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Registered number: 03893038 THE GOOD EATING COMPANY LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
THE GOOD EATING COMPANY LIMITED COMPANY INFORMATION
Directors | Amolak Dhariwal
| Jean Renton
Company secretary | Sodexo Corporate Services (No.2) Limited
Registered number | 03893038
Registered office | One Southampton Row
| London
| WC1B 5HA
Independent auditor | Forvis Mazars LLP
| Chartered Accountants and Statutory Auditor
| 30 Old Bailey
| London
| EC4M 7AU
THE GOOD EATING COMPANY LIMITED CONTENTS
| Page(s)
Strategic Report | 1 - 3
Directors' Report | 4 - 5
Directors' Responsibilities Statement | 6
Independent Auditor's Report | 7 - 10
Statement of Comprehensive Income | 11
Statement of Financial Position | 12
Statement of Changes in Equity | 13
Notes to the Financial Statements | 14 - 34
THE GOOD EATING COMPANY LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2025
Introduction
The directors present the Strategic Report and audited financial statements for the year ended 31 August 2025.
Principal activity
The principal activity of The Good Eating Company Limited ("the Company") during the year was the provision of catering and reception services in the corporate sector in the UK and Ireland. The Company is a wholly owned subsidiary of Sodexo Limited. Sodexo Limited employs around 34,000 people and delivers services that improve the quality of life to clients at some 1,850 locations in a variety of sectors from corporate and healthcare to education and the defence sectors. Services range from catering and reception to asset management and grounds maintenance, enabling clients to focus on their core business.
Business review
The profit for the year, after taxation, amounted to £1,005,000 (2024: £133,000). The Statement of Financial Position shows the Company has net liabilities of £205,000 at 31 August 2025 (2024: £1,240,000). Turnover for the year was £25,977,000 (2024: £20,523,000). Growth in revenue has been driven by securing additional client contracts during the year as well as full year sales for new contracts won part way through FY24, and retaining the existing portfolio of clients. Operating profit margin has increased from 1.5% to 5.7% in the year. The improvement is driven from growth within the business and more effective cost control in the year.
Financial key performance indicators
We consider the key performance indicators of the business to be turnover growth and operating profit margin. For the year to 31 August 2025, these were as follows:
| 2025 | 2024
| % | %
Turnover growth | 26.6 | 24.9
Operating profit margin | 5.7 | 1.5
The growth in turnover for the current year has been explained above in the business review. The Company has continued to build on the growth seen in the prior year, maintaining the demand from clients as more employees returned to the office environment. Furthermore, the operating profit margin has shown notable improvement, this is primarily attributable to more effective cost control measures, which have supported the Company's ongoing financial stability and growth.
Principal risks and uncertainties
The Company is exposed to several principal risks and uncertainties, which are monitored and managed through its established risk management framework. The most significant risks that may adversely affect the Company’s financial performance, operations, and reputation are summarised below: Page 1
THE GOOD EATING COMPANY LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Food services and workplace safety risks The health and safety of colleagues, clients, and customers is a core value of the Company. Strategic direction, performance measurement, and training are overseen by the Quality Safety Health & Environment (“QSHE”) Board. The Company has embedded a ‘Zero Harm Mindset’ culture, which is continuously monitored and enhanced through targeted actions across all operations. Geopolitical and macroeconomic risks Instability in macroeconomic, geopolitical, and UK political environments may expose the Company to fluctuations in the cost and supply of food, labour, and other goods. Many contracts include clauses that allow for price adjustments or menu changes. During periods of inflation, proactive planning for inflation recovery with clients, tariff management, cost optimisation, and securing supply at competitive prices are critical to maintaining margins. Technology and information security risks The Company is subject to external cyber threats, such as phishing and malware attacks, which have the potential to disrupt key systems, infrastructure, or compromise confidential data. Such incidents could impact the Company’s ability to deliver services. The Information & Security Committee provides oversight and direction for policies and controls designed to mitigate these risks and ensures that recovery plans are in place to minimise disruption in the event of a breach. Competition and retention risks The Company operates in a highly competitive marketplace where there is a risk that the Company could lose business to its competitors. The Company manages this risk by having a diversified portfolio of business, supported by innovation and service excellence. It focuses on building strong relationships with clients and customers to deliver high levels of retention and win new contracts. Regulatory compliance risks The Company is subject to a broad range of laws and regulations, including those relating to labour, corporate governance, health, safety, and the environment. Robust internal governance ensures compliance and effective management of regulatory changes. Anticipated changes in labour laws are closely monitored following recent government changes. The ‘Speak Up’ programme provides employees and partners with a confidential mechanism to report activities or behaviours that contravene the Company’s Code of Conduct or are unlawful. Climate-related risks The Company is exposed to various climate-related risks, including both physical and transition risks. Physical risks include drought, extreme temperatures, humidity changes and wider climate driven impacts on agriculture. Transition risks arise from evolving environmental regulations, technological changes, market expectations and reputational pressures. These risks are monitored at a Sodexo UK&I level through a structured governance framework in which climate matters are overseen via the ESG Committee. Further information can be found on our website: https://uk.sodexo.com /social-impact/planet /net-zero. Service delivery and contractual compliance risks The Company engages with a diverse portfolio of clients across multiple sectors. Non-compliance with contractual terms, including deficiencies in service delivery, may result in loss of business, reputational damage, and potential claims against the Company. To mitigate these risks, the Company operates a clearly defined suite of services and maintains a robust control framework that monitors service performance against contractual requirements. Page 2
