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Registered number: 06257733










FOODITUDE LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

 
FOODITUDE LIMITED
 
 
COMPANY INFORMATION


Directors
D R M Kennett 
S C Kennett 
J M Renton 
A S Dhariwal 




Company secretary
Sodexo Corporate Services (No.2) Limited



Registered number
06257733



Registered office
1st & 2nd Floor Front Offices
6 Farncombe Road

Worthing

West Sussex

BN11 2BE




Independent auditor
Forvis Mazars LLP
Chartered Accountants and Statutory Auditor

30 Old Bailey

London

EC4M 7AU





 
FOODITUDE LIMITED
 

CONTENTS



Page
Strategic Report
1 - 3
Directors' Report
4 - 6
Directors' Responsibilities Statement
7
Independent Auditor's Report
8 - 11
Statement of Comprehensive Income
12
Statement of Financial Position
13
Statement of Changes in Equity
14
Notes to the Financial Statements
15 - 30


 
FOODITUDE LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024

Principal activity
 
The principal activity of Fooditude Limited (the "Company") is the provision of catering services to office-based clients in the central London area. 

Fooditude Limited is a wholly owned subsidiary of Sodexo Limited. Sodexo Limited employs around 34,000 people and delivers services that improve the quality of life to clients at some 1,850 locations in a variety of sectors from corporate and healthcare to education and the defence sectors. Services range from catering and reception to asset management and grounds maintenance, enabling clients to focus on their core business.

Business review
 
The loss for the year, after taxation, amounted to £268,313 (2023 - profit £1,011,647). The loss is driven by costs incurred for a new central production unit that is not yet operational as well as higher operating expenses associated with rent and business rates. Fooditude Limited took over the lease of a new central production unit in the current year, located close to its current South Bermondsey production unit. This unit was not operational during the year and the Company has incurred rent and rates expenses associated with the site which has also had an impact on profitability.

Net turnover for the year was £13,364,527 (2023 - £12,920,896). Growth in turnover has been driven by increased demand in the events business and in office-based meals. However this has been offset by the loss of two large clients in the year. 

Increased labour costs were driven by an increase in salaries for relevant employees as Fooditude Limited is a London Living Wage employer. Clients have also increasingly moved to lower priced, lower margin offerings to bring down total catering spend which, combined with the other cost increases noted above, has resulted in the current year operating loss.

Net assets amounted to £1,713,550 (2023: £1,981,863) with the impact of performance as noted above resulting in the reduction to the balance sheet. 

Financial key performance indicators


We consider the key performance indicators of the business to be turnover growth and operating profit margin. For the year to 31 August 2024, these were as follows:

2024
2023
        %
        %
Turnover growth

3

125

Operating profit margin

(3)

10


The reduced growth in turnover of 3% for the current year has been explained above in the business review. Growth in the prior year was the result of increased demand from clients for free issue meals aimed at attracting employees back to the office compared to FY22, which was still recovering from the impact of Covid.

The Company made an operating loss in the current year as explained in the business review.

Future developments

The new central production unit is planned to be operational during the Summer of 2025. Fooditude Limited plans to grow its output and fill the new central production unit through growth in sales and new clients.

Page 1

 
FOODITUDE LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024

Principal risks and uncertainties

The Company is exposed to a number of principal risks and uncertainties that are monitored and managed through the company’s risk management framework. The most significant risks that may adversely affect the Company's financial performance, operations and reputation are outlined below:

Food services and workplace safety risks

The health and safety of our colleagues, clients and their customers remain a core priority. The Quality Safety Health & Environment (“QSHE”) board provides strategic direction, measures performance, and supports training for all colleagues. The ‘Zero Harm Mindset’ culture is embedded, monitored and improved continuously through actions across and within all operations.

Competition & Retention risks

The Company operates in a highly competitive, low margin marketplace where there is a risk that the Company could lose sales to its key competitors. The Company manages this risk by having a diversified portfolio of contracts, with innovation and service excellence. It focuses on building strong relationships with clients and customers to deliver high levels of retention and win new contracts and clients.

Regulatory risks

The nature of the Company's business means that it is subject to a wide variety of laws and regulations including labour law, corporate law, and health, safety, and environmental law. Sodexo has strong internal governance in place to ensure compliance with these laws and regulations and to manage change effectively. Expected changes in labour laws are being tracked closely following the change in government.

