Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2025

for

Independent Catering Management Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

14

DIRECTORS:

A Saunders

Mrs D L Shepherd

SECRETARY:

Mrs D L Shepherd

REGISTERED OFFICE:

8/10 South St

Epsom

Surrey

KT18 7PF

REGISTERED NUMBER:

03222546 (England and Wales)

AUDITORS:

Williams & Co Epsom LLP

Statutory Auditors

8-10 South Street

Epsom

Surrey

KT18 7PF

BANKERS:

NatWest Bank Plc

67 High Street

Sevenoaks

Kent

TN13 1JY

The directors present their strategic report for the year ended 31 December 2025.

REVIEW OF BUSINESS

The company has continued to operate primarily in the provision of contract catering services in schools. The market remains very competitive and the company continues to react to the challenges ahead.

The accounts report an increase in turnover to £24,495,578 (2024: £21,935,969) with the company reporting pre tax profit of £1,073,977 (2024: £1,237,321)

The company aims to maintain its market position and the quality of the catering services it provides.

PRINCIPAL RISKS AND UNCERTAINTIES

Supply Chain and Costs

The company continues to source the right food products to run its business to maintain quality and control costs.

Inflation

This continues to be a factor as global pressures and uncertainty in the home economy has led to pressure in this area.

ENGAGEMENT WITH EMPLOYEES

Our employees are our most valuable asset, and their wellbeing and safety is key to our success.

The company operates a framework for employee information and consultation which complies with the requirements of the Information and Consultation of Employees Regulations as amended through the Employments Rights (Miscellaneous Amendments) Regulations 2019, which came into force from 6 April 2020.

Regular meetings are held between unit management and employees to allow a free flow of information and ideas.

The safety of our employees and customers is of extreme importance. Regular H&S reviews are held to ensure continuous improvement.

COMPANY STRATEGY

The company will continue to offer high service levels to its existing contracts and look to win new contracts to continue growing.

KEY PERFORMANCE INDICATORS

The directors continue to monitor these as required.

Male

Female

Directors of the company

1

1

POLICY ON PAYMENT OF CREDITORS

The company has strong relationships with its suppliers and ensures that payment is made in line with the terms of that supplier.

ON BEHALF OF THE BOARD:

A Saunders - Director

3 September 2026

The directors present their report with the financial statements of the company for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the provision of catering services to schools.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2025 will be £ 190,000 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

A Saunders

Mrs D L Shepherd

COMPANY POLICY FOR EMPLOYMENT OF DISABLED PERSONS

The company gives full and fair consideration to applications for employment by disabled persons, having regard to their particular aptitudes and abilities.Opportunities are available to disabled employees for training, career development and promotion.

The company offers continuing employment wherever practical and appropriate training for employees of the company who became disabled during the period when they were employed by the company.

DISCLOSURE IN THE STRATEGIC REPORT

Please refer to the strategic report for an assessment of risk and a review of business. The strategic report also contains information relating to the company's engagement with employees.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Williams & Co Epsom LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mrs D L Shepherd - Director

3 September 2026

Opinion

We have audited the financial statements of Independent Catering Management Limited (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

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

Our assessment of the financial statements susceptibility to material misstatement, including how fraud may occur,

highlighted that revenue recognition and management override of controls would be the key risk areas.

In determining the audit procedures we took into account our assessment of the company's control environment and

based on our findings our work was predominantly substantive in nature.

We performed procedures including:

- identifying journal entries to test and agreeing back to supporting documentation

- carrying out cut-off testing on revenue and costs

- assessing the recoverability of debts owed to the company by its units

Enquires of management were undertaken to gain an understanding of the laws and regulations that affect the

company.

The company is subject to laws and regulations that directly affect the financial statements, including company law and financial reporting standards. As part of our audit procedures we have assessed compliance with these laws and regulations. The company is also subject to other laws and regulations where non-compliance could have a material impact on the financial statements. These include health and safety regulations and employment law. Our procedures in these areas included enquiries of management and inspection of relevant documentation.

As with any audit there is a higher risk of non-detection of fraud, as these events may involve collusion, forgery, override of controls and misrepresentation. Our audit procedures are designed to detect material misstatement and as such we cannot be expected to detect all non-compliance with all laws and regulations.

