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Registered number: 04242557
CENTERPLATE UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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CENTERPLATE UK LIMITED
COMPANY INFORMATION
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Claire Morris (appointed 18 June 2024)
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Sodexo Corporate Services (No. 2) Limited
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CENTERPLATE UK LIMITED
CONTENTS
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Directors' Responsibilities Statement
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Independent Auditor's Report to the members of Centerplate UK Limited
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Statement of Comprehensive Income
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Statement of Financial Position
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Statement of Changes in Equity
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Notes to the Financial Statements
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CENTERPLATE UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
The directors present their strategic report on the Company for the year ended 31 August 2024.
Principal Activities
The Company's principal activity is the provision of catering services for the sports and leisure market sectors for the year ended 31 August 2024. The trade and assets of the Company were transferred on 1 September 2024 to another group company, Sodexo Live UK Limited.
Turnover has decreased by 10% from £17,373,419 in the prior year to £15,608,610 driven by the loss of revenue from a large event in the prior year. The operating profit for the year has increased over the same period from £578,137 to £879,705 as operational cost savings offset the fall in turnover.
The Company had net assets of £1,931,117 at 31 August 2024 compared to £1,249,806 at 31 August 2023. This improvement was driven by the repayment of intercompany payables as well as the improvement in the operating profit in the year.
Principal risks and uncertainties
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The key non-financial risks affecting the business are potential loss of profitable contracts, the state of the economy and its impact on disposable income, social changes such as the growth in sport on television and potential changes in clients' circumstances such as promotion or relegation for sports clubs.
To manage such risks the Company continues to:
∙Maintain a high quality of service;
∙Maintain a high standard of food and beverage offering;
∙Build strong partnerships with its customers;
∙Monitor contract performance closely; and
∙Invest in additional people and systems
The Company's operations expose it to a variety of financial risks that include foreign exchange risk and credit risk.
Foreign exchange rate risk arises from transactions when goods and services are bought or sold in currencies other than sterling, currently these transactions are not material, however the directors continue to monitor foreign currency transactions and will hedge appropriately if required.
The effects of credit risk are controlled as the Company has implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to any individual counterparty is subject to a limit, which is assessed and reviewed by the Finance Director.
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CENTERPLATE UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
Key performance indicators
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The Company's strategy is one of measured growth with improved profitability. The directors monitor progress against this strategy by reference to a number of KPIs:
∙Growth in turnover;
∙Gross profit; and
Turnover of £15,608,610 for the year has decreased by 10% against the £17,373,419 achieved in 2023 which is explained above in the business review.
The gross profit of £3,369,920 means the margin of 22% achieved was broadly consistent with the 23% achieved during 2023 with a prior year gross profit of £3,974,535.
This report was approved by the board on 29 May 2025 and signed on its behalf.
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CENTERPLATE UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
The directors present their report and the financial statements for the year ended 31 August 2024.
The profit for the year, after taxation, amounted to £681,311 (2023 - £430,392).
No dividends were paid or declared during the year. (2023 - £Nil)
The directors who served during the year were:
Sean Haley (resigned 31 December 2024)
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Rebecca Burton (resigned 30 November 2023)
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Claire Morris (appointed 18 June 2024)
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During the year ended 31 August 2024, the Company's principal activity was the provision of catering for the sports and leisure market sectors. However, on 1 September 2024 the trade and assets of the Company were transferred to another group company, Sodexo Live UK Limited. As the directors do not intend to acquire a replacement trade, they have not prepared the financial statements on a going concern basis. There are no changes to the methods used to measure the assets and liabilities on the balance sheet.
Post balance sheet events
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The trade and assets of the Company were transferred on 1 September 2024 to another group company, Sodexo Live UK Limited.
The Company made no political donations or incurred any political expenditure during the year (2023 : £Nil).
Qualifying third party indemnity provisions
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Qualifying indemnity insurance was in place for the directors during the year which was also in force at the date of this report.
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CENTERPLATE UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
Streamlined Energy and Carbon Reporting (SECR)
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Greenhouse gas emissions, energy consumption and energy efficiency action
In compliance with “The Companies Act 2006” (Strategic Report and Directors’ Report) and in particular Part 7A to Schedule 7 “Dealing with energy and carbon disclosures by large unquoted companies”, the following information discloses energy and CO2e consumption for the Company covering the year ended 31 August 2024.