THE GOOD EATING COMPANY LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 People risks As a people-centric organisation, the Company recognises that the growth, engagement, and retention of its workforce are central to achieving strategic objectives and sustainable growth. Insufficient attention to employee engagement, retention, and development may result in reduced service quality, diminished client satisfaction and retention, and the loss of talented employees to competitors. The Company addresses these risks through comprehensive HR programmes, including training, performance management, strategic workforce planning, employee value proposition initiatives, and engagement surveys.
This report was approved by the board and signed on its behalf by:
Amolak Dhariwal Director
Date: 29 April 2026
Page 3
THE GOOD EATING COMPANY LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2025 The directors present their report and the financial statements for the year ended 31 August 2025.
Matters covered in the Strategic Report
As permitted by paragraph 1A of Schedule 7 to the Large and Medium-Sized Companies and Groups (Accounts and Reports) Regulations 2008 certain matters which are required to be disclosed in the Directors' Report have been omitted as they are included in the Strategic Report. These matters relate to the business review, principal risks and uncertainties as required by the Companies Act 2006.
Results and dividends
The profit for the year, after taxation, amounted to £1,005,000 (2024 : £133,000). The directors do not recommend the payment of a final dividend (2024 : £Nil).
Directors
The directors who served during the year were:
Amolak Dhariwal (appointed 1 January 2025)
David Bailey (resigned 15 December 2025) Jean Renton (resigned 15 December 2025, appointed 10 March 2026) Lynsey O'Keefe (appointed 9 June 2025, resigned 21 November 2025)
Overseas branches
The Company operates a branch in the Republic of Ireland.
Future developments
The directors anticipate that the current activities of the Company will continue in the foreseeable future without significant changes. The Company will maintain its focus on delivering high-quality catering services to its existing client base, while exploring potential opportunities to enhance operational efficiency and customer satisfaction.
Going concern
The financial statements have been prepared on a going concern basis, which the directors consider appropriate for the following reasons: The Company is part of the Sodexo UK and Ireland group of companies (the “UK&I Group”), which in turn forms part of the wider Sodexo Group, headed by Sodexo S.A., a company incorporated in France. The UK&I Group’s principal activities include the provision of facilities management and catering services across various sectors such as government, healthcare, corporate services, sports and leisure and education. Accordingly, the Company’s cash flows are influenced by the continuity, volume, and pricing of these operations. The Company meets its day-to-day working capital requirements through operational cash flows and intercompany loan arrangements within the UK&I Group. The UK&I Group has demonstrated resilience in the face of economic challenges. This has been achieved through disciplined cash and balance sheet management, strong contract retention, a diversified client base across both public and private sectors, and robust inflation management processes. Furthermore, the UK&I Group continues to pursue organic growth opportunities, with several new contracts in the pipeline. Nonetheless, it remains vigilant and prepared for potential macroeconomic changes through sound commercial management and prudent cost control. Page 4
THE GOOD EATING COMPANY LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 In determining the appropriateness of the going concern basis, the directors have reviewed cash flow and profit forecasts for the UK&I Group covering a period of at least 12 months from the date of approval of these financial statements. These forecasts incorporate a severe but plausible downside scenario, which assumes a deterioration in gross margin due to operational challenges, a reduction in revenue from non-renewal of key contracts, and under-recovery of inflation. In addition, this scenario does not factor in any mitigating actions that management could implement. Even under these conditions, the forecasts indicate that the UK&I Group would remain resilient. Furthermore, Sodexo S.A., which currently holds a Baa1 credit rating from Moody’s Investors Service, has confirmed through a letter of support its intention to continue providing financial resources as the Company may require during the going concern assessment period. As is the case for any entity that relies on intra group financial support, the directors acknowledge that this support cannot be guaranteed indefinitely. However, at the date of approval of these financial statements, they have no reason to believe that such support will not continue. Based on this assessment, the directors are confident that the Company will have sufficient resources to meet its obligations as they fall due for at least 12 months from the date of approval of the financial statements. Accordingly, the financial statements have been prepared on a going concern basis.
