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2024-01-01
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1,159,632
10,861
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COMPANY REGISTRATION NUMBER:
04811572
|
T(N)S CATERING MANAGEMENT LIMITED |
|
|
T(N)S CATERING MANAGEMENT LIMITED |
|
Year ended 31 December 2024
|
Officers and professional advisers |
1 |
|
|
|
Directors' report |
8 to 12 |
|
|
|
Independent auditor's report to the members |
13 to 16 |
|
|
|
Statement of income and retained earnings |
17 |
|
|
|
Statement of financial position |
18 |
|
|
|
Statement of cash flows |
19 |
|
|
|
Notes to the financial statements |
20 to 28 |
|
|
|
T(N)S CATERING MANAGEMENT LIMITED |
|
|
Officers and Professional Advisers |
|
|
The board of directors |
N Cox |
|
R J W Drewett |
|
S C Hughes |
|
A Odell-Rourke |
|
T M Smith |
|
P Tyas |
|
B D Ward Lewis |
|
|
|
Registered office |
Perseus House 3 Chapel Court |
|
Holly Walk |
|
Leamington Spa |
|
Warwickshire |
|
England |
|
CV32 4YS |
|
|
|
Auditor |
BSN Associates Limited |
|
Chartered accountants & statutory auditor |
|
3B Swallowfield Courtyard |
|
Wolverhampton Road |
|
Oldbury |
|
West Midlands |
|
B69 2JG |
|
|
|
T(N)S CATERING MANAGEMENT LIMITED |
|
Year ended 31 December 2024
Business Review As I alluded previously, we continue with double-digit growth, but being mindful to continue to invest in developing and expanding our workforce, to help deliver and exceed the demands of our clients, the economic climate and development opportunities for our whole business and everyone that works in it. The company delivered another strong financial performance during the year, reflecting continued growth in contract catering services across our education, care, and business sectors. Turnover increased by 10.4% to £28.25 million (2023: £25.59 million), supported by new contract wins and organic growth across existing sites. Gross profit rose to £4.47 million (2023: £3.80 million), with gross margin improving to 15.8%. This was achieved through operational efficiency, centralised procurement, and menu cost controls. Operating profit grew by 16.2% to £1.80 million (2023: £1.54 million), and total comprehensive income for the year was £1.37 million. The balance sheet remains strong, with net assets increasing to £1.44 million (2023: £1.26 million). The company maintains healthy liquidity, with cash at bank of £1.68 million and a reduction in long-term borrowings from £313,626 to £200,000. Debtors increased in line with revenue growth.
|
|
2020 |
2021 |
2022 |
2023 |
2024 |
|
Turnover (£) |
12,424,721 |
12,687,309 |
18,406,389 |
25,594,761 |
28,249,486 |
|
Gross Profit (£) |
93,124 |
1,340,556 |
2,968,900 |
3,802,594 |
4,473,675 |
|
GP% |
1 |
11 |
16 |
15 |
16 |
|
Profit Before Tax (£) |
410,349 |
585,101 |
944,612 |
1,556,069 |
1,818,638 |
|
PBT% |
3 |
5 |
5 |
6 |
6 |
|
|
|
|
|
|
|
Principal Activities The principal activity of the company is the provision of high-quality contract catering services across multiple sectors. These services include full on-site catering, hospitality functions, vending solutions, and consultancy on food operations. Operations span the UK, with a central office supporting all of our teams. Principal Risks and Uncertainties In common with its competitors, the business has a risk relating to the price inflation of wages, goods and services. The directors continue to monitor the risk and actively manage the mitigation of inflation where possible. The directors consider the following to be the principal risks and uncertainties facing the company: - Contract Risk: Revenue is dependent on winning and retaining contracts through tender processes. The company mitigates this risk through long-term relationships, service innovation, and competitive pricing. - Labour Market Pressures: Recruiting and retaining skilled catering staff remains challenging. The company has responded with improved pay structures, benefits, and professional development initiatives. - Cost Inflation: Rising food and utility costs are a risk to margins. The company works closely with suppliers to manage price volatility and adapt menus accordingly. - Cash Flow and Debtor Management: While cash levels remain strong, the company monitors debtor days and works closely with clients to ensure timely payment. - Regulatory Compliance: The company operates in a highly regulated environment. Regular audits, training, and compliance monitoring help ensure adherence to health, safety, and food standards. We continue to develop our relationships with new Associates to achieve continued focus on our supply chains and purchasing generally to help achieve best value for everyone in this complex chain, with the ultimate beneficiaries being our clients and customers, receiving excellent services and food at the price point required within their respective businesses. This will continue to be key in 2025 and beyond as markets continue to be competitive in all areas; focus will remain on product/service quality and finance as we see our clients and customers continually looking to achieve value for money with the desired outcomes in their respective market sectors, we will continue to work with them all to help