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Registered number: SC234207









HERITAGE PORTFOLIO LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

 
HERITAGE PORTFOLIO LIMITED
 
 
COMPANY INFORMATION


Directors
Claire Morris (appointed 18 June 2024)
Angelo Piccirillo 
Jean Renton 
Amolak Dhariwal (appointed 1 January 2025)




Company secretary
Sodexo Corporate Services (No.2) Limited



Registered number
SC234207



Registered office
49 North Fort Street
Leith

Edinburgh

EH6 4HJ




Independent auditor
KPMG LLP, Statutory Auditor
Chartered Accountants

1 St Peter's Square

Manchester

M2 3AE





 
HERITAGE PORTFOLIO LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 5
Directors' Responsibilities Statement
6
Independent Auditor's Report to the members of Heritage Portfolio Limited
7 - 10
Statement of Comprehensive Income
11
Statement of Financial Position
12
Statement of Changes in Equity
13
Notes to the Financial Statements
14 - 29


 
HERITAGE PORTFOLIO LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024

Introduction
 
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 within the niche heritage hospitality and retail marketplace.

Business review
 
Turnover has increased by 5% to £12,505,044 compared to the prior year. This has lead to a reduction in the operating loss for the period from £1,377,849 to £905,612. This was also driven by an improved gross profit margin to 19% from 16% in the prior year. 

The Company had net liabilities as at 31 August 2024 of £5,818,629 compared to net liabilities of £5,109,033 as at 31 August 2023. The increase in net liabilities is a result of the movement within intercompany trading balances. 

Principal risks and uncertainties
 
The key non-financial risks affecting the business are potential loss of profitable contracts and potential changes in clients' circumstances.

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.


Financial Risks
 
The Company's operations expose it to credit risk.

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.


Page 1

 
HERITAGE PORTFOLIO LIMITED
 

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

Key performance indicators
 
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
 
Turnover of £12,505,044 for the year has increased by 5% against the £11,861,713 achieved in 2023 driven by increased footfall at several of the Company's cultural destination venues. 

The gross profit of £2,419,266 means the margin achieved was 19% compared to the gross profit of £1,893,485 or 16% achieved during 2023 driven by operation cost saving and an improved product mix.

This report was approved by the board on 29 May 2025 and signed on its behalf.





Amolak Dhariwal
Director

Page 2

 
HERITAGE PORTFOLIO LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2024

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

Results and dividends

The loss for the year, after taxation, amounted to £709,596 (2023 - loss £1,051,005).

Directors

The directors who served during the year were:

Claire Morris (appointed 18 June 2024)
Sean Haley (resigned 31 December 2024)
Angelo Piccirillo 
Jean Renton 
Rebecca Burton (resigned 30 November 2023)

On 1 January 2025, Amolak Dhariwal was appointed as a director of the Company. 

Post balance sheet events

The ownership of the Company was transferred from Lindley Catering Limited to Sodexo Live UK Limited on 1 September 2024.  

Page 3

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

Going concern

The financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons. 

The Company forms part of the Sodexo UK and Ireland group of companies, together the "UK&I Group", which is part of the wider Sodexo Group headed by Sodexo S.A., a company incorporated in France. The principal activity of the UK&I Group is to provide facilities management and catering services across the UK and Ireland, operating across various segments such as education, sports and leisure, corporate services, government, and healthcare. The company’s cash flows are therefore dependent on the continuation, volume, and pricing of those operations.  

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

To inform the basis of preparation of these accounts, the directors have considered cash and profit forecasts for forward trade of the UK&I Group for at least 12 months following the date of approval of these accounts, based on the facts we have as at the date of approval of these financial statements. These forecasts include a severe but plausible downside scenario which models a deterioration in gross margin as a result of operational performance, a downturn in revenues due to contracts of key clients not being renewed and the under recovery of inflation. The forecasts indicate that the UK&I Group will continue to be resilient in the current macroeconomic environment. 