The information includes the reporting of location-based greenhouse gas emissions (scope 1 and 2), energy consumption data for fuels, electricity and transport, and associated energy intensity ratio. The declaration identifies some of the energy saving measures implemented during the financial year.
GHG Emissions
For financial year ending August 2024, Centerplate UK Limited’s energy consumption and greenhouse gas emissions were calculated to be:
Natural gas 0 MWh (2023: 0 MWh)
Electricity 0 MWh (2023: 0 MWh)
Other fuels 0 MWh (2023: 0 MWh)
Transport 13 MWh (2023: 14 MWh)
Total location-based carbon emissions 2.97 tonnes CO2e (2023: 3.37 tonnes CO2e)
Underlying Global Energy Use
All of Centerplate UK Limited’s energy use comes from operations within the UK, and therefore, global energy use and UK energy are equivalent.
Energy Intensity Ratio
Total building energy (natural gas, electricity, other fuels) is not relevant since Centerplate UK Limited does not occupy any physical office space. Therefore, total location-based carbon emissions has been used as the EnPI. For financial year ending August 2024:
EnPI total location-based carbon emissions: 2.97 tonnes CO2e (2023: 3.37 tonnes CO2e)
Methodology
To calculate the disclosure, similar methodology to ESOS, CRC, and ISO 50001 compliance has been used where applicable for consistency in reporting. Building operation energy use has been captured, in order of preference, using invoiced consumption figures were available; meter readings supplied by facilities management teams; or pro-rata estimations. Transport data has been extracted from internal employee expense returns, and fuel card database. Carbon emissions conversion factors have been taken from ‘UK Government GHG Conversion Factors for Company Reporting 2024’.
Energy Efficiency Measures
Transportation
• Sodexo continue to replace petrol and diesel vehicles with hybrid and electric vehicles following the launch of our 100% hybrid and EV company car policy in the UK. Over 76% of company cars in the UK are either hybrid or EVs.
• In April 2024 Sodexo launched a green salary sacrifice scheme allowing employees to lease electric vehicles in a tax efficient way.
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CENTERPLATE UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
Disclosure of information to auditor
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Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware, and
the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
The auditor, KPMG LLP, will be proposed for reappointment in accordance with section 487 of the Companies Act 2006.
This report was approved by the board on 29 May 2025 and signed on its behalf.
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CENTERPLATE UK LIMITED
STATEMENT OF DIRECTORS’ RESPONSIBILITIES IN RESPECT OF THE STRATEGIC REPORT, THE DIRECTORS’ REPORT AND THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with UK accounting standards and applicable law (UK Generally Accepted Accounting Practice), FRS 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:
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙use the going concern basis of accounting unless they either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. As explained in note 2.2, the directors do not believe that it is appropriate to prepare these financial statements on the going concern basis.
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 responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Company and to prevent and detect fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company’s website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
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CENTERPLATE UK LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CENTERPLATE UK LIMITED
Opinion
We have audited the financial statements of Centerplate UK Limited (“the Company”) for the year ended 31 August 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and related notes, including the accounting policies in note 2.
In our opinion the financial statements:
∙give a true and fair view of the state of the Company's affairs as at 31 August 2024 and of its profit for the year then ended;
∙have been properly prepared in accordance with UK accounting standards, including FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'; 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 are described below. We have fulfilled our ethical responsibilities under, and are independent of the Company in accordance with, UK ethical requirements including the FRC Ethical Standard. We believe that the audit evidence we have obtained is a sufficient and appropriate basis for our opinion.
Emphasis of matter - Non-going concern basis of preparation
We draw attention to the disclosure made in note 2.2 to the financial statements which explains that the financial statements have not been prepared on the going concern basis for the reason set out in that note. Our opinion is not modified in respect of this matter.
Fraud and breaches of laws and regulations – ability to detect
Identifying and responding to risks of material misstatement due to fraud
To identify risks of material misstatement due to fraud (“fraud risks”) we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included :
∙Enquiring of directors, and inspection of policy documentation as to the Company’s high-level policies and procedures to prevent and detect fraud, as well as whether they have knowledge of any actual, suspected or alleged fraud.
∙Reading Board minutes.
