Company Registration No. NI658634 (Northern Ireland)
DINO BOB'S BURGERS LTD
UNAUDITED FILLETED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
DINO BOB'S BURGERS LTD
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
DINO BOB'S BURGERS LTD
COMPANY INFORMATION
- 1 -
Director
Stephen Hill
Company number
NI658634
Registered office
10 Pilots View
Heron Road
Belfast
BT3 9LE
Accountants
Johnston Kennedy DFK
Chartered Accountants
10 Pilots View
Heron Road
Belfast
BT3 9LE
Business address
Omniplex Cinema Downpatrick
5 Owenbeg Avenue
Downpatrick
Co Down
BT30 6FJ
Bankers
Allied Irish Bank
35 University Road
Belfast
BT7 1ND
DINO BOB'S BURGERS LTD
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
263,914
329,724
Current assets
Stocks
8,227
9,789
Debtors
5
95,528
50,255
Cash at bank and in hand
9,720
20,064
113,475
80,108
Creditors: amounts falling due within one year
6
(329,029)
(133,650)
Net current liabilities
(215,554)
(53,542)
Total assets less current liabilities
48,360
276,182
Creditors: amounts falling due after more than one year
7
(850,891)
(886,989)
Net liabilities
(802,531)
(610,807)
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
(802,631)
(610,907)
Total equity
(802,531)
(610,807)
The notes on pages 4 to 9 form part of these financial statements
Compiled without audit or independent verification
DINO BOB'S BURGERS LTD
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2023
30 September 2023
- 3 -
Directors' statement in respect of the financial statements
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 of the Companies Act 2006.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and the Financial Reporting Standard FRS102 1A - Small Entities.
The financial statements were approved and signed by the director and authorised for issue on 31 July 2024
Stephen Hill
..............................
Stephen Hill
Director
Company Registration No. NI658634
The notes on pages 4 to 9 form part of these financial statements
Compiled without audit or independent verification
DINO BOB'S BURGERS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 4 -
1
Accounting policies
Company information
Dino Bob's Burgers Ltd is a private company limited by shares incorporated in Northern Ireland. The registered office is 10 Pilots' View, Heron Road, Belfast, BT3 9LE.The business address is Omniplex Cinema Downpatrick, 5 Owenbeg Avenue, Downpatrick, Co Down, BT30 6FJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.
The principal accounting policies adopted are set out below.
1.2
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.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
20 % straight line
Equipment
15 % reducing balance
Fixtures and fittings
15 % reducing balance
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.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply.
1.5
Stocks
Stocks are stated at the lower of cost and net realisable value.
DINO BOB'S BURGERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.6
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 current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
DINO BOB'S BURGERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 6 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.12
Shares are included in shareholders' funds. Other instruments are classified as liabilities if not included in shareholders funds and if they contain an obligation to transfer economic benefits. The finance cost recognised in the profit and loss account in respect of capital instruments other than equity shares is allocated to periods over the term of the instrument at a constant rate on the carrying amount.
1.13
Dividends to the company's ordinary shareholders are recognised as a liability of the company when approved by the company's director.
2
Operating loss
2023
2022
Operating loss for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
65,810
73,271
-Rent and service charge
89,843
99,754
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
19
26
DINO BOB'S BURGERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 7 -
4
Tangible fixed assets
Leasehold improvements
Equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 October 2022 and 30 September 2023
115,671
138,802
335,512
589,985
Depreciation and impairment
At 1 October 2022
70,479
56,073
133,709
260,261
Depreciation charged in the year
23,132
12,410
30,268
65,810
At 30 September 2023
93,611
68,483
163,977
326,071
Carrying amount
At 30 September 2023
22,060
70,319
171,535
263,914
At 30 September 2022
45,192
82,729
201,803
329,724
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Prepayments and accrued income
19,628
7,555
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 8)
75,900
42,700
Total debtors
95,528
50,255
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
14,344
Trade creditors
189,513
94,443
Other taxation and social security
113,828
25,522
Accruals and deferred income
11,344
13,685
329,029
133,650
DINO BOB'S BURGERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 8 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Amounts owed to related companies
850,891
886,989
8
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Assets
2023
Balances:
£
Tax losses
75,900
75,900
Deferred tax balances
75,900
2023
Movements in the year:
£
Asset at 1 October 2022
(42,700)
Credit to profit or loss
(33,200)
Asset at 30 September 2023
(75,900)
9
Called up share capital
2023
2022
Ordinary share capital
Number
Number
Issued and fully paid
100 Ordinary of £1 each
100
100
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
Rent
In over five years
83,000
83,000
DINO BOB'S BURGERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 9 -
11
Control
The company is a wholly owned subsidiary of Revolutionary Burgers Ltd, a company registered in Northern Ireland.
12
Related party transactions
At 30 September 2023 the balance due to related entities was £850,891 (2022: £886,989) this is included within creditors due after one year. There was no interest due on this loan.
13
Going Concern
At the end of the period there was a deficit on the balance sheet of £802,531. The directors have reviewed post period end trading and are confident that the company will be profitable and will return to a solvent position within the foreseeable future. The company is dependant on the continued financial support of related entities.