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Company No: 09682268 (England and Wales)

DININGS LONDON LIMITED

Unaudited Financial Statements
For the financial year ended 31 July 2023
Pages for filing with the registrar

DININGS LONDON LIMITED

Unaudited Financial Statements

For the financial year ended 31 July 2023

Contents

DININGS LONDON LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 July 2023
DININGS LONDON LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 July 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 7,786 3,480
7,786 3,480
Current assets
Stocks 4 5,066 4,130
Debtors 5 33,572 33,461
Cash at bank and in hand 250,334 278,543
288,972 316,134
Creditors: amounts falling due within one year 6 ( 170,863) ( 226,565)
Net current assets 118,109 89,569
Total assets less current liabilities 125,895 93,049
Provision for liabilities 7 ( 1,813) ( 664)
Net assets 124,082 92,385
Capital and reserves
Called-up share capital 8 1,000 1,000
Profit and loss account 123,082 91,385
Total shareholders' funds 124,082 92,385

For the financial year ending 31 July 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Dinings London Limited (registered number: 09682268) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

T Chiba
Director

05 April 2024

DININGS LONDON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
DININGS LONDON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Dinings London Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 22 Harcourt Street, London, W1H 4HH, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Pensions - Defined contribution pension plan

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 profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 10 years straight line
Plant and machinery 4 years straight line
Fixtures and fittings 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from bank and loans to and from related parties.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 22 16

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Fixtures and fittings Total
£ £ £ £
Cost
At 01 August 2022 4,518 88,512 0 93,030
Additions 0 8,244 720 8,964
Disposals 0 ( 2,378) 0 ( 2,378)
At 31 July 2023 4,518 94,378 720 99,616
Accumulated depreciation
At 01 August 2022 4,518 85,032 0 89,550
Charge for the financial year 0 2,770 103 2,873
Disposals 0 ( 593) 0 ( 593)
At 31 July 2023 4,518 87,209 103 91,830
Net book value
At 31 July 2023 0 7,169 617 7,786
At 31 July 2022 0 3,480 0 3,480

4. Stocks

2023 2022
£ £
Stocks 5,066 4,130

There are no material differences between the replacement cost of stock and the Balance Sheet amounts.

5. Debtors

2023 2022
£ £
Trade debtors 890 8,428
Prepayments 18,138 20,037
Deposits 1,246 1,246
Other debtors 13,298 3,750
33,572 33,461

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 44,182 31,164
Accruals and deferred income 45,336 53,193
Taxation and social security 36,405 64,027
Other creditors 44,940 78,181
170,863 226,565

7. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 664) ( 381)
Charged to the Statement of Income and Retained Earnings ( 1,149) ( 283)
At the end of financial year ( 1,813) ( 664)

The deferred taxation balance is made up as follows:

2023 2022
£ £
Accelerated capital allowances ( 1,813) ( 664)

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1,000 Ordinary shares shares of £ 1.00 each 1,000 1,000

9. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 1,249 1,928

10. Commitments under operating leases

2023 2022
£ £
Not later than 1 year 45,833 45,833
Later than 1 year and not later than 5 years 91,667 137,500
Later than 5 years 0 0
137,500 183,333

11. Director's advances, credits and guarantees

Included within other debtors is a balance of £10,733 (2022: Nil) owed by the directors to the company. This balance is unsecured and interest is charged at 2.5%. The director will make monthly payments of £385 until the loan is paid in full, ending on 26 October 2024.