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REGISTERED NUMBER: 02470662 (England and Wales)


















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE PERIOD 26 AUGUST 2023 TO 30 AUGUST 2024

FOR

DOLCE LIMITED

DOLCE LIMITED (REGISTERED NUMBER: 02470662)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Period 26 August 2023 to 30 August 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 9

Report of the Independent Auditors 11

Statement of Comprehensive Income 15

Balance Sheet 16

Statement of Changes in Equity 17

Notes to the Financial Statements 18


DOLCE LIMITED

COMPANY INFORMATION
for the Period 26 August 2023 to 30 August 2024







DIRECTORS: S Curtis
A Curtis
A I Coleman
B Woodward





SECRETARY: S Curtis





REGISTERED OFFICE: Lowton Business Park
Newton Road
Lowton St Marys
Warrington
Lancashire
WA3 2AN





REGISTERED NUMBER: 02470662 (England and Wales)





INDEPENDENT AUDITORS: Fairhurst Audit Services Ltd
Statutory Auditor
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB

DOLCE LIMITED (REGISTERED NUMBER: 02470662)

STRATEGIC REPORT
for the Period 26 August 2023 to 30 August 2024

The directors present their strategic report for the period 26 August 2023 to 30 August 2024. Whilst the accounting period is slightly over one year, it represents a single academic year.

Review of Business
The company has increased its turnover this year by £7.6m (16%) to £53.5m. The directors consider this to be a solid and sustainable level of revenue growth, partially caused by increased pricing to reflect inflationary increases related to food and minimum wage but mainly by new contract wins. Turnover for the year to August 2025 is expected to climb further for similar reasons.
During the year we mobilised 58 new school contracts (£4.7m of turnover). This included 1 Multi Academy Trust (MAT), 1 independent school and 5 secondary schools. We invested £168k on mobilising new business on three to five year contracts.
During the year, the group was finally able to repay all remaining amounts due ahead of schedule in respect of the Coronavirus Business Interruption Scheme (CBILS) loan, during March 2024.
As at 31 August 2024 the pension scheme was an asset of £3.8m (surplus), a £1.1m movement on the prior year. A schedule of contributions was made by the actuaries, reducing employer contributions to nil until August 2026, with six-monthly reviews scheduled to determine whether this continues to be reasonable.

Financial Key Performance Indicators (KPI's)
FY 2024 FY 2023
Turnover £53.5m £45.9M
Gross Profit £13.7m (25.6%) £9.8m (21%)
Overheads £10.0m £8.5m
Operating Profit /(loss) £3.7m £888k
Net Assets £7.3m £4.7m
Employee Pension Funding FRS 102 Report £3.8m surplus £2.7m surplus

The £3.7m operating profit in the year is a £2.8m improvement on the previous year. A combination of operational efficiencies with meal-uptake and labour, rationalising a number of loss-making contracts and some one-off supply chain benefits were the primary causes for this.

As a result, gross margin % increased in the year to 25.6% from 20.4% the previous year.
Administrative expenses increased by £1.5m in the year, but the overall expenditure was similar as a % of sales than 2023 by (18.7% in 2024 v 18.5% in 2023). The gross margin % trend is not expected to continue upwards but should, after adjusting for one-off activity, stabilise at a level slightly below 2024's actual. With minimum wage, food inflation and, specific to 2025, a change in NI rates and thresholds, it is imperative that Dolce keeps a close eye on gross margin management as just one year can easily see double digit % cost increases.

Non- Financial Key Performance Indicators
The KPIs that underpin business performance are either financial / quantitative (F) or qualitative (Q)

Customer Churn (F):
At the start of the year 606 clients were in service. At the end of the year 620 clients were in service (a net growth of 14 clients)
Customer Satisfaction (Q):
The target customer satisfaction rating for 2023/2024 was 80%.
Customer satisfaction levels are monitored by a telephone call with each head teacher who completes a series of five questions about elements of our service - the same five questions are asked every year and so we can accurately monitor satisfaction and identify problem areas and remedy quickly.

2023-2024 - 78%
2022-2023 - 75%
2021-2022 - 81%
2020-2021 - 72%
2019-2020 - N/A due to Covid
2018-2019 - 82%


DOLCE LIMITED (REGISTERED NUMBER: 02470662)

STRATEGIC REPORT
for the Period 26 August 2023 to 30 August 2024

PRINCIPAL RISKS AND UNCERTAINTIES
Food supply disruption & inflation

Our food supply chain saw a major improvement in the financial year, with service levels from our main supplier above 98% for the first time since pre-Covid. The benefits of this, with fewer stock-outs, more stable pricing during the year and fewer substitutes to manage provided a much-needed lift to Dolce's operations.

Post year-end unfortunately saw 2024/2025 increases on menu staples such as potatoes, broccoli and cheese, with increases on those products and others being of such a scale the overall shopping basket rose by greater than 8% by November 2024.

Dolce works very closely with its main food supplier, including managing menus, stocking, logistics and the inevitable variations that happen due to harvests and availability of fresh produce. It has also worked closely with its supplier to switch from tele-sales ordering to EDI ordering during the year, for greater than 90% of its activity, to improve efficiency of ordering, account management and process.