∙Considering remuneration incentive schemes and performance targets for management, directors and sales staff.
∙Using analytical procedures to identify any unusual or unexpected relationships.
We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit.
As required by auditing standards, and taking into account possible pressures to meet profit targets our overall knowledge of the control environment, we perform procedures to address the risk of management override of controls, in particular the risk that management may be in a position to make inappropriate accounting entries. On this audit we do not believe there is a fraud risk related to revenue recognition because the revenue transactions are simple in nature.
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CENTERPLATE UK LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CENTERPLATE UK LIMITED (CONTINUED)
We did not identify any additional fraud risks. We performed procedures including identifying journal entries and other adjustments to test based on risk criteria and comparing the identified entries to supporting documentation. These included those posted to unusual accounts.
Identifying and responding to risks of material misstatement related to compliance with laws and regulations
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience and through discussion with the directors and other management (as required by auditing standards) and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations.
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.
The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the Company is subject to laws and regulations that directly affect the financial statement including financial reporting legislation (including related companies legislation), distributable profits legislation, and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
Secondly, the Company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: health and safety, data protection laws, anti-bribery, employment law. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach..
Context of the ability of the audit to detect fraud or breaches of law or regulation
Owing 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 out audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.
In addition, as with any audit, there remained a higher risk of non-detection of fraud, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.
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CENTERPLATE UK LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CENTERPLATE UK LIMITED (CONTINUED)
Strategic report and directors’ report
The directors are responsible for the strategic report and the directors’ report. Our opinion on the financial statements does not cover those reports and we do not express an audit opinion thereon.
Our responsibility is to read the strategic report and the directors’ report and, in doing so, consider whether, based on our financial statements audit work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge. Based solely on that work:
∙we have not identified material misstatements in the strategic report and the directors’ report;
∙in our opinion the information given in those reports for the financial year is consistent with the financial statements; and
∙in our opinion those reports have been prepared in accordance with the Companies Act 2006.
Matters on which we are required to report by exception
Under the Companies Act 2006 we are required 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 the 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.
We have nothing to report in these respects.
Directors’ responsibilities
As explained more fully in their statement set out on page 6, the directors are responsible for: the preparation of the financial statements and for being satisfied that they give a true and fair view; such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; 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 they either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so (as explained in note 2.2, the directors do not believe that it is appropriate to prepare these financial statements on a going concern basis).
Auditor’s responsibilities
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 our opinion in an auditor’s report. Reasonable assurance is a high level of assurance, but does not 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.
A fuller description of our responsibilities is provided on the Financial Reporting Council’s website at
www.frc.org.uk/auditorsresponsibilities.
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CENTERPLATE UK LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CENTERPLATE UK LIMITED (CONTINUED)
The purpose of our audit work and to whom we owe our responsibilities
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members, as a body, for our audit work, for this report, or for the opinions we have formed.
Nicola Baldwin (Senior Statutory Auditor)
for and on behalf of
KPMG LLP
Chartered Accountants
1 St Peter's Square
Manchester
M2 3AE
29 May 2025
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CENTERPLATE UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2024
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Interest receivable and similar income
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Profit for the financial year
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There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.
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There was no other comprehensive income for 2024 (2023:£NIL).
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The notes on pages 14 to 29 form part of these financial statements.
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CENTERPLATE UK LIMITED
REGISTERED NUMBER: 04242557
STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 May 2025.
The notes on pages 14 to 29 form part of these financial statements.
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CENTERPLATE UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
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The notes on pages 14 to 29 form part of these financial statements.
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CENTERPLATE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Centerplate UK Limited is a private limited company limited by shares incorporated, domiciled and registered in England and Wales, in the United Kingdom. The registered number is 04242557 and the registered office is One, Southampton Row, London, WC1B 5HA.
The Company's principal activity during the year is the provision of catering services.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland ("FRS102") and the Companies Act 2006.
The presentational currency of these financial statements is Pounds sterling. All amounts in the financial statements have been rounded to the nearest £1.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The Company’s ultimate parent undertaking, Sodexo S.A. includes the Company in its consolidated financial statements. The consolidated financial statements of Sodexo S.A. are prepared in accordance with International Financial Reporting Standards and are available to the public and may be obtained from the address in note 20. In these financial statements, the Company is considered to be a qualifying entity (for the purposes of this FRS) and has applied the exemptions available under FRS 102 in respect of the following disclosures:
• Reconciliation of the number of shares outstanding from the beginning to end of the period;
• Cash Flow Statement and related notes; and
• Key Management Personnel compensation.