Sodexo Speak Up offers the Company's employees and partners a confidential way to report activities or behaviours that are contrary to the Company’s Code of Conduct or simply illegal.

Economic risks

The Company is exposed to fluctuations in the cost and supply of food, labour and other goods. Many of the Company contracts include certain clauses allowing for increases in prices or menu changes. During inflationary periods the established upfront planning of inflation recovery with clients, tariff management, cost optimisation, and steps to secure supply at competitive prices are critical to protect margins.

Service delivery and contractual compliance

The Company contracts with a large number of clients from various sectors. Failure to comply with the terms of these contracts including proper delivery of services could lead to the loss of business and, damage to our reputation as well as claims against the Company. We look to mitigate these risks by operating a defined list of services and a control framework that monitors the performance of these services against the required contract terms and conditions.

Technology and Information Security

The Company faces risks around managing the confidentiality, availability and integrity of the Company’s information technology assets; managing cloud systems and third-party suppliers, managing Sodexo and client data; risks from external cyber threats. These risks are monitored by the Sodexo group’s Information and Security Committee that reviews the controls in place to mitigate such risks. Examples of mitigating activities include Information and Systems Security Policy aligned to ISO 27001 framework; investment in security infrastructure; incident monitoring; vulnerability scanning; digital supply chain management and security awareness training. 

Page 2

 
FOODITUDE LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024


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



A S Dhariwal
Director

Date:    12 March 2025


1st & 2nd Floor Front Offices 
6 Farncombe Road
Worthing
West Sussex
BN11 2BE
Page 3

 
FOODITUDE LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2024

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

Matters covered in the Strategic Report

As permitted by paragraph 1A of Schedule 7 to the Large and Medium-Sized Companies and Groups (Accounts and Reports) Regulations 2008 certain matters which are required to be disclosed in the Directors’ Report have been omitted as they are included in the Strategic Report on pages 1 to 3. These matters relate to the business review, future developments and principal risks and uncertainties. 

Proposed dividends

The directors do not recommend the payment of a dividend (2023 - £nil).

Directors

The directors who served during the year were:

D R M Kennett
S C Kennett
J M Renton
J Ennis (resigned on 24 May 2024)
D C S Clark (resigned on 22 April 2024) 
M D Byne (resigned on 22 April 2024)
A S Dhariwal (appointed 1 January 2025)

Political contributions

The Company made no political donations or incurred any political expenditure during the year (2023 - £nil).

Qualifying third party indemnity provisions

The Company maintains insurance for directors and officers in respect of their duties as directors and officers of the Company.

Page 4

 
FOODITUDE LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024

Going concern

The directors continue to adopt the going concern basis in the preparation of the financial statements. 

The Company forms part of the Sodexo UK and Ireland group of companies, together the "UK&I Group", which is part of the wider Sodexo Group headed by Sodexo S.A., a company incorporated in France. The principal activity of the UK&I Group is to provide facilities management and catering services across the UK and Ireland, operating across various segments such as education, sports and leisure, corporate services, government and healthcare. 

The Company meets its day to day working capital requirements from operational cash flows, cash pooling and intercompany loan arrangements within the UK&I Group. The UK&I Group has remained resilient throughout the adverse changes in the economic environment as a result of tight management of cash and balance sheet, and strong retention of existing contracts, alongside the spread of business across food and facilities management services, and across public and private sector clients as well as the strong inflation management processes in place. In addition, the UK&I Group continues to see opportunities for organic growth with new contracts in the pipeline. However, we remain prepared for further macro-economic impacts with agility, good commercial management, and careful cost control continuing to be critical. 

To inform the basis of preparation of these accounts, the directors have considered cash and profit forecasts for forward trade of the UK&I Group over the twelve month period following the date of approval of these accounts, based on the facts we have as at the date of approval of these financial statements. These forecasts include a severe but plausible downside scenario which models a deterioration in gross margin as a result of operational performance, a downturn in revenues due to contracts of key clients not being renewed and the under recovery of inflation. The forecasts indicate that the UK&I Group will continue to be resilient in the current macro economic environment. Routine peaks in cash requirements during the trading cycle will be funded from an overdraft facility with the parent company, Sodexo S.A., if necessary. In a worst-case scenario, the Company could draw upon additional funding from its ultimate parent company to enable it to meet its liabilities as they fall due during the twelve month period from the signing of these accounts. 

