed on its behalf by:
19 December 2024
Mr P Bruce
Director
Company Registration No. SC342922
ENTIER LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 17 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 October 2022
490,132
8,489
10,000
2,610,896
3,119,517
Year ended 30 September 2023:
Profit for the year
-
-
-
1,522,038
1,522,038
Other comprehensive income:
Currency translation differences
-
-
-
59,390
59,390
Total comprehensive income for the year
-
-
-
1,581,428
1,581,428
Dividends
11
-
-
-
(1,212,641)
(1,212,641)
Redemption of shares
22
(1,530)
-
1,530
(37,929)
(37,929)
Balance at 30 September 2023
488,602
8,489
11,530
2,941,754
3,450,375
Year ended 30 September 2024:
Profit for the year
-
-
-
2,129,890
2,129,890
Other comprehensive income:
Currency translation differences
-
-
-
11,632
11,632
Total comprehensive income for the year
-
-
-
2,141,522
2,141,522
Dividends
11
-
-
-
(605,354)
(605,354)
Redemption of shares
22
(15,000)
-
15,000
(278,849)
(278,849)
Balance at 30 September 2024
473,602
8,489
26,530
4,199,073
4,707,694
ENTIER LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 18 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 October 2022
490,132
8,489
10,000
3,552,875
4,061,496
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
-
-
1,756,116
1,756,116
Dividends
11
-
-
-
(1,212,641)
(1,212,641)
Redemption of shares
22
(1,530)
-
1,530
(37,929)
(37,929)
Balance at 30 September 2023
488,602
8,489
11,530
4,058,421
4,567,042
Year ended 30 September 2024:
Profit and total comprehensive income for the year
-
-
-
1,136,113
1,136,113
Dividends
11
-
-
-
(605,354)
(605,354)
Redemption of shares
22
(15,000)
-
15,000
(278,849)
(278,849)
Balance at 30 September 2024
473,602
8,489
26,530
4,310,331
4,818,952
ENTIER LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 19 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
5,333,743
82,098
Income taxes paid
(336,753)
(487,681)
Net cash inflow/(outflow) from operating activities
4,996,990
(405,583)
Investing activities
Purchase of tangible fixed assets
(278,046)
(214,800)
Proceeds on disposal of tangible fixed assets
9,425
1,503
Net cash used in investing activities
(268,621)
(213,297)
Financing activities
Redemption of shares
(278,849)
(37,929)
Movement in invoice discount facility
(1,154,757)
2,442,586
Repayment of loans
(498,754)
(962,281)
Dividends paid to equity shareholders
(605,354)
(1,212,641)
Interest paid
(663,599)
(715,349)
Net cash used in financing activities
(3,201,313)
(485,614)
Net increase/(decrease) in cash and cash equivalents
1,527,056
(1,104,494)
Cash and cash equivalents at beginning of year
1,174,184
2,278,678
Cash and cash equivalents at end of year
2,701,240
1,174,184
ENTIER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 20 -
1
Accounting policies
Company information

Entier Limited (“the company”) is a private company limited by shares domiciled and incorporated in Scotland. The registered office and principal place of business is The Olive House, Endeavour Drive, Arnhall Business Park, Westhill, AB32 6UF.

 

The group consists of Entier Limited and all of its investments (see note 15).

 

The principal activity of the company and group is the provision of catering, hospitality and technical support services at oil and gas installations, mobile marine vessels, client premises, retail outlets and venues encompassing three divisions: Remote Sites Global ("RSG"), FRESH and Wilde Thyme.

The business operates globally, with permanent presence in the UK, USA, Australia, New Zealand, Canada, Trinidad & Tobago, Norway and Saudi Arabia.

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 pound.

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 and has therefore taken advantage of the disclosure exemptions available to it in respect of its separate financial statements, which are presented alongside the consolidated financial statements. The company has taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

 

ENTIER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 21 -
1.2
Basis of consolidation

The consolidated financial statements incorporate those of Entier Limited and all of its subsidiaries, entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits. Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

 

All financial statements are made up to 30 September 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.

