Registered number:
FOR THE YEAR ENDED 31 JANUARY 2023
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ON A ROLL SANDWICH COMPANY LIMITED
COMPANY INFORMATION
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ON A ROLL SANDWICH COMPANY LIMITED
CONTENTS
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ON A ROLL SANDWICH COMPANY LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 JANUARY 2023
The director presents his report and the financial statements for the year ended 31 January 2023.
The director is responsible for preparing the strategic report, the director's report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies for the company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The director who served during the year was:
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ON A ROLL SANDWICH COMPANY LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
On A Roll Sandwich Company Ltd (OAR) have seen another year of growth with a larger growth in the frozen sector than was initially expected.
The main focus for the next few years will be to build on the current customer base and grow their sales as well as start to look for other customers within the food to go market, within both fresh and frozen. The economy still seems unsettled with continuing increases in raw materials as well as fuel and labour, however there are signs that it is settling and OAR expects to be in a different place next year with more settled pricing across all areas of the business. The key issue going forward now seems to be the limited employee availability and how this can be combatted. The next few years will see investments in looking at untapped markets and factory automation where possible. Generally, the business is managing this and is continually looking at ways of combatting the issues it is being faced with. It is continuing to look at national coverage and how it can compete at this level with there being more opportunities arising in that sector. The next financial year will hopefully see a further growth – but at a steadier rate with future years growth to be more stable are around 5-10% going forward.
Research and development projects continued to include:
Development of sandwich packaging with improved sealing for freshness and prevention of tampering and contamination. Development of heatproof inks and films which can then be used on sandwiches which are reheated by the wholesale and travel sectors. Development of a new easy-to-use sandwich packaging for elderly hospital patients. Improved automation to the production process.
The business review, principal risks and uncertainties and financial key performance indicators are included in the strategic report.
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ON A ROLL SANDWICH COMPANY LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
The auditors, Waltons Business Advisers Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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ON A ROLL SANDWICH COMPANY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2023
The director of On A Roll Sandwich Co (OAR), still feel that the effects from Covid and Brexit are still affecting the business, but feels it is slowly starting to improve. Inflation, higher interest rates as well as the turmoil of the employment market are all affecting the operation of the business.
However, OAR have managed to continue to grow substantially this financial year and it has certainly been more than forecasted. There still seems to be a lot of unrest across all areas of their customer base which has been deliberately kept diverse to ensure if one area drops off the overall effect on the business is minimal. The sandwich industry, is still unsettled with more larger contracts going out to tender, with mid-tier manufacturers able to go head to head with the big nationals – however pricing does seem to be the main driver still. Over the last few years OAR hadn’t engaged in tendering and were going with growth within their current customer base as well as recommendations. This is starting to change, and although there hasn’t been any really big wins yet, access into previously alien territory is making a difference. For year ending 31/1/24 there is a view that OAR will start tendering more for targeted business groups that will compliment the current customer base and not jeopardise the overall business ethos. The business continues to expand its capacity and during the next financial year will continue to work towards growing the output of the current factories.
OAR spent the last 6 months of this year ending 31/1/23 recruiting and employing a structured key management team that would run all areas of the business providing senior support to the teams. This has now started to impact positively on all areas of the business. This is an on-going exercise and this will take most of the financial year ending 31/1/24 to recruit and stabilise.
Continuous investment is required in up-to-date machinery as well as the possibility of going down the robotic route in key areas. This will assist with growth and labour shortages. Again, this year Brexit and food inflation has still been the biggest uncertainty for OAR and it has been hard to push price increases through to customers. During this financial year two increases have gone through and next financial year ending 31/1/24 will possibly need another one, if not two increases. Margins are still not recovering. Labour is the probably one of the most difficult issue to deal with at the moment and has been since covid restrictions eased. Improving the management structure means that the overheads are going up but this should start to level off as OAR grow current business as well as bring in new business and the new management structure helps to meet KPIs and reduce costs. The food to go market remains very volatile and competitors can be aggressive in their sales approach and pricing. OAR are continuing to provide a quality product that is not always the cheapest on the market. Pricing is still being reviewed on a monthly basis together with market and competitor information as increased inflation will be around for quite some time.