Sodexo S.A., which currently has a strong credit rating of Baa1 from Moody's Investors Service, has indicated its intention, by a letter of support, to continue to make available such funds as are needed by the Company during the going concern assessment period. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so.

Based on these analyses and facts, the directors believe that the Company will be able to continue to meet its liabilities as they fall due for at least the twelve month period following the date of approval of these accounts and therefore have prepared the financial statements on a going concern basis. 

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware; and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Page 5

 
FOODITUDE LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024


Auditor

The auditor, Forvis Mazars LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





A S Dhariwal
Director

Date: 12 March 2025

1st & 2nd Floor Front Offices
6 Farncombe Road
Worthing
West Sussex
BN11 2BE

Page 6

 
FOODITUDE LIMITED
 
 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2024

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

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

select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

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

Page 7

 
FOODITUDE LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FOODITUDE LIMITED
 

Opinion
 
 
We have audited the financial statements of Fooditude Limited (“the Company”) for the year ended 31 August 2024 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and notes to the financial statements, including a summary of 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:  
give a true and fair view of the state of the Company's affairs as at 31 August 2024 and of its loss for the year then ended;   
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and   
have been prepared in accordance with the requirements of the Companies Act 2006. 

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the “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.  
Page 8

 
FOODITUDE LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FOODITUDE LIMITED (CONTINUED)


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 the audit:  
the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In 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 and the Directors’ Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: 
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or 
the financial statements are not in agreement with the accounting records and returns; or 
certain disclosures of directors’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit. 
Page 9

 
FOODITUDE LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FOODITUDE LIMITED (CONTINUED)


Responsibilities of directors  

As explained more fully in the Directors’ Responsibilities Statement 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 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.
 
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 the financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

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. 

Based on our understanding of the Company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation and anti-money laundering regulation.

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
Inquiring of management and, where appropriate, those charged with governance, as to whether the Company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
Considering the risk of acts by the Company which were contrary to applicable laws and regulations, including fraud.

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation and the Companies Act 2006.

In addition, we evaluated the directors’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to revenue recognition (which we pinpointed to the cut-off assertion), and significant one-off or unusual transactions.
Page 10

 
FOODITUDE LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FOODITUDE LIMITED (CONTINUED)


Our audit procedures in relation to fraud included but were not limited to:
Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
Gaining an understanding of the internal controls established to mitigate risks related to fraud;
Discussing amongst the engagement team the risks of fraud; and
Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

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

Use of the audit 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.
 





Richard Karmel (Senior Statutory Auditor)
  
for and on behalf of
Forvis Mazars LLP
 
Chartered Accountants and Statutory Auditor
  
30 Old Bailey
London
EC4M 7AU

14 March 2025
Page 11

 
FOODITUDE LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2024

2024
As restated 2023
Note
£
£

  

Turnover
 4 
13,364,527
12,920,896

Operating expenses
  
(13,749,637)
(11,661,726)

Operating (loss)/profit
  
(385,110)
1,259,170

Interest receivable and similar income
 9 
42,191
7,246

(Loss)/profit before tax
  
(342,919)
1,266,416

Tax credit/(charge) on (loss)/profit
 10 
74,606
(254,769)

(Loss)/profit for the financial year
  
(268,313)
1,011,647

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

All amounts relate to continuing operations.

The notes on pages 15 to 30 form part of these financial statements.

Page 12

 
FOODITUDE LIMITED
REGISTERED NUMBER: 06257733

STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

Fixed assets
  

Goodwill
 11 
4,250
5,750

Tangible fixed assets
 12 
558,260
403,845

  
562,510
409,595

Current assets
  

Stocks
 13 
12,255
18,911

Debtors: amounts falling due within one year
 14 
1,810,062
2,168,335

Cash at bank and in hand
  
1,048,915
822,834

  
2,871,232
3,010,080

Creditors: amounts falling due within one year
 15 
(1,648,981)
(1,352,209)

Net current assets
  
 
 
1,222,251
 
 
1,657,871

Total assets less current liabilities
  
1,784,761
2,067,466

  

Deferred taxation
 16 
(71,211)
(85,603)

  
 
 
(71,211)
 
 
(85,603)

  

Net assets
  
1,713,550
1,981,863


Capital and reserves
  

Called up share capital 
 17 
1,352
1,352

Share premium account
 18 
77,753
77,753

Profit and loss account
 18 
1,634,445
1,902,758

  
1,713,550
1,981,863


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 March 2025.