achieve and exceed where possible. We are proud to reflect on another period of operational excellence, with strategic expansion across our business. underpinned by the strength of our people, the resilience of our Operators, Support & Site Colleagues, and the continued trust of our clients, customers, and all stakeholders. Our teams remain at the heart of our services. Over the past year, we've welcomed a substantial number of new colleagues into the business, bringing fresh energy, diverse experience, and a shared passion for excellence in food and hospitality. We've enhanced our ongoing investment in training and leadership development, ensuring our teams are equipped to deliver exceptional service while adapting to legislation and evolving client and consumer needs. Across all levels of the business - from kitchen teams and site managers to support services - we've seen increased engagement, a strengthened culture of accountability, and a unified commitment to our vision & values. Operations Operationally, we've grown both in scale and capability. All new contracts have been successfully and seamlessly mobilised with positive client and customer feedback received. Our existing sites have seen improvements through updated systems, enhanced food innovation, and streamlined service delivery. During 2025 we shall build upon this success and deliver further enhancement in order to maintain building strong and sustainable foundations for continual growth. We introduced new menu concepts and sustainability initiatives that align with client values and industry trends, resulting in greater satisfaction scores and strong retention rates. Our teams demonstrate exceptional adaptabilities and professionalism, delivering consistently high standards across diverse environments; education, healthcare and business & Industry. Sales The sales team continues to build on the strong performance of previous years, significantly the previous two, where we achieved double digit growth, we don't foresee this slowing down over the coming years either. We welcomed three new colleagues, who were selected because of their unique skillsets that complement and enhance further the current team and our objectives; which will help develop and support our current (successful) strategy of continued growth within Business and Industry, with real purpose along with developing opportunities in targeting of Independent Education. This has allowed us to engage more fully, with new opportunities in these sectors, coupled with other sectors we also operate. The last year has also seen us explore new innovations within IT. This will assist our internal and external communications and streamline the bidding process to make it more efficient and future proof. Further use of AI has also been key to this function and continues to feature into 2025, however, we still believe that the power of face to face, where we convey our passion, enthusiasm and power of team with clients remains an essential way of how we do business, successfully. Driven by increased demand and our reputation for delivering outstanding quality and reliability, we've expanded our operations into new geographical regions. This year saw us establish a presence in several key growth areas, allowing us to serve a broader client base while maintaining local responsiveness and tailored service delivery and support. Our growing national footprint reflects both the scalability of our model and the strength of our client partnerships. It also positions us favourably for future bids and long-term growth opportunities Our pipeline for 2025 is stronger than ever, allowing us to be selective in working with clients with shared ambition, culture, philosophy wanting to provide service with real positive colleague welfare and benefit. and provides us with some great prospects to continue our current double-digit growth. Ongoing & Future Developments The company is well placed for further expansion in 2025 and beyond. Priorities include: - Investing in digital platforms for compliance monitoring. - Enhancing sustainability initiatives in line with client ESG goals. - Maintaining a strong cash position. Continued focus on customer satisfaction, operational excellence, and team development underpins the growth strategy. With significant investment earmarked in our finance & accounting system and the long-awaited integration into the business of our Learning & Development Strategy across all sectors of the business, that will see tangible benefits to all colleagues, helping to improve consistency, development opportunities, reward & recognition schemes, incentives and hoped for industry acknowledgement of a process with real, tangible, measurable benefits to each colleague and site„ very exciting. Electronic Data Interchange (EDI) continues to be integrated as fully as our supply base allows, being ever mindful that some of our supply partners are small independent and local to our site. Which means we will never achieve all suppliers on EDI as we won't ever go down the easy route of single supplier. Our business was built on our founding principles and philosophy and this isn't going to change, it's also something that clients are proud