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Registered number: 05994921 ON A ROLL SANDWICH COMPANY LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
ON A ROLL SANDWICH COMPANY LIMITED COMPANY INFORMATION
DIRECTOR | Mr J M Stoddart
COMPANY SECRETARY | Mrs H Stoddart
REGISTERED NUMBER | 05994921
REGISTERED OFFICE | The Pantry
| Barton Road
| Middlesborough
| TS2 1RY
INDEPENDENT AUDITORS | Waltons Business Advisers Limited
| Chartered Accountants & Statutory Auditors
| Maritime House
| Harbour Walk
| The Marina
| Hartlepool
| TS24 0UX
ON A ROLL SANDWICH COMPANY LIMITED CONTENTS
| Page
Director's report | 1 - 4
Strategic report | 5 - 7
Independent auditors' report | 8 - 11
Statement of income and retained earnings | 12
Balance sheet | 13 - 14
Statement of cash flows | 15 - 16
Analysis of net debt | 17
Notes to the financial statements | 18 - 29
ON A ROLL SANDWICH COMPANY LIMITED DIRECTOR'S REPORT FOR THE YEAR ENDED 31 JANUARY 2025 The director presents his report and the financial statements for the year ended 31 January 2025.
DIRECTOR'S RESPONSIBILITIES STATEMENT
The director is responsible for preparing the strategic report, the director's report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 director is required to: ∙select suitable accounting policies for the company's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The director is 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 to enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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.
PRINCIPAL ACTIVITY
The principal activity of the company during the year was that of food manufacturing and distribution.
RESULTS AND DIVIDENDS
The profit for the year, after taxation, amounted to £2,423,083 (2024 - £2,357,801).
DIRECTOR
The director who served during the year was:
Mr J M Stoddart
Page 1
ON A ROLL SANDWICH COMPANY LIMITED DIRECTOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025
FUTURE DEVELOPMENTS
On A Roll Sandwich Company Limited (OAR) has seen a small growth in the business over the financial year but underneath the figures, there are losses and gains. Over the next year, the director expects growth to be around 5% within their current customer base as well as another 5% in new business. The main concern is the unsettled economy and as such, decisions need to be made on where growth will come from, and how the business keeps the spread across the market sector to ensure risks are mitigated. Investment in experienced, senior board members with food to go experience, is ensuring the business is becoming more national focused. The first 6 months of the current year have been as planned, and not shown growth, however, the second half is expected to start improve, with the following year to 31 January 2027 showing an better return on investment.
RESEARCH AND DEVELOPMENT ACTIVITIES
The company has had a quieter year investment wise, but have continued to work with their packaging suppliers generally to get them the most environmentally friendly packaging available. The key aim is to continue to reduce the environmental impact of the business and going in 2025-26 is to improve this further. At the end of the financial year, discussions have started on the purchase of new machinery to improve efficiency on the lines and to ensure the continuation of cost saving improvements with the development of new line equipment with machine manufacturers.
DISABLED EMPLOYEES
The company is committed to building a workforce which reflects the working population and our local community and are looking at ways we can provide greater flexibility in manufacturing, to increase diversity. We are an equal opportunities employer, both at the point of recruitment and throughout employment; ensuring that all applicants and workers are treated equally and ensuring that everyone has the same access to promotion opportunities. Page 2
ON A ROLL SANDWICH COMPANY LIMITED DIRECTOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025
GREENHOUSE GAS EMISSIONS, ENERGY CONSUMPTION AND ENERGY EFFICIENCY ACTION
In line with the Streamlined Energy and Carbon Reporting legislation, the company is required to report its energy consumption and greenhouse gas emissions arising in the UK. All scope 1 & 2 sources of energy and emissions have been disclosed as well as mandatory scope 3 sources of energy and emissions. This is our first year reporting under carbon reporting legislation. We have decided to use production as our intensity ratio as it best reflects our business performance as a whole and what has the largest impact on our energy levels. Although there have been no specific energy efficiency actions taken during this year, we do have the following energy saving measures implemented across our sites already. Notable energy efficiency actions: > All lights are fully LED > Air source heat pump is utlised > PIR lighting used in certain areas > Heat recovery used to re-heat water
Source of Energy & Emissions | Energy Consumption (MWh) | GHG Emissions (tCO2e)
| 2025 | 2025
Combustion of Natural Gas | - | -
Combustion of Fuel in Company Vehicle | 5,789.48 | 1,498.21
Scope 1 Total | 5,789.48 | 1,498.21
Generation of Purchased Electricity | 1,357.62 | 240.29
Of which from renewable sources | - | -
Scope 2 Total | 1,357.62 | 240.29
Combustion of Fuel in Staff Vehicles | - | -
Scope 3 Total | - | -
Grand Total | 7,147.1 | 1,738.51
Intensity per 1000 Units Produced | 0.23 | 0.06
Conversion Factors All conversion factors and fuel properties used in this disclosure have been taken from the 2025 "UK Government Greenhouse Gas Conversion Factors for Company Reporting" published by the Department for Energy Security & Net Zero (DESNZ) and the Department for Environment, Food & Rural Affairs (DEFRA). All greenhouse gas emissions have been expressed in terms of their carbon dioxide equivalence. A full list of conversation factors can be viewed below.