 

Foreign entities are translated annually for the consolidation with the balance sheet being translated at the year end exchange rate and the profit and loss account translated at the average exchange rate. Movements due to movements in foreign currency are taken to the statement of comprehensive income.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. In the group financial statements, joint ventures are accounted for using the cost method.

1.3
Going concern

At the time of approving the financial statements the directors, as disclosed within the future developments section of the strategic report, have a reasonable expectation that the group and parent company has adequate resources to continue to trade for at least twelve months from the date of signing the financial statements. In reaching this conclusion, the directors have prepared detailed budgets, based upon confirmed levels of work. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

The parent company and group recognises revenue at the time of delivery, which represents the point at which the significant risks and rewards of ownership are transferred to the customer, and when collection of the resulting consideration for these goods is reasonably assured. Revenue from services is recognised as the services are rendered including income based on day/hour rates on other service contracts.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life. Goodwill that has been created on the Wilde Thyme Limited acquisition has been assessed as having a 10 year useful life. Historic goodwill continues to have a useful life of 15 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

ENTIER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 22 -
1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the company is expected to benefit.

 

Amortisation 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:

Development costs
20% straight line
1.7
Tangible fixed assets

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

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

Freehold land and buildings
7% straight line
Plant and equipment
20 - 33% straight line
Fixtures and fittings
20 - 33% straight line
IT office equipment
33% straight line
Motor vehicles
20% 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

Investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

Entities in which the group has a long-term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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.

ENTIER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 23 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

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.

1.10
Stocks

Stocks are stated at the lower of cost and net realisable value. 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. Net realisable value is calculated as estimated selling price less costs to complete and sell.

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 the profit and loss account.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

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.

ENTIER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 24 -
Impairment of financial assets

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

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the profit and loss account.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in the profit and loss account.

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.

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 loan notes, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

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 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.

ENTIER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 25 -
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. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

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.

 

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.

1.16
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 expenditure 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.

1.18
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in the profit and loss account.

 

Assets and liabilities of overseas subsidiaries are translated at the rate of exchange ruling at the balance sheet date. Income and expenses have been translated at the average rate of exchange as an approximation of the rate of exchange at the date of each transaction. All resulting exchange differences are recognised in other comprehensive income.

1.19

Statement of cash flows

The Group Statement of cash flows has been prepared using the indirect method of preparation.

 

Both interest paid and dividends paid are considered to be financing activities and therefore, have been presented in cash flows from financing activities.

ENTIER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 26 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’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. The following judgements and estimates have the most significant effect on amounts recognised in the financial statements.

Joint venture in relation to Entier Saudi Arabia LLC

The accounting treatment in relation to Entier Saudi Arabia LLC is a judgement made by management. Entier own 51% of this entity, however have elected to account for this as a joint venture, due to the shared control they have over this entity with the joint venture partner.

 

The directors have considered the carrying value of the investment in Entier Saudi Arabia LLC and considered factors such as the market value of the assets held by the company and the long-term strategic plan for the company to assess if any impairment charge is required. Following this review, the directors have elected to impair the carrying value of the Entier Saudi Arabia LLC investment, recognising an impairment of £333,544.

Recoverability of amounts owed by group undertakings

The carrying value and recoverability of amounts owed by group undertakings (as disclosed in note 17) is a judgement made by management. In making this judgement, management have considered future trading opportunities as well as the current financial results of the counterparties.

3
Turnover and other revenue

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

2024
2023
£
£
Turnover analysed by class of business
Catering and hospitality services
82,588,995
76,840,454

In the opinion of the directors it would be prejudicial to disclose segmental information by geographical markets.