Minimum Wage and Free School Meals

As at April 2024 the minimum wage increased by 9.8% to £11.44 (up £1.02 from £10.42 the previous year).

There was no increase in Government Free School Meals ("FSM") or Universal Infant Free School Meal ("UIFSM") funding, which remained at £2.53 per pupil. This is continuing the trend of Dolce being forced to ask schools for more money than they receive from the Government.

Government Funding

A recent announcement has indicated that the FSM & UIFSM meal rate will increase to £2.58, applicable for the entirety of the 2024/2025 academic year. At the time of writing there has been no announcement whether the rate will increase for the 2025/2026 academic year. LACA (Local Authority Caterers Association) have continued to lobby the government to maintain a healthy investment in the provision of UIFSM and FSM but as yet the scheme remains increasingly underfunded.

There has been increasing amounts of Government communications surrounding funding of meal provision via breakfast clubs but, at the time of writing, the extent of this is unclear.

The Directors are closely assessing the future impact that this lack of investment will have upon the school meals market and the quality of food provided across England & Wales.


Financial Risk Management

The company is exposed to financial risks that include the effects of credit risk, liquidity risk, inflation risk and interest rate risk. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company by monitoring levels of debt finance and the related finance costs.

Dolce's cash collection has improved significantly during the year, assisting in facilitating the settlement of the CBILS loan, and to ease cashflow concerns.


DOLCE LIMITED (REGISTERED NUMBER: 02470662)

STRATEGIC REPORT
for the Period 26 August 2023 to 30 August 2024

SECTION 172(1) STATEMENT
The Directors are aware of their duties set out in section 172 of the Companies Act 2006 ("s172") to act in the way they consider, in good faith, would be most likely to promote the success of the Company under s172 and in doing so have regard (amongst other matters) to.

- The likely consequences of any decision in the long-term;
- The interests of the company's employees;
- The need to foster the company's business relationships with suppliers, customers, and others;
- The impact of the company's operations on the community and the environment;
- The desirability of the company maintaining a reputation for high standards of business conduct;
- The need to act fairly as between members of the company

The directors are committed to developing and maintaining a governance framework that is appropriate to the business and supports effective decision making coupled with robust oversight of risks and internal controls.

The directors have a duty to promote the success of the group, and this relies on strong relationships and support and the joint efforts of stakeholders, which includes garnering the opinions and considering the needs of each stakeholder and responding in a relevant way to meet each stakeholder group and their concerns.

The following details the above statement further and should be read in conjunction with the Statement of Corporate Governance Arrangements also:

ENGAGEMENT WITH EMPLOYEES
The Company adheres to, and is compliant with, all employment legislation, including national minimum wage, and ensures it treats all its employees fairly by maintaining a fair pay gap based on role and responsibilities. Equal opportunities are promoted with no bias or prejudice tolerated, and recruitment is focused on merit, encouraging applicants from a diverse background.

Disabled Employees

The company ensures full and fair consideration is given to employment applications made by disabled candidates. Employees who become disabled are provided with reasonable adjustment and necessary equipment that enables them to continue their employment.


DOLCE LIMITED (REGISTERED NUMBER: 02470662)

STRATEGIC REPORT
for the Period 26 August 2023 to 30 August 2024

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS
Stakeholder Management

The company's executive management team are aware of their responsibilities to other key stakeholders and ensure that relationship management is always of the highest importance.

Regular customer interface is clearly at the top of this list, working with each school customer to optimise service levels, the provision of nutritious food within available budgets in a difficult funding environment.

There is also significant focus on food quality and supply, employee and union relationships, insurers, bankers, software providers, in particular in respect of the school management system and HR/Payroll systems and the group's pension advisors and trustees.

The business works closely with its key software supplier to integrate and communicate between end user, parents, school, kitchen, and Dolce head office. Ongoing development, feedback and continuous improvement is at the centre of this engagement.

Suppliers are treated fairly, honestly, and respectfully and there is a strong culture of collaborative partnerships with key providers, very much driven by board and executive conduct, behaviour, and influence.

Health & Safety

Health & safety (incorporating food hygiene, allergen management and risk management) are key areas of control for the business. As well as system driven controls for allergens and food hygiene the company employs a specific individual that manages health and safety. Their role is to keep other employees aware of legislation, changes to legislation, their roles and responsibilities with regards workplace management, manage training and limit employee and company exposure to situations that may arise. Incident levels are low and, as an objective third party measure, insurance claims are consistently low, resulting in low claim rebates.


Maintaining business conduct standards

We operate to a Food Safety Policy compiled in conjunction with Wigan Council's Primary Authority Trust that exceeds legislative food safety standards. We ensure rigorous hygiene practices, regular staff training and thorough quality control measures to guarantee the safety and excellence of our services.

We are committed to maintaining high standards of business conduct, as our ISO9001:2008 Quality Management Accreditation demonstrates. This certification and our annually reviewed Quality Policy ensure that all monitoring is documented, corrective actions are recorded, and solutions are tracked until we are confident that problems do not reoccur. Our commitment to continuous improvement and compliance with industry best practices reflects our dedication to providing safe, high-quality food to all our clients.