Fuel | Conversion | Factor
Electricity: UK | kg CO2e/kWh | 0.17700
Natural gas (Standard UK grid) | kg CO2e/kWh (Gross CV) | 0.18296
Vehicle Type | Conversion | Factor
Average HGV's | kWh/mile (Net CV) | 5.50665
| kg CO2e/mile | 1.43425
Van Class 3 | kWh/mile (Net CV) | 1.74073
| kg CO2e/mile | 0.44866
Van Average Size | kWh/mile (Net CV) | 1.5924
| kg CO2e/mile | 0.41138
Page 3
ON A ROLL SANDWICH COMPANY LIMITED DIRECTOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025 Utilities Energy consumption expressed in kilowatt-hours has been taken from suppliers' invoices for electricity. 100% of our utility information both Electricity was available for this report. Location-based kgCO2e/kWh conversion factors for the average UK grid supply have been used to calculate the associated greenhouse gas emissions. Transport Staff only drive company vehicles and the mileage is recorded. The conversion factors for HGV's & Vans (By size) have been used to calculate greenhouse gas emissions and underlying energy use. Other Fuels & Emissions Maintenance records did not contain any instances of refrigerant leaks for air conditioning systems.
MATTERS COVERED IN THE STRATEGIC REPORT
The business review, principal risks and uncertainties and financial key performance indicators are included in the strategic report.
DISCLOSURE OF INFORMATION TO AUDITORS
The director at the time when this director's report is approved has confirmed that: ∙so far as he is aware, there is no relevant audit information of which the company's auditors are unaware, and ∙he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.
AUDITORS
The auditors, Waltons Business Advisers Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
Mr J M Stoddart Director
Date: 17 October 2025
Page 4
ON A ROLL SANDWICH COMPANY LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 JANUARY 2025
BUSINESS REVIEW
On A Roll Sandwich Company Limited (OAR) has experienced modest growth of 3.6% during the financial year ended 31 January 2025. While the company has achieved growth overall, this period has also seen the loss of some business in certain market areas. This outcome was largely anticipated following a strategic decision not to compete solely on price in lower-margin tenders—particularly in public sector contracts, where cost can often outweigh quality in procurement decisions. OAR remains firmly committed to providing value through quality, service, and innovation rather than entering a price race to the bottom. The leadership team recognised these dynamics early in the year and proactively explored opportunities to strengthen existing relationships and identify new areas for expansion. Growth has therefore come primarily through increased sales within the current customer base, as well as new business development in select private sector markets where quality and reliability are key factors in supplier selection. From the 2024 Budget, management were aware that the rising cost of employment—particularly increases in the National Minimum Wage and National Insurance contributions—would have a substantial impact in 2025. As a result of this, OAR’s costing and pricing strategies for the new financial year were carefully recalibrated to absorb and reflect these pressures responsibly. Additionally, several suppliers implemented price increases in early 2025, some as soon as January, ahead of the April 2025 budgetary changes. Despite these pressures, OAR delayed its own price increases until May and June 2025, ensuring stability and fairness to its customer base during a volatile period. The wider food-to-go and sandwich manufacturing market has remained unsettled throughout the year, with ongoing consolidation, shifting consumer demand, and the exit of several operators from the sector through acquisition. Against this backdrop, OAR has continued to focus on operational efficiency, product quality, and measured investment. The business has spent the year ending 31 January 2025 consolidating operations and returning to a steady, sustainable growth pattern. The company expects to see a gradual strengthening in performance during the second half of the financial year ending 31 January 2026. Page 5
ON A ROLL SANDWICH COMPANY LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025
PRINCIPAL RISKS AND UNCERTAINTIES