There are no detailed forecasts prepared for Heritage Portfolio Limited as the company forms an intrinsic part of the overall UK&I Group. In the year to 31 August 2024, the company is loss making and in the event that it continues to incur losses, will meet its liabilities as they fall due through funding from it’s intermediate parent company, Sodexo Limited. 

Sodexo Limited has indicated its intention to continue to make available such funds as are needed by the company, and that it does not intend to seek repayment of the amounts currently due to the group, which at 31 August 2024 amounted to £7,251,335 during the going concern assessment period.  As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so.

Consequently, the directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

Political contributions

The Company made no political donations or incurred any political expenditure during the year (2023: £Nil) 

Future developments

The Company aims to invest more in client service and delivery going forward in its existing contracts. The future intention is to develop the Heritage Portfolio brand name beyond its current heartland of Scotland.

Page 4

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

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

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

Auditor

The auditor, KPMG LLP, Statutory Auditorwill 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.
 





Amolak Dhariwal
Director

49 North Fort Street
Leith
Edinburgh
EH6 4HJ

Page 5

 
HERITAGE PORTFOLIO 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), including 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:  .
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;
assess the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and 
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.  

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.

Page 6

 
HERITAGE PORTFOLIO LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HERITAGE PORTFOLIO LIMITED
 

Opinion
 
 
We have audited the financial statements of Heritage Portfolio 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 loss 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 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.   

Going concern
 
  
The directors have prepared the financial statements on the going concern basis as they do not intend to liquidate the Company or to cease its operations, and as they have concluded that the Company’s financial position means that this is realistic. They have also concluded that there are no material uncertainties that could have cast significant doubt over its ability to continue as a going concern for at least a year from the date of approval of the financial statements (“the going concern period”).  

In our evaluation of the directors’ conclusions, we considered the inherent risks to the Company’s business model and analysed how those risks might affect the Company’s financial resources or ability to continue operations over the going concern period.

Our conclusions based on this work:

we consider that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate;

we have not identified, and concur with the directors’ assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for the going concern period. 

However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the above conclusions are not a guarantee that the Company will continue in operation.
Page 7

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


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 scheme 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 and 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. 

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 through discussion with the directors (as required by auditing standards), and from inspection of the Company’s regulatory and legal correspondence and discussed with the directors 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 statements 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.   
Page 8

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


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 and inspection of the 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.

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. 
 
Page 9

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


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. 
 
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.
 
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, Statutory Auditor
 
Chartered Accountants
  
1 St Peter's Square
Manchester
M2 3AE

29 May 2025
Page 10

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

2024
2023
                                                                                                              Note
 £
£

  

Turnover
 4 
12,505,044
11,861,713

Cost of sales
  
(10,085,778)
(9,968,228)

Gross profit
  
2,419,266
1,893,485

Administrative expenses
  
(3,329,058)
(3,307,553)

Other income
  
4,180
36,219

Operating loss
 5 
(905,612)
(1,377,849)

Interest receivable and similar income
 8 
8,952
28,593

Loss before tax
  
(896,660)
(1,349,256)

Tax credit on loss
 9 
187,064
298,251

Loss for the financial year
  
(709,596)
(1,051,005)

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

The notes on pages 14 to 29 form part of these financial statements.

All activities of the Company are classified as continuing.