and want to work with too. We continue to invest in all Department and teams which continues to deliver on new contracts, our overall social media presence and unit marketing initiatives. Kickstart Coffee - Not for Profit enterprise where all profits is re-used to finance schools in Uganda. Our impact each month has continued to grow, culminating in 2024 with statistics that have grown massively on the previous year, with funding for 470 pupils in education, 32 teaching staff, 190,000 school meals, with circa £58k donated to the charity, just by us and our client sites buying and selling their coffee. Truestart Coffee - Healthy coffee based in the UK (Bristol) and who help to finance school breakfast clubs to ensure children get food before school. They are also a B-Corp certified company. Bounceback Food - Fighting food poverty nationwide. They develop Community Cookery Schools Teams to help tackle food poverty. We support them with TNS colleague time, donating food, monetary donations and helping train their colleagues. They are a CIC (Community Interest Company) which exist to benefit their communities rather than private shareholders. Greenteck - using a product that eliminates the need for cleaning chemicals. This is being trialled currently, although we are looking at a plant-based cleaning product also. We are committed to reducing the use of chemicals in our sites. Re-usable takeaway containers - Reducing our disposable/recyclable and compostable items by supplying re-usable takeaway containers. Food waste recycling - significantly more sites now do this on a daily basis, with more joining every month. As we've always pointed out, our greatest asset is and always will be the amazing people we work with, they all continue to be extremely motivated and committed to the continued success of our company now and as we continue to grow. There are many that have been with us from the beginning, some of which have been recently promoted to senior and director roles within the business, as fitting acknowledgement of their contribution previously and anticipated benefit to the continuing growth and success of of the business. We have been fortunate that certain colleagues won various accolades and awards throughout the year celebrating and being recognised independently for the great work they do throughout the business. We were also fortunate be a finalist in the Public Sector Awards. We are continuing our B-Corp Journey with the view to achieving accreditation in Q4 2025. Best Companies resulted in us achieving our best ever placement, achieving - No.2 in the West Midlands Top Companies to Work For, Top 5 in the Business sector and we proudly sit at no.30 in the Top 50 Best Large Companies UK. Which means we continue to have world class levels of engagement, across our whole business and colleagues feel empowered and part of our thriving business. we improved our EcoVardis score achieving and being awarded a bronze accreditation for our results, work continues on this to ensure continual self-improvement. To support our year-on-year growth we continue to partner with My Purchasing Partner to help guide us managing our suppliers more efficiently and effectively. As we grow, forming new relationships and consolidating others with clients and organisations there is focus on best value, along with sustainable sourcing initiatives including reducing our carbon emissions. All of our company vehicles are either plug-in hybrid or fully electric Throughout 2024 we have been supporting clients with food recycling in the most efficient and cost-effective ways, especially in light of the new legislation that came into force this year. We have continued our partnership with ReFood, and have food waste workshops to help reduce food waste in production with innovative ways to re-purpose waste, within the local communities in which we operate. We committed to a 3-year sponsorship with Natasha's Foundation. A charity that is close to our hearts with many of our colleagues and customers 'suffering' from a range of allergies. It is something that we will develop further over the coming 3 years as we pursue projects that will help deliver their message across our business and more widely across the country. We also continue to support and donate to some of our long-standing charities, most notable; Guide Dogs for the Blind, Macmillan Cancer Support & Midlands Air Ambulance Charity for the incredible work they all undertake.
This report was approved by the board of directors on 16 July 2025 and signed on behalf of the board by:
|
Registered office: |
|
Perseus House 3 Chapel Court |
|
Holly Walk |
|
Leamington Spa |
|
Warwickshire |
|
England |
|
CV32 4YS |
|
|
T(N)S CATERING MANAGEMENT LIMITED |
|
Year ended 31 December 2024
The directors present their report and the financial statements of the company for the year ended
31 December 2024
.
Directors
The directors who served the company during the year were as follows:
|
N Cox |
|
|
R J W Drewett |
|
|
S C Hughes |
|
|
A Odell-Rourke |
|
|
T M Smith |
|
|
P Tyas |
|
|
B D Ward Lewis |
(Appointed
1 February 2024) |
|
|
Dividends
Particulars of recommended dividends are detailed in note 12 to the financial statements.