Termly audits are conducted to form part of a documented audit trail, focusing on the following:
Inspecting kitchens and food storage areas
Ensuring HACCP (Hazard Analysis and Critical Control Points) documents are completed
Observing catering teams to ensure adherence to standards
Reviewing customer care, portion sizes, food display, and cleanliness

We also track KPIs, including meal uptake, ingredient quality, and dish popularity, to ensure we continually improve the service.


DOLCE LIMITED (REGISTERED NUMBER: 02470662)

STRATEGIC REPORT
for the Period 26 August 2023 to 30 August 2024

STATEMENT OF CORPORATE GOVERNANCE ARRANGEMENTS
As a privately owned company, Dolce Limited is not required to follow the UK Corporate Governance Code. It is however, committed to the highest standards of governance and corporate responsibility and has considered the Wates Corporate Governance Principles for large private companies which are summarised below and should be read in conjunction with the company's section 172(1) statement and wider strategic report:

Purpose and Leadership - the directors are responsible for ensuring the company's purpose, vision and values, which are communicated across the business through multiple mediums including the company's offices, operations managers and school environment

Board Composition - the composition of the board and executive leadership team is considered appropriate for the size and complexity of the businesses, with all members contributing a wide variety of experience. The Executive team and Board of directors meet at least termly, reporting on all aspects of the business in addition to monthly reporting coordinated by the Finance Director. Additional board meetings are held throughout the year to set strategy.

Directors Responsibilities - the managing director and department heads making up the executive team take responsibility for the performance of the business under their control, including additional projects as required for strategic projects across the business

Opportunity and Risk - The directors scrutinise every aspect of the business constantly, with the experience and capability of board members and external advisors (including retired board members and shareholders) used to inform the statutory directors

Remuneration - the business uses incentive arrangements aligned to individuals and business performance for key staff to align with the company strategy, and plans to introduce more formal remuneration policies as it grows further in the near future, in line with the Wates principles.

Stakeholder Relationships and Engagement - the directors recognise the vital importance fostering effective stakeholder relationships with headteachers, pupils, school staff, suppliers and employees, and particularly emphasise this through school surveys annually and a constant investment in the customer service team, to inform where action is necessary to maintain and strengthen stakeholder relationships.


DOLCE LIMITED (REGISTERED NUMBER: 02470662)

STRATEGIC REPORT
for the Period 26 August 2023 to 30 August 2024


STREAMLINED ENERGY AND CARBON REPORTING
GHG Emissions & Energy Use Data for 01/09/23 to 31/08/24


Financial Year: 1st Sep - 31st Aug Current Reporting Year - 2024 (UK & Offshore )
Gas (kWh) 303,048
Electricity (kWh) 213,025
Transportation (kWh) 1,281,751
Emissions from combustion of gas tCO2e (Scope 1) 55.4
Emissions from combustion of fuel for transport
purposes, tCO2e (Scope 1)

34.1
Emissions from employee-owned vehicles where
company is responsible for purchasing the fuel, tCO2e
(Scope 3)


276.7
Emissions from purchased electricity, tCO2e (Scope 2,
location-based)

44.1
Total gross CO2e based on above, tCO2e 410.3
Intensity ratio: tCO2e/SqFt (Combined area of 8,398
SqFt)

0.049


Energy Efficiency Action Between 01/09/23 to 31/08/24
A drop / delivery cap on food delivery from the main supplier of 2 days per week on primary schools and 3 days per week on high schools has been implemented to reduce the carbon footprint.
At the Lowton site, LED lighting has been installed. A new efficient AC system has also been installed.

Calculation Methodology
Green Energy Consulting has assessed D3S Enterprise Limited Holding Co.'s GHG emissions in accordance with HM Government's 'Environmental Reporting Guidelines: Including streamlined energy and carbon reporting guidance', March 2019 update. In order to calculate emissions '2024 UK Government GHG Conversion Factors for Company Reporting' have been used.
For gas and electricity data, annual energy consumption in kWh, over the reporting period was converted to tCO2e using the above described GHG conversion factors.
Scope 3 transport data in the form of mileage claims was converted to tCO2e using the aforementioned conversion factors. Scope 1 transport data in the form of litres of fuel from fuel card spend was also converted to tCO2e using the aforementioned conversion factors

SECR Reporting Commentary
Dolce Ltd. consumed 1,797,824 kWh of energy, split between gas (303,084 kWh), electricity (213,025 kWh), and transport (1,281,751 kWh) equating to emissions of 410.3 tonnes of CO2 equivalent with scope 1 emissions accounting for 22% of emissions, scope 2 emissions accounting for 11%, and scope 3 emissions accounting for the remaining 67%.
An intensity ratio of 1.0 tCO2e per employee has been calculated based on a total combined area of 8,398 SqFt across all sites.

FUTURE DEVELOPMENTS
For the first time since Covid in 2020 the year had, comparatively speaking, a settled feel to its sales, operations, and finance functions. That the financial results began to mirror that of pre-Covid times, albeit on a much greater turnover level, is relieving, but is also testament to the resilience of Dolce's people, methods and systems.

The desire and expectation of the Directors to grow the business endures, and therefore the ongoing pursuit of continuous improvement and recruitment of high-calibre personnel remains a constant.

The launch of a new payroll and HR management system occurred during the latter part of the 2023/2024 year, and this has systemised much needed aspects of the company.