The business environment during the financial year has been more volatile than usual, with significant fluctuations in costs, supply chain conditions, and customer demand. OAR continues to monitor these challenges closely and adapt where necessary. A key area of focus remains continuous investment in up-to-date machinery and automation to support the busiest production lines. Automation is essential to improving efficiency and mitigating the ongoing shortage of skilled labour in food manufacturing. OAR recognises that maintaining production reliability and quality standards requires sustained investment in technology, training, and process improvements. Pricing continues to represent one of the company’s most significant challenges. Customers are resistant to price increases, yet input costs—particularly food ingredients and packaging—have continued to rise throughout the year. Food inflation in 2025 has proven worse than the prior year, further compressing margins. The business continues to review pricing structures regularly, balancing the need to remain competitive with the requirement to maintain profitability and product quality. The team is fully aware that the wider market remains highly competitive and that some competitors adopt aggressive pricing tactics. OAR’s strategy remains centred on delivering consistent quality, service, and dependability rather than compromising standards for short-term gain. Product integrity, operational excellence, and people development continues to be the core strengths of the business.
FINANCIAL KEY PERFORMANCE INDICATORS
The board monitors company performance using a range of indicators, some of the most significant of which are as follows:
Key performance indicators | 2025 | 2024 | 2023 | 2022 | 2021
| £'000 | £'000 | £'000 | £'000 | £'000
Sales growth / (reduction) | 4% | 30% | 59% | 35% | (19%)
Target for purchases as a % of sales - 55% | 56% | 57% | 57% | 52% | 53%
Net profit before tax - 10% | 8% | 8% | 8% | 8% | 2%
Direct employee costs as a % of sales target - 20% | 20% | 20% | 18% | 24% | 31%
Page 6
ON A ROLL SANDWICH COMPANY LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025
DIRECTOR'S STATEMENT OF COMPLIANCE WITH DUTY TO PROMOTE THE SUCCESS OF THE COMPANY
In accordance with Section 172(1) of the Companies Act 2006, the director confirms that decisions made during the year were done so in good faith and with the intention of promoting the success of OAR for the benefit of its members as a whole, while having regard to the following key matters: Long-term success The Board continually considers the long-term impact of its decisions, with a focus on sustainable growth and continued investment in modern facilities, automation, and innovation in the food-to-go sector. Employees OAR’s people remain at the heart of the business. The company continues to invest in training, development, and wellbeing, ensuring that employees are engaged, supported, and aligned with the company’s goals. Customers and suppliers OAR values strong and transparent relationships with customers and suppliers alike. Collaboration and communication underpin these partnerships, ensuring that all stakeholders share in mutual success and that quality and reliability remain uncompromised. Community and environment The company takes its environmental and social responsibilities seriously. OAR continues to minimise waste, reduce energy consumption, and source sustainably wherever possible. The company also supports local employment and contributes to the wider Middlesbrough community through responsible business practices. Standards and reputation The Board upholds the highest standards of integrity, quality, and compliance. Food safety, ethical sourcing, and fair dealing remain central to OAR’s values, ensuring that the company’s reputation continues to reflect trust, professionalism, and excellence. This report was approved by the board and signed on its behalf.
Mr J M Stoddart Director
Date: 17 October 2025
Page 7
ON A ROLL SANDWICH COMPANY LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ON A ROLL SANDWICH COMPANY LIMITED
UNQUALIFIED OPINION
We have audited the financial statements of On A Roll Sandwich Company Limited (the 'company') for the year ended 31 January 2025, which comprise the statement of income and retained earnings, the analysis of net debt, the balance sheet, the 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 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 January 2025 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 United Kingdom, including the Financial Reporting Council'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 director's 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 director with respect to going concern are described in the relevant sections of this report. Page 8
ON A ROLL SANDWICH COMPANY LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ON A ROLL SANDWICH COMPANY LIMITED (CONTINUED)
OTHER INFORMATION
The other information comprises the information included in the Annual Report other than the financial statements and our auditors' report thereon. The director is responsible for the other information contained within the Annual Report. 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. 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 course of 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.
