| Strategic Report, Report of the Directors and |
| Financial Statements |
| for the Year Ended 31 December 2024 |
| for |
| Independent Catering Management Limited |
| Strategic Report, Report of the Directors and |
| Financial Statements |
| for the Year Ended 31 December 2024 |
| for |
| Independent Catering Management Limited |
| Independent Catering Management Limited (Registered number: 03222546) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Directors | 3 |
| Report of the Independent Auditors | 5 |
| Income Statement | 7 |
| Other Comprehensive Income | 8 |
| Balance Sheet | 9 |
| Statement of Changes in Equity | 10 |
| Cash Flow Statement | 11 |
| Notes to the Cash Flow Statement | 12 |
| Notes to the Financial Statements | 13 |
| Independent Catering Management Limited |
| Company Information |
| for the Year Ended 31 December 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditors |
| 8-10 South Street |
| Epsom |
| Surrey |
| KT18 7PF |
| BANKERS: |
| 67 High Street |
| Sevenoaks |
| Kent |
| TN13 1JY |
| Independent Catering Management Limited (Registered number: 03222546) |
| Strategic Report |
| for the Year Ended 31 December 2024 |
| The directors present their strategic report for the year ended 31 December 2024. |
| REVIEW OF BUSINESS |
| The company has continued to operate primarily in the provision of contract catering services in schools. The market remains very competitive and the company continues to react to increasing food and labour costs both in the year and the ones that came in after the year end. |
| The accounts report an increase in turnover to just over £24.5m (2023: £22.8m) with the company reporting pre tax profit of £1,237,321 (2023: £781,295). |
| The company aims to maintain its market position and the quality of the catering services it provides. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| Supply Chain and Costs |
| The company continues to source the right food products to run its business to maintain quality and control costs. |
| Inflation |
| This continues to be a factor as global pressures and uncertainty in the home economy has led to pressure in this area. |
| ENGAGEMENT WITH EMPLOYEES |
| Our employees are our most valuable asset, and their wellbeing and safety is key to our success. |
| The company operates a framework for employee information and consultation which complies with the requirements of the Information and Consultation of Employees Regulations as amended through the Employments Rights (Miscellaneous Amendments) Regulations 2019, which came into force from 6 April 2020. |
| Regular meetings are held between unit management and employees to allow a free flow of information and ideas. |
| The safety of our employees and customers is of extreme importance. Regular H&S reviews are held to ensure continuous improvement. |
| COMPANY STRATEGY |
| The company will continue to offer high service levels to its existing contracts and look to win new contracts to continue growing. |
| KEY PERFORMANCE INDICATORS |
| The directors continue to monitor these as required. |
| Male | Female |
| Directors of the company | 1 | 1 |
| POLICY ON PAYMENT OF CREDITORS |
| The company has strong relationships with its suppliers and ensures that payment is made in line with the terms of that supplier. |
| ON BEHALF OF THE BOARD: |
| 13 May 2025 |
| Independent Catering Management Limited (Registered number: 03222546) |
| Report of the Directors |
| for the Year Ended 31 December 2024 |
| The directors present their report with the financial statements of the company for the year ended 31 December 2024. |
| PRINCIPAL ACTIVITY |
| The principal activity of the company in the year under review was that of the provision of catering services to schools. |
| DIVIDENDS |
| The total distribution of dividends for the year ended 31 December 2024 will be £ |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report. |
| COMPANY POLICY FOR EMPLOYMENT OF DISABLED PERSONS |
| The company gives full and fair consideration to applications for employment by disabled persons, having regard to their particular aptitudes and abilities.Opportunities are available to disabled employees for training, career development and promotion. |
| The company offers continuing employment wherever practical and appropriate training for employees of the company who became disabled during the period when they were employed by the company. |
| DISCLOSURE IN THE STRATEGIC REPORT |
| Please refer to the strategic report for an assessment of risk and a review of business. The strategic report also contains information relating to the company's engagement with employees. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| Independent Catering Management Limited (Registered number: 03222546) |
| Report of the Directors |
| for the Year Ended 31 December 2024 |
| AUDITORS |
| The auditors, Williams & Co Epsom LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Independent Catering Management Limited |
| Opinion |
| We have audited the financial statements of Independent Catering Management Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 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: |
| - | give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
| We have nothing to report in respect of the following matters where 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. |
| Report of the Independent Auditors to the Members of |
| Independent Catering Management Limited |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