Competition continues to be fierce, but Dolce continues to be confident it has the people, systems and processes it needs to remain a major performer and innovator in the marketplace.


DOLCE LIMITED (REGISTERED NUMBER: 02470662)

STRATEGIC REPORT
for the Period 26 August 2023 to 30 August 2024

GOING CONCERN
The UK Government is committed to keeping FSM in primary and secondary education, and UIFSM for key stage 1 pupils in primary schools, across the country.

In assessing the company's ability to continue as a going concern the directors have considered the ongoing performance to 2026. The strong financial performance and cash balances provide confidence that Dolce will continue to perform successfully and meet its financial obligations both in 2024/2025, but also in the 2025/2026 financial year.

The company therefore continues to adopt the going concern basis in preparing the financial accounts.

ON BEHALF OF THE BOARD:





S Curtis - Director


22 May 2025

DOLCE LIMITED (REGISTERED NUMBER: 02470662)

REPORT OF THE DIRECTORS
for the Period 26 August 2023 to 30 August 2024

The directors present their report with the financial statements of the company for the period 26 August 2023 to 30 August 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the period under review was that of the provision of catering services to schools across the UK.

DIVIDENDS
Interim dividends totalling £15300 per share were paid on the Ordinary £1 shares during the period. No dividends were paid on any other classes of shares.

The total distribution of dividends for the period ended 30 August 2024 will be £ 1,606,500 .

DIRECTORS
The directors shown below have held office during the whole of the period from 26 August 2023 to the date of this report.

S Curtis
A Curtis

Other changes in directors holding office are as follows:

A I Coleman - appointed 23 February 2024
L A Bell - resigned 23 February 2024

B Woodward was appointed as a director after 30 August 2024 but prior to the date of this report.

S J Blake ceased to be a director after 30 August 2024 but prior to the date of this report.

DISCLOSURE IN THE STRATEGIC REPORT
The Streamlined Energy and Carbon Reporting Statement , S172(1) Statement and the Corporate Governance Statement can be found in the Strategic Report.

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), 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 and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-state whether applicable 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 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.

DOLCE LIMITED (REGISTERED NUMBER: 02470662)

REPORT OF THE DIRECTORS
for the Period 26 August 2023 to 30 August 2024


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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Fairhurst Audit Services Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





S Curtis - Director


22 May 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DOLCE LIMITED

Opinion
We have audited the financial statements of Dolce Limited (the 'company') for the period ended 30 August 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, 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 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 30 August 2024 and of its profit for the period 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DOLCE LIMITED


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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page nine, 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DOLCE LIMITED


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.

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

Extent to which the audit was considered capable of detecting irregularities including fraud
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to
ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and addressing risks of material misstatement in respect of irregularities, including fraud and
non-compliance with laws and regulations, our procedures included the following:

- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- We obtained an understanding of laws and regulations that affect the company, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we have identified included FRS 102, Companies Act 2006, Tax legislation, data protection, employment,
environmental, food hygiene (including allergen control) and health & safety legislation.
- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of
management and inspecting accreditations and legal correspondence.

In assessing the susceptibility of the company's financial statements to material misstatement, including obtaining and understanding of how fraud might occur;
- We gained an understanding of the controls that management have in place to prevent and detect fraud. We enquired of management about any instances of fraud that had taken place during the year.

To address the risk of fraud through management bias and override of controls;
- We performed analytical procedures to identify any unusual or unexpected relationships;
- We tested journal entries to identify unusual transactions; and
- We assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias.

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material
misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DOLCE LIMITED


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.




Louise Webster BSc BFP ACA (Senior Statutory Auditor)
for and on behalf of Fairhurst Audit Services Ltd
Statutory Auditor
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB

22 May 2025

DOLCE LIMITED (REGISTERED NUMBER: 02470662)

STATEMENT OF COMPREHENSIVE
INCOME
for the Period 26 August 2023 to 30 August 2024

Period Period
26/8/23 to 30/8/24 1/9/22 to 25/8/23
Notes £    £    £   

TURNOVER 3 53,513,077 45,950,035

Cost of sales 39,801,588 36,577,087
GROSS PROFIT 13,711,489 9,372,948

Administrative expenses 10,010,527 8,484,789
3,700,962 888,159

Income from fixed asset investments - 431
Interest receivable and similar income 90,430 -
Other finance income 22 131,000 93,000
221,430 93,431
3,922,392 981,590

Interest payable and similar expenses 5 47,319 100,572
PROFIT BEFORE TAXATION 6 3,875,073 881,018

Tax on profit 7 1,048,574 265,535
PROFIT FOR THE FINANCIAL PERIOD 2,826,499 615,483

OTHER COMPREHENSIVE INCOME
Remeasurement of defined benefit
obligation 11,000 996,000
Return on plan assets, excluding amounts
included in net interest on the
recognised defined benefit (liability)
asset 1,410,000 (240,000 )
Income tax relating to components of other
comprehensive income

(76,000

)

(127,650

)
OTHER COMPREHENSIVE INCOME
FOR THE PERIOD, NET OF INCOME
TAX


1,345,000


628,350
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD

4,171,499

1,243,833

DOLCE LIMITED (REGISTERED NUMBER: 02470662)

BALANCE SHEET
30 August 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 86,001 69,035
86,001 69,035