A S Dhariwal
Director

The notes on pages 15 to 30 form part of these financial statements.

Page 13

 
FOODITUDE LIMITED
 

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


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 September 2022
1,352
77,753
891,111
970,216


Comprehensive income for the year

Profit for the year
-
-
1,011,647
1,011,647



At 1 September 2023
1,352
77,753
1,902,758
1,981,863


Comprehensive income for the year

Loss for the year
-
-
(268,313)
(268,313)


At 31 August 2024
1,352
77,753
1,634,445
1,713,550


The notes on pages 15 to 30 form part of these financial statements.

Page 14

 
FOODITUDE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


General information

Fooditude Limited, a private company limited by shares, is registered in England and Wales. The Company's registered number is 06257733 and its registered office is 1st & 2nd Floor Front Offices, 6 Farncombe Road, Worthing, West Sussex, England, BN11 2BE.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

The presentational currency of these financial statements is sterling. All amounts in the financial
statements have been rounded to the nearest £1.

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

  
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
      the requirements of Section 7 Statement of Cash Flows;
      the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
      the requirements of Section 33 Related Party Disclosures paragraph 33.7.
      the requirements of Section 29 Income Tax paragraph 29.28

This information is included in the consolidated financial statements of Sodexo S.A., a company incorporated in France, as at 31 August 2024 and these financial statements may be obtained from The Secretary, Sodexo S.A., 225 Quai de la Bataille de Stalingrad, 92866 Issy-Les-Moulineaux, France.


Page 15

 
FOODITUDE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.3

Going concern

The directors continue to adopt the going concern basis in the preparation of the financial statements. 

The Company forms part of the Sodexo UK and Ireland group of companies, together the "UK&I Group", which is part of the wider Sodexo Group headed by Sodexo S.A., a company incorporated in France. The principal activity of the UK&I Group is to provide facilities management and catering services across the UK and Ireland, operating across various segments such as education, sports and leisure, corporate services, government and healthcare. 

The Company meets its day to day working capital requirements from operational cash flows, cash pooling and intercompany loan arrangements within the UK&I Group. The UK&I Group has remained resilient throughout the adverse changes in the economic environment as a result of tight management of cash and balance sheet, and strong retention of existing contracts, alongside the spread of business across food and facilities management services, and across public and private sector clients as well as the strong inflation management processes in place. In addition, the UK&I Group continues to see opportunities for organic growth with new contracts in the pipeline. However, we remain prepared for further macro-economic impacts with agility, good commercial management, and careful cost control continuing to be critical.

To inform the basis of preparation of these accounts, the directors have considered cash and profit forecasts for forward trade of the UK&I Group over the twelve month period following the date of approval of these accounts, based on the facts we have as at the date of approval of these financial statements. These forecasts include a severe but plausible downside scenario which models a deterioration in gross margin as a result of operational performance, a downturn in revenues due to contracts of key clients not being renewed and the under recovery of inflation. The forecasts indicate that the UK&I Group will continue to be resilient in the current macro economic environment. Routine peaks in cash requirements during the trading cycle will be funded from an overdraft facility with the parent company, Sodexo S.A., if necessary. In a worst-case scenario, the Company could draw upon additional funding from its ultimate parent company to enable it to meet its liabilities as they fall due during the twelve month period from the signing of these accounts 

Sodexo S.A., which currently has a strong credit rating of Baa1 from Moody's Investors Service, has indicated its intention, by a letter of support, to continue to make available such funds as are needed by the Company during the going concern assessment period. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so. 

Based on these analyses and facts, the directors believe that the Company will be able to continue to meet its liabilities as they fall due for at least the twelve month period following the date of approval of these accounts and therefore have prepared the financial statements on a going concern basis. 

Page 16

 
FOODITUDE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.4

Turnover

The Company provides a range of food and catering services to corporate clients. Clients are typically billed either weekly or monthly in respect of catering services provided to them by the Company in the corresponding period. Revenue is recognised in line with billing, in the same period which the catering services are provided.

Invoicing made in advance of services being delivered is included in the Statement of Financial Position as deferred income until the period of service is provided, and included as accrued income where services are provided in advance of invoicing.

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight-line basis over the lease term.