Page 11

 
HERITAGE PORTFOLIO LIMITED
REGISTERED NUMBER: SC234207

STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2024

2024
2023
                                                                   Note
£
£

Non-current assets
  

Intangible assets
 10 
1,912
4,462

Tangible assets
 11 
516,039
704,836

Investments
 12 
10,003
10,003

  
527,954
719,301

Current assets
  

Stocks
 13 
307,921
323,019

Debtors: amounts falling due within one year
 14 
3,049,044
3,398,463

Cash at bank and in hand
  
886,094
933,281

  
4,243,059
4,654,763

Creditors: amounts falling due within one year
 15 
(10,375,794)
(10,269,249)

Net current liabilities
  
 
 
(6,132,735)
 
 
(5,614,486)

Total assets less current liabilities
  
(5,604,781)
(4,895,185)

Provisions
 17 
(213,848)
(213,848)

Net liabilities
  
 
 
(5,818,629)
 
 
(5,109,033)


Capital and reserves
  

Called up share capital 
 18 
20,000
20,000

Profit and loss account
  
(5,838,629)
(5,129,033)

  
(5,818,629)
(5,109,033)


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 May 2025.




Amolak Dhariwal
Director

The notes on pages 14 to 29 form part of these financial statements.

Page 12

 
HERITAGE PORTFOLIO LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 September 2022
20,000
(4,078,028)
(4,058,028)



Loss for the year
-
(1,051,005)
(1,051,005)



At 1 September 2023
20,000
(5,129,033)
(5,109,033)



Loss for the year
-
(709,596)
(709,596)


At 31 August 2024
20,000
(5,838,629)
(5,818,629)


The notes on pages 14 to 29 form part of these financial statements.

Page 13

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

1.


General information

Heritage Portfolio Limited is a private limited company limited by shares incorporated, domiciled and registered in England and Wales, in the United Kingdom. The address of its registered office is 49 North Fort Street, Leith, Edinburgh, EH6 4HJ. The Company's registered number of the Company is SC234207.

The Company's principal activity during the reporting period is the provision of catering services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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 ("FRS 102") and the Companies Act 2006.

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

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

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 22. 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.

Page 14

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

2.Accounting policies (continued)

 
2.2

Going concern

The financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons. 
The Company forms part of the Sodexo UK and Ireland group of companies, together the "UK&I Group", which is part of the wider Sodexo Group headed by Sodexo S.A., a company incorporated in France. The principal activity of the UK&I Group is to provide facilities management and catering services across the UK and Ireland, operating across various segments such as education, sports and leisure, corporate services, government, and healthcare. The company’s cash flows are therefore dependent on the continuation, volume, and pricing of those operations.  
The Company meets its day to day working capital requirements from operational cash flows and intercompany loan arrangements within the UK&I Group. The UK&I Group has remained resilient throughout the adverse changes in the economic environment as a result of tight management of cash and balance sheet, and strong retention of existing contracts, alongside the spread of business across food and facilities management services, and across public and private sector clients as well as the strong inflation management processes in place. In addition, the UK&I Group continues to see opportunities for organic growth with new contracts in the pipeline. However, the UK&I Group remain prepared for further macro-economic impacts with agility, good commercial management, and careful cost control continues to be critical.
To inform the basis of preparation of these accounts, the directors have considered cash and profit forecasts for forward trade of the UK&I Group for at least 12 months following the date of approval of these accounts, based on the facts we have as at the date of approval of these financial statements. These forecasts include a severe but plausible downside scenario which models a deterioration in gross margin as a result of operational performance, a downturn in revenues due to contracts of key clients not being renewed and the under recovery of inflation. The forecasts indicate that the UK&I Group will continue to be resilient in the current macroeconomic environment. 
There are no detailed forecasts prepared for Heritage Portfolio Limited as the company forms an intrinsic part of the overall UK&I Group. In the year to 31 August 2024, the company is loss making and in the event that it continues to incur losses, will meet its liabilities as they fall due through funding from it’s intermediate parent company, Sodexo Limited. 

Sodexo Limited has indicated its intention to continue to make available such funds as are needed by the company, and that it does not intend to seek repayment of the amounts currently due to the group, which at 31 August 2024 amounted to £7,251,335 during the going concern assessment period.  As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so.
Consequently, the directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

Page 15

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

2.Accounting policies (continued)

 
2.3

Turnover

The Company provides a range of food and catering services to corporate clients. Clients are typically billed either weekly or monthly in respect of catering services provided to them by the Company in the corresponding period. Revenue is recognised in line with billing, in the same period
which the catering services are provided.
Invoicing made in advance of services being delivered is included in the Statement of Financial Position as deferred income until the period of service is provided, and included as accrued income
where services are provided in advance of invoicing.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
2.4

Operating leases

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

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

 
2.5

Interest income

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

  
2.6

Other income / other expenses

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.

