REGISTERED NUMBER: 05076235 (England and Wales)

Olive Catering Services Limited

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2024

Page

Company Information

1

Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

7

Income Statement

10

Other Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Cash Flow Statement

14

Notes to the Cash Flow Statement

15

Notes to the Financial Statements

16

DIRECTORS:

A G Norrie

S A Bradley

D P Brown

SECRETARY:

A G Norrie

REGISTERED OFFICE:

Barn Farm, Sibson Road

Ratcliffe Culey

Atherstone

Warwickshire

CV9 3PH

REGISTERED NUMBER:

05076235 (England and Wales)

SENIOR STATUTORY AUDITOR:

Stephen Butler BA FCA

AUDITORS:

TC Group

Statutory Auditor

Sterling House

97 Lichfield Street

Tamworth

Staffordshire

B79 7QF

The directors present their strategic report for the year ended 31 December 2024.

INTRODUCTION

The Board of Directors have pleasure in presenting their strategic report for the year ended 31 December 2024. A summary of the Company's five year results are shown below:

BUSINESS REVIEW AND KEY PERFORMANCE INDICATORS

2020

2021

2022

2023

2024

£

£

£

£

£

Turnover

21,680

23,444

34,420

42,902

46,464

Gross profit

4,557

5,519

6,630

7,282

8,259

Gross profit %

21.0%

23.5%

19.3%

17.0%

17.8%

Profit before tax

2,020

3,132

3,419

3,328

3,703

PBT %

9.3%

13.4%

9.9%

7.8%

8.0%

Shareholders' funds

2,972

3,654

3,890

3,705

3,768

Turnover increased 8.3% from £42.9m in 2023 to £46.5m in 2024 driven by 18 new contracts won in 2024. The uncertain economic backdrop to the UK economy during 2024 led the business to suffer from 10 contract losses where clients made cost cutting decisions to close their facilities. This, together with a number of group contract losses has slowed the growth of the business in 2024 and will marginally impact expected growth in 2025.

As the leading independent contract caterer in the UK with national coverage, the Company remains resolutely focussed on its B&I market which includes offices, factories and distribution centres. As a provider of high quality workplace catering solutions, the company seeks to work with clients who value the provision of catering services as a benefit to their employees. Those clients also recognise the intangible benefits of a staff restaurant including: staff moral, recruitment, retention and social interaction; especially where the food offer is exciting, compelling and continuously evolving.

The Company has continued to invest heavily in its structures to support future growth with additions to our sales and operations teams made during the year. In addition, the company has invested in its own development kitchen at our premises in Ratcliffe Culey which acts as an excellent training and demonstration facility for our catering teams.

PRINCIPAL RISKS AND UNCERTAINTIES

The Directors have significant experience in the sector and have developed review procedures and control systems to effectively manage the principal strategic, financial and operational risks faced by the business.

SECTION 172(1) STATEMENT

Our Section 172 statement summarises how the Board has factored stakeholder considerations into our decision making.

The Board has identified its key stakeholders to be: our people; our clients and customers; our suppliers; and our community and our environment. The Board is fully aware of, and take seriously, their responsibilities to those stakeholders under the Act.

The detailed content of this Annual Report further outlines how during 2024 the Board strove to comply with their duty under Section 172 in considering stakeholders in the Company's decision making process in order to promote the Company's success. We will continue to consider our stakeholders in the year ahead as the Board makes further decisions in overseeing the Company's strategy.

Long term decision making

The Board has put in place a structured governance model with scheduled Board meetings to control its decision-making process. Detailed bottom-up budgets are produced annually whilst top-down reforecasts are prepared on a quarterly basis to enable the Board to track performance and ensure that it is as expected.

STAKEHOLDER ENGAGEMENT

Clients and customers

As a national business with clients across different industries and with different requirements, we are resolutely focussed on providing tailored solutions for our clients' needs. The Operations Team is therefore set objectives around service standards together with a focus on client relationships with regular meetings to communicate developments and customer satisfaction at their respective sites.

Employee engagement

The Board recognises that, to run a successful service business, we need to recruit and retain the finest workforce. All our employees are "Team Members" and we strive together to fulfil and exceed our clients' expectations whilst ensuring we act responsibly with respect to the environment. We treat every team member as an individual and through our Team Member Development Programme and 2WAY communication we ensure that each and every Team Member is trained, supported, appraised and above all recognised as an individual. To further enhance employee engagement, we share our Journey to Success Road Map which sets out our plan for the future of the business encouraging each Team Member to engage with the wider business objectives.

