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REGISTERED NUMBER: SC349910 (Scotland)





















Unaudited Financial Statements

For The Year Ended 31 January 2022

for

Dawncrest Limited

Dawncrest Limited (Registered number: SC349910)






Contents of the Financial Statements
For The Year Ended 31 January 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 12

Dawncrest Limited

Company Information
For The Year Ended 31 January 2022







DIRECTOR: B Richards



REGISTERED OFFICE: C/O Bath Street Properties Limited
193 Bath Street
Glasgow
G2 4HU



REGISTERED NUMBER: SC349910 (Scotland)



ACCOUNTANTS: Atkinson Donnelly LLP
1 Cambuslang Court
Cambuslang
Glasgow
Strathclyde
G32 8FH



SOLICITORS: Brodies LLP
110 Queen Street
Glasgow
G1 3BX

Dawncrest Limited (Registered number: SC349910)

Balance Sheet
31 January 2022

31.1.22 31.1.21
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 389,048 424,700
Tangible assets 5 1,190,304 1,272,900
Investments 6 430,510 1,065
Investment property 7 900,000 900,000
2,909,862 2,598,665

CURRENT ASSETS
Stocks 22,769 21,500
Debtors 8 917,821 1,019,196
Cash at bank 156,648 241,531
1,097,238 1,282,227
CREDITORS
Amounts falling due within one year 9 1,489,823 1,517,750
NET CURRENT LIABILITIES (392,585 ) (235,523 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,517,277

2,363,142

CREDITORS
Amounts falling due after more than one
year

10

(280,001

)

(357,202

)

PROVISIONS FOR LIABILITIES 12 (134,055 ) (144,390 )
NET ASSETS 2,103,221 1,861,550

CAPITAL AND RESERVES
Called up share capital 1 1
Capital redemption reserve 1 1
Fair value reserve 13 269,892 269,892
Retained earnings 1,833,327 1,591,656
SHAREHOLDERS' FUNDS 2,103,221 1,861,550

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Dawncrest Limited (Registered number: SC349910)

Balance Sheet - continued
31 January 2022


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 19 August 2022 and were signed by:





B Richards - Director


Dawncrest Limited (Registered number: SC349910)

Notes to the Financial Statements
For The Year Ended 31 January 2022

1. STATUTORY INFORMATION

Dawncrest Limited is a private company, limited by shares , registered in Scotland. 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about Dawncrest Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover comprises cash sales takings from the operation of nightclubs, bars and restaurants for the year under review, exclusive of Value Added Tax. Turnover is recognised in the period in which the service is delivered to the customer.

Rent receivable for the year end is recognised evenly over the period of each lease based on the agreed annual rent.

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirers interest in the fair value of the company's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to statement of comprehensive income over its useful economic life of 20 years. The useful life is based on the popularity of the establishments built up by the company.

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.

Tangible fixed assets
Tangible fixed assets under the cost model are stated at the historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bring the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to the income statement during the period in which they are incurred.

Freehold property & improvements- 2.0% straight line
Leasehold property improvements- 12.5% reducing balance
Fixtures and fittings- 15.0% reducing balance
Computer equipment- 33.3% straight line

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 income statement.

Dawncrest Limited (Registered number: SC349910)

Notes to the Financial Statements - continued
For The Year Ended 31 January 2022

2. ACCOUNTING POLICIES - continued

Investments in subsidiaries
Investments in subsidiaries are measured at cost less accumulated impairment. Where merger relief is applicable, the cost of the investment in a subsidiary undertaking is measured at the nominal value of the shares issued together with the fair value of any additional consideration paid.

Investment property
Investment property is carried at fair value determined annually. No depreciation is provided. Changes in fair value are recognised in the income statement. The increase in the fair value less deferred tax on that value increase is transferred to a fair value reserve.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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, loans to related parties and investments in non-puttable ordinary shares.

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 profit or loss.

For financial assets 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 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 balance sheet date.

Financial assets and liabilities are offset and the net amounts reported in the balance sheet 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.

Cash and Bank Balances
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.

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.


Dawncrest Limited (Registered number: SC349910)

Notes to the Financial Statements - continued
For The Year Ended 31 January 2022

2. ACCOUNTING POLICIES - continued
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.

Pension costs and other post-retirement benefits
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 profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Dawncrest Limited (Registered number: SC349910)

Notes to the Financial Statements - continued
For The Year Ended 31 January 2022

2. ACCOUNTING POLICIES - continued

Finance costs
Finance costs are charged to the profit or loss 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.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Interest income
Interest income is recognised in the profit or loss using the effective interest method.

Borrowing costs
All borrowing costs are recognised in the profit or loss in the year in which they are incurred.

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 profit and loss in the year that the company becomes aware of the obligation, and are measured at the best estimate a the balance sheet 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 balance sheet.

Reserves
The company's reserves are as follows:

Called up share capital reserve represents the nominal value of the shares issued.

The capital redemption reserve contains the nominal value of own shares that have been acquired by the company and cancelled.

Profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments.

Other operating income
Other operating income includes sponsorship which is recognised in the period to which the sponsorship relates.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2021 - 22 ) .

Dawncrest Limited (Registered number: SC349910)

Notes to the Financial Statements - continued
For The Year Ended 31 January 2022

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 February 2021
and 31 January 2022 713,035
AMORTISATION
At 1 February 2021 288,335
Charge for year 35,652
At 31 January 2022 323,987
NET BOOK VALUE
At 31 January 2022 389,048
At 31 January 2021 424,700

5. TANGIBLE FIXED ASSETS
Improvements Fixtures,
Freehold to fittings
property property and equip Totals
£    £    £    £   
COST
At 1 February 2021 1,810,041 450,036 457,600 2,717,677
Additions - - 1,105 1,105
Reclassification/transfer (11,828 ) 11,828 - -
At 31 January 2022 1,798,213 461,864 458,705 2,718,782
DEPRECIATION
At 1 February 2021 745,695 329,871 369,211 1,444,777
Charge for year 51,960 16,152 15,589 83,701
Reclassification/transfer (2,772 ) 2,772 - -
At 31 January 2022 794,883 348,795 384,800 1,528,478
NET BOOK VALUE
At 31 January 2022 1,003,330 113,069 73,905 1,190,304
At 31 January 2021 1,064,346 120,165 88,389 1,272,900

Dawncrest Limited (Registered number: SC349910)

Notes to the Financial Statements - continued
For The Year Ended 31 January 2022

6. FIXED ASSET INVESTMENTS
Shares in
group Other
undertakings investments Totals
£    £    £   
COST
At 1 February 2021 587,565 - 587,565
Additions 129,545 299,900 429,445
At 31 January 2022 717,110 299,900 1,017,010
PROVISIONS
At 1 February 2021
and 31 January 2022 586,500 - 586,500
NET BOOK VALUE
At 31 January 2022 130,610 299,900 430,510
At 31 January 2021 1,065 - 1,065

7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2021
and 31 January 2022 900,000
NET BOOK VALUE
At 31 January 2022 900,000
At 31 January 2021 900,000

The investment property was last subject to external valuation in July 2016. This was undertaken by J & E Shepherd, a firm of chartered surveyors.The investment property was then valued at £900,000 on an open market value for existing use basis.

The director has considered the carrying value of the investment property at 31 January 2022 and believes that the amount of £900,000 reflects the fair value of the property at that time. The historic cost of the property at the balance sheet date was £566,800 (2021 - £566,800).

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.22 31.1.21
£    £   
Amounts owed by group undertakings 95,338 280,360
Other debtors 794,522 674,923
Prepayments 27,961 63,913
917,821 1,019,196

Dawncrest Limited (Registered number: SC349910)

Notes to the Financial Statements - continued
For The Year Ended 31 January 2022

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.22 31.1.21
£    £   
Bank loans and overdrafts 134,967 124,009
Hire purchase contracts - 2,988
Trade creditors 104,502 65,837
Tax 81,895 98,456
Social security and other taxes 8,583 5,882
VAT 35,449 39,407
Other creditors 1,608 1,533
Directors' current accounts 1,111,112 1,161,592
Accrued expenses 11,707 18,046
1,489,823 1,517,750

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.22 31.1.21
£    £   
Bank loans - 1-2 years 138,299 127,104
Bank loans - 2-5 years 141,702 230,098
280,001 357,202

11. SECURED DEBTS

The following secured debts are included within creditors:

31.1.22 31.1.21
£    £   
Bank loans 414,968 481,211

The company has a long term loan to November 2024, repayable by monthly installments with the Clydesdale Bank plc. Interest is charged at an aggregate margin of LIBOR plus 2.4%.

The Clydesdale Bank plc holds a standard security over the company's freehold property and a floating charge over the whole assets of the company. There is also further security given to the bank by way of an unlimited guarantee by Mountoak Limited, Mountoak 2 Limited, plus a guarantee of £450,000 by Bath Street Properties Limited, a company under common control.

12. PROVISIONS FOR LIABILITIES
31.1.22 31.1.21
£    £   
Deferred tax 134,055 144,390

Deferred
tax
£   
Balance at 1 February 2021 144,390
Provided during year (10,335 )
Balance at 31 January 2022 134,055

Dawncrest Limited (Registered number: SC349910)

Notes to the Financial Statements - continued
For The Year Ended 31 January 2022

13. RESERVES
Fair
value
reserve
£   
At 1 February 2021
and 31 January 2022 269,892

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
Dawncrest Limited

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Dawncrest Limited for the year ended 31 January 2022 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the director of Dawncrest Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Dawncrest Limited and state those matters that we have agreed to state to the director of Dawncrest Limited in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Dawncrest Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Dawncrest Limited. You consider that Dawncrest Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Dawncrest Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Atkinson Donnelly LLP
1 Cambuslang Court
Cambuslang
Glasgow
Strathclyde
G32 8FH


19 August 2022