OPINION 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 director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the strategic report and the director's 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 director's 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 director's 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 director's responsibilities statement set out on page 1, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. Page 9
ON A ROLL SANDWICH COMPANY LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ON A ROLL SANDWICH COMPANY LIMITED (CONTINUED)
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 an auditors' 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: We gained an understanding of the legal and regulatory framework applicable to the company and the area in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. We identified the greatest potential for fraud in the following areas: existence and timing of recognition of income and the posting of unusual journals. We discussed these risks with management and designed audit procedures to test the timing and existence of revenue. We reviewed journals posted during the year and around the year end to look for potential “window dressing”. 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 auditors' report. Page 10
ON A ROLL SANDWICH COMPANY LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ON A ROLL SANDWICH COMPANY LIMITED (CONTINUED)
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 auditors' 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. Heather O'Driscoll FCA (senior statutory auditor) for and on behalf of Waltons Business Advisers Limited Chartered Accountants Statutory Auditors Maritime House Harbour Walk The Marina Hartlepool TS24 0UX 23 October 2025 Page 11
ON A ROLL SANDWICH COMPANY LIMITED STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED 31 JANUARY 2025
| 2025 | 2024
Note | £ | £
Turnover | 3 | 41,033,787 | 39,592,233
Cost of sales |  | (31,649,509) | (30,848,663)
GROSS PROFIT |  | 9,384,278 | 8,743,570
Distribution costs |  | (2,713,426) | (2,185,158)
Administrative expenses |  | (3,492,824) | (3,262,847)
Other operating income | 4 | 22,305 | 22,305
OPERATING PROFIT | 5 | 3,200,333 | 3,317,870
Interest receivable and similar income | 9 | 71,946 | 13,686
Interest payable and similar expenses | 10 | (7,477) | (23,961)
PROFIT BEFORE TAX |  | 3,264,802 | 3,307,595
Tax on profit | 11 | (841,719) | (949,794)
PROFIT AFTER TAX |  | 2,423,083 | 2,357,801
Retained earnings at the beginning of the year |  | 9,372,937 | 7,193,052
|  | 9,372,937 | 7,193,052
Profit for the year |  | 2,423,083 | 2,357,801
Dividends declared and paid |  | (180,000) | (177,916)
RETAINED EARNINGS AT THE END OF THE YEAR |  | 11,616,020 | 9,372,937
The notes on pages 18 to 29 form part of these financial statements.
Page 12
ON A ROLL SANDWICH COMPANY LIMITED REGISTERED NUMBER: 05994921 BALANCE SHEET AS AT 31 JANUARY 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
FIXED ASSETS |  |  |  |  |
Tangible assets | 13 |  | 3,996,829 |  | 4,328,670
Investments | 14 |  | 1,080 |  | 1,080
|  |  | 3,997,909 |  | 4,329,750
CURRENT ASSETS |  |  |  |  |
Stocks | 15 | 2,229,424 |  | 2,088,312 |
Debtors: amounts falling due within one year | 16 | 5,972,259 |  | 5,515,997 |
Cash at bank and in hand | 17 | 3,937,917 |  | 2,349,271 |
|  | 12,139,600 |  | 9,953,580 |
Creditors: amounts falling due within one year | 18 | (3,440,573) |  | (3,719,062) |
NET CURRENT ASSETS |  |  | 8,699,027 |  | 6,234,518
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 12,696,936 |  | 10,564,268
Creditors: amounts falling due after more than one year | 19 |  | - |  | (43,661)
PROVISIONS FOR LIABILITIES |  |  |  |  |
Deferred tax | 21 | (635,059) |  | (679,508) |
Other provisions | 22 | (445,757) |  | (468,062) |
|  |  | (1,080,816) |  | (1,147,570)
NET ASSETS |  |  | 11,616,120 |  | 9,373,037
CAPITAL AND RESERVES |  |  |  |  |
Called up share capital | 23 |  | 100 |  | 100
Profit and loss account | 24 |  | 11,616,020 |  | 9,372,937
|  |  | 11,616,120 |  | 9,373,037
Page 13
ON A ROLL SANDWICH COMPANY LIMITED REGISTERED NUMBER: 05994921 BALANCE SHEET (CONTINUED) AS AT 31 JANUARY 2025 The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 October 2025.