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

 
2.6

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 17

 
FOODITUDE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in Statement of Comprehensive Income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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

 
2.9

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life. The estimated useful life is twenty years.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 18

 
FOODITUDE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
10%
Plant and machinery
-
33%
Fixtures and fittings
-
10%
Computer equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

 
2.11

Impairment of assets

At each reporting date, the Company reviews the carrying value of its intangible assets, property, plant and equipment 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.

Intangible assets are reviewed for impairment either annually or more frequently if events or changes in circumstances indicate that the carrying value of the intangible asset may be impaired.                                                                                                                                 
The 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 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. Any resulting changes are recognised in the Statement of Comprehensive Income in the period to which they relate.

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in          progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Comprehensive Income.

Page 19

 
FOODITUDE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

  
2.13

Financial Instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date. 

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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. 

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 20

 
FOODITUDE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

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

The estimates and judgements that have the most material impact on the financial performance and position of the Company are as follows:

(i) Impairment of trade debtors

Provision is made for doubtful trade debtors. This provision requires management's judgement as to whether circumstances exist which indicate that trade debtors may not be recoverable in full. This judgement is considered to be material on account of the balance of trade debtors being material to the Company's Statement of Financial Position.

(ii) Tangible fixed assets

The Company uses various tangible fixed assets to support the delivery of its services to clients. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. Accounting policies for depreciation are intended to reflect management's estimation of the useful lives of the Company's tangible fixed assets. Management periodically reviews these estimates to ensure they remain appropriate.


4.


Turnover

The whole of the turnover is attributable to the provision of catering services.

All turnover arose within the United Kingdom.

Page 21

 
FOODITUDE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

5.


Operating (loss)/profit

The operating (loss)/profit is stated after charging:

2024
As restated 2023
£
£

Depreciation of tangible fixed assets
158,462
122,352

Goodwill amortisation
1,500
1,500

Loss on disposal of fixed assets
970
184

Operating lease rentals
456,102
311,906

Pension cost
124,819
100,315





6.


Auditor's remuneration

2024
2023
£
£

Fees payable to the Company's auditor for the audit of the financial statements.
29,000
26,000


7.


Employees

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


2024
2023
£
£

Wages and salaries
5,280,320
4,071,890

Social security costs
499,643
430,228

Cost of defined contribution scheme
124,819
100,315

5,904,782
4,602,433


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


        2024
        2023
            No.
            No.







Operational
132
116



Administration
25
22



Directors
3
3

160
141

Page 22

 
FOODITUDE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
251,983
216,787

Company contributions to defined contribution pension schemes
7,261
6,504

259,244
223,291


The highest paid director received remuneration of £112,373 (2023 - £87,137).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £3,283 (2023 - £2,614).


9.


Interest receivable and similar income

2024
2023
£
£


Bank interest
42,191
7,246


10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on (loss)/profit for the year
(69,929)
218,143

Adjustments in respect of previous periods
9,715
-


(60,214)
218,143


Total current tax
(60,214)
218,143

Deferred tax


Origination and reversal of timing differences
(4,589)
36,626

Adjustments in respect of previous years
(9,803)
-

Total deferred tax
(14,392)
36,626


Tax (credit)/charge on (loss)/profit
(74,606)
254,769
Page 23

 
FOODITUDE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of25% (2023 - 21.5%). The differences are explained below:

2024
2023
£
£


(Loss)/profit on ordinary activities before tax
(342,919)
1,266,416


(Loss)/profit on ordinary activities multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 21.5%)
(85,730)
272,470

Effects of:


Expenses not deductible for tax purposes
11,212
-

Capital allowances in excess of depreciation
-
(35,144)

Utilisation of tax losses
-
(19,183)

Change in tax rate
(88)
-

Adjustments to tax charge in respect of prior periods
-
36,626

Total tax (credit)/charge for the year
(74,606)
254,769


Factors that may affect future tax charges

The company is a member of the Sodexo S.A. Group which is expected to be a MNE within the scope of Pillar Two.  The Group has carried out preliminary work and does not anticipate any significant impact from this measure in the UK.  As at 31 August 2024, no deferred tax has been recognised in application of the amendment to FRS102 concerning the mandatory exemption from recognition of deferred tax in the financial statements in relation to Pillar Two income tax.


Page 24

 
FOODITUDE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

11.