Political contributions
The Company made no political donations or incurred any political expenditure during the year (2024: £Nil).
Qualifying third party indemnity provisions
The Company maintains insurance for directors and officers in respect of their duties as directors and officers of the Company.
Disclosure of information to auditor
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the directors are aware, there is no relevant audit information of which the Company's auditor is unaware; and ∙the directors have taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Auditor
The auditor, Forvis Mazars LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board on 29 April 2026 and signed on its behalf by:
Amolak Dhariwal Director
Page 5
THE GOOD EATING COMPANY LIMITED DIRECTOR'S RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 31 AUGUST 2025 The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have 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 101 ‘Reduced Disclosure Framework’. Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙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 to 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. Page 6
THE GOOD EATING COMPANY LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE GOOD EATING COMPANY LIMITED Opinion We have audited the financial statements of The Good Eating Company Limited (“the Company”) for the year ended 31 August 2025 which comprise the Statement of Total Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and notes to the financial statements, including a summary of material accounting policy information. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 101 “Reduced Disclosure Framework” (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 August 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 “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. Page 7
THE GOOD EATING COMPANY LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE GOOD EATING COMPANY LIMITED (CONTINUED) 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 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. 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 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 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. Page 8
THE GOOD EATING COMPANY LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE GOOD EATING COMPANY LIMITED (CONTINUED) Responsibilities of directors As explained more fully in the Directors' Responsibilities Statement set out on page 6, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, 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 the financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. 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. Based on our understanding of the Company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation and anti-money laundering regulation. To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to: ∙Inquiring of management and, where appropriate, those charged with governance, as to whether the Company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations; ∙Inspecting correspondence, if any, with relevant licensing or regulatory authorities; ∙Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and ∙Considering the risk of acts by the Company which were contrary to applicable laws and regulations, including fraud. We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation and the Companies Act 2006. In addition, we evaluated the directors' and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to revenue recognition (which we pinpointed to the cut-off assertion) and significant one-off or unusual transactions. Page 9
THE GOOD EATING COMPANY LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE GOOD EATING COMPANY LIMITED (CONTINUED) Our audit procedures in relation to fraud included but were not limited to: ∙Making enquiries of the directors' and management on whether they had knowledge of any actual, suspected or alleged fraud; ∙Gaining an understanding of the internal controls established to mitigate risks related to fraud; ∙Discussing amongst the engagement team the risks of fraud; and ∙Addressing the risks of fraud through management override of controls by performing journal entry testing. There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls. 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 auditor’s report. Use of the audit 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. Richard Karmel (Senior Statutory Auditor) for and on behalf of Forvis Mazars LLP Chartered Accountants and Statutory Auditor 30 Old Bailey London EC4M 7AU 29 April 2026 Page 10
THE GOOD EATING COMPANY LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 AUGUST 2025
| 2025 | 2024
Note | £000 | £000
Turnover | 4 | 25,977 | 20,523
Operating expenses |  | (24,501) | (20,223)
Operating profit | 5 | 1,476 | 300
Interest receivable and similar income |  | - | 12
Interest payable and similar expenses | 9 | (134) | (109)
Profit before tax |  | 1,342 | 203
Tax on profit | 10 | (337) | (70)
Profit for the financial year |  | 1,005 | 133
There was no other comprehensive income for 2025 (2024: £NIL).
The notes on pages 14 to 34 form part of these financial statements.
All amounts relate to continuing operations.
Page 11
THE GOOD EATING COMPANY LIMITED REGISTERED NUMBER: 03893038 STATEMENT OF FINANCIAL POSITION AS AT 31 AUGUST 2025
|  | 2025 |  | 2024
Note |  | £000 |  | £000
Fixed assets |  |  |  |  |
Tangible fixed assets | 11 |  | 1,056 |  | 1,344
|  |  | 1,056 |  | 1,344
Current assets |  |  |  |  |
Stocks | 12 | 288 |  | 97 |
Debtors: amounts falling due within one year | 13 | 3,900 |  | 3,374 |
Cash at bank and in hand |  | 214 |  | 316 |
|  | 4,402 |  | 3,787 |
Creditors: amounts falling due within one year | 14 | (5,103) |  | (5,491) |
Net current liabilities |  |  | (701) |  | (1,704)
Total assets less current liabilities |  |  | 355 |  | (360)
Creditors: amounts falling due after more than one year | 15 |  | (560) |  | (836)
Provisions for liabilities |  |  |  |  |
Other provisions | 17 | - |  | (44) |
|  |  | - |  | (44)
Net liabilities |  |  | (205) |  | (1,240)
Capital and reserves |  |  |  |  |
Called up share capital | 20 |  | 200 |  | 200
Share based payment reserve | 21 |  | 46 |  | 16
Profit and loss account | 21 |  | (451) |  | (1,456)
|  |  | (205) |  | (1,240)
The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 29 April 2026.