Mr J M Stoddart
Director
The notes on pages 18 to 29 form part of these financial statements. Page 14
ON A ROLL SANDWICH COMPANY LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JANUARY 2025
|  |  | 2025 | 2024
|  |  | £ | £
CASH FLOWS FROM OPERATING ACTIVITIES |  |
Profit after tax | 2,423,083 | 2,357,801
ADJUSTMENTS FOR: |  |
Depreciation of tangible assets | 409,614 | 469,788
Government grants | (22,305) | (22,305)
Interest paid | 7,477 | 23,961
Interest received | (71,946) | (13,686)
Taxation charge | 841,719 | 828,502
(Increase)/decrease in stocks | (141,112) | 20,427
(Increase) in debtors | (438,206) | (881,431)
(Decrease) in creditors | (112,678) | (358,931)
Corporation tax (paid) | (943,000) | (831,688)
NET CASH GENERATED FROM OPERATING ACTIVITIES | 1,952,646 | 1,592,438
CASH FLOWS FROM INVESTING ACTIVITIES |  |
Purchase of tangible fixed assets | (77,773) | (256,800)
Interest received | 71,946 | 13,686
HP interest paid | (2,042) | (7,764)
NET CASH FROM INVESTING ACTIVITIES | (7,869) | (250,878)
CASH FLOWS FROM FINANCING ACTIVITIES |  |
Repayment of loans | (125,562) | (186,158)
Repayment of/new finance leases | (45,134) | (44,807)
Dividends paid | (180,000) | (177,916)
Interest paid | (5,435) | (16,197)
NET CASH USED IN FINANCING ACTIVITIES | (356,131) | (425,078)
INCREASE IN CASH AND CASH EQUIVALENTS | 1,588,646 | 916,482
Cash and cash equivalents at beginning of year | 2,349,271 | 1,432,789
Page 15
ON A ROLL SANDWICH COMPANY LIMITED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025
|  | 2025 | 2024
|  | £ | £
CASH AND CASH EQUIVALENTS AT THE END OF YEAR | 3,937,917 | 2,349,271
CASH AND CASH EQUIVALENTS AT THE END OF YEAR COMPRISE: |  |
Cash at bank and in hand | 3,937,917 | 2,349,271
| 3,937,917 | 2,349,271
The notes on pages 18 to 29 form part of these financial statements.
Page 16
ON A ROLL SANDWICH COMPANY LIMITED ANALYSIS OF NET DEBT FOR THE YEAR ENDED 31 JANUARY 2025
| At 1 February 2024 | Cash flows | At 31 January 2025
| £ | £ | £
Cash at bank and in hand | 2,349,271 | 1,588,646 | 3,937,917
Debt due within 1 year | (125,562) | 125,562 | -
Finance leases | (94,670) | 45,134 | (49,536)
| 2,129,039 | 1,759,342 | 3,888,381
The notes on pages 18 to 29 form part of these financial statements.
Page 17
ON A ROLL SANDWICH COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
1. | GENERAL INFORMATION
The company is a private company limited by share capital and registered in England and Wales. The registered office address is: The Pantry Barton Road Middlesbrough TS2 1RY 2.ACCOUNTING POLICIES
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies.
| 2.2 | Going concern
The director, having made due and careful enquiry, is of the opinion that the company has in excess of £3m in cash reserves and an invoice discounting arrangement, therefore is confident it has adequate working capital to execute its operations over the next 12 months. The director, therefore, has made an informed judgement, at the time of approving the financial statements, that there is reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As a result the director has continued to adopt the going concern basis of accounting in preparing the annual financial statements.
| 2.3 | Revenue
Revenue comprises revenue recognised by the company in respect of goods supplied during the year, exclusive of Value Added Tax. Revenue is recognised when the company has transferred ownership of goods to the buyer and revenue can be measured reliably.
| 2.4 | Invoice discounting
The company obtains finance in respect of trade debtors under an invoice discounting arrangement. This is regarded as a financing arrangement only, and the gross amount of the trade debtor is included in debtors with any advances received against these debts being included in other creditors. Interest and charges in respect of these arrangements are charged to the profit and loss on an accruals basis. Page 18
ON A ROLL SANDWICH COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.5 | 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. Land is not depreciated. Depreciation on other assets 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 basis:
|  |  |  | Freehold property | - | 50 years
|  |  |  | Plant & machinery | - | 8 years
|  |  |  | Motor vehicles | - | 4 years
|  |  |  | Fixtures & fittings | - | 4 years
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.6 | Stocks
Stocks of goods 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.
| 2.7 | Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
3. | TURNOVER
| All turnover arose within the United Kingdom.