Employment of disabled persons
The company is an equal opportunity employer. We are committed to ensuring within the framework of the law that our workplaces are free from unlawful or unfair discrimination on the grounds of colour, race, nationality, ethnic or national origin, sex, gender (including gender reassignment), sexual orientation, religion or belief, age, marital or civil partnership status or physical or mental disability. The company value diversity and are committed to promoting diversity within the workplace by seeking to ensure that all individuals are treated fairly with dignity and respect and by recognising and encouraging individual contribution within the organisation. The company aims to ensure that its staff achieve their full potential and that all employment decisions are taken without reference to irrelevant or discriminatory criteria. The company has adopted this Equal Opportunities Policy as a means of helping to achieve these aims. The company is committed to ensuring that all its staff and all applicants for employment are protected from unlawful discrimination in the workplace. We endeavour not to discriminate in the areas of recruitment, selection, promotion, transfer, training, access to benefits and services, discipline or dismissal. It is also our policy that all employees should be allowed to work in an environment free from harassment, bullying or unsolicited or unwelcome comments or overtures on discriminatory grounds.
Employee involvement
In accordance with the requirements for companies employing more than 250 people, the directors are pleased to outline the steps taken during the year to engage with employees and foster a transparent, inclusive, and participatory work environment. Information and Communication Throughout the year, the company has continued to provide employees with timely and relevant information concerning matters that affect them. This is achieved through a combination of: - Regular internal communications via newsletters, intranet updates, team briefings, and town hall meetings; - Clear and open channels of communication between line management and staff; - Digital platforms facilitating two-way communication across departments and sites. Consultation and Representation We have maintained active engagement with employees and their elected representatives. Our approach includes: - Regular employee surveys and feedback sessions to gather views on workplace practices and policies; - Structured forums and consultative committees where employees can raise concerns and suggest improvements; - Representation of employee views in management decision-making processes, including input into health & safety, wellbeing initiatives, and working conditions. Employee Involvement in Company Performance We recognise the value of employee contribution to the success of the business. During the year, the company has: - Encouraged performance alignment through team-based incentives and individual recognition schemes; - Offered training and development opportunities linked to the business goals; - Continued to explore and promote financial participation through schemes such as profit-sharing, discretionary bonuses, and other performance-linked rewards. Awareness of Financial and Economic Factors To promote a shared understanding of the company's financial and strategic position, we have: - Delivered regular updates on business performance, challenges, and market conditions at company-wide briefings; - Provided management commentary to help staff understand how external and internal economic factors influence strategic decisions; - Supported management training that equips team leaders to effectively cascade this information to their teams. Summary of Director Engagement with Employees The board has actively considered employee interests in its decision-making. During the year, the directors have: - Taken employee feedback into account in reviewing hybrid working policies and workplace flexibility; - Approved wellbeing and mental health support initiatives based on staff consultation; - Considered workforce concerns when evaluating strategic investments, ensuring impacts on job security, development, and work environment were assessed. These activities have helped shape principal decisions, ensuring they are aligned with our values and our commitment to being a responsible and responsive employer. The company is committed to providing equal opportunities in all aspects of employment and actively supports the inclusion of disabled persons in the workforce. Wherever possible, we seek to ensure that disabled applicants are given full and fair consideration for employment, based on their abilities, aptitudes, and potential to contribute to the business. Recruitment processes are reviewed regularly to ensure they do not present unnecessary barriers to disabled candidates. Continued Employment and Support for Employees Who Become Disabled Should an employee become disabled during their employment, the company makes every reasonable effort to continue their employment by making suitable adjustments to the work environment, role responsibilities, and/or equipment. We work closely with occupational health professionals and relevant external agencies to support the individual's needs, ensuring a smooth transition and continued contribution to the company. Training, Career Development and Promotion The company is fully committed to providing equal opportunities for all employees, including those with disabilities. We ensure that our training, development, and promotion processes are inclusive and accessible, offering every individual the chance to grow and succeed. Our training programmes are thoughtfully designed to accommodate diverse needs, and managers are actively encouraged to support the career progression of disabled team members. We also conduct regular reviews of our learning and development policies to identify and remove any potential barriers, reinforcing our commitment to fairness, inclusion, and equal access at every stage.