Amolak Dhariwal
Director
The notes on pages 14 to 34 form part of these financial statements. Page 12
THE GOOD EATING COMPANY LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 AUGUST 2025
| Called up share capital | Share based payment reserve | Profit and loss account | Total equity
| £000 | £000 | £000 | £000
At 1 September 2023 | 200 | 8 | (1,589) | (1,381)
Profit for the year | - | - | 133 | 133
Share based payments | - | 8 | - | 8
At 1 September 2024 | 200 | 16 | (1,456) | (1,240)
Profit for the year | - | - | 1,005 | 1,005
Share based payments | - | 30 | - | 30
At 31 August 2025 | 200 | 46 | (451) | (205)
| The notes on pages 14 to 34 form part of these financial statements.
Page 13
THE GOOD EATING COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
1. | General information
The Good Eating Company Limited is a private company limited by shares, registered in England and Wales. The registered number is 03893038 and the registered office is One Southampton Row, London, WC1B 5HA. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework' and the Companies Act 2006. The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
| 2.2 | Financial Reporting Standard 101 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions under FRS 101: ∙the requirement of paragraphs 45(b) and 46-52 of IFRS 2 Share-based payment ∙the requirements of IFRS 7 Financial Instruments: Disclosures ∙the requirements of IAS 7 Statement of Cash Flows ∙the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures ∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member ∙the requirements in IAS 12 Income Taxes paragraph 12.88B. This information is included in the consolidated financial statements of Sodexo S.A., a company incorporated in France, as at 31 August 2025 and these financial statements may be obtained from The Secretary, Sodexo S.A., 225 Quai de la Bataille de Stalingrad, 92130 Issy-Les-Moulineaux, France. Page 14
THE GOOD EATING COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
| 2.3 | Impact of new international reporting standards, amendments and interpretations
Standards, amendments and interpretations adopted in the current financial year ended 31 August 2025 The adoption of the following mentioned standards, amendments and interpretations in the current year have not had a material impact on the Company’s financial statements: UK adopted and EU Endorsed - Periods beginning on or after 1 January 2024 -IFRS 16 Leases (Amendment): Lease Liability in a Sale and Leaseback -IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments Disclosures (Amendment): Supplier Finance Arrangements -IAS 1 Presentation of Financial Statements (Amendment): Classification of Liabilities as Current or Non-current and Classification of Non-current Liabilities with Covenants. The accounting policies which follow set out those policies which were applied in preparing the financial statements for the year ended 31 August 2025. Standards, amendments and interpretations in issue but not yet effective The adoption of the following mentioned standards, amendments and interpretations in future years are not expected to have a material impact on the Company’s financial statements: UK adopted and EU endorsed - periods beginning on or after 1 January 2025 -IAS 21 The Effects of Changes in Foreign Exchange Rates (Amendment): Lack of Exchangeability UK adopted and EU endorsed - periods beginning on or after 1 January 2026 -IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures (Amendment): Classification and Measurement of Financial Instruments - Annual Improvements to IFRS Accounting Standards - Volume 11 • IFRS 1 – First-time Adoption of International Financial Reporting Standards • IFRS 7 – Financial Instruments: Disclosures • IFRS 9 – Financial Instruments • IFRS 10 – Consolidated Financial Statements • IAS 7 – Statement of Cash Flows Subject to UK adoption and EU endorsement - periods beginning on or after 1 January 2026 - IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures (Amendment): Classification and Measurement of Financial Instruments - Annual Improvements to IFRS Accounting Standards - Volume 11 • IFRS 1 – First-time Adoption of International Financial Reporting Standards • IFRS 7 – Financial Instruments: Disclosures • IFRS 9 – Financial Instruments • IFRS 10 – Consolidated Financial Statements • IAS 7 – Statement of Cash Flows Subject to UK adoption and EU endorsement - periods beginning on or after 1 January 2027 - IFRS 18 Presentation and Disclosure in Financial Statements - IFRS 19 Subsidiaries without Public Accountability: Disclosures - IFRS 19 Subsidiaries without Public Accountability: Disclosures (Amendments) New accounting standards and interpretations The Company applied the same standards, interpretations and accounting policies in 2025 as applied in its financial statements for the year ended 31 August 2024, except for changes required to meet new IFRS requirements applicable from 1 January 2024. Page 15
THE GOOD EATING COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
| 2.4 | Going concern