 
2.7

Pensions

Defined contribution pension plan

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

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

Page 16

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

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

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

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

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

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

 
2.9

Intangible assets

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.

  
2.10

Tangible fixed assets

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

Page 17

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

2.Accounting policies (continued)

 
2.11

Valuation of investments

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.
 
  
2.12

Financial Instruments

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. 
 
Page 18

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

2.Accounting policies (continued)

  
2.13

Impairment

Financial assets (including trade and other debtors) 

A financial asset not carried at fair value in the Statement of Comprehensive Income 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. 

 
2.14

Stocks

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

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

Page 19

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

2.Accounting policies (continued)

  
2.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

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 amount 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.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Provision of catering services

12,505,044
11,861,713


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom

12,505,044
11,861,713


Page 20

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

5.


Operating loss

The operating loss is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
316,796
283,884

Amortisation of intangible assets
2,550
2,338

Defined contribution pension cost
102,021
94,857


6.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor and its associates:

2024
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
47,659
44,625


No fees were payable to the Company's auditor in respect of non-audit services for the year ended 31 August 2024 (2023: £Nil).




Page 21

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

7.


Employees

Staff costs were as follows:


2024
2023
£
£

Wages and salaries
4,722,824
4,467,661

Social security costs
384,630
374,887

Cost of defined contribution scheme
102,021
94,857

5,209,475
4,937,405


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


        2024
        2023
            No.
            No.







Management and administration
28
37



Catering
399
449

427
486

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. £22,893 (2023: £28,192) of the total emoluments and defined contribution cost has been allocated to this Company on the basis of the services as directors of each group Company. 


8.


Interest receivable

2024
2023
£
£


Bank interest
8,952
28,593

8,952
28,593

Page 22

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

9.


Taxation


2024
2023
£
£

Corporation tax


Current tax on loss for the year
(225,086)
(264,979)

Adjustments in respect of previous periods
(5,930)
(11,451)


Total current tax credit
(231,016)
(276,430)

Deferred tax


Origination and reversal of timing differences
28,520
(23,608)

Impact of rate change
-
(3,825)

Adjustments in respect of previous years
15,432
5,612

Total deferred tax
43,952
(21,821)


Taxation on loss on ordinary activities
(187,064)
(298,251)

Factors affecting tax charge for the year

The total tax credit (2023: credit) is lower (2023: higher) than the standard (2023: blended) rate of corporation tax of 25% (2023: 21.5%).

2024
2023
£
£


Loss on ordinary activities before tax
(896,660)
(1,349,256)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 21.5%)
(224,165)
(290,293)

Effects of:


Expenses not deductible for tax purposes
27,599
23,620

Impact of rate change on deferred tax balances
-
(3,825)

Adjustments to tax charge in respect of prior periods
9,502
(5,839)

Enhanced tax relief
-
(21,914)

Total tax credit for the year
(187,064)
(298,251)

Page 23

 
HERITAGE PORTFOLIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
 
9.Taxation (continued)


Factors that may affect future tax charges

The company is a member of the Sodexo S.A. Group which is expected to be a MNE within the scope of Pillar Two. The Group has carried out preliminary work and does not anticipate any significant impact from this measure in the UK. As at 31 August 2024, no deferred tax has been recognised in application of the amendment to FRS 102 concerning the mandatory exemption from recognition of deferred tax in the financial statements in relation to Pillar Two income tax.


10.