CURRENT ASSETS
Stocks 12 214,369 106,315
Debtors 13 3,476,166 4,471,716
Cash at bank and in hand 5,984,430 3,044,447
9,674,965 7,622,478
CREDITORS
Amounts falling due within one year 14 5,883,201 4,706,580
NET CURRENT ASSETS 3,791,764 2,915,898
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,877,765

2,984,933

CREDITORS
Amounts falling due after more than one
year

15

-

(766,667

)

PROVISIONS FOR LIABILITIES 19 (431,623 ) (237,123 )

PENSION ASSET 22 3,837,000 2,737,000
NET ASSETS 7,283,142 4,718,143

CAPITAL AND RESERVES
Called up share capital 20 1,157 1,157
Share premium 21 4,945 4,945
Retained earnings 21 7,277,040 4,712,041
SHAREHOLDERS' FUNDS 7,283,142 4,718,143

The financial statements were approved by the Board of Directors and authorised for issue on 22 May 2025 and were signed on its behalf by:





S Curtis - Director


DOLCE LIMITED (REGISTERED NUMBER: 02470662)

STATEMENT OF CHANGES IN EQUITY
for the Period 26 August 2023 to 30 August 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 September 2022 1,157 3,468,208 4,945 3,474,310

Changes in equity
Total comprehensive income - 1,243,833 - 1,243,833
Balance at 25 August 2023 1,157 4,712,041 4,945 4,718,143

Changes in equity
Dividends - (1,606,500 ) - (1,606,500 )
Total comprehensive income - 4,171,499 - 4,171,499
Balance at 30 August 2024 1,157 7,277,040 4,945 7,283,142

DOLCE LIMITED (REGISTERED NUMBER: 02470662)

NOTES TO THE FINANCIAL STATEMENTS
for the Period 26 August 2023 to 30 August 2024

1. STATUTORY INFORMATION

Dolce Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern
The UK Government is committed to keeping FSM in primary and secondary education, and UIFSM for key stage 1 pupils in primary schools, across the country.

In assessing the company's ability to continue as a going concern the directors have considered the ongoing performance to 2026. The strong financial performance and cash balances provide confidence that Dolce will continue to perform successfully and meet its financial obligations both in 2024/2025, but also in the 2025/2026 financial year.

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its debts for the foreseeable future not limited to a period of 12 months from the signing of these accounts. The company therefore continues to adopt the going concern basis in preparing the financial statements.

Accounting Reference Date
The accounting reference date of the Company is 31 August each year and, in accordance with section 390(3) of the Companies Act 2006, these accounts have been prepared for the financial year ended 30 August 2024. (2023 : 25 August 2023)

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 FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirement of paragraph 33.7.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

DOLCE LIMITED (REGISTERED NUMBER: 02470662)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 26 August 2023 to 30 August 2024

2. ACCOUNTING POLICIES - continued

Critical accounting judgements and key sources of estimation uncertainty
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:


Defined benefit pension scheme
The present value of the pension scheme defined benefit obligations depends on a number of factors that are determined on an actuarial basis using a variety of assumptions. The assumptions used in determining the net cost for pensions include the discount rate. Any changes in these assumptions, which are disclosed in note 20 will impact the carrying amount of the pension liability. Furthermore, a roll forward approach which projects results from the latest full actuarial valuations performed at 1 September 2021 has been used by the actuary in valuing the pensions net position at 31 August 2024. Any differences between the figures derived from the roll forward and approach and a full actuarial valuation would impact on the carrying amount of the pension obligations.


Provisions
Provisions are measured at the best estimate of the amount required to settle the obligation at the reporting date and should take into account the time value of money where material. The provision is then adjusted at each reporting date. The unwinding of any discount is included within finance costs.

Site consumables policy
The directors have reviewed the usage of, cost per school contract and monitoring practicality for small IT consumables such as touchscreens and have concluded that they are to be written off in the year the contract commences. All replacements are also to be written off when purchased.

Site on-boarding and maintenance costs
The directors have reviewed the costs of on-boarding new sites and have judged that it gives a true and fair view to spread these costs over the life of the initial contract.

Changes in accounting policies
During the year the directors have updated the accounting policies to reflect the commercial and operational finances of the business. The changes have resulted in a a prior year adjustment which is detailed in note xx.

The accounting policy changes have not resulted in a change to profit or reserves, but have been of presentational impact only. Details of which are noted within each individual policy statement.

Turnover
Turnover represents the net invoiced value of goods sold, excluding value added tax.

Client guaranteed income and profit shares are included as administration costs and are not netted off turnover. This change in accounting policy has been implemented as the directors believe these costs represent an administration cost of running the contract rather than a reduction in turnover.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost
Computer equipment - 25% on cost

Tangible fixed assets are recognised at cost less depreciation.

DOLCE LIMITED (REGISTERED NUMBER: 02470662)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 26 August 2023 to 30 August 2024

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company only enters into basic financial instruments 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, loans to related parties and investments in non-puttable ordinary shares.

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 income and expenditure account.

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 best estimate, which is an approximation of the amount that the group would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the balance sheet 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.

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.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

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 period 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.