The financial statements have been prepared on a going concern basis, which the directors consider appropriate for the following reasons: The Company is part of the Sodexo UK and Ireland group of companies (the “UK&I Group”), which in turn forms part of the wider Sodexo Group, headed by Sodexo S.A., a company incorporated in France. The UK&I Group’s principal activities include the provision of facilities management and catering services across various sectors such as government, healthcare, corporate services, sports and leisure and education. Accordingly, the Company’s cash flows are influenced by the continuity, volume, and pricing of these operations. The Company meets its day-to-day working capital requirements through operational cash flows and intercompany loan arrangements within the UK&I Group. The UK&I Group has demonstrated resilience in the face of economic challenges. This has been achieved through disciplined cash and balance sheet management, strong contract retention, a diversified client base across both public and private sectors, and robust inflation management processes. Furthermore, the UK&I Group continues to pursue organic growth opportunities, with several new contracts in the pipeline. Nonetheless, it remains vigilant and prepared for potential macroeconomic changes through sound commercial management and prudent cost control. In determining the appropriateness of the going concern basis, the directors have reviewed cash flow and profit forecasts for the UK&I Group covering a period of at least 12 months from the date of approval of these financial statements. These forecasts incorporate a severe but plausible downside scenario, which assumes a deterioration in gross margin due to operational challenges, a reduction in revenue from non-renewal of key contracts, and under-recovery of inflation. In addition, this scenario does not factor in any mitigating actions that management could implement. Even under these conditions, the forecasts indicate that the UK&I Group would remain resilient. Furthermore,Sodexo S.A., which currently holds a Baa1 credit rating from Moody’s Investors Service, has confirmed through a letter of support its intention to continue providing financial resources as the Company may require during the going concern assessment period. As is the case for any entity that relies on intra group financial support, the directors acknowledge that this support cannot be guaranteed indefinitely. However, at the date of approval of these financial statements, they have no reason to believe that such support will not continue. Based on this assessment, the directors are confident that the Company will have sufficient resources to meet its obligations as they fall due for at least 12 months from the date of approval of the financial statements. Accordingly, the financial statements have been prepared on a going concern basis.
| 2.5 | Leases
The Company as a lessee The Company assesses whether a contract is or contains a lease, at inception of a contract. The Company recognises a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Company recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be Page 16
THE GOOD EATING COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 2.Accounting policies (continued)
| 2.5 | Leases (continued)
readily determined, the Company uses its incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise: ∙fixed lease payments (including in-substance fixed payments), less any lease incentives; ∙variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date; ∙the amount expected to be payable by the lessee under residual value guarantees; ∙the exercise price of purchase options, if the lessee is reasonably certain to exercise the options; and ∙payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease. The lease liability is included in 'Creditors' on the Statement of Financial Position. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The Company remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever: ∙the lease term has changed or there is a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised discount rate. ∙the lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using the initial discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used. Page 17
THE GOOD EATING COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 2.Accounting policies (continued)
| 2.5 | Leases (continued)
∙a lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. The Company did not make any such adjustments during the periods presented. The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Company expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease. The Company applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in note 2.15. As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead account for any lease and associated non-lease components as a single arrangement. The Company has not used this practical expedient.
| 2.6 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is Pounds Sterling. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within 'other operating income'. Page 18
THE GOOD EATING COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 2.Accounting policies (continued)
| 2.7 | Turnover
Turnover is recognised in the period in which services are provided in accordance with the terms of the contractual relationships with third parties. Turnover represents the fair value of the consideration received or receivable for goods and services provided in the normal course of business, excluding value added tax and similar sales taxes. Sale of goods Turnover is recognised at the point of sale for food, beverages and similar eatable items. Management fee contracts Turnover from management fee contracts comprises the total of sales made to consumers, the subsidy charged to clients, together with the management fee charged to clients. Management services are provided on a cost-plus basis, with fees billed monthly to clients based on recoverable costs incurred plus an agreed management fee markup. Revenue is recognised at the point in time when the services are provided, as this represents the stage at which the performance obligation is satisfied and the amount becomes billable to the customer. Fixed price contracts Turnover from fixed price contracts is recognised in proportion to the volume of services that the Company is contracted to supply in each period.
