REGISTERED NUMBER: |
Unaudited Financial Statements |
For The Year Ended 31 January 2022 |
for |
Dawncrest Limited |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
1 Cambuslang Court |
Cambuslang |
Glasgow |
Strathclyde |
G32 8FH |
SOLICITORS: |
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 |
Tangible assets | 5 |
Investments | 6 |
Investment property | 7 |
CURRENT ASSETS |
Stocks |
Debtors | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
10 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 12 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Capital redemption reserve |
Fair value reserve | 13 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
Dawncrest Limited (Registered number: SC349910) |
Notes to the Financial Statements |
For The Year Ended 31 January 2022 |
1. | STATUTORY INFORMATION |
Dawncrest Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
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 |
AMORTISATION |
At 1 February 2021 |
Charge for year |
At 31 January 2022 |
NET BOOK VALUE |
At 31 January 2022 |
At 31 January 2021 |
5. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures, |
Freehold | to | fittings |
property | property | and equip | Totals |
£ | £ | £ | £ |
COST |
At 1 February 2021 |
Additions |
Reclassification/transfer | ( |
) |
At 31 January 2022 |
DEPRECIATION |
At 1 February 2021 |
Charge for year |
Reclassification/transfer | ( |
) |
At 31 January 2022 |
NET BOOK VALUE |
At 31 January 2022 |
At 31 January 2021 |
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 |
Additions | 429,445 |
At 31 January 2022 | 1,017,010 |
PROVISIONS |
At 1 February 2021 |
and 31 January 2022 | 586,500 | - | 586,500 |
NET BOOK VALUE |
At 31 January 2022 | 430,510 |
At 31 January 2021 | 1,065 |
7. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 February 2021 |
and 31 January 2022 |
NET BOOK VALUE |
At 31 January 2022 |
At 31 January 2021 |
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 |
Other debtors |
Prepayments |
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 |
Hire purchase contracts |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 35,449 | 39,407 |
Other creditors |
Directors' current accounts | 1,111,112 | 1,161,592 |
Accrued expenses |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.1.22 | 31.1.21 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
11. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.1.22 | 31.1.21 |
£ | £ |
Bank loans |
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 |
Provided during year | ( |
) |
Balance at 31 January 2022 |
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 |
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. |
1 Cambuslang Court |
Cambuslang |
Glasgow |
Strathclyde |
G32 8FH |