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

Use of our report

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

Paul Smith BSc FCA (Senior Statutory Auditor)

for and on behalf of Williams & Co Epsom LLP

Statutory Auditors

8-10 South Street

Epsom

Surrey

KT18 7PF

3 September 2026

TURNOVER

3

24,495,578

21,935,969

Cost of sales

21,698,285

19,075,490

GROSS PROFIT

2,797,293

2,860,479

Administrative expenses

1,751,868

1,628,384

OPERATING PROFIT

5

1,045,425

1,232,095

Interest receivable and similar income

29,309

23,308

1,074,734

1,255,403

Interest payable and similar expenses

6

757

18,082

PROFIT BEFORE TAXATION

1,073,977

1,237,321

Tax on profit

7

270,816

297,614

PROFIT FOR THE FINANCIAL YEAR

803,161

939,707

PROFIT FOR THE YEAR

803,161

939,707

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

803,161

939,707

FIXED ASSETS

Intangible assets

9

1,777

2,666

Tangible assets

10

178,448

195,862

180,225

198,528

CURRENT ASSETS

Debtors

11

3,298,484

3,154,476

Cash at bank

1,604,078

1,877,073

4,902,562

5,031,549

CREDITORS

Amounts falling due within one year

12

1,894,155

2,627,780

NET CURRENT ASSETS

3,008,407

2,403,769

TOTAL ASSETS LESS CURRENT LIABILITIES

3,188,632

2,602,297

CREDITORS

Amounts falling due after more than one year

13

-

(31,503

)

PROVISIONS FOR LIABILITIES

17

(35,709

)

(31,032

)

NET ASSETS

3,152,923

2,539,762

CAPITAL AND RESERVES

Called up share capital

18

100

100

Retained earnings

19

3,152,823

2,539,662

SHAREHOLDERS' FUNDS

3,152,923

2,539,762

The financial statements were approved by the Board of Directors and authorised for issue on 3 September 2026 and were signed on its behalf by:

A Saunders - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2024

100

1,787,455

1,787,555

Changes in equity

Dividends

-

(187,500

)

(187,500

)

Total comprehensive income

-

939,707

939,707

Balance at 31 December 2024

100

2,539,662

2,539,762

Changes in equity

Dividends

-

(190,000

)

(190,000

)

Total comprehensive income

-

803,161

803,161

Balance at 31 December 2025

100

3,152,823

3,152,923

Cash flows from operating activities

Cash generated from operations

1

387,958

1,168,460

Interest paid

-

(15,756

)

Interest element of hire purchase payments paid

(757

)

(2,326

)

Tax paid

(318,721

)

(202,080

)

Net cash from operating activities

68,480

948,298

Cash flows from investing activities

Purchase of tangible fixed assets

(55,165

)

(51,052

)

Sale of tangible fixed assets

25,000

7,666

Interest received

29,309

23,308

Net cash from investing activities

(856

)

(20,078

)

Cash flows from financing activities

Loan repayments in year

(122,667

)

(92,000

)

Capital repayments in year

(22,396

)

(673

)

Amount introduced by directors

2,000

5,786

Amount withdrawn by directors

(7,556

)

-

Equity dividends paid

(190,000

)

(187,500

)

Net cash from financing activities

(340,619

)

(274,387

)

(Decrease)/increase in cash and cash equivalents

(272,995

)

653,833

Cash and cash equivalents at beginning of year

2

1,877,073

1,223,240

Cash and cash equivalents at end of year

2

1,604,078

1,877,073

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

2025

2024

£

£

Profit before taxation

1,073,977

1,237,321

Depreciation charges

50,252

58,415

Profit on disposal of fixed assets

(1,817

)

(6,433

)

Reconciling item

(2,229

)

-

Finance costs

757

18,082

Finance income

(29,309

)

(23,308

)

1,091,631

1,284,077

Increase in trade and other debtors

(144,008

)

(172,037

)

(Decrease)/increase in trade and other creditors

(559,665

)

56,420

Cash generated from operations

387,958

1,168,460

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31 December 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

1,604,078

1,877,073

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

1,877,073

1,223,240

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank

1,877,073

(272,995

)

1,604,078

1,877,073

(272,995

)

1,604,078

Debt

Finance leases

(22,396

)

22,396

-

Debts falling due within 1 year

(92,000

)

92,000

-

Debts falling due after 1 year

(30,667

)

30,667

-

(145,063

)

145,063

-

Total

1,732,010

(127,932

)

1,604,078

1.	STATUTORY INFORMATION

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

The financial statements have been prepared on a going concern basis.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirement of paragraph 33.7.