| Auditors' responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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. |
| Our assessment of the financial statements susceptibility to material misstatement, including how fraud may occur, |
| highlighted that revenue recognition and management override of controls would be the key risk areas. |
| In determining the audit procedures we took into account our assessment of the company's control environment and |
| based on our findings our work was predominantly substantive in nature. |
| We performed procedures including: |
| - identifying journal entries to test and agreeing back to supporting documentation |
| - carrying out cut-off testing on revenue and costs |
| - assessing the recoverability of debts owed to the company by its units |
| Enquires of management were undertaken to gain an understanding of the laws and regulations that affect the |
| company. |
| The company is subject to laws and regulations that directly affect the financial statements, including company law and financial reporting standards. As part of our audit procedures we have assessed compliance with these laws and regulations. The company is also subject to other laws and regulations where non-compliance could have a material impact on the financial statements. These include health and safety regulations and employment law. Our procedures in these areas included enquiries of management and inspection of relevant documentation. |
| As with any audit there is a higher risk of non-detection of fraud, as these events may involve collusion, forgery, override of controls and misrepresentation. Our audit procedures are designed to detect material misstatement and as such we cannot be expected to detect all non-compliance with all laws and regulations. |
| 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 Report of the Auditors. |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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. |
| for and on behalf of |
| Statutory Auditors |
| 8-10 South Street |
| Epsom |
| Surrey |
| KT18 7PF |
| Independent Catering Management Limited (Registered number: 03222546) |
| Income Statement |
| for the Year Ended 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| TURNOVER | 3 |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| OPERATING PROFIT | 5 |
| Interest receivable and similar income |
| 1,255,403 | 802,959 |
| Interest payable and similar expenses | 6 |
| PROFIT BEFORE TAXATION |
| Tax on profit | 7 |
| PROFIT FOR THE FINANCIAL YEAR |
| Independent Catering Management Limited (Registered number: 03222546) |
| Other Comprehensive Income |
| for the Year Ended 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| Independent Catering Management Limited (Registered number: 03222546) |
| Balance Sheet |
| 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 9 |
| Tangible assets | 10 |
| CURRENT ASSETS |
| Debtors | 11 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 12 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
13 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 17 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 18 |
| Retained earnings | 19 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Independent Catering Management Limited (Registered number: 03222546) |
| Statement of Changes in Equity |
| for the Year Ended 31 December 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 January 2023 |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 31 December 2023 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 December 2024 |
| Independent Catering Management Limited (Registered number: 03222546) |
| Cash Flow Statement |
| for the Year Ended 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 |
| Interest paid | ( |
) | ( |
) |
| Interest element of hire purchase payments paid |
( |
) |
( |
) |
| Finance costs paid | - | 1,289 |
| Tax paid | ( |
) |
| Tax refund |
| Cash collection charges | ( |
) |
| Net cash from operating activities |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | ( |
) |
| Sale of tangible fixed assets |
| Interest received |
| Net cash from investing activities | ( |
) |
| Cash flows from financing activities |
| Loan repayments in year | ( |
) | ( |
) |
| Capital repayments in year | ( |
) | ( |
) |
| Amount introduced by directors | 5,786 | - |
| Equity dividends paid | ( |
) | ( |
) |
| Net cash from financing activities | ( |
) | ( |
) |
| Increase in cash and cash equivalents |
| Cash and cash equivalents at beginning of year |
2 |
359,689 |
| Cash and cash equivalents at end of year | 2 | 1,877,073 | 1,223,240 |
| Independent Catering Management Limited (Registered number: 03222546) |
| Notes to the Cash Flow Statement |
| for the Year Ended 31 December 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2024 | 2023 |
| £ | £ |
| Profit before taxation |
| Depreciation charges |
| Profit on disposal of fixed assets | ( |
) |
| Finance costs | 18,082 | 21,664 |
| Finance income | (23,308 | ) | (7,368 | ) |
| 1,284,077 | 873,123 |
| Increase in trade and other debtors | ( |
) | ( |
) |
| Increase in trade and other creditors |
| Cash generated from operations |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 31 December 2024 |
| 31.12.24 | 1.1.24 |
| £ | £ |
| Cash and cash equivalents | 1,877,073 | 1,223,240 |
| Year ended 31 December 2023 |
| 31.12.23 | 1.1.23 |
| £ | £ |
