Registered number:
FOR THE YEAR ENDED 31 JANUARY 2021
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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 2021
The director presents his report and the financial statements for the year ended 31 January 2021.
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 2021
After what seems to have been a very long year, with Covid restrictions hitting hard across a large proportion of the main business, On A Roll Sandwich Company Ltd (OAR) are now starting to see an improvement in sales.
It will be some time before the travel sector picks up, but hopefully for the year ending 31st January 2022 OAR will see an improvement in turnover. It appears that Brexit has also caused some issues but it is hard to say whether these are wholly related to Brexit as Covid has affected many things too. Ingredient costs are going up, staffing is proving difficult to find – again this is partly Brexit with some European workers returning home. Prospective employees have a large number of vacancies to apply for and are therefore able to pick and choose the role they want – it is certainly an employees market at the moment. Transport seems to be struggling the most, as drivers are in high demand – particularly skilled HGV drivers. Generally, the business is managing this and 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. By the final quarter of the next financial year OAR expect to have a rolling turnover of around £20m.
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 2021
The auditors, Waltons Clark Whitehill 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 2021
The company has managed Covid by just working on getting through the pandemic and feels it is coming out fighting on the other side.
Strategically OAR is back to the levels at the end of January 2020 and again looking at the management structure and investment required to take the business forward by improving the current offering as well as diversifying into other food to go areas. The travel industry will hopefully be back up and running and if not back to pre-Covid levels be at least heading that way. Two potential sites have been located to look to use as jump points for distribution and potentially build a further manufacturing unit in order to expand further geographically. Storage and picking areas are becoming full and therefore a further unit may be needed around the head office to re-locate some of the excess. The drop in turnover for year ending January 2021 does hide an underlying growth which if added to the previous year would show an 11% increase in turnover. Current forecasts are around a conservative £16-18m turnover – but if the travel industry does return this will be above £20m.
Key areas within the business are being reviewed constantly as they are key requirements for customers. Packaging is one area that customers want to see changes in. As such OAR have introduced new packaging that is more environmentally friendly but are continuing to work to get down to zero waste. The manufacturers of packaging are still innovating and trying to resolve the recyclability of plastic alternatives as well as card packs without plastic windows.
As last year, Brexit and food inflation are still the biggest concern for OAR. The KPI results show purchases at a slightly higher percentage to that of last year but it is unclear if this is as a result of Brexit or the current volatility of the market. Labour is now the bigger problem as minimum wage is increasing faster than the prices that can be charged onto customers. Improving the management structure means that the overheads are going up but this should start to level off as OAR bring in new business. The food to go market remains very volatile and competitors can be aggressive in their sales approach. Pricing is still being reviewed on a regular basis together with market and competitor information. The effect of covid-19 on the business continues to bring a level of uncertainty to the short term results of the business until the travel industry returns to pre Covid levels.
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ON A ROLL SANDWICH COMPANY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2021
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 SHAREHOLDER 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 2021, 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 SHAREHOLDER 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:
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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
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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 SHAREHOLDER 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, the posting of unusual journals and deletion of transactions. 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”. We reviewed deleted transactions for evidence that they were necessary to be removed.
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 SHAREHOLDER OF ON A ROLL SANDWICH COMPANY LIMITED (CONTINUED)
This report is made solely to the company's shareholders, 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 shareholders 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 shareholders, 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 2021
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ON A ROLL SANDWICH COMPANY LIMITED
REGISTERED NUMBER:
05994921
BALANCE SHEET
AS AT
31 JANUARY 2021
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ON A ROLL SANDWICH COMPANY LIMITED
REGISTERED NUMBER:
05994921
BALANCE SHEET
(CONTINUED)
AS AT
31 JANUARY 2021
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
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 2021
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ON A ROLL SANDWICH COMPANY LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2021
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ON A ROLL SANDWICH COMPANY LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JANUARY 2021
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ON A ROLL SANDWICH COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2021
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 2021
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 2021
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ON A ROLL SANDWICH COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2021
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ON A ROLL SANDWICH COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2021
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ON A ROLL SANDWICH COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2021
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 2021
Page 22
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ON A ROLL SANDWICH COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2021
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 2021
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ON A ROLL SANDWICH COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2021
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ON A ROLL SANDWICH COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2021
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ON A ROLL SANDWICH COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2021
Profit & loss account
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ON A ROLL SANDWICH COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2021
Included within other creditors is an amount of £2,554 (
1 February 2020: £
1,239) in relation to outstanding pension contributions.
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