Significant judgements and estimates

The preparation of the financial statements requires management to make estimates and judgements when reporting assets and liabilities at the balance sheet date, and also for turnover and expenditure throughout the period.

Estimates and assumptions are evaluated on a continual basis and are based on historical information and other factors, such as expectations of future events.

The key estimates and judgements that have a material impact on the financial performance and position of the company are as follows:

(i) Recoverability of assets

At the end of each period, the recoverability of assets from the company's units are assessed and if there is uncertainty surrounding recover, the asset is impaired. Impairments are based on managements judgement as to what level of recovery is expected and this is based on various factors at the period end.

(ii) Discounts receivable

The company receives retrospective discounts from its suppliers and the valuation of these "retro" discounts based on the amount of expenditure incurred throughout the period. These discounts are based on estimates made each month which are then adjusted year end to actual amounts received post balance sheet.

Turnover

Turnover represents the amount receivable for sales of goods and services, excluding value added tax, rebates, returns and discounts.

Turnover mainly comprises the sale of food and drink in the various catering units run by the company and revenues are recognised at the point of sale. The company also receives management charges and other related charges in this area and income here is recognised on a monthly basis as it is invoiced.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of ten years.

Costs associated with the maintenance of computer software are recognised as an expense as incurred.

Development costs directly attributable to the design and testing of identifiable software controlled by the company are recognised as intangible assets when the following criteria are met:

- It is technically feasible to complete the software so that it will be available for use.

- Management intends to complete the software and use it.

- There is an ability to use the software.

- It can be demonstrated that the software will generate future economic benefits.

- Adequate technical, financial and other resources to complete the development of the software are available.

- The expenditure attributable to the software during development can be reliably measured.

Development expenditures which do not meet the above criteria are recognised as an expense as incurred.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

Straight line over 3 years

Financial instruments

i) Financial Assets

Basic financial instruments including trade and other debtors, loans and bank balances are recognised initially at transaction price. Such assets are subsequently carried at amortised cost.

At the end of each reporting period financial assets measured at amortised cost are assessed for indicators of impairment. Any impairment losses are recognised in profit or loss. Should an impairment loss later be reversed, the amount reversed is recognised in profit or loss.

ii) Financial Liabilities

Basic financial liabilities, including trade and other creditors, bank loans are recognised initially at transaction price, unless the transaction represents a financing transaction, where the debt instrument is measured at the present value of future receipts discounted at a market rate of interest. Basic financial liabilities are subsequently carried at amortised cost, using the effective interest method.

Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

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

Contract costs

The company accounts for the costs of running each contract on an arising basis each month and these costs are written off in full to the profit and loss account. For some contracts, the company can incur one off costs at the beginning and these costs are spread over the useful life of the contract.

Going concern

The financial statements have been prepared on a going concern basis.

In preparing the financial statements, the directors have concluded that there are no material uncertainties at the time the accounts were approved to lead to any significant doubt upon the company's ability to trade.These conclusions were based on strong post balance sheet management accounts, the current trading status of the units operated and the strong cash position of the company at the year end.

3.

TURNOVER

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

An analysis of turnover by class of business is given below:

2025

2024

£

£

From principal activity

24,495,578

21,935,969

24,495,578

21,935,969

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

10,791,063

9,428,412

Social security costs

1,042,825

591,210

Other pension costs

310,599

218,003

12,144,487

10,237,625

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

2025

2024

Catering Staff

507

472

Unit Managers

109

107

Head Office

17

15

633

594

2025

2024

£

£

Directors' remuneration

252,717

259,458

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

131,745

167,229

5.	OPERATING PROFIT

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

2025

2024

£

£

Depreciation - owned assets

42,415

40,131

Depreciation - assets on hire purchase contracts

6,981

16,916

Profit on disposal of fixed assets

(1,817

)

(6,433

)

Computer software amortisation

889

1,334

Auditors' remuneration

18,000

16,000

Auditors' remuneration for non audit work

22,728

16,226

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank loan interest

-

15,756

Hire purchase

757

1,471

Cash collection charges

-

855

757

18,082