| 2.8 | Interest income
Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.
| 2.9 | Finance costs
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.10 | Borrowing costs
All borrowing costs are recognised in the Statement of Comprehensive Income in the year in which they are incurred.
| 2.11 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds. Page 19
THE GOOD EATING COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 2.Accounting policies (continued)
| 2.12 | Current and deferred taxation
Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. The following timing differences are not provided for: differences between accumulated depreciation and tax allowances for the cost of a fixed asset if and when all conditions for retaining the tax allowances have been met; and differences relating to investments in subsidiaries, to the extent that it is not probable that they will reverse in the foreseeable future and the reporting entity is able to control the reversal of the timing difference. Deferred tax is not recognised on permanent differences arising because certain types of income or expense are non taxable or are disallowable for tax or because certain tax charges or allowances are greater or smaller than the corresponding income or expense. Deferred tax is provided in respect of the additional tax that will be paid or avoided on differences between the amount at which an asset (other than goodwill) or liability is recognised in a business combination and the corresponding amount that can be deducted or assessed for tax. Goodwill is adjusted by the amount of such deferred tax. Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the balance sheet date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that is it probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
| 2.13 | Share-based payments
The Company’s ultimate parent undertaking, Sodexo S.A. (“the Group”), operates an equity settled share-based payment scheme for the benefit of its employees. Sodexo S.A. recognises the economic cost of awarding share options to employees by recording an expense in the Statement of Comprehensive Income and equal to the fair value of the benefit awarded with the corresponding entry recorded in equity over the vesting period. The fair value of the shares is estimated by the Group at the date of grant based upon the share price at that date after deductions for dividends on the shares that will not be paid to beneficiaries during the vesting period. The fair value of the shares is subject to a performance condition based upon Total Shareholder Return and is estimated using a binomial model that reflects the vesting conditions. The Group carry out a reassessment of the number of shares that is likely to be delivered to beneficiaries based upon applicable vesting conditions on an annual basis. Any change in estimates is recognised in the Statement of Comprehensive Income with the corresponding value recorded in equity. The Company recognises their share of the share-based payment charge as an expense in the Statement of Comprehensive Income and in equity. Page 20
THE GOOD EATING COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 2.Accounting policies (continued)
| 2.14 | 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 basis:
|  |  |  | Right of use assets | - | Period of the lease term
|  |  |  | Plant and machinery | - | 2 - 5 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 the Statement of Comprehensive Income.
| 2.15 | Impairment of assets
At each reporting date, the Company reviews the carrying value of its intangible assets and property, plant and equipment (including right of use assets) to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset, for which the estimates of future cash flows have not been adjusted. Any resulting changes are recognised in the Statement of Comprehensive Income in the period to which they relate.
| 2.16 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Comprehensive Income.
| 2.17 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. Page 21
THE GOOD EATING COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 2.Accounting policies (continued)
| 2.18 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.19 | Creditors
Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.
| 2.20 | Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position. Page 22
THE GOOD EATING COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 2.Accounting policies (continued)
| 2.21 | 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. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an outright short-term loan that is not at market rate, the financial asset or liability is measured; initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date. Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Page 23
THE GOOD EATING COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of financial statements requires management to make estimates and judgements which affect the amounts reported for assets, liabilities and contingent liabilities as of the date of preparation of the financial statements, and for revenues and expenses for the period. Estimates and underlying assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are reasonable under the circumstances. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. The estimates and judgements that have the most material impact on the financial performance and position of the Company are as follows: (i) Impairment of trade debtors Provision is made for doubtful trade debtors. This provision requires management's judgement as to whether circumstances exist which indicate that trade debtors may not be recoverable in full. This judgement is considered to be material on account of the balance of trade debtors being material to the Company's Statement of Financial Position. (ii) Tangible fixed assets The Company uses various tangible fixed assets to support the delivery of its services to clients. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. Accounting policies for depreciation are intended to reflect management's estimation of the useful lives of the Company's tangible fixed assets. Management periodically reviews these estimates to ensure they remain appropriate. (iii) Lease terms In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). Further details are set out in the accounting policies below. (iv) Incremental borrowing rate In determining the incremental borrowing rate, management have assessed the market rate of interest that would have to be paid to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. Management have made this assessment at the inception of each lease. Page 24
THE GOOD EATING COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
4. | Turnover
The whole of the turnover is attributable to the provision of catering in the corporate sector in UK and Ireland. Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| United Kingdom | 23,061 | 18,392
| Ireland | 2,916 | 2,131
|  | 25,977 | 20,523
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Depreciation of tangible fixed assets - owned assets | 80 | 46
| Depreciation of right-of-use assets | 269 | 271
| Defined contribution pension cost | 295 | 241
6. | Auditor's remuneration
| During the year, the Company obtained the following services from the Company's auditor:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 39 | 33
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THE GOOD EATING COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Wages and salaries | 11,260 | 9,948
| Social security costs | 1,218 | 952
| Cost of defined contribution scheme | 295 | 241
|  | 12,773 | 11,141
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Catering | 262 | 199
|  | Management and administration | 61 | 55
|  |  | 323 | 254
8. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Directors' emoluments | 43 | 14
| Company contributions to defined contribution pension schemes | 2 | 1
|  | 45 | 15
| During the year retirement benefits were accruing to 4 directors (2024 - 3) in respect of defined contribution pension schemes. The amounts disclosed for directors' remuneration represent an allocation of total UK&I directors remuneration. The Company's directors are remunerated through other entities in the group of companies headed by Sodexo S.A. Directors' remuneration is allocated to a company based on the proportion of a directors' time spent concerning matters relating to that company.