As the consolidated financial statements of Sodexo S.A. include the disclosures equivalent to those required by FRS 102, the Company has also taken the exemptions available in respect of the following disclosures:
• Certain disclosures required by FRS 102.11 Basic Financial Instruments and FRS 102.12 Other Financial Instrument Issues in respect of financial instruments not falling within the fair value accounting rules of Paragraph 36(4) of Schedule 1.
The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these financial statements.
Judgements made by the directors, in the application of these accounting policies that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are discussed in note 3.
The following principal accounting policies have been applied:
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CENTERPLATE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
2.Accounting policies (continued)
During the year ended 31 August 2024, the Company's principal activity was the provision of catering for the sports and leisure market sectors. However, on 1 September 2024 the trade and assets of the Company were transferred to another group company, Sodexo Live UK Limited. As the directors do not intend to acquire a replacement trade, they have not prepared the financial statements on a going concern basis. There are no changes to the methods used to measure the assets and liabilities on the balance sheet.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within 'other operating income'.
The Company provides a range of food and catering services to corporate clients. Clients are typically billed either weekly or monthly in respect of catering services provided to them by the Company in the corresponding period. Revenue is recognised in line with billing, in the same period
which the catering services are provided.
Invoicing made in advance of services being delivered is included in the Statement of Financial Position as deferred income until the period of service is provided, and included as accrued income where services are provided in advance of invoicing.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
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CENTERPLATE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
2.Accounting policies (continued)
Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.
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Other income / other expenses
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Other income and other expenses are recognised in the profit and loss account as incurred. Other income and Other expenses includes management recharges with other group companies in relation to the cost of labour for events which are recognised on an arm’s length basis.
There are trademark fees relating to the use of intellectual property by the operational entities. These are recharged on an arms length basis from Sodexo S.A and included within Admin Expenses as they are incurred.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
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CENTERPLATE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.
Depreciation is provided to write-off the cost or valuation less the estimated residual value of tangible fixed assets by equal instalments over their estimated useful economic lives as follows:
Plant and machinery 3-12 years
Fixtures and fittings 3-12 years
No depreciation is provided on freehold land. All short-term leasehold properties are amortised over the unexpired term of the lease.
Assets held under construction are not depreciated
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CENTERPLATE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
2.Accounting policies (continued)
Investments in subsidiaries
These are separate financial statements of the Company. Investments in subsidiaries are carried at cost less impairment
Investments in equity instruments that are not publicly traded and whose fair value cannot otherwise be measured reliably shall be measured at cost less impairment
Financial assets and financial liabilities are recognised in the Company’s balance sheet when the Company becomes a party to the contractual provisions of the instrument.
Trade and other debtors / creditors
Trade and other debtors are recognised initially at transaction price plus attributable transaction costs. Trade and other creditors are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors.
Interest-bearing borrowings classified as basic financial instruments
Interest-bearing borrowings are recognised initially at the present value of future payments discounted at a market rate of interest. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost using the effective interest method, less any impairment losses.
Investments in subsidiaries
These are separate financial statements of the Company. Investments in subsidiaries are carried at cost less impairment.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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CENTERPLATE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
2.Accounting policies (continued)
Financial assets (including trade and other debtors)
A financial asset not carried at fair value through profit or loss is assessed at each reporting date to determine whether there is objective evidence that it is impaired. A financial asset is impaired if objective evidence indicates that a loss event has occurred after the initial recognition of the asset, and that the loss event had a negative effect on the estimated future cash flows of that asset that can be estimated reliably.
An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the asset’s original effective interest rate. For financial instruments measured at cost less impairment an impairment is calculated as the difference between its carrying amount and the best estimate of the amount that the Company would receive for the asset if it were to be sold at the reporting date. Interest on the impaired asset continues to be recognised through the unwinding of the discount. Impairment losses are recognised in the Statement of Comprehensive Income. When a subsequent event causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed in the Statement of Comprehensive Income.
