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COMPANY REGISTRATION NUMBER: 06020410
P.D. Diners Limited
Filleted Unaudited Financial Statements
31 March 2023
P.D. Diners Limited
Directors' Report
Period from 1 January 2022 to 31 March 2023
The directors present their report and the unaudited financial statements of the company for the period ended 31 March 2023 .
Directors
The directors who served the company during the period were as follows:
Miss Rees
(Appointed 29 April 2022)
Mr Kong
(Appointed 29 April 2022)
Mr Day
(Resigned 29 April 2022)
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 28 September 2023 and signed on behalf of the board by:
Miss Rees
Mr Kong
Director
Director
Registered office:
9 Trefor Road
Aberystwyth
Ceredigion
SY23 2EH
P.D. Diners Limited
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of P.D. Diners Limited
Period from 1 January 2022 to 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of P.D. Diners Limited for the period ended 31 March 2023, which comprise the statement of financial position 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 the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of P.D. Diners Limited, as a body, in accordance with the terms of our engagement letter dated 16 March 2022. Our work has been undertaken solely to prepare for your approval the financial statements of P.D. Diners Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than P.D. Diners Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that P.D. Diners 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 P.D. Diners Limited. You consider that P.D. Diners Limited is exempt from the statutory audit requirement for the period. We have not been instructed to carry out an audit or a review of the financial statements of P.D. Diners 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.
FRANCIS GRAY CHARTERED ACCOUNTANTS Chartered accountants
Ty Madog 32 Queens Road Aberystwyth Ceredigion SY23 2HN
28 September 2023
P.D. Diners Limited
Statement of Financial Position
31 March 2023
31 Mar 23
31 Dec 21
Note
£
£
Fixed assets
Tangible assets
6
20,536
22,139
Current assets
Debtors
7
82,115
768
Cash at bank and in hand
38,483
198,739
---------
---------
120,598
199,507
Creditors: amounts falling due within one year
8
89,622
197,710
---------
---------
Net current assets
30,976
1,797
--------
--------
Total assets less current liabilities
51,512
23,936
Provisions
5,442
4,206
--------
--------
Net assets
46,070
19,730
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
45,970
19,630
--------
--------
Shareholders funds
46,070
19,730
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the period ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
P.D. Diners Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 28 September 2023 , and are signed on behalf of the board by:
Miss Rees
Mr Kong
Director
Director
Company registration number: 06020410
P.D. Diners Limited
Notes to the Financial Statements
Period from 1 January 2022 to 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 9 Trefor Road, Aberystwyth, SY23 2EH, Ceredigion.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
Fully amortised
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 11 (2021: 9 ).
5. Intangible assets
Goodwill
£
Cost
At 1 January 2022 and 31 March 2023
75,000
--------
Amortisation
At 1 January 2022 and 31 March 2023
75,000
--------
Carrying amount
At 31 March 2023
--------
At 31 December 2021
--------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2022
40,205
40,205
Additions
9,627
9,465
19,092
Disposals
( 17,726)
( 17,726)
--------
-------
--------
At 31 March 2023
32,106
9,465
41,571
--------
-------
--------
Depreciation
At 1 January 2022
18,066
18,066
Charge for the period
4,128
1,882
6,010
Disposals
( 3,041)
( 3,041)
--------
-------
--------
At 31 March 2023
19,153
1,882
21,035
--------
-------
--------
Carrying amount
At 31 March 2023
12,953
7,583
20,536
--------
-------
--------
At 31 December 2021
22,139
22,139
--------
-------
--------
7. Debtors
31 Mar 23
31 Dec 21
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
16,675
Other debtors
65,440
768
--------
----
82,115
768
--------
----
Other debtors include an amount due from Medina Aberystwyth Ltd (10157870) of £62,883.
8. Creditors: amounts falling due within one year
31 Mar 23
31 Dec 21
£
£
Trade creditors
2,672
4,600
Corporation tax
15,360
40,722
Social security and other taxes
811
9,170
Other creditors
70,779
143,218
--------
---------
89,622
197,710
--------
---------
Other creditors consist of:
2023 2021
£ £
Directors loan accounts 64,553 139,593
Net wages control 4,828
Accruals 1,398 3,625
-------- ---------
70,779 143,218
-------- ---------
9. Directors' advances, credits and guarantees
Amounts advanced to the company by the Directors with attached terms are as follows: (a) Balance as at 31st March 2023 was £64,553 (31/12/2021: £139,593); (b) Interest rate charged nil %; (c) Repayable on demand; and (d) Withdrawals (additions) made during the year amounted to £75,040 (31/12/2021: £-135,965)
2023 2021
£ £
Directors loan account - Mr Day 139,593
Directors loan account - Miss Rees 33,178
Directors loan account - Mr Kong 31,375
-------- ---------
64,553 139,593
-------- ---------
10. Related party transactions
The company was under the control of Ms. M. Rees and Mr C. Kong throughout the current year. P D Diners Limited (Company registration number 06020410 ) is a wholly-owned subsidiary of Medina Restaurant Holdings Limited. Medina Aberystwyth Limited (Company registration number 10157870) is also under the control of Ms. M. Rees and Mr C. Kong though there is otherwise no direct group relationship. As stated in note 8, P D Diners Limited is owed £62,883 by Medina Aberystwyth Limited at the year end ( 2022 -nil). Also, as stated in note 8, P D Diners Limited is owed £16,675 by Medina Restaurant Holdings Limited at the year end (2022 - nil). No further transactions with related parties were undertaken such as are required to be disclosed under FRS 102.