 

 

ENTIER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 27 -
4
Exceptional items
2024
2023
£
£
Expenditure
Historic wage costs
-
117,076
-
117,076

The exceptional cost in the prior period relates to the payment of underpaid historic wage costs to a third party dating back from 2018 to 2023.

5
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Exchange losses
109,893
137,705
Depreciation of owned tangible fixed assets
291,370
238,917
Amortisation of intangible assets
73,347
73,346
Operating lease charges
117,732
124,120
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor:
£
£
For audit services
Audit of the financial statements of the group and company
58,100
56,700
For other services
Taxation compliance services
9,400
8,800
All other non-audit services
4,500
17,625
13,900
26,425
ENTIER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 28 -
7
Employees

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

 

2024
2023
Number
Number
Management
7
8
Administration
28
30
Operations
654
659
Total
689
697

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
35,881,318
33,564,461
Social security costs
3,861,162
3,770,997
Pension costs
1,156,330
1,166,743
40,898,810
38,502,201
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
485,419
510,163
Company pension contributions to defined contribution schemes
37,874
44,323
523,293
554,486

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 4).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
217,353
229,425
Company pension contributions to defined contribution schemes
21,735
20,505

Key management only includes directors of the group.

ENTIER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 29 -
9
Interest payable and similar expenses
2024
2023
£
£
Interest on loan notes and funding
663,599
715,349
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
708,867
582,354
Adjustments in respect of prior periods
(34,427)
(57,132)
Total current tax
674,440
525,222
Deferred tax
Origination and reversal of timing differences
17,265
70,749
Changes in tax rates
-
0
9,831
Adjustment in respect of prior periods
(2,329)
(69,057)
Total deferred tax
14,936
11,523
Total tax charge
689,376
536,745

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
2,819,266
2,058,783
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.00%)
704,817
452,932
Tax effect of expenses that are not deductible in determining taxable profit
120,194
109,256
Adjustments in respect of prior years
(34,427)
(57,132)
Effect of overseas tax rates
4,508
55,403
Deferred tax adjustments in respect of prior years
(2,329)
(69,057)
Deferred tax asset not recognised
(143,896)
-
0
Effect of change in deferred tax rate
-
0
9,831
Fixed asset differences
40,509
35,512
Taxation charge
689,376
536,745
ENTIER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 30 -
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
605,354
1,212,641
12
Intangible fixed assets
Group and company
Goodwill
Development costs
Total
£
£
£
Cost
At 1 October 2023 and 30 September 2024
787,476
39,059
826,535
Amortisation
At 1 October 2023
515,680
39,059
554,739
Amortisation charged for the year
73,347
-
0
73,347
At 30 September 2024
589,027
39,059
628,086
Carrying amount
At 30 September 2024
198,449
-
0
198,449
At 30 September 2023
271,796
-
0
271,796

Historic goodwill relates to the group's previous acquisitions of Olive Garden Catering Company Limited and Wilde Thyme Limited. Although both companies have been dissolved, the group still benefits from contracts and the brands acquired within these companies. Development costs represent expenditure around the group's FRESH initiative. The directors have reviewed the carrying value of the group's intangible fixed assets and deem there to be no impairment indicators.