A deferred tax asset / (liability is recognised on the pension scheme (deficit) / surplus when a deficit recovery or contribution holiday has been agreed by the scheme actuary.

DOLCE LIMITED (REGISTERED NUMBER: 02470662)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 26 August 2023 to 30 August 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined benefit plan for the benefit of some of its employees (Dolce Limited Retirement Benefits Scheme).

Scheme assets are measured at fair values. Scheme liabilities are measured on an actuarial basis using the projected unit method and are discounted at appropriate high quality corporate bond rates. The net surplus or deficit is presented separately from other net assets on the balance sheet. A net surplus is recognised only to the extent that it is recoverable through reduced contributions in the future, in accordance with paragraph 28.22 of FRS 102.

The current and past service costs and costs from settlements and curtailments are included in either cost of sales or administration costs depending on the departmental split, previously all pension costs were recognised in administration costs. Interest on the scheme liabilities and the expected return on scheme assets are included in other finance costs within administrative expenses. Actuarial gains and losses are reported separately in the statement of comprehensive income.

The most recent formal funding valuation by the Scheme Actuary had an effective date of 1 September 2021. FRS 102 allows those results to be approximately updated to estimate Scheme liabilities / assets.

The assets of the Dolce Limited Retirement Benefits Scheme are invested and managed independently of the finances of the company.

The Dolce Limited Retirement Benefits Scheme is a funded scheme and the assets are held separately from those of the company in separate trustee administration funds.


Local Authority Defined Benefit Schemes
The company participates in several defined benefit scheme, with assets and liabilities held separately from those of the company in separate trustee administered funds. the company's contributions are affected by the surplus or deficit in the schemes; however, it is not possible to identify the company's share of the underlying assets and liabilities in the schemes on a consistent reasonable basis. Therefore, in accordance with FRS102 28.40A, the schemes are accounted for as if they were defined contribution schemes.

The above pension scheme charges are recognised in either cost of sales or administration costs depending on the departmental split, previously all pension costs were recognised in administration costs.

Defined Contribution Pension Schemes
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.

The above pension scheme charges are recognised in either cost of sales or administration costs depending on the departmental split, previously all pension costs were recognised in administration costs.

Provisions and contingencies
A provision is recognised where there is a present obligation (either legal or constructive) as a result of a past event and where a transfer of economic benefits is probable to settle the obligation and the obligation can be reliably measured.

Contingent assets are not recognised until the flow of future benefits is virtually certain.

DOLCE LIMITED (REGISTERED NUMBER: 02470662)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 26 August 2023 to 30 August 2024

2. ACCOUNTING POLICIES - continued

Supplier rebates
Supplier rebates are recognised when the rebate criteria has been met and receipt is probable. Supplier rebates are recognised as a credit to cost of sales.

Site consumables policy
The directors have reviewed the useage of, cost per school contract and monitoring practicality for small IT consumables such as touchscreens and have concluded that they are to be written off in the year the contract commences. All replacements are also to be written off when purchased. These costs are recognised within administration costs (previously direct costs)

Site on-boarding

These costs are spread across the life of the initial contract and recognised within administration costs.

Site maintenance

Site maintenance costs and company kitchen repairs are written off in the year that they occur and recognised within administration costs.

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 is given below:

Period Period
26/8/23 1/9/22
to to
30/8/24 25/8/23
£    £   
Contract catering 53,513,077 45,950,035
53,513,077 45,950,035

An analysis of turnover by geographical market is given below:

Period Period
26/8/23 1/9/22
to to
30/8/24 25/8/23
£    £   
United Kingdom 53,513,077 45,950,035
53,513,077 45,950,035

DOLCE LIMITED (REGISTERED NUMBER: 02470662)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 26 August 2023 to 30 August 2024

4. EMPLOYEES AND DIRECTORS
Period Period
26/8/23 1/9/22
to to
30/8/24 25/8/23
£    £   
Wages and salaries 24,549,836 22,360,504
Social security costs 1,092,687 876,122
Other pension costs 1,592,149 1,187,209
27,234,672 24,423,835

The average number of employees during the period was as follows:
Period Period
26/8/23 1/9/22
to to
30/8/24 25/8/23

Management 14 13
Administrative 59 65
Catering 2,040 1,991
2,113 2,069

Period Period
26/8/23 1/9/22
to to
30/8/24 25/8/23
£    £   
Directors' remuneration 624,784 366,019
Directors' pension contributions to money purchase schemes 322,214 57,623

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

Information regarding the highest paid director is as follows:
Period Period
26/8/23 1/9/22
to to
30/8/24 25/8/23
£    £   
Emoluments etc 245,964 116,949
Pension contributions to money purchase schemes 82,980 21,989

5. INTEREST PAYABLE AND SIMILAR EXPENSES
Period Period
26/8/23 1/9/22
to to
30/8/24 25/8/23
£    £   
Bank loan interest 47,319 100,572

DOLCE LIMITED (REGISTERED NUMBER: 02470662)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 26 August 2023 to 30 August 2024

6. PROFIT BEFORE TAXATION

The profit is stated after charging/(crediting):

Period Period
26/8/23 1/9/22
to to
30/8/24 25/8/23
£    £   
Hire of plant and machinery 24,373 17,957
Depreciation - owned assets 22,530 73,262
(Profit)/loss on disposal of fixed assets (11,806 ) 29,693
Audit of the group and subsidiary companies 21,000 19,525
Taxation compliance services 7,500 6,480
Other non- audit services 16,497 16,220

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the period was as follows:
Period Period
26/8/23 1/9/22
to to
30/8/24 25/8/23
£    £   
Current tax:
UK corporation tax 930,074 182,459

Deferred tax 118,500 83,076
Tax on profit 1,048,574 265,535

UK corporation tax has been charged at 25% (2023 - 25%).