| Cash and cash equivalents | 1,223,240 | 359,689 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1.1.24 | Cash flow | At 31.12.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank | 1,223,240 | 653,833 | 1,877,073 |
| 1,223,240 | 1,877,073 |
| Debt |
| Finance leases | (23,069 | ) | 673 | (22,396 | ) |
| Debts falling due within 1 year | (92,000 | ) | - | (92,000 | ) |
| Debts falling due after 1 year | (122,667 | ) | 92,000 | (30,667 | ) |
| (237,736 | ) | 92,673 | (145,063 | ) |
| Total | 985,504 | 746,506 | 1,732,010 |
| Independent Catering Management Limited (Registered number: 03222546) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2024 |
| 1. | STATUTORY INFORMATION |
| Independent Catering Management Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements have been prepared on a going concern basis. |
| Financial Reporting Standard 102 - reduced disclosure exemptions |
| The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
| • | the requirement of paragraph 33.7. |
| Significant judgements and estimates |
| The preparation of the financial statements requires management to make estimates and judgements when reporting assets and liabilities at the balance sheet date, and also for turnover and expenditure throughout the period. |
| Estimates and assumptions are evaluated on a continual basis and are based on historical information and other factors, such as expectations of future events. |
| The key estimates and judgements that have a material impact on the financial performance and position of the company are as follows: |
| (i) Recoverability of assets |
| At the end of each period, the recoverability of assets from the company's units are assessed and if there is uncertainty surrounding recover, the asset is impaired. Impairments are based on managements judgement as to what level of recovery is expected and this is based on various factors at the period end. |
| (ii) Discounts receivable |
| The company receives retrospective discounts from its suppliers and the valuation of these "retro" discounts is based on the amount of expenditure incurred throughout the period. These discounts are based on historical information but there is uncertainty as to their recovery at the period end. |
| Independent Catering Management Limited (Registered number: 03222546) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Turnover |
| Turnover represents the amount receivable for sales of goods and services, excluding value added tax, rebates, returns and discounts. |
| Turnover mainly comprises the sale of food and drink in the various catering units run by the company and revenues are recognised at the point of sale. The company also receives management charges and other related charges in this area and income here is recognised on a monthly basis as it is invoiced. |
| Discounts received from suppliers are included within turnover and are recognised in the period they relate to. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Costs associated with the maintenance of computer software are recognised as an expense as incurred. |
| Development costs directly attributable to the design and testing of identifiable software controlled by the company are recognised as intangible assets when the following criteria are met: |
| - It is technically feasible to complete the software so that it will be available for use. |
| - Management intends to complete the software and use it. |
| - There is an ability to use the software. |
| - It can be demonstrated that the software will generate future economic benefits. |
| - Adequate technical, financial and other resources to complete the development of the software are available. |
| - The expenditure attributable to the software during development can be reliably measured. |
| Development expenditures which do not meet the above criteria are recognised as an expense as incurred. |
| Tangible fixed assets |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Financial instruments |
| i) Financial Assets |
| Basic financial instruments including trade and other debtors, loans and bank balances are recognised initially at transaction price. Such assets are subsequently carried at amortised cost. |
| At the end of each reporting period financial assets measured at amortised cost are assessed for indicators of impairment. Any impairment losses are recognised in profit or loss. Should an impairment loss later be reversed, the amount reversed is recognised in profit or loss. |
| ii) Financial Liabilities |
| Basic financial liabilities, including trade and other creditors, bank loans are recognised initially at transaction price, unless the transaction represents a financing transaction, where the debt instrument is measured at the present value of future receipts discounted at a market rate of interest. Basic financial liabilities are subsequently carried at amortised cost, using the effective interest method. |
| Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Independent Catering Management Limited (Registered number: 03222546) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Contract costs |
| The company accounts for the costs of running each contract on an arising basis each month and these costs are written off in full to the profit and loss account. For some contracts, the company can incur one off costs at the beginning and these costs are spread over the useful life of the contract. |
| Going concern |
| The financial statements have been prepared on a going concern basis. |