ENTIER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 31 -
13
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
IT office equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 October 2023
1,079,751
384,275
245,441
859,634
105,780
2,674,881
Additions
37,941
22,105
75,208
86,038
56,754
278,046
Disposals
-
0
-
0
-
0
-
0
(20,413)
(20,413)
At 30 September 2024
1,117,692
406,380
320,649
945,672
142,121
2,932,514
Depreciation
At 1 October 2023
858,226
362,233
192,142
697,081
38,982
2,148,664
Depreciation charged in the year
83,463
16,483
38,950
106,912
45,562
291,370
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(10,988)
(10,988)
At 30 September 2024
941,689
378,716
231,092
803,993
73,556
2,429,046
Carrying amount
At 30 September 2024
176,003
27,664
89,557
141,679
68,565
503,468
At 30 September 2023
221,525
22,042
53,299
162,553
66,798
526,217
Company
Freehold land and buildings
Plant and equipment
Fixtures and fittings
IT office equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 October 2023
1,079,751
384,275
196,859
837,478
105,780
2,604,143
Additions
37,941
22,105
72,804
86,038
56,754
275,642
Disposals
-
0
-
0
-
0
-
0
(20,413)
(20,413)
At 30 September 2024
1,117,692
406,380
269,663
923,516
142,121
2,859,372
Depreciation
At 1 October 2023
858,226
362,233
142,209
682,412
38,982
2,084,062
Depreciation charged in the year
83,463
16,483
38,926
103,677
45,562
288,111
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(10,988)
(10,988)
At 30 September 2024
941,689
378,716
181,135
786,089
73,556
2,361,185
Carrying amount
At 30 September 2024
176,003
27,664
88,528
137,427
68,565
498,187
At 30 September 2023
221,525
22,042
54,650
155,066
66,798
520,081
ENTIER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 32 -
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
240
240
Investments in joint ventures
-
0
-
0
-
0
333,544
-
0
-
0
240
333,784
Movements in fixed asset investments
Company
Shares in subsidiaries and joint ventures
£
Cost
At 1 October 2023 and 30 September 2024
333,784
Impairment
At 1 October 2023
-
Impairment charge
333,544
At 30 September 2024
333,544
Carrying amount
At 30 September 2024
240
At 30 September 2023
333,784

During the year, the directors considered the carrying value of the investment in Entier Saudi Arabia LLC and elected to impair the investment in full. Further details of the considerations and judgements made can be found at note 2.

15
Subsidiaries

Details of the company's investments at 30 September 2024 are as follows:

ENTIER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
15
Subsidiaries
(Continued)
- 33 -
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Entier Australia (PTY) Ltd
Accr Page Kirk & Jennings, Level 2, 52 Kings Park Road, West Perth, WA 6005
Provision of offshore catering services
Ordinary
100.00
Entier Canada Ltd
900-1959 Upper Water Street, Halifax, NS, B3J 3N2
Provision of offshore catering services
Ordinary
100.00
Entier Newfoundland Limited
Stewart McKelvey, P.O Box 5038, Suite 1100 Cabot Place, 100 New Gower Street, St John's NLA1C
Non-trading company
Ordinary
100.00
Entier Saudi Arabia LLC
Building 7204, King Fahad Road, P.O. Box 122, Riyadh 12331, Kingdom of Saudi Arabia
Provision of offshore catering services
Ordinary
51.00
Entier USA Inc.
800 Brazos, Suite 1100, Austin, Texas 78701
Provision of offshore catering services
Ordinary
100.00
Entier New Zealand Limited
11 Glover Street, New Plymouth 4310, New Zealand
Provision of offshore catering services
Ordinary
100.00

The company owns 51% of Entier Saudi Arabia LLC. Due to control of the entity being shared equally with the joint venture partner, this investment is reflected as a joint venture.

16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials, finished goods and goods for resale
1,916,576
1,880,029
1,736,501
1,880,029
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
11,328,069
10,993,936
9,747,635
10,385,651
Corporation tax recoverable
31,584
86,294
31,584
86,294
Amounts owed by group undertakings
-
-
1,342,464
1,345,791
Other debtors
1,079,082
1,259,681
1,070,822
1,254,403
Prepayments and accrued income
1,303,742
1,405,296
1,120,000
1,380,974
13,742,477
13,745,207
13,312,505
14,453,113

Amounts owed by group undertakings are interest free and repayable on demand.

 

Included within trade receivables are £3,145,747 (2023: £4,783,291) of discounted sales invoices.