Goodwill




Goodwill

£



Cost


At 1 September 2023
30,000



At 31 August 2024

30,000



Amortisation


At 1 September 2023
24,250


Charge for the year
1,500



At 31 August 2024

25,750



Net book value



At 31 August 2024
4,250



At 31 August 2023
5,750



Page 25

 
FOODITUDE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

12.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 September 2023
100,573
689,755
333,218
52,408
1,175,954


Additions
115,986
156,389
-
41,472
313,847


Disposals
-
(196,827)
-
(14,464)
(211,291)



At 31 August 2024

216,559
649,317
333,218
79,416
1,278,510



Depreciation


At 1 September 2023
44,270
559,204
135,933
32,702
772,109


Charge for the year
10,057
93,721
33,322
21,362
158,462


Disposals
-
(196,827)
-
(13,494)
(210,321)



At 31 August 2024

54,327
456,098
169,255
40,570
720,250



Net book value



At 31 August 2024
162,232
193,219
163,963
38,846
558,260



At 31 August 2023
56,303
130,551
197,285
19,706
403,845


13.


Stocks

2024
2023
£
£

Raw materials
12,255
18,911


Stock recognised in the Statement of Comprehensive Income during the year as an expense amounted to £2,467,706 (2023: £2,962,034).

Page 26

 
FOODITUDE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

14.


Debtors: Amounts falling due within one year

2024
2023
£
£


Trade debtors
893,668
1,174,756

Amounts owed by group undertakings
-
130,050

Other debtors
2,263
1,602

Prepayments and accrued income
828,672
861,927

Corporation tax recoverable
85,459
-

1,810,062
2,168,335


Assets owed by group undertakings are receivable on demand, unsecured and interest free. 

15.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
628,384
569,981

Corporation tax payable
-
218,143

Other taxation and social security
466,852
467,009

Other creditors
64,012
53,352

Accruals and deferred income
489,733
43,724

1,648,981
1,352,209


Page 27

 
FOODITUDE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

16.


Deferred taxation




2024


£




Deferred taxation


At beginning of year
(85,603)


Charged to profit or loss
14,392



At end of year
(71,211)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(93,946)
(85,603)

Short term timing differences
2,576
-

Losses
20,159
-


17.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,352 (2023 - 1,352) Ordinary shares of £1.00 each
1,352
1,352

The Company has one class of ordinary shares and each share carries one voting right per share, but no right to fixed income.



18.


Reserves

Share premium account

This reserve represents the premium on shares issued over the nominal value.

Profit and loss account

This reserve represents the cumulative profits and losses of the Company.

Page 28

 
FOODITUDE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

19.


Operating leases

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

2024
2023
£
£

Motor vehicles


Not later than 1 year
4,918
4,918

Later than 1 year and not later than 5 years
-
4,918

4,918
9,836

2024
2023
£
£

Land and buildings


Not later than 1 year
451,500
274,377

Later than 1 year and not later than 5 years
1,465,292
1,156,616

1,916,792
1,430,993



20.


Related party transactions

The Company is exempt in FY24 under the terms of FRS 102 from disclosing transactions with entities that are wholly owned members of the Group headed by Sodexo S.A. In FY23 the Company was not a wholly owned member of the Group and therefore the related party transactions for FY23 are disclosed below.

2023
£
Transactions with Sodexo Limited, the Company's immediate parent undertaking
Amounts owed by group undertakings
121,993
Turnover from services provided
597,491
Transactions with Sodexo Ireland Limited, fellow member of Sodexo S.A. group of companies
Amounts owed by group undertakings
8,057
Turnover from services provided
13,544



21.


Prior year restatement

In FY24, we have updated the presentation of the Statement of Comprehensive Income to align with other subsidiary entities across the Sodexo UK&I Group. As a result, we have merged cost of sales and administrative expenses together into operating expenses for both FY23 and FY24. There has been no impact on profit or loss as a result of the restatement. 

Page 29

 
FOODITUDE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

22.


Controlling party

The Company's immediate parent company is Sodexo Limited, a company registered in England and Wales.

The Company’s ultimate parent undertaking and controlling party is Sodexo S.A., a Company incorporated in France. This is the smallest group of undertakings for which consolidated financial statements are prepared. Copies of the consolidated financial statements can be obtained from The Secretary, Sodexo S.A., 255 Quai de la Bataille de Stalingrad, 92866 Issy-Les-Moulineaux, France.

Page 30