Non-financial assets
The carrying amounts of the Company’s non-financial assets, [other than stocks and deferred tax assets,] are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. The recoverable amount of an asset is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.
An impairment loss is recognised if the carrying amount of an asset exceeds its estimated recoverable amount. Impairment losses are recognised in the Statement of Comprehensive Income.
Impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Comprehensive Income.
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CENTERPLATE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
2.Accounting policies (continued)
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to the Statement of Comprehensive Income.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of the accounting policies and the reported amounts of assets and liabilities, turnover and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are reasonable under the circumstances. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected.
We do not consider there to be any estimates or underlying assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
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An analysis of turnover by class of business is as follows:
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Analysis of turnover by country of destination:
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CENTERPLATE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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The operating profit is stated after charging:
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Depreciation of tangible fixed assets
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Amortisation of intangible assets
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Defined contribution pension cost
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During the year, the Company obtained the following services from the Company's auditor and its associates:
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Fees payable to the Company's auditor for the audit of the Company's financial statements
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No fees were payable to the Company's auditor in respect of non-audit services for the year ended 31 August 2024 (2023: £NIL).
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CENTERPLATE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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Staff costs were as follows:
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Cost of defined contribution scheme
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The average monthly number of employees, including the directors, during the year was as follows:
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Management and administration
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The directors of this Company are also directors of other companies within the Sodexo S.A. Group and accordingly the cost of their remuneration has been fully incurred by another entity within the Group. £28,497 (2023: £41,523) of the total emoluments and defined contribution cost has been allocated to this Company on the basis of their services as directors of each group Company.
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CENTERPLATE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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Current tax on profits for the year
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Adjustments in respect of previous periods
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Origination and reversal of timing differences
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Adjustments in respect of prior periods
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Factors affecting tax charge for the year
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The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - blended 21.5%). The differences are explained below:
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Profit on ordinary activities before tax
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Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 21.5%)
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Expenses not deductible for tax purposes
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Impact of rate change on deferred tax balances
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Adjustments to tax charge in respect of prior periods
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Total tax charge for the year
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CENTERPLATE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
9.Taxation (continued)
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Factors that may affect future tax charges
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The company is a member of the Sodexo S.A. Group which is expected to be a MNE within the scope of Pillar Two. The Group has carried out preliminary work and does not anticipate any significant impact from this measure in the UK. As at 31 August 2024, no deferred tax has been recognised in application of the amendment to FRS102 concerning the mandatory exemption from recognition of deferred tax in the financial statements in relation to Pillar Two income tax.
There is an unrecognised deferred tax asset relating to tax losses of £1.9m (2023: £1.9m).
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CENTERPLATE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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Assets under construction
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Short-term leasehold property
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Transfers between asset class
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Transfers between asset class
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CENTERPLATE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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Investments in subsidiary companies
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Raw materials and consumables
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Stock recognised in cost of sales during the year as an expense was £4,089,939 (2023 : £4,481,256). No stock was written off during the period.
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CENTERPLATE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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Debtors: amounts falling due within one year
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Amounts owed by group undertakings
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Prepayments and accrued income
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Corporation tax receivable
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All amounts owed by group undertakings are receivable on demand, unsecured and interest free.
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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All amounts owed by group undertakings are payable on demand.
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CENTERPLATE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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Charged to profit or loss
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The deferred tax asset is made up as follows:
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Accelerated capital allowances
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Short term timing differences
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Share capital and share premium
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Allotted, called up and fully paid
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21,002,104 (2023 : 21,002,104) Ordinary shares of £1.00 each
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Post balance sheet events
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The trade and assets of the Company including all contracts were transferred on 1 September 2024 to another group company, Sodexo Live UK Limited. The balances that remain within CP UK Limited include certain tax and employee related liabilities. The tax and employee related liabilities will be cleared down over time.
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CENTERPLATE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
The Company is a subsidiary of Lindley Catering Limited, a company incorporated in England and Wales, in the UK.
The Company's ultimate parent company and controlling party is Sodexo S.A., a company incorporated in France. This is the smallest group of undertakings for which consolidated financial statements are prepared. Copies of the consolidated financial statements can be obtained from The Secretary, Sodexo, 225 Quai de la Bataille de Stalingad, 92866 Issy-Les-Moulineaux, France.
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