4. | OTHER OPERATING INCOME
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Government grants released | 22,305 | 22,305
|  | 22,305 | 22,305
Page 19
ON A ROLL SANDWICH COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
5. | OPERATING PROFIT
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation of tangible fixed assets | 409,614 | 469,788
| Exchange differences | - | 3,224
| Defined contribution pension cost | 253,329 | 445,818
| Government grants | (22,305) | (22,305)
6. | AUDITORS' REMUNERATION
| During the year, the company obtained the following services from the company's auditors and their associates:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the company's auditors and their associates for the audit of the company's financial statements | 13,250 | 12,020
| Fees payable to the company's auditors and their associates in respect of: |  |
| Taxation compliance services | 1,090 | 1,035
| All non-audit services not included above | 7,155 | 6,810
Page 20
ON A ROLL SANDWICH COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
7. | EMPLOYEES
| Staff costs, including director's remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 7,415,798 | 6,178,888
| Social security costs | 654,338 | 510,233
| Cost of defined contribution scheme | 253,329 | 445,818
|  | 8,323,465 | 7,134,939
| Total remuneration to key management personnel was £24,140 (2024: £24,120).
| The average monthly number of employees, including the director, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Production | 244 | 213
|  | Admin and directors | 23 | 23
|  | Quality assurance department | 17 | 14
|  | Maintenance | 3 | 3
|  |  | 287 | 253
8. | DIRECTOR'S REMUNERATION
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Director's emoluments | 12,070 | 12,070
| Company contributions to defined contribution pension schemes | 62,850 | 168,163
|  | 74,920 | 180,233
| During the year retirement benefits were accruing to 1 director (2024 - 1) in respect of defined contribution pension schemes.
Page 21
ON A ROLL SANDWICH COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
9. | INTEREST RECEIVABLE
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 71,946 | 13,686
|  | 71,946 | 13,686
10. | INTEREST PAYABLE AND SIMILAR EXPENSES
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 5,435 | 16,197
| Finance leases and hire purchase contracts | 2,042 | 7,764
|  | 7,477 | 23,961
11. | TAXATION
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 886,168 | 828,502
|  | 886,168 | 828,502
| Total current tax | 886,168 | 828,502
| Deferred tax |  |
| Origination and reversal of timing differences | (69,817) | (20,947)
| Changes to tax rates | 25,368 | 142,239
| Total deferred tax | (44,449) | 121,292
| Tax on profit | 841,719 | 949,794
Page 22
ON A ROLL SANDWICH COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 11.TAXATION (CONTINUED)
| FACTORS AFFECTING TAX CHARGE FOR THE YEAR
| The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 24%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 3,264,802 | 3,307,595
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 24%) | 816,201 | 794,820
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 2,815 | 3,725
| Capital allowances for year in excess of depreciation | 72,728 | 35,317
| Short-term timing difference leading to an increase (decrease) in taxation | (69,817) | (20,947)
| Other timing differences leading to an increase (decrease) in taxation | 25,368 | 142,239
| Non-taxable income | (5,576) | (5,360)
| Total tax charge for the year | 841,719 | 949,794
12. | DIVIDENDS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends | 180,000 | 177,916
|  | 180,000 | 177,916
Page 23
ON A ROLL SANDWICH COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
13. | TANGIBLE FIXED ASSETS
|  | Land and buildings | Plant & machinery | Motor vehicles | Fixtures & fittings | Total
|  | £ | £ | £ | £ | £
| Cost |  |  |  |  |
| At 1 February 2024 | 3,967,695 | 3,187,681 | 376,674 | 131,251 | 7,663,301
| Additions | - | 62,801 | 14,583 | 389 | 77,773
| At 31 January 2025 | 3,967,695 | 3,250,482 | 391,257 | 131,640 | 7,741,074
| Depreciation |  |  |  |  |
| At 1 February 2024 | 743,626 | 2,198,407 | 279,641 | 112,957 | 3,334,631
| Charge for the year on owned assets | 69,609 | 173,294 | 93,215 | 7,298 | 343,416
| Charge for the year on financed assets | - | 66,198 | - | - | 66,198