Page 26
THE GOOD EATING COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
9. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Other loan interest payable | 66 | 21
| IFRS 16 interest expense | 68 | 88
|  | 134 | 109
10. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Corporation tax |  |
| Current tax on profits for the year | 307 | (6)
| Adjustments in respect of previous periods | (2) | 5
|  | 305 | (1)
| Foreign tax |  |
| Foreign tax on income for the year | 32 | 25
| Foreign tax in respect of prior periods | (2) | -
|  | 30 | 25
| Total current tax | 335 | 24
| Deferred tax |  |
| Origination and reversal of timing differences | - | 54
| Adjustments in respect of previous years | 2 | (8)
| Total deferred tax | 2 | 46
| Tax on profit | 337 | 70
Page 27
THE GOOD EATING COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 10.Taxation (continued)
| Factors affecting tax charge for the year
| The total tax charge (2024: charge) for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25.0% (2024 - 25.0%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Profit on ordinary activities before tax | 1,342 | 203
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25.0% (2024- 25.0%) | 336 | 51
| Effects of: |  |
| Adjustments in respect of prior years | (2) | (3)
| Expenses not deductible for tax purposes | 3 | (3)
| Overseas tax charge | - | 25
| Total tax charge for the year | 337 | 70
| Factors that may affect future tax charges
The company is a member of the Sodexo S.A. Group which is expected to be a multinational enterprise ("MNE") within the scope of Pillar Two. The Group has carried out preliminary work and does not anticipate any significant impact from this measure in the UK. As at 31 August 2025, no deferred tax has been recognised in application of the amendment to IAS 12 concerning the mandatory exemption from recognition of deferred tax in the financial statements in relation to Pillar Two income tax. Page 28
THE GOOD EATING COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
11. | Tangible fixed assets
|  | Leasehold property | Plant and machinery | Total
|  | £000 | £000 | £000
| Cost or valuation |  |  |
| At 1 September 2024 | 2,003 | 549 | 2,552
| Additions | - | 99 | 99
| Disposals | - | (63) | (63)
| At 31 August 2025 | 2,003 | 585 | 2,588
| Depreciation |  |  |
| At 1 September 2024 | 963 | 245 | 1,208
| Charge for the year on owned assets | - | 80 | 80
| Charge for the year on right-of-use assets | 269 | - | 269
| Disposals | - | (25) | (25)
| At 31 August 2025 | 1,232 | 300 | 1,532
| Net book value |  |  |
| At 31 August 2025 | 771 | 285 | 1,056
| At 31 August 2024 | 1,040 | 304 | 1,344
| The net book value of owned and leased assets included as "Tangible fixed assets" in the Statement of Financial Position is as follows:
|  | 2025 | 2024
|  | £000 | £000
| Tangible fixed assets owned | 286 | 304
| Right-of-use tangible fixed assets | 771 | 1,040
|  | 1,057 | 1,344
| Information about right-of-use assets is summarised below:
| Net book value
|  |  |  | 2025 | 2024
|  |  |  | £000 | £000
| Leasehold property | 771 | 1,040
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THE GOOD EATING COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 11.Tangible fixed assets (continued)
| Depreciation charge for the year ended
|  |  |  | 2025 | 2024
|  |  |  | £000 | £000
| Leasehold property | 269 | 271
12. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Finished goods and goods for resale | 288 | 97
| Stock recognised in the Statement of Comprehensive Income during the year as an expense amounted to £8,640,000 (2024: £6,891,000).