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ON A ROLL SANDWICH COMPANY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
The board monitors company performance using a range of indicators, some of the most significant of which are as follows:
This report was approved by the board and signed on its behalf.
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ON A ROLL SANDWICH COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ON A ROLL SANDWICH COMPANY LIMITED
We have audited the financial statements of On A Roll Sandwich Company Limited (the 'company') for the year ended 31 January 2023, which comprise the statement of income and retained earnings, the balance sheet, the statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
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ON A ROLL SANDWICH COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ON A ROLL SANDWICH COMPANY LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our auditors' report thereon. The director is responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.
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ON A ROLL SANDWICH COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ON A ROLL SANDWICH COMPANY LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We gained an understanding of the legal and regulatory framework applicable to the company and the area in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. We identified the greatest potential for fraud in the following areas: existence and timing of recognition of income and the posting of unusual journals. We discussed these risks with management and designed audit procedures to test the timing and existence of revenue. We reviewed journals posted during the year and around the year end to look for potential “window dressing”.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.
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ON A ROLL SANDWICH COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ON A ROLL SANDWICH COMPANY LIMITED (CONTINUED)
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
Maritime House
Harbour Walk
The Marina
TS24 0UX
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ON A ROLL SANDWICH COMPANY LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 JANUARY 2023
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ON A ROLL SANDWICH COMPANY LIMITED
REGISTERED NUMBER: 05994921
BALANCE SHEET
AS AT 31 JANUARY 2023
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ON A ROLL SANDWICH COMPANY LIMITED
REGISTERED NUMBER: 05994921
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 16 to 28 form part of these financial statements.
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ON A ROLL SANDWICH COMPANY LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2023
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ON A ROLL SANDWICH COMPANY LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
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ON A ROLL SANDWICH COMPANY LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JANUARY 2023
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ON A ROLL SANDWICH COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
The company is a private company limited by share capital and registered in England and Wales. The registered office address is:
The Pantry Barton Road Middlesbrough TS2 1RY
2.ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies.
The director, having made due and careful enquiry, is of the opinion that the company has, with the support of the bank and invoice discounting arrangement, adequate working capital to execute its operations over the next 12 months. The director, therefore, has made an informed judgement, at the time of approving the financial statements, that there is reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As a result the director has continued to adopt the going concern basis of accounting in preparing the annual financial statements.
Revenue is recognised when the company has transferred ownership of goods to the buyer and revenue can be measured reliably.
The company obtains finance in respect of trade debtors under an invoice discounting arrangement. This is regarded as a financing arrangement only, and the gross amount of the trade debtor is included in debtors with any advances received against these debts being included in other creditors. Interest and charges in respect of these arrangements are charged to the profit and loss on an accruals basis.
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ON A ROLL SANDWICH COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
2.ACCOUNTING POLICIES (CONTINUED)
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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.
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ON A ROLL SANDWICH COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
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ON A ROLL SANDWICH COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
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ON A ROLL SANDWICH COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
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ON A ROLL SANDWICH COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
11.TAXATION (CONTINUED)
There were no factors that may affect future tax charges.
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ON A ROLL SANDWICH COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
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ON A ROLL SANDWICH COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
13.TANGIBLE FIXED ASSETS (CONTINUED)
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ON A ROLL SANDWICH COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
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ON A ROLL SANDWICH COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
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ON A ROLL SANDWICH COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
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ON A ROLL SANDWICH COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
Profit & loss account
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ON A ROLL SANDWICH COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
Included within other creditors is an amount of £1,100 (1 February 2022: £2,752) in relation to outstanding pension contributions.
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