| In preparing the financial statements, the directors have concluded that there are no material uncertainties at the time the accounts were approved to lead to any significant doubt upon the company's ability to trade.These conclusions were based on financial forecasts, the current trading status of the units operated and the strong cash position of the company at the year end. |
| 3. | TURNOVER |
| The turnover and profit before taxation are attributable to the one principal activity of the company. |
| An analysis of turnover by class of business for the year ended 31 December 2023 is given below: |
| £ |
| This analysis is not considered to be applicable to the year ended 31 December 2024. |
| An analysis of turnover by geographical market for the year ended 31 December 2023 is given below: |
| £ |
| United Kingdom |
| This analysis is not considered to be applicable to the year ended 31 December 2024. |
| Independent Catering Management Limited (Registered number: 03222546) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 4. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Catering Staff | 472 | 450 |
| Unit Managers | 107 | 90 |
| Head Office | 15 | 16 |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration |
| Information regarding the highest paid director for the year ended 31 December 2024 is as follows: |
| 2024 |
| £ |
| Emoluments etc |
| 5. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 2024 | 2023 |
| £ | £ |
| Depreciation - owned assets |
| Depreciation - assets on hire purchase contracts |
| Profit on disposal of fixed assets | ( |
) |
| Computer software amortisation |
| Auditors' remuneration |
| Auditors' remuneration for non audit work |
| 6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Bank loan interest |
| Hire purchase |
| Cash collection charges |
| Independent Catering Management Limited (Registered number: 03222546) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 7. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2024 | 2023 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Deferred tax | ( |
) |
| Tax on profit |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2024 | 2023 |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
| Effects of: |
| Income not taxable for tax purposes | ( |
) |
| Depreciation in excess of capital allowances |
| Deferred tax movement | (19,740 | ) | 7,586 |
| Impact of change in tax rate during the year | (1,367 | ) | (12,660 | ) |
| Total tax charge | 297,614 | 208,841 |
| 8. | DIVIDENDS |
| 2024 | 2023 |
| £ | £ |
| Final |
| 9. | INTANGIBLE FIXED ASSETS |
| Computer |
| software |
| £ |
| COST |
| At 1 January 2024 |
| and 31 December 2024 |
| AMORTISATION |
| At 1 January 2024 |
| Amortisation for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| Independent Catering Management Limited (Registered number: 03222546) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 10. | TANGIBLE FIXED ASSETS |
| Fixtures |
| and | Motor | Computer |
| fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 January 2024 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Motor |
| vehicles |
| £ |
| COST |
| At 1 January 2024 |
| Additions |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Due from related company | 1,062,500 | 955,006 |
| Prepayments and accrued income |
| Independent Catering Management Limited (Registered number: 03222546) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts (see note 14) |
| Hire purchase contracts (see note 15) |
| Trade creditors |
| Tax |
| Social security and other taxes |
| VAT | 38,349 | 65,050 |
| Directors' current accounts | 5,786 | - |
| Accrued expenses |
| 13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans (see note 14) |
| Hire purchase contracts (see note 15) |
| 14. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| CBILS government backed loan |
| Amounts falling due between one and two years: |
| Bank loans - 1-2 years |
| Amounts falling due between two and five years: |
| Bank loans - 2-5 years |
| Independent Catering Management Limited (Registered number: 03222546) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 15. | LEASING AGREEMENTS |
| Minimum lease payments under hire purchase fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Gross obligations repayable: |
| Within one year |
| Between one and five years |
| Finance charges repayable: |
| Within one year |
| Between one and five years |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| 16. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Bank loans |
| The Coronavirus Business Interruption Loan is secured by way of an existing fixed and floating charges over the undertaking and all property and assets present and future including goodwill, uncalled capital, buildings fixtures, plant and machinery. |
| 17. | PROVISIONS FOR LIABILITIES |
| 2024 | 2023 |
| £ | £ |
| Deferred tax | 31,032 | 50,772 |
| Deferred |
| tax |
| £ |
| Balance at 1 January 2024 |
| Provided during year | ( |
) |
| Balance at 31 December 2024 |
| 18. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary shares | 1 | 100 | 100 |
| Independent Catering Management Limited (Registered number: 03222546) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 19. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 January 2024 |
| Profit for the year |
| Dividends | ( |
) |
| At 31 December 2024 |
| 20. | RELATED PARTY DISCLOSURES |
| The company is owed £1,000,000 (2023: £955,006) at the balance sheet date by Educater Holdings Ltd, whom own 20% of the company's share capital. |
| 21. | ULTIMATE CONTROLLING PARTY |
| The company is controlled by A Saunders. |