Disclosure of information in the strategic report
Information about future developments is included within the strategic report.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
-
so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on
16 July 2025
and signed on behalf of the board by:
|
Registered office: |
|
Perseus House 3 Chapel Court |
|
Holly Walk |
|
Leamington Spa |
|
Warwickshire |
|
England |
|
CV32 4YS |
|
|
T(N)S CATERING MANAGEMENT LIMITED |
|
|
Independent Auditor's Report to the Members of
T(N)S CATERING MANAGEMENT LIMITED |
|
Year ended 31 December 2024
Opinion
We have audited the financial statements of T(N)S CATERING MANAGEMENT LIMITED (the 'company') for the year ended 31 December 2024 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Irregularities that result from fraud might be inherently more difficult than irregularities that result from error, which gives risk to a risk of material misstatement. We are of the opinion that the planned audit approach, the documentation and interrogation of the entity's controls means that the audit procedures carried out were capable of detecting irregularities, including fraud. We have also reviewed financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations. We have audited the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. We have also made enquiries of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in 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.
|
Philippa Miller-Hawkes BA CA |
|
(Senior Statutory Auditor) |
|
|
For and on behalf of |
|
BSN Associates Limited |
|
Chartered accountants & statutory auditor |
|
3B Swallowfield Courtyard |
|
Wolverhampton Road |
|
Oldbury |
|
West Midlands |
|
B69 2JG |
|
16 July 2025
|
T(N)S CATERING MANAGEMENT LIMITED |
|
|
Statement of Income and Retained Earnings |
|
Year ended 31 December 2024
|
2024 |
2023 |
|
Note |
£ |
£ |
|
Turnover |
4 |
28,249,486 |
25,594,761 |
|
|
|
|
|
Cost of sales |
23,775,812 |
21,792,167 |
|
------------- |
------------- |
|
Gross profit |
4,473,674 |
3,802,594 |
|
|
|
|
Administrative expenses |
2,677,599 |
2,257,709 |
|
|
------------ |
------------ |
|
Operating profit |
5 |
1,796,075 |
1,544,885 |
|
|
|
|
|
Other interest receivable and similar income |
9 |
30,778 |
22,493 |
|
Interest payable and similar expenses |
10 |
8,215 |
11,309 |
|
------------ |
------------ |
|
Profit before taxation |
1,818,638 |
1,556,069 |
|
|
|
|
|
Tax on profit |
11 |
444,702 |
396,437 |
|
------------ |
------------ |
|
Profit for the financial year and total comprehensive income |
1,373,936 |
1,159,632 |
|
------------ |
------------ |
|
|
|
|
|
Dividends paid and payable |
12 |
(
1,191,125) |
(
904,182) |
|
|
|
|
|
Retained earnings at the start of the year |
1,178,394 |
922,944 |
|
------------ |
------------ |
|
Retained earnings at the end of the year |
1,361,205 |
1,178,394 |
|
------------ |
------------ |
|
|
|
All the activities of the company are from continuing operations.