DOLCE LIMITED (REGISTERED NUMBER: 02470662)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 26 August 2023 to 30 August 2024

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below:

Period Period
26/8/23 1/9/22
to to
30/8/24 25/8/23
£    £   
Profit before tax 3,875,073 881,018
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 25%)

968,768

220,255

Effects of:
Expenses not deductible for tax purposes - 11,535
Adjustments to tax charge in respect of previous periods (444 ) 37,383

Adjustment for defined benefit pension scheme 80,250 28,250
Rounding - 35
Amounts due to difference in deferred tax rate and current tax rate - (29,697 )
Super deduction - (2,226 )
Total tax charge 1,048,574 265,535

Tax effects relating to effects of other comprehensive income

26/8/23 to 30/8/24
Gross Tax Net
£    £    £   
Remeasurement of defined benefit
obligation 11,000 - 11,000
Return on plan assets, excluding amounts
included in net interest on the
recognised defined benefit (liability)
asset 1,410,000 (76,000 ) 1,334,000
1,421,000 (76,000 ) 1,345,000

1/9/22 to 25/8/23
Gross Tax Net
£    £    £   
Remeasurement of defined benefit
obligation 996,000 (127,650 ) 868,350
Return on plan assets, excluding amounts
included in net interest on the
recognised defined benefit (liability)
asset (240,000 ) - (240,000 )
756,000 (127,650 ) 628,350

DOLCE LIMITED (REGISTERED NUMBER: 02470662)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 26 August 2023 to 30 August 2024

8. DIVIDENDS
Period Period
26/8/23 1/9/22
to to
30/8/24 25/8/23
£    £   
Ordinary shares of £1 each
Interim 1,606,500 -

9. PRIOR YEAR ADJUSTMENT

During the year the directors have updated the accounting policies by aligning some historic presentational practices to reflect the commercial and operational finances of the business.

The accounting policy changes have not resulted in a change to profit or reserves, but have been of presentational impact only. The changes have resulted in the following changes to the comparative year statement of comprehensive income only:

MovementRestatedOriginal
£   £   £   
Turnover29,29145,950,03545,920,744
Cost of Sales260,95436,577,08736,316,133
Gross Profit(231,663)9,372,9489,604,611

Administrative expenses231,6638,484,7898,716,452

10. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 26 August 2023
and 30 August 2024 73,189
AMORTISATION
At 26 August 2023
and 30 August 2024 73,189
NET BOOK VALUE
At 30 August 2024 -
At 25 August 2023 -

DOLCE LIMITED (REGISTERED NUMBER: 02470662)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 26 August 2023 to 30 August 2024

11. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 26 August 2023 413,210 173,294 331,783 10,028 928,315
Additions - - - 60,000 60,000
Disposals (413,210 ) (173,294 ) (31,885 ) (10,028 ) (628,417 )
At 30 August 2024 - - 299,898 60,000 359,898
DEPRECIATION
At 26 August 2023 411,664 172,414 273,567 1,635 859,280
Charge for period 1,479 1,433 19,618 - 22,530
Eliminated on disposal (413,143 ) (173,847 ) (19,288 ) (1,635 ) (607,913 )
At 30 August 2024 - - 273,897 - 273,897
NET BOOK VALUE
At 30 August 2024 - - 26,001 60,000 86,001
At 25 August 2023 1,546 880 58,216 8,393 69,035

12. STOCKS
2024 2023
£    £   
Stocks 214,369 106,315

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,265,323 2,867,833
Amounts owed by group undertakings 118,111 220,528
Other debtors 604,529 533,076
Directors' current accounts 7,240 12,751
Tax - 205,200
Prepayments 480,963 632,328
3,476,166 4,471,716

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 16) - 400,000
Trade creditors 1,814,439 1,503,533
Tax 480,602 182,459
Social security and other taxes 334,593 203,476
VAT 1,018,578 1,353,720
Other creditors 1,103,156 381,727
Accrued expenses 1,131,833 681,665
5,883,201 4,706,580

DOLCE LIMITED (REGISTERED NUMBER: 02470662)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 26 August 2023 to 30 August 2024

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 16) - 766,667

16. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans - 400,000

Amounts falling due between one and two years:
Bank loans - 1-2 years - 400,000

Amounts falling due between two and five years:
Bank loans - 2-5 years - 366,667

On the 6 March 2024 the CBIL was settled in full.

17. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 2,568 58,651
Between one and five years 2,140 50,708
4,708 109,359

During the year the company ceased occupation of one of the kitchen facilities and novated the lease to a third party.

18. SECURED DEBTS

The bank loan is a CBIL loan which is secured as a fixed charge over fixed assets and debtor balances of the company and a floating charge over all property, assets and rights not subject to the fixed charge. On the 6 March 2024 the CBIL was settled in full. The charge was satisfied on 29 July 2024.

19. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 21,500 9,397
Short term differences - (12,782 )
Defined benefit pension surplus / deficit 410,123 334,546
Deferred tax asset due in one year - (94,038 )
431,623 237,123

DOLCE LIMITED (REGISTERED NUMBER: 02470662)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 26 August 2023 to 30 August 2024

19. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 26 August 2023 237,123
Charge to profit and loss
account 118,500
Charge to other comprehensive
income 76,000
Balance at 30 August 2024 431,623

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
105 Ordinary £1 105 105
1 B Non Voting £1 1 1
1 C Non Voting £1 1 1
1,050 Non Voting £1 1,050 1,050
1,157 1,157

21. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 26 August 2023 4,712,041 4,945 4,716,986
Profit for the period 2,826,499 2,826,499
Dividends (1,606,500 ) (1,606,500 )
Actuarial gain/(loss) relating to
pension scheme

1,421,000

-

1,421,000

Deferred tax movement relating to
pension surplus

(76,000

)

-

(76,000

)

At 30 August 2024 7,277,040 4,945 7,281,985

DOLCE LIMITED (REGISTERED NUMBER: 02470662)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 26 August 2023 to 30 August 2024

22. EMPLOYEE BENEFIT OBLIGATIONS

The amounts recognised in the balance sheet are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Present value of funded obligations (6,714,000 ) (5,950,000 )
Fair value of plan assets 10,551,000 8,687,000
3,837,000 2,737,000
Present value of unfunded obligations - -
Surplus 3,837,000 2,737,000
Net asset 3,837,000 2,737,000

The scheme does not hold any direct employer related investments.

The amounts recognised in profit or loss are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Current service cost 452,000 663,000
Net interest from net defined benefit
asset/liability

(131,000

)

(93,000

)
Past service cost - -
321,000 570,000

Actual return on plan assets 452,000 372,000

Changes in the present value of the defined benefit obligation are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Opening defined benefit obligation 5,950,000 6,024,000
Current service cost 452,000 663,000
Contributions by scheme participants 135,000 161,000
Interest cost 321,000 279,000
Benefits paid (133,000 ) (181,000 )
Remeasurements:
Actuarial (gains)/losses from changes in
financial assumptions

(11,000

)

(1,189,000

)
Remeasurement due to experience - 193,000
6,714,000 5,950,000

DOLCE LIMITED (REGISTERED NUMBER: 02470662)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 26 August 2023 to 30 August 2024

22. EMPLOYEE BENEFIT OBLIGATIONS - continued

Changes in the fair value of scheme assets are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Opening fair value of scheme assets 8,687,000 8,118,000
Contributions by employer - 457,000
Contributions by scheme participants 135,000 161,000
Expected return 452,000 372,000
Benefits paid (133,000 ) (181,000 )
Return on plan assets (excluding interest
income)

1,410,000

(240,000

)
10,551,000 8,687,000

The amounts recognised in other comprehensive income are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Actuarial (gains)/losses from changes in
financial assumptions

11,000

1,189,000
Remeasurement due to experience - (193,000 )
Return on plan assets (excluding interest
income)

1,410,000

(240,000

)
1,421,000 756,000

The major categories of scheme assets as a percentage of total scheme assets are as follows:

Defined benefit
pension plans
2024 2023
Equities 90.09% 70.24%
Gilts 9.70% 5.77%
Cash - 1.58%
Other - 22.41%
100.00% 100.00%

Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

2024 2023
Discount rate 5.15% 5.20%
Future salary increases 3.10% 3.20%
Future pension increases - CARE 2.75% 2.80%
Future pension increases -Final Salary 3.00% 3.00%
Retail Price Inflation 3.00% 3.10%
Allowance for cash commutation 75.00% 75.00%

DOLCE LIMITED (REGISTERED NUMBER: 02470662)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 26 August 2023 to 30 August 2024

22. - continued

Defined contribution scheme

20242023
£   £   
Charge to profit or loss in respect of defined contribution schemes1,140,149524,374

This includes those contributions which relate to Local Authority multi-employer related schemes which are treated as defined contribution.

23. ULTIMATE PARENT COMPANY

D3S Enterprises Limited is regarded by the directors as being the company's ultimate parent company.

24. CONTINGENT LIABILITIES

During the year the company earned a one off online efficiency reward of £200,000 from its main supplier. This has been credited to purchase costs within supplier rebates. The rebate is contingent on the company maintaining a minimum 75% online order rate (rather than placing via telephone orders) for any 12 month rolling period up to the 31 August 2026. Should this rate drop below 75% the rebate would become refundable.

25. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the periods ended 30 August 2024 and 25 August 2023:

2024 2023
£    £   
S Curtis
Balance outstanding at start of period 12,751 -
Amounts advanced - 14,651
Amounts repaid (5,511 ) (1,900 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period 7,240 12,751

26. RELATED PARTY DISCLOSURES

Other related parties
2024 2023
£    £   
Purchases 1,172,601 1,094,741
Amount due to related party 90,142 70,741

Other related parties represents companies under the control of the Curtis Family.

27. ULTIMATE CONTROLLING PARTY

The company is under the control of the Curtis Family.