In addition, we recognise that development is an essential part of any individual's career, from induction training to refresher training and onto training and development of new skills. The development of skills in our team members will result in improved quality of service to our customers and clients. The more we motivate our team members the longer they stay with the Company, giving continuity to both clients and Olive.

Our commitment to our people has been recognized by our inclusion in the Financial Times list of The 500 Best Companies to work for in the UK in 2025. The list was compiled based on an independent, anonymous survey of workers throughout the UK and provides a firm endorsement of the Company as a best-in-class employer.

Suppliers

The Company has developed strong professional relationships with a range of quality suppliers who are contracted centrally and deliver to our sites. Through a process of retendering, we ensure that we are achieving best value for our clients as well as ensuring that we are working with suppliers who share our values and commitment to sustainability.

Community and Environment

Our Ethical Olive framework supports sustainability and our journey towards net zero. The framework of three pillars operates to fulfil the needs of today without compromising the needs of future generations. We believe sustainability is ensuring a balance between environmental care, social well-being and economic growth.

Human: Our human pillar recognises Olive Team Members as a social system with a goal to achieve good human well-being.

Environment: Our environmental pillar ensures we are operating within the means of our natural resources and not breaching replenishment rates.

Economic: Our economic pillar is focused on business activity that utilises resources efficiently and responsibly so that we can operate in a sustainable manner while ensuring profitability and growth.

During 2024, The Company was awarded the 'THREE STAR FOOD MADE GOOD SUSTAINABILITY AWARD', by the Sustainable Restaurant Association. This prestigious accreditation demonstrates that, as a business, we are 100% committed to acting in a sustainable way. The award reviews key areas of our business that impact sustainability under; Sourcing, Society and Environment.

Olive is a member of a local volunteering body, and we participate in local volunteering projects which, not only puts something back to the community, but also helps build and enhance the team-working culture of our company.

ON BEHALF OF THE BOARD:

A G Norrie - Director

24 July 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

Olive Catering Services is one of the leading independent contract catering companies, operating 150 contracts throughout the UK.

Since 2004, Olive have provided a wide variety of high quality, tailored workplace catering solutions with a particular focus on fresh food. We are a vibrant company with an enthusiasm and passion for our business that sets us apart from other contract caterers.

DIVIDENDS

The Company paid dividends of £2,715,000 during the year (2023 - £2,715,000).

FUTURE DEVELOPMENTS

2025 has started very strongly with the Company winning 10 new contracts during the first six months of the year and is on track to achieve turnover in excess of £50m in 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

A G Norrie

S A Bradley

D P Brown

ENGAGEMENT WITH EMPLOYEES

The Company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

Information relating to matters of concern to its employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the Company's performance.

DISABLED EMPLOYEES

The Company's policy is to recruit disabled workers for those vacancies that they are able to fill. All necessary assistance with initial training courses is given. Once employed, a career plan is developed so as to ensure suitable opportunities for each disabled person. Arrangements are made, wherever possible, for retraining employees who become disabled, to enable them to perform work identified as appropriate to their aptitudes and abilities.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, TC Group, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

A G Norrie - Director

24 July 2025

Opinion

We have audited the financial statements of Olive Catering Services Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations.

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

Extent to which the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

Our approach was as follows:

- we identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations;

- we considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK;

- we considered the nature of the industry, the control environment and business performance, including the key drivers for management’s remuneration;

- we communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit, also all areas where fraud might occur in the financial statements and how;

- we considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors these programmes and controls;

- we considered how the directors and management respond to risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

- we performed detailed analytical procedures to identify and unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

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 our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) 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. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Stephen Butler BA FCA (Senior Statutory Auditor)

for and on behalf of TC Group

Statutory Auditor

Sterling House

97 Lichfield Street

Tamworth

Staffordshire

B79 7QF

24 July 2025

TURNOVER

3

46,463,859

42,902,002

Cost of sales

38,205,316

35,620,143

GROSS PROFIT

8,258,543

7,281,859

Administrative expenses

4,641,818

3,996,943

OPERATING PROFIT

6

3,616,725

3,284,916

Interest receivable and similar income

87,512

42,949

3,704,237

3,327,865

Interest payable and similar expenses

7

923

259

PROFIT BEFORE TAXATION

3,703,314

3,327,606

Tax on profit

8

916,533

798,087

PROFIT FOR THE FINANCIAL YEAR

2,786,781

2,529,519

PROFIT FOR THE YEAR

2,786,781

2,529,519

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,786,781

2,529,519

FIXED ASSETS

Tangible assets

10

315,614

291,081

CURRENT ASSETS

Stocks

11

324,016

379,225

Debtors

12

8,556,836

8,560,440

Cash at bank

3,549,774

3,284,440

12,430,626

12,224,105

CREDITORS

Amounts falling due within one year

13

8,908,863

8,752,127

NET CURRENT ASSETS

3,521,763

3,471,978

TOTAL ASSETS LESS CURRENT LIABILITIES

3,837,377

3,763,059

PROVISIONS FOR LIABILITIES

16

60,625

58,088

NET ASSETS

3,776,752

3,704,971

CAPITAL AND RESERVES

Called up share capital

17

900

900

Retained earnings

18

3,775,852

3,704,071

SHAREHOLDERS' FUNDS

3,776,752

3,704,971

The financial statements were approved by the Board of Directors and authorised for issue on 24 July 2025 and were signed on its behalf by:

A G Norrie - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

900

3,889,552

3,890,452

Changes in equity

Dividends

-

(2,715,000

)

(2,715,000

)

Total comprehensive income

-

2,529,519

2,529,519

Balance at 31 December 2023

900

3,704,071

3,704,971

Changes in equity

Dividends

-

(2,715,000

)

(2,715,000

)

Total comprehensive income

-

2,786,781

2,786,781

Balance at 31 December 2024

900

3,775,852

3,776,752

Cash flows from operating activities

Cash generated from operations

1

3,974,346

4,423,481

Interest paid

(923

)

(259

)

Tax paid

(862,272

)

(679,740

)

Net cash from operating activities

3,111,151

3,743,482

Cash flows from investing activities

Purchase of tangible fixed assets

(230,596

)

(137,855

)

Sale of tangible fixed assets

7,540

7,775

Interest received

87,512

42,949

Net cash from investing activities

(135,544

)

(87,131

)

Cash flows from financing activities

Equity dividends paid

(2,715,000

)

(2,715,000

)

Net cash from financing activities

(2,715,000

)

(2,715,000

)

Increase in cash and cash equivalents

260,607

941,351

Cash and cash equivalents at beginning of year

2

3,284,440

2,343,089

Cash and cash equivalents at end of year

2

3,545,047

3,284,440

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

Profit before taxation

3,703,314

3,327,606

Depreciation charges

200,760

159,099

Profit on disposal of fixed assets

(2,237

)

(866

)

Finance costs

923

259

Finance income

(87,512

)

(42,949

)

3,815,248

3,443,149

Decrease/(increase) in stocks

55,209

(6,195

)

Decrease/(increase) in trade and other debtors

3,604

(588,622

)

Increase in trade and other creditors

100,285

1,575,149

Cash generated from operations

3,974,346

4,423,481

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

3,549,774

3,284,440

Bank overdrafts

(4,727

)

-

3,545,047

3,284,440

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

3,284,440

2,343,089

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank

3,284,440

265,334

3,549,774

Bank overdrafts

-

(4,727

)

(4,727

)

3,284,440

260,607

3,545,047

Total

3,284,440

260,607

3,545,047

1.	STATUTORY INFORMATION

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Significant judgements and estimates

In the application of the Company's accounting policies, management are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to the accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both the current and future periods.

For the judgements made around depreciation rates, stock and bad debt provisions, see the accounting policies stated. No further judgemental items are noted within the financial statements.

Turnover

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 at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:

- the Company has transferred the significant risks and rewards of ownership to the buyer;

- the Company retains neither continuing managerial involvement to the degree usually associated with

ownership nor effective control over the goods sold;

- the amount of turnover can be measured reliably;

- it is probable that the Company will receive the consideration due under the transaction; and

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

Plant and machinery

- 3 to 5 years

Motor vehicles

- 3 to 5 years

Fixtures & fittings

- 3 to 5 years

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.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the statement of comprehensive income.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Creditors

Short term creditors are measured at the transaction price.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2024

2023

£

£

United Kingdom

46,463,859

42,902,002

46,463,859

42,902,002

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

20,792,414

18,216,705

Social security costs

1,652,854

1,416,034

Other pension costs

553,180

478,378

22,998,448

20,111,117

The average number of employees during the year was as follows:

2024

2023

Management and administration

46

41

Operations

815

756

861

797

5.	DIRECTORS' EMOLUMENTS

2024

2023

£

£

Directors' remuneration

221,420

189,263

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

Money purchase schemes

3

3

Information regarding the highest paid director for the year ended 31 December 2024 is as follows:

2024

£

Emoluments etc

156,252

6.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024

2023

£

£

Depreciation - owned assets

200,760

159,099

Profit on disposal of fixed assets

(2,237

)

(866

)

Auditors' remuneration

17,063

14,400

Defined contribution pension cost

553,180

478,378

Operating lease costs

290,330

238,084

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Interest on overdue taxation

923

259