Intangible assets




Computer software

£



Cost


At 1 September 2023
6,800



At 31 August 2024

6,800



Amortisation


At 1 September 2023
2,338


Charge for the year
2,550



At 31 August 2024

4,888



Net book value



At 31 August 2024
1,912



At 31 August 2023
4,462



Page 24

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

11.


Tangible fixed assets





Assets under construction
Short-term leasehold property
Plant and machinery
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 September 2023
-
527,664
-
2,436,559
2,964,223


Additions
-
76,774
104,064
28,273
209,111


Disposals
(81,104)
(102)
(78,210)
(74,429)
(233,845)


Transfers between asset class
120,286
767,956
486,691
(1,374,933)
-



At 31 August 2024

39,182
1,372,292
512,545
1,015,470
2,939,489



Depreciation


At 1 September 2023
-
421,298
-
1,838,089
2,259,387


Charge for the year
-
164,889
63,359
88,548
316,796


Disposals
-
(102)
(78,210)
(74,421)
(152,733)


Transfers between asset class
-
570,227
423,471
(993,698)
-



At 31 August 2024

-
1,156,312
408,620
858,518
2,423,450



Net book value



At 31 August 2024
39,182
215,980
103,925
156,952
516,039



At 31 August 2023
-
106,366
-
598,470
704,836

Page 25

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

12.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 September 2023
10,003



At 31 August 2024

10,003






Net book value



At 31 August 2024
10,003



At 31 August 2023
10,003


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Apan Limited
Hopetoun House, South Queensferry, West Lothian, EH30 9SL
Ordinary
100

All subsidiaries were incorporated in the United Kingdom.
 

13.


Stocks

2024
2023
£
£

Raw materials and consumables

307,921
323,019


Stock recognised in cost of sales during the year as an expense was £3,070,606 (2023: £3,562,992). No stock was written off during the period.






Page 26

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

14.


Debtors: Amounts falling due within one year

2024
2023
£
£


Trade debtors
1,042,097
1,117,154

Amounts owed by group undertakings
1,504,566
1,944,920

Prepayments and accrued income
101,160
122,232

Corporation tax recoverable
231,016
-

Deferred taxation
170,205
214,157

3,049,044
3,398,463


No interest is receivable on amounts owed by group undertakings. Amounts owed are receivable on demand.


15.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
961,970
1,492,330

Amounts owed to group undertakings
7,251,335
6,742,484

Other taxation and social security
889,350
811,802

Other creditors
296,967
414,956

Accruals and deferred income
976,172
807,677

10,375,794
10,269,249


No interest is payable on amounts owed to group undertakings. Amounts owed are payable on demand.

Page 27

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

16.


Deferred taxation




            2024


£






At beginning of year
214,157


Charged to profit or loss
(43,952)



At end of year
170,205

The deferred tax asset is made up as follows:

2024
2023
£
£


Accelerated capital allowances
71,691
86,240

Tax losses carried forward
98,514
-

Short-term timing differences
-
127,917

170,205
214,157


17.


Provisions




Dilapidation Provision

£





At 1 September 2023
213,848



At 31 August 2024
213,848

The dilapidation provision represents amounts needed to restore properties to their original condition where the lease requires. Dilapidation provisions are expected to be utilised over the remaining period of the associated lease.


18.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



20,000 (2023 - 20,000) Ordinary shares of £1.00 each
20,000
20,000


Page 28

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

19.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £102,021 (2023: £94,857).


20.


Operating leases

The Company had no commitments under non-cancellable operating leases at the reporting date.


21.


Post balance sheet events

The ownership of the Company was transferred from Lindley Catering Limited to Sodexo Live UK Limited on 1 September 2024.  


22.


Controlling party

The Company's immediate parent undertaking is Lindley Catering Limited. The ownership of the Company was transferred from Lindley Catering Limited to Sodexo Live UK Limited on 1 September 2024.

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 S.A., 225 Quai de la Bataille de Stalingad, 92866 Issy-Les-Moulineaux, France.

Page 29