|
T(N)S CATERING MANAGEMENT LIMITED |
|
|
Statement of Financial Position |
|
31 December 2024
Fixed assets
|
Tangible assets |
13 |
44,914 |
47,921 |
|
|
|
|
Current assets
|
Stocks |
14 |
252,365 |
315,166 |
|
Debtors |
15 |
4,245,593 |
3,614,236 |
|
Cash at bank and in hand |
1,676,170 |
2,239,318 |
|
------------ |
------------ |
|
6,174,128 |
6,168,720 |
|
|
|
|
|
Creditors: amounts falling due within one year |
16 |
4,584,441 |
4,633,671 |
|
------------ |
------------ |
|
Net current assets |
1,589,687 |
1,535,049 |
|
------------ |
------------ |
|
Total assets less current liabilities |
1,634,601 |
1,582,970 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
17 |
200,000 |
313,626 |
|
|
|
|
|
Provisions |
18 |
(
6,693) |
10,861 |
|
------------ |
------------ |
|
Net assets |
1,441,294 |
1,258,483 |
|
------------ |
------------ |
|
|
|
|
Capital and reserves
|
Called up share capital |
21 |
80,089 |
80,089 |
|
Profit and loss account |
1,361,205 |
1,178,394 |
|
------------ |
------------ |
|
Shareholders funds |
1,441,294 |
1,258,483 |
|
------------ |
------------ |
|
|
|
|
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the
board of directors
and authorised for issue on
16 July 2025
, and are signed on behalf of the board by:
|
T M Smith |
P Tyas |
|
Director |
Director |
|
|
Company registration number:
04811572
|
T(N)S CATERING MANAGEMENT LIMITED |
|
Year ended 31 December 2024
Cash flows from operating activities
|
Profit for the financial year |
1,373,936 |
1,159,632 |
|
|
|
|
Adjustments for: |
|
|
|
Depreciation of tangible assets |
33,428 |
23,725 |
|
Other interest receivable and similar income |
(
30,778) |
(
22,493) |
|
Interest payable and similar expenses |
8,215 |
11,309 |
|
Loss on disposal of tangible assets |
2,144 |
– |
|
Tax on profit |
444,702 |
396,437 |
|
Accrued expenses |
307,207 |
40,775 |
|
|
|
|
Changes in: |
|
|
|
Stocks |
62,801 |
(
20,670) |
|
Trade and other debtors |
(
631,357) |
(
1,090,882) |
|
Trade and other creditors |
(
322,751) |
1,306,134 |
|
------------ |
------------ |
|
Cash generated from operations |
1,247,547 |
1,803,967 |
|
|
|
|
Interest paid |
(
8,215) |
(
11,309) |
|
Interest received |
30,778 |
22,493 |
|
Tax paid |
(
509,568) |
(
180,098) |
|
------------ |
------------ |
|
Net cash from operating activities |
760,542 |
1,635,053 |
|
------------ |
------------ |
|
|
|
Cash flows from investing activities
|
Purchase of tangible assets |
(
32,564) |
(
46,302) |
|
Proceeds from sale of tangible assets |
(
1) |
3,786 |
|
------------ |
------------ |
|
Net cash used in investing activities |
(
32,565) |
(
42,516) |
|
------------ |
------------ |
|
|
|
Cash flows from financing activities
|
Proceeds from borrowings |
(
100,000) |
(
100,000) |
|
Dividends paid |
(
1,191,125) |
(
904,182) |
|
------------ |
------------ |
|
Net cash used in financing activities |
(
1,291,125) |
(
1,004,182) |
|
------------ |
------------ |
|
|
|
|
Net (decrease)/increase in cash and cash equivalents |
(
563,148) |
588,355 |
|
Cash and cash equivalents at beginning of year |
2,239,318 |
1,650,963 |
|
------------ |
------------ |
|
Cash and cash equivalents at end of year |
1,676,170 |
2,239,318 |
|
------------ |
------------ |
|
|
|
|
T(N)S CATERING MANAGEMENT LIMITED |
|
|
Notes to the Financial Statements |
|
Year ended 31 December 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Perseus House 3 Chapel Court, Holly Walk, Leamington Spa, Warwickshire, CV32 4YS, England.
2.
Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Fixtures and fittings |
- |
33% straight line |
|
Equipment |
- |
|
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Turnover
Turnover arises from:
|
2024 |
2023 |
|
£ |
£ |
|
Rendering of services |
28,249,486 |
25,594,761 |
|
------------- |
------------- |
|
|
|
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5.
Operating profit
Operating profit or loss is stated after charging:
|
2024 |
2023 |
|
£ |
£ |
|
Depreciation of tangible assets |
33,428 |
23,724 |
|
Loss on disposal of tangible assets |
2,144 |
– |
|
Impairment of trade debtors |
– |
7,550 |
|
Operating lease rentals |
128,363 |
87,232 |
|
--------- |
-------- |
|
|
|
6.
Auditor's remuneration
|
2024 |
2023 |
|
£ |
£ |
|
Fees payable for the audit of the financial statements |
18,720 |
9,000 |
|
-------- |
------- |
|
|
|
7.
Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
|
2024 |
2023 |
|
No. |
No. |
|
Head office |
|
|
|
Operations |
|
|
|
Site staff |
|
|
|
---- |
---- |
|
508 |
482 |
|
---- |
---- |
|
|
|
The aggregate payroll costs incurred during the year, relating to the above, were:
|
2024 |
2023 |
|
£ |
£ |
|
Wages and salaries |
14,210,299 |
12,672,356 |
|
Social security costs |
216,916 |
190,428 |
|
Other pension costs |
275,310 |
245,376 |
|
------------- |
------------- |
|
14,702,525 |
13,108,160 |
|
------------- |
------------- |
|
|
|
8.
Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
|
2024 |
2023 |
|
£ |
£ |
|
Remuneration |
757,757 |
376,739 |
|
Company contributions to defined contribution pension plans |
6,494 |
5,063 |
|
--------- |
--------- |
|
764,251 |
381,802 |
|
--------- |
--------- |
|
|
|
Remuneration of the highest paid director in respect of qualifying services:
|
2024 |
2023 |
|
£ |
£ |
|
Aggregate remuneration |
254,430 |
113,631 |
|
Company contributions to defined contribution pension plans |
1,321 |
1,211 |
|
--------- |
--------- |
|
255,751 |
114,842 |
|
--------- |
--------- |
|
|
|
9.
Other interest receivable and similar income
|
2024 |
2023 |
|
£ |
£ |
|
Interest on cash and cash equivalents |
30,675 |
22,493 |
|
Other interest receivable and similar income |
103 |
– |
|
-------- |
-------- |
|
30,778 |
22,493 |
|
-------- |
-------- |
|
|
|
10.
Interest payable and similar expenses
|
2024 |
2023 |
|
£ |
£ |
|
Interest on banks loans and overdrafts |
8,215 |
11,309 |
|
------- |
-------- |
|
|
|
11.
Tax on profit
Major components of tax expense
Current tax:
|
UK current tax expense |
462,256 |
390,139 |
|
|
|
Deferred tax:
|
Origination and reversal of timing differences |
(
17,554) |
6,298 |
|
--------- |
--------- |
|
Tax on profit |
444,702 |
396,437 |
|
--------- |
--------- |
|
|
|
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2023: higher than) the
standard rate of corporation tax in the UK
of
25
% (2023:
23.52
%).
|
2024 |
2023 |
|
£ |
£ |
|
Profit on ordinary activities before taxation |
1,818,638 |
1,556,069 |
|
------------ |
------------ |
|
Profit on ordinary activities by rate of tax |
454,634 |
365,987 |
|
Adjustment to tax charge in respect of prior periods |
(
10,375) |
– |
|
Effect of expenses not deductible for tax purposes |
443 |
29,009 |
|
Rate movement |
– |
|
|
------------ |
------------ |
|
Tax on profit |
444,702 |
396,437 |
|
------------ |
------------ |
|
|
|
12.
Dividends
|
2024 |
2023 |
|
£ |
£ |
|
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) |
1,191,125 |
904,182 |
|
------------ |
--------- |
|
|
|
13.
Tangible assets
|
Fixtures and fittings |
Equipment |
Total |
|
£ |
£ |
£ |
|
Cost |
|
|
|
|
At 1 January 2024 |
101,434 |
|
179,497 |
|
Additions |
12,126 |
|
32,564 |
|
Disposals |
(
8,436) |
|
(
19,614) |
|
--------- |
-------- |
--------- |
|
At 31 December 2024 |
105,124 |
|
192,447 |
|
--------- |
-------- |
--------- |
|
Depreciation |
|
|
|
|
At 1 January 2024 |
67,588 |
|
131,576 |
|
Charge for the year |
18,515 |
|
33,428 |
|
Disposals |
(
6,942) |
|
(
17,471) |
|
--------- |
-------- |
--------- |
|
At 31 December 2024 |
79,161 |
|
147,533 |
|
--------- |
-------- |
--------- |
|
Carrying amount |
|
|
|
|
At 31 December 2024 |
25,963 |
|
44,914 |
|
--------- |
-------- |
--------- |
|
At 31 December 2023 |
33,846 |
|
47,921 |
|
--------- |
-------- |
--------- |
|
|
|
|
14.