ENTIER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 34 -
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Loan notes
19
-
0
498,754
-
0
498,754
Trade creditors
5,482,456
6,102,012
4,936,238
5,846,750
Amounts owed to group undertakings
-
0
-
0
106,670
28,642
Corporation tax payable
380,041
277,665
360,219
296,212
Other taxation and social security
1,396,554
1,320,456
1,058,089
1,286,613
Other creditors
4,236,742
3,804,054
4,236,741
3,804,053
Accruals and deferred income
2,819,195
2,119,525
2,361,019
1,959,472
14,314,988
14,122,466
13,058,976
13,720,496

Amounts owed to group undertakings are interest free and repayable on demand.

 

The bank has security by way of a Cross Corporate Guarantee to all group companies and a Bond and Floating charge over the whole assets of the company.

 

Other creditors include factoring facilities of £2,430,125 (2023: £3,584,882) which are secured over future receipts from the group's customers.

 

19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Loan notes
-
0
498,754
-
0
498,754
Payable within one year
-
0
498,754
-
0
498,754

The unsecured long-term loan notes were provided by BGF, with the final loan note payment was made in January 2024 in line with payment terms.

 

 

ENTIER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 35 -
20
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
57,736
54,977
Short-term timing differences
(18,208)
(30,385)
39,528
24,592
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
57,736
54,977
Short-term timing differences
(18,208)
(30,385)
39,528
24,592
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 October 2023
24,592
24,592
Charge to profit or loss
14,936
14,936
Liability at 30 September 2024
39,528
39,528
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
1,156,330
1,166,743

All permanent employees are eligible to join the defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.

 

There are amounts accrued in relation to pensions at the year end of £179,177 (2023: £210,910) and these were paid in the following month.

ENTIER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 36 -
22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
290,501
305,501
290,501
305,501
A1 Ordinary shares of £1 each
181,759
181,759
181,759
181,759
A2 Ordinary shares of £1 each
1,210
1,210
1,210
1,210
B Ordinary shares of 1p each
13,214
13,214
132
132
486,684
501,684
473,602
488,602

A Ordinary shares are entitled to a dividend in priority to the holders of the Ordinary shares.

 

A1 and A2 Ordinary Shares have enhanced voting rights which are triggered through an enhanced voting event, as defined the company's articles of association.

 

A1 Ordinary Shares have a contractual entitlement to an annual return which is set at a minimum of £450,503, and is accounted for through interest payable. Although the A1 shares have characteristics of a compound instrument, no reclassification has been made between equity and debt on the basis that any such adjustment would have no material impact on the financial statements.

 

B Ordinary Shares have no voting rights, no rights in relation to dividends, no special right in relation to capital and the shares are not redeemable.

 

During the year the company purchased, and subsequently cancelled 15,000 ordinary shares. During the prior year, the company purchased, and subsequently cancelled 1,530 ordinary shares.

ENTIER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 37 -
23
Reserves
Profit and loss reserves

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.

 

Share premium

Share premium represents the amount by which the amount received for a stock issue exceeds its face value.

 

Capital redemption reserve

The capital redemption reserve is created on redemption of the company's own shares.

24
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
135,277
133,560
135,277
133,560
Between two and five years
134,893
253,894
134,893
253,894
270,170
387,454
270,170
387,454
25
Controlling party

The group's parent company is controlled by the shareholders. There is no ultimate controlling party by virtue of their shareholdings.