| At 31 January 2025 | 813,235 | 2,437,899 | 372,856 | 120,255 | 3,744,245
| Net book value |  |  |  |  |
| At 31 January 2025 | 3,154,460 | 812,583 | 18,401 | 11,385 | 3,996,829
| At 31 January 2024 | 3,224,069 | 989,274 | 97,033 | 18,294 | 4,328,670
Page 24
ON A ROLL SANDWICH COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 13.TANGIBLE FIXED ASSETS (CONTINUED)
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Land and buildings | 181,865 | 186,131
| Plant and machinery | 98,878 | 160,266
|  | 280,743 | 346,397
14. | FIXED ASSET INVESTMENTS
|  | Unlisted investments
|  | £
| At 1 February 2024 | 1,080
| At 31 January 2025 | 1,080
15. | STOCKS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Raw materials and consumables | 1,251,361 | 1,270,157
| Finished goods and goods for resale | 978,063 | 818,155
|  | 2,229,424 | 2,088,312
Page 25
ON A ROLL SANDWICH COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
16. | DEBTORS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 4,878,815 | 4,466,760
| Other debtors | 1,032,694 | 990,894
| Prepayments and accrued income | 60,750 | 58,343
|  | 5,972,259 | 5,515,997
| Of the trade debtors, 100% (2024: 100%) are held under a financing arrangement at the year end.
17. | CASH AND CASH EQUIVALENTS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 3,937,917 | 2,349,271
|  | 3,937,917 | 2,349,271
18. | CREDITORS: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | - | 125,562
| Trade creditors | 2,185,450 | 2,263,905
| Corporation tax | 403,980 | 442,756
| Other taxation and social security | 128,355 | 50,031
| Obligations under finance lease and hire purchase contracts | 49,536 | 51,009
| Other creditors | 175,111 | 366,201
| Accruals and deferred income | 498,141 | 419,598
|  | 3,440,573 | 3,719,062
Page 26
ON A ROLL SANDWICH COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
19. | CREDITORS: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Net obligations under finance leases and hire purchase contracts | - | 43,661
|  | - | 43,661
| The following liabilities were secured: The net obligation under finance leases and hire purchase contracts are secured upon the assets to which they relate.
20. | FINANCIAL INSTRUMENTS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Financial assets |  |
| Financial assets measured at fair value through profit or loss | 3,937,917 | 2,349,271
| Financial assets that are debt instruments measured at amortised cost | 5,911,509 | 5,457,654
|  | 9,849,426 | 7,806,925
| Financial liabilities |  |
| Financial liabilities measured at amortised cost | (3,036,593) | (3,319,967)
| Financial assets measured at fair value through profit or loss comprise cash in hand.
| Financial assets that are debt instruments measured at amortised cost comprise trade and other debtors, VAT repayable.
| Financial liabilities measured at amortised cost comprise bank loans and overdrafts, trade creditors, PAYE liabilities, obligations under finance lease and hire purchase contracts, accruals and other creditors.
Page 27
ON A ROLL SANDWICH COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
21. | DEFERRED TAXATION
|  | 2025
|  | £
| At beginning of year | 679,508
| Charged to profit or loss | (44,449)
| At end of year | 635,059
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | 635,059 | 679,508
|  | 635,059 | 679,508
22. | GRANTS
|  | Grants
|  | £
| At 1 February 2024 | 468,062
| Utilised in year | (22,305)
| At 31 January 2025 | 445,757
23. | SHARE CAPITAL
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100 (2024 - 100) Ordinary shares of £1.00 each | 100 | 100
Page 28
ON A ROLL SANDWICH COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
24. | RESERVES
Profit & loss account The profit and loss account represents accumulated profits less dividends paid.
25. | PENSION COMMITMENTS
Included within other creditors is an amount of £20,745 (1 February 2024: £13,474) in relation to outstanding pension contributions.
26. | COMMITMENTS UNDER OPERATING LEASES
| At 31 January 2025 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 16,813 | 16,813
| Later than 1 year and not later than 5 years | 7,029 | 23,841
|  | 23,842 | 40,654
27. | RELATED PARTY TRANSACTIONS
| At 31 January 2025 £342,807 (1 February 2024: £289,307) was due from the director and his wife. This was the maximum balance outstanding during the year. Dividends of £180,000 were paid to the director and his wife during the year.
Page 29