13. | Debtors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Trade debtors | 1,834 | 1,739
| Amounts owed by group undertakings | 714 | 156
| Other debtors | 447 | 654
| Prepayments and accrued income | 895 | 813
| Deferred taxation | 10 | 12
|  | 3,900 | 3,374
| Amounts owed by group undertakings are repayable on demand and unsecured. It also includes amounts related to cash pooling facility, repayable on demand and interest bearing at variable rates.
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THE GOOD EATING COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
14. | Creditors: amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Bank overdrafts | - | 1,252
| Trade creditors | 1,392 | 1,201
| Amounts owed to group undertakings | 684 | 752
| Corporation tax | 345 | -
| Other taxation and social security | 1,115 | 1,150
| Lease liabilities | 290 | 272
| Other creditors | 316 | 384
| Accruals and deferred income | 961 | 480
|  | 5,103 | 5,491
| Amounts owed to group undertakings are repayable on demand and unsecured. It also includes amounts related to cash pooling facility, repayable on demand and interest bearing at variable rates.
15. | Creditors: amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Lease liabilities | 560 | 836
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THE GOOD EATING COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
16. | Deferred taxation
|  | 2025 | 2024
|  | £000 | £000
| At beginning of year | 12 | 58
| Charged to the Statement of Comprehensive Income | (2) | (46)
| At end of year | 10 | 12
| The deferred tax asset is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Accelerated capital allowances | (13) | (9)
| Short-term timing differences | 23 | 21
|  | 10 | 12
17. | Provisions
|  | Provisions
|  | £000
| At 1 September 2024 | 44
| Charged to profit or loss | (44)
| At 31 August 2025 | -
| Provision was made in the previous year for an onerous contract, which is released to the Statement of Comprehensive Income in the current year.
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THE GOOD EATING COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
18. | Leases
| Company as a lessee
| Lease liabilities under IFRS 16 are due as follows:
| Contractual undiscounted cash flows are due as follows:
|  |  |  | 2025 | 2024
|  |  |  | £000 | £000
| Not later than one year | 332 | 329
| Between one year and five years | 645 | 977
|  | 977 | 1,306
| The following amounts in respect of leases, where the Company is a lessee, have been recognised in the Statement of Comprehensive Income:
|  |  |  | 2025 | 2024
|  |  |  | £000 | £000
| Expenses relating to leases of low-value assets, excluding short-term leases of low-value assets | 337 | 312
| Interest expense on lease liabilities | 68 | 88
19. | Share options and share-based payments
The Company’s ultimate parent undertaking, Sodexo S.A. (“the Group”), operates an equity settled share-based payment scheme for the benefit of its employees. The scheme is open to specific individuals based upon performance conditions ranging from 10% to 100%, depending on the total number of shares awarded. Allocation is based upon number of shares held by specific employees. The performance criteria applied are directly linked to the Group's strategic priorities and are intended to measure performance in a global manner. The options will vest provided that the employee remains in service for 3 years from the date of the grant. The exercise price of the options is the market value at the date of grant after deductions for dividends on the shares that will be paid to beneficiaries during the vesting period. The options have a contractual life of 3 years. The Group has granted options and issued capital units to certain of the subsidiary undertakings’ members and employees. These awards give rise to share-based payment expenses incurred by the Group but are fully borne to the Company making equal capital contributions to the subsidiary undertakings to cover the expenses. The fair value of restricted shares subject to a performance condition based on Total Shareholder Return is estimated using a binomial model that takes into account the vesting conditions. Page 33
THE GOOD EATING COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
20. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
|  | Allotted, called up and fully paid |  |
|  | 200,100 (2024 - 200,100) Ordinary shares of £1.00 each | 200 | 200
| The Company has one class of ordinary shares and each share carries one voting right per share, but no right to fixed income.
21. | Reserves
Share based payment reserve This reserve represents the equity contributions in relation to the Group share option scheme. Profit and loss account This reserve represents the cumulative profits and losses of the Company.
22. | Pension commitments
The Company made contributions in respect of staff totalling £295,000 (2024: £241,000) to pension schemes in the period. Outstanding contributions at balance sheet date amount to £57,800 (2024: £38,000).
23. | Controlling party
The Company's immediate parent company is The Good Eating Holdings Company Limited, a company registered in England and Wales. The Company's ultimate parent company and controlling party is Sodexo SA, a company incorporated in France. This is the smallest group of undertakings for which consolidated financial statements are prepared. Copies of the consolidated financial statements can be obtained from The Secretary, Sodexo SA, 225 Quai de la Bataille de Stalingrad, 92130 Issy-Les-Moulineaux, France.
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