26
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
2,129,890
1,522,038
Adjustments for:
Taxation charged
689,376
536,745
Finance costs
663,599
715,349
Amortisation and impairment of intangible assets
73,347
73,346
Depreciation and impairment of tangible fixed assets
291,370
238,917
Foreign exchange gains on cash equivalents
11,630
59,390
Movements in working capital:
Increase in stocks
(36,547)
(480,897)
Increase in debtors
(232,579)
(4,047,041)
Increase in creditors
1,743,657
1,464,251
Cash generated from operations
5,333,743
82,098
ENTIER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 38 -
27
Analysis of changes in net funds - group
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
1,174,184
1,527,056
2,701,240
Borrowings excluding overdrafts
(498,754)
498,754
-
675,430
2,025,810
2,701,240
2024-09-302023-10-01falsefalseCCH SoftwareCCH Accounts Production 2024.300Mr P BruceMr S RitchieMr C G Little (Non-Executive)Mr M B Gammon (Non-Executive)Mr K J Barclay (Non-Executive)Blackwood Partners LLPfalseSC3429222023-10-012024-09-30SC342922bus:Director12023-10-012024-09-30SC342922bus:Director22023-10-012024-09-30SC342922bus:Director32023-10-012024-09-30SC342922bus:Director42023-10-012024-09-30SC342922bus:CompanySecretary12023-10-012024-09-30SC342922bus:Director52023-10-012024-09-30SC342922bus:RegisteredOffice2023-10-012024-09-30SC342922bus:Consolidated2024-09-30SC3429222024-09-30SC342922bus:Consolidated2023-10-012024-09-30SC342922bus:Consolidated2022-10-012023-09-30SC342922bus:Consolidated12023-10-012024-09-30SC3429222022-10-012023-09-30SC342922core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-10-012024-09-30SC342922core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-10-012023-09-30SC342922core:Goodwillbus:Consolidated2024-09-30SC342922core:Goodwillbus:Consolidated2023-09-30SC342922core:Goodwill2024-09-30SC342922core:Goodwill2023-09-30SC342922core:DevelopmentCostsCapitalisedDevelopmentExpenditurebus:Consolidated2024-09-30SC342922core:DevelopmentCostsCapitalisedDevelopmentExpenditurebus:Consolidated2023-09-30SC342922bus:Consolidated2023-09-30SC3429222023-09-30SC342922core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2024-09-30SC342922core:PlantMachinerybus:Consolidated2024-09-30SC342922core:FurnitureFittingsbus:Consolidated2024-09-30SC342922core:ComputerEquipmentbus:Consolidated2024-09-30SC342922core:MotorVehiclesbus:Consolidated2024-09-30SC342922core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-09-30SC342922core:PlantMachinerybus:Consolidated2023-09-30SC342922core:FurnitureFittingsbus:Consolidated2023-09-30SC342922core:ComputerEquipmentbus:Consolidated2023-09-30SC342922core:MotorVehiclesbus:Consolidated2023-09-30SC342922core:LandBuildingscore:OwnedOrFreeholdAssets2024-09-30SC342922core:PlantMachinery2024-09-30SC342922core:FurnitureFittings2024-09-30SC342922core:ComputerEquipment2024-09-30SC342922core:MotorVehicles2024-09-30SC342922core:LandBuildingscore:OwnedOrFreeholdAssets2023-09-30SC342922core:PlantMachinery2023-09-30SC342922core:FurnitureFittings2023-09-30SC342922core:ComputerEquipment2023-09-30SC342922core:MotorVehicles2023-09-30SC342922core:ShareCapitalbus:Consolidated2024-09-30SC342922core:ShareCapitalbus:Consolidated2023-09-30SC342922core:SharePremiumbus:Consolidated2024-09-30SC342922core:SharePremiumbus:Consolidated2023-09-30SC342922core:CapitalRedemptionReservebus:Consolidated2024-09-30SC342922core:CapitalRedemptionReservebus:Consolidated2023-09-30SC342922core:ShareCapital2024-09-30SC342922core:ShareCapital2023-09-30SC342922core:SharePremium2024-09-30SC342922core:SharePremium2023-09-30SC342922core:CapitalRedemptionReserve2024-09-30SC342922core:CapitalRedemptionReserve2023-09-30SC342922core:RetainedEarningsAccumulatedLosses2024-09-30SC342922core:ShareCapitalbus:Consolidated2022-09-30SC342922core:SharePremiumbus:Consolidated2022-09-30SC342922core:CapitalRedemptionReservebus:Consolidated2022-09-30SC342922core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-09-30SC342922core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-09-30SC342922core:RetainedEarningsAccumulatedLossesbus:Consolidated2024-09-30SC342922core:ShareCapital2022-09-30SC342922core:SharePremium2022-09-30SC342922core:CapitalRedemptionReserve2022-09-30SC342922core:RetainedEarningsAccumulatedLosses2022-09-30SC342922core:RetainedEarningsAccumulatedLosses2023-09-30SC342922bus:Consolidated2022-09-30SC342922core:Goodwill2023-10-012024-09-30SC342922core:IntangibleAssetsOtherThanGoodwill2023-10-012024-09-30SC342922core:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-10-012024-09-30SC342922core:LandBuildingscore:OwnedOrFreeholdAssets2023-10-012024-09-30SC342922core:PlantMachinery2023-10-012024-09-30SC342922core:FurnitureFittings2023-10-012024-09-30SC342922core:ComputerEquipment2023-10-012024-09-30SC342922core:MotorVehicles2023-10-012024-09-30SC342922core:UKTaxbus:Consolidated2023-10-012024-09-30SC342922core:UKTaxbus:Consolidated2022-10-012023-09-30SC342922bus:Consolidated12022-10-012023-09-30SC342922bus:Consolidated22023-10-012024-09-30SC342922bus:Consolidated22022-10-012023-09-30SC342922bus:Consolidated32023-10-012024-09-30SC342922bus:Consolidated32022-10-012023-09-30SC342922core:Goodwillbus:Consolidated2023-09-30SC342922core:DevelopmentCostsCapitalisedDevelopmentExpenditurebus:Consolidated2023-09-30SC342922bus:Consolidated2023-09-30SC342922core:Goodwillbus:Consolidated2023-10-012024-09-30SC342922core:DevelopmentCostsCapitalisedDevelopmentExpenditurebus:Consolidated2023-10-012024-09-30SC342922core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-09-30SC342922core:PlantMachinerybus:Consolidated2023-09-30SC342922core:FurnitureFittingsbus:Consolidated2023-09-30SC342922core:ComputerEquipmentbus:Consolidated2023-09-30SC342922core:MotorVehiclesbus:Consolidated2023-09-30SC342922core:LandBuildingscore:OwnedOrFreeholdAssets2023-09-30SC342922core:PlantMachinery2023-09-30SC342922core:FurnitureFittings2023-09-30SC342922core:ComputerEquipment2023-09-30SC342922core:MotorVehicles2023-09-30SC3429222023-09-30SC342922core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-10-012024-09-30SC342922core:PlantMachinerybus:Consolidated2023-10-012024-09-30SC342922core:FurnitureFittingsbus:Consolidated2023-10-012024-09-30SC342922core:ComputerEquipmentbus:Consolidated2023-10-012024-09-30SC342922core:MotorVehiclesbus:Consolidated2023-10-012024-09-30SC342922core:CurrentFinancialInstruments2024-09-30SC342922core:CurrentFinancialInstruments2023-09-30SC342922core:CurrentFinancialInstrumentsbus:Consolidated2024-09-30SC342922core:CurrentFinancialInstrumentsbus:Consolidated2023-09-30SC342922core:WithinOneYearbus:Consolidated2024-09-30SC342922core:WithinOneYearbus:Consolidated2023-09-30SC342922core:CurrentFinancialInstrumentscore:WithinOneYear2024-09-30SC342922core:CurrentFinancialInstrumentscore:WithinOneYear2023-09-30SC342922core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2024-09-30SC342922core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-09-30SC342922bus:PrivateLimitedCompanyLtd2023-10-012024-09-30SC342922bus:FRS1022023-10-012024-09-30SC342922bus:Audited2023-10-012024-09-30SC342922bus:ConsolidatedGroupCompanyAccounts2023-10-012024-09-30SC342922bus:FullAccounts2023-10-012024-09-30xbrli:purexbrli:sharesiso4217:GBP