Stocks
|
2024 |
2023 |
|
£ |
£ |
|
Raw materials and consumables |
252,365 |
315,166 |
|
--------- |
--------- |
|
|
|
15.
Debtors
|
2024 |
2023 |
|
£ |
£ |
|
Trade debtors |
3,911,575 |
3,440,486 |
|
Prepayments and accrued income |
123,757 |
162,826 |
|
Directors loan account |
149,148 |
– |
|
s455 Tax Recoverable |
|
– |
|
Other debtors |
10,488 |
10,924 |
|
------------ |
------------ |
|
4,245,593 |
3,614,236 |
|
------------ |
------------ |
|
|
|
16.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
|
Bank loans and overdrafts |
100,000 |
100,000 |
|
Trade creditors |
1,469,091 |
2,098,889 |
|
Accruals and deferred income |
995,891 |
675,058 |
|
Corporation tax |
342,828 |
390,140 |
|
Social security and other taxes |
1,004,766 |
945,149 |
|
Pensions payable |
|
|
|
Other creditors |
626,362 |
346,853 |
|
------------ |
------------ |
|
4,584,441 |
4,633,671 |
|
------------ |
------------ |
|
|
|
17.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
|
Bank loans and overdrafts |
100,000 |
200,000 |
|
Accruals and deferred income |
100,000 |
113,626 |
|
--------- |
--------- |
|
200,000 |
313,626 |
|
--------- |
--------- |
|
|
|
18.
Provisions
|
Deferred tax (note 19) |
|
£ |
|
At 1 January 2024 |
10,861 |
|
Additions |
(
17,554) |
|
-------- |
|
At 31 December 2024 |
(
6,693) |
|
-------- |
|
|
19.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
|
2024 |
2023 |
|
£ |
£ |
|
Included in provisions (note 18) |
(
6,693) |
10,861 |
|
------- |
-------- |
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
2024 |
2023 |
|
£ |
£ |
|
Accelerated capital allowances |
10,244 |
10,861 |
|
Provisions |
(
11,875) |
– |
|
Pension plan obligations |
(
5,062) |
– |
|
-------- |
-------- |
|
(6,693) |
10,861 |
|
-------- |
-------- |
|
|
|
20.
Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £
275,310
(2023: £
245,376
).
21.
Called up share capital
Issued, called up and fully paid
|
2024 |
2023 |
|
No. |
£ |
No. |
£ |
|
A Ordinary shares of £ 1 each |
32,000 |
32,000 |
32,000 |
32,000 |
|
B Ordinary shares of £ 1 each |
32,000 |
32,000 |
32,000 |
32,000 |
|
C Ordinary shares of £ 1 each |
8,000 |
8,000 |
8,000 |
8,000 |
|
D Ordinary shares of £ 1 each |
8,000 |
8,000 |
8,000 |
8,000 |
|
Ordinary E 1P shares of £ 0.01 each |
8,889 |
89 |
8,889 |
89 |
|
-------- |
-------- |
-------- |
-------- |
|
88,889 |
80,089 |
88,889 |
80,089 |
|
-------- |
-------- |
-------- |
-------- |
|
|
|
|
|
22.
Analysis of changes in net debt
|
At 1 Jan 2024 |
Cash flows |
At 31 Dec 2024 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
2,239,318 |
(563,148) |
1,676,170 |
|
Debt due within one year |
(100,000) |
– |
(100,000) |
|
Debt due after one year |
(200,000) |
100,000 |
(100,000) |
|
------------ |
--------- |
------------ |
|
1,939,318 |
(
463,148) |
1,476,170 |
|
------------ |
--------- |
------------ |
|
|
|
|
|
T(N)S CATERING MANAGEMENT LIMITED |
|
|
Notes to the Financial Statements (continued) |
|
Year ended 31 December 2024
23.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2024 |
2023 |
|
£ |
£ |
|
Not later than 1 year |
206,405 |
129,583 |
|
Later than 1 year and not later than 5 years |
425,440 |
101,630 |
|
--------- |
--------- |
|
631,845 |
231,213 |
|
--------- |
--------- |
|
|
|
24.
Directors' advances, credits and guarantees
During the year, the company made interest-free advances to the directors amounting to £149,148 (2023: £Nil). All advances are repayable on demand.