Capital Outsourcing Group Food Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 06546700 (England and Wales)

CAPITAL OUTSOURCING GROUP FOOD LIMITED

Audited Financial Statements for the Year Ended 28 February 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

R E Sobol

Mrs C L Harkin

REGISTERED OFFICE:

10th Floor

60 Church Street

Birmingham

West Midlands

B3 2DJ

REGISTERED NUMBER:

06546700 (England and Wales)

AUDITORS:

Michael Dufty Partnership Limited

Statutory Auditors

59-61 Charlotte Street

St Pauls Square

Birmingham

West Midlands

B3 1PX

FIXED ASSETS

Intangible assets

4

-

3,535

Tangible assets

5

-

325

-

3,860

CURRENT ASSETS

Debtors

6

1,543,169

1,043,327

Cash at bank and in hand

18,499

38,080

1,561,668

1,081,407

CREDITORS

Amounts falling due within one year

7

1,292,581

799,413

NET CURRENT ASSETS

269,087

281,994

TOTAL ASSETS LESS CURRENT
LIABILITIES

269,087

285,854

CREDITORS

Amounts falling due after more than one
year

8

25,010

30,512

NET ASSETS

244,077

255,342

CAPITAL AND RESERVES

Called up share capital

100

Retained earnings

243,977

255,242

SHAREHOLDERS' FUNDS

244,077

255,342

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 October 2025 and were signed on its behalf by:

R E Sobol - Director

1.	STATUTORY INFORMATION

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

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales-related taxes.

Turnover arising from temporary placements is recognised over the period that temporary workers are provided.

Turnover arising from the placement of permanent candidates is recognised at the time the candidate commences full-time employment. Provision is made for the expected cost of meeting obligations where employees do not work for the specified contractual period.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

33% on cost

Plant and machinery etc

-

33% on cost

Assets are stated at bought in cost.

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.

Going concern

These financial statements have been prepared on a going concern basis. The Directors anticipate that the company will continue to be profitable in the forthcoming period, for the foreseeable future and will maintain positive cash flows.

The company retains the continued support of the fellow group companies, including parent company Jarell Limited and is supported by the groups banking facilities.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Factoring arrangements

The company has entered into a confidential invoice discounting arrangement in order to assist with cash management and day to day working capital requirements. Debts approved by the factor company are assigned with recourse. Debtors are reflected gross within current assets, with the related factoring advance reflected gross within current liabilities.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 161 (2024 - 200 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 March 2024

and 28 February 2025

32,559

AMORTISATION

At 1 March 2024

29,024

Charge for year

3,535

At 28 February 2025

32,559

NET BOOK VALUE

At 28 February 2025

-

At 29 February 2024

3,535

5.	TANGIBLE FIXED ASSETS

Short

Computer

leasehold

equipment

Totals

£

COST

At 1 March 2024

and 28 February 2025

1,700

6,461

8,161

DEPRECIATION

At 1 March 2024

1,700

6,136

7,836

Charge for year

-

325

At 28 February 2025

1,700

6,461

8,161

NET BOOK VALUE

At 28 February 2025

-

At 29 February 2024

-

325

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Trade debtors

1,027,091

554,275

Amounts owed by group undertakings

510,057

482,555

Other debtors

-

1,592

Amts Owed from related parties

-

700

Prepayments

6,021

4,205

1,543,169

1,043,327

Debts are transferred by assignment to a debt factor under a confidential invoice discounting arrangement. Factored debts of £1,002,448 (2024: £525,057) are included within trade debtors.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Bank loans and overdrafts

5,510

5,383

Trade creditors

14,247

4,395

Corporation tax

-

30,984

Social security and other taxes

60,968

14,818

VAT

211,280

146,736

Other creditors

1,062

915

Invoice finance liability

815,384

473,557

Accruals and deferred income

184,130

122,625

1,292,581

799,413

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2025

2024

£

Bank loans - 1-2 years

5,650

5,511

Bank loans - 2-5 years

19,360

17,373

Bank loans more 5 yr by instal

-

7,628

25,010

30,512

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

7,628

9.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

Invoice Finance

815,384

473,557

Bounce Back Loan

30,520

35,894

845,904

509,451

The factoring liability is secured on debts to which the arrangement relates and an all asset debenture. The funding is subject to an overall borrowing limit of £3,900,000. This is a shared facility with other group companies.

The bank accounts are secured by a composite company unlimited multilateral guarantee dated 3 July 2015 given by Jarell Limited, Top Temps Limited, Capital Outsourcing Group Food Limited, Capital Outsourcing Group Limited, Capital Outsourcing Group (UK) Limited, Capital Pharma Limited and COG Managed Services Limited.

The bank loan has a fixed interest rate of 2.5% over a 10 year term ending May 2030. The loan is secured via a government guarantee.

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Arran Jones FCCA (Senior Statutory Auditor)

for and on behalf of Michael Dufty Partnership Limited

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is R E Sobol.

Mr Sobol is the ultimate controlling party by virtue of his majority shareholding in the parent company, Jarell Limited.

12.	ULTIMATE PARENT COMPANY

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