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REGISTERED NUMBER: 02069952 (England and Wales)






















Unaudited Financial Statements

for the Period

30 January 2023 to 28 January 2024

for

Damon's Restaurants (UK) Limited

Damon's Restaurants (UK) Limited (Registered number: 02069952)






Contents of the Financial Statements
for the Period 30 January 2023 to 28 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Damon's Restaurants (UK) Limited

Company Information
for the Period 30 January 2023 to 28 January 2024







DIRECTORS: J E Foulston
S A Carey





REGISTERED OFFICE: 999 Doddington Road
Lincoln
Lincolnshire
LN6 3SE





REGISTERED NUMBER: 02069952 (England and Wales)





ACCOUNTANTS: Wright Vigar Limited
Chartered Accountants & Business Advisers
15 Newland
Lincoln
Lincolnshire
LN1 1XG

Damon's Restaurants (UK) Limited (Registered number: 02069952)

Balance Sheet
28 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,270,899 2,298,892

CURRENT ASSETS
Stocks 37,612 47,245
Debtors 5 1,605,152 1,428,036
Cash in hand 1,612 1,555
1,644,376 1,476,836
CREDITORS
Amounts falling due within one year 6 2,934,469 2,986,302
NET CURRENT LIABILITIES (1,290,093 ) (1,509,466 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

980,806

789,426

CREDITORS
Amounts falling due after more than one
year

7

(737,900

)

(326,629

)

PROVISIONS FOR LIABILITIES (22,240 ) (70,746 )
NET ASSETS 220,666 392,051

CAPITAL AND RESERVES
Called up share capital 10 1,000 1,000
Revaluation reserve 11 196,007 196,007
Retained earnings 23,659 195,044
SHAREHOLDERS' FUNDS 220,666 392,051

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 28 January 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 28 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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 Board of Directors and authorised for issue on 19 July 2024 and were signed on its behalf by:





S A Carey - Director


Damon's Restaurants (UK) Limited (Registered number: 02069952)

Notes to the Financial Statements
for the Period 30 January 2023 to 28 January 2024

1. STATUTORY INFORMATION

Damon's Restaurants (UK) Limited is a private company, limited by shares , registered in England and Wales. 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 as modified by the revaluation of certain assets.

At the year end the current liabilities of the company exceeded its current assets by £1,290,093 (2022: £1,509,466). After reviewing the company's forecasts and projections the directors are satisfied that the company has adequate resources to continue to operate for at least the next 12 months. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Turnover
Turnover comprises revenue recognised by the company in respect of operating a restaurant, exclusive of Value Added Tax. Turnover is recognised at the point of sale on a daily basis.

Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

Freehold property-2% straight line
Plant & machinery-10 % reducing balance
Motor vehicles-25 % reducing balance
Fixtures & fittings-10% reducing balance

Land is not depreciated.

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

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

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 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 Statement of Comprehensive Income.

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.


Damon's Restaurants (UK) Limited (Registered number: 02069952)

Notes to the Financial Statements - continued
for the Period 30 January 2023 to 28 January 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the period 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.

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 period 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the lease term.

Pensions
The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the period.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 100 (2023 - 111 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Land and Plant and and Motor
Buildings machinery fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 30 January 2023 2,462,197 689,030 402,999 35,965 3,590,191
Additions - 6,239 - - 6,239
At 28 January 2024 2,462,197 695,269 402,999 35,965 3,596,430
DEPRECIATION
At 30 January 2023 480,502 460,078 316,706 34,013 1,291,299
Charge for period 20,800 8,646 4,430 356 34,232
At 28 January 2024 501,302 468,724 321,136 34,369 1,325,531
NET BOOK VALUE
At 28 January 2024 1,960,895 226,545 81,863 1,596 2,270,899
At 29 January 2023 1,981,695 228,952 86,293 1,952 2,298,892

Included in cost or valuation of land and buildings is freehold land of £ 902,587 (2023 - £ 902,587 ) which is not depreciated.

Damon's Restaurants (UK) Limited (Registered number: 02069952)

Notes to the Financial Statements - continued
for the Period 30 January 2023 to 28 January 2024

4. TANGIBLE FIXED ASSETS - continued

Analysis of the cost of freehold property using the deemed cost exemption:

20242023
£   £   
Historical cost 2,206,8772,206,877
Valuation255,320255,320
Deemed cost2,462,1972,462,197

In 2017, the property and related assets were valued by Davis Coffer Lyons (a RICS approved valuer). In their opinion, their valuation was lower than the deemed cost in the financial statements and therefore an impairment of £359,993 was made to the property and related assets to reflect this fact.


5. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Other debtors 1,119,077 1,143,006

Amounts falling due after more than one year:
Amounts owed by group undertakings 271,154 70,109
Other debtors 214,921 214,921
486,075 285,030

Aggregate amounts 1,605,152 1,428,036

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 341,996 368,898
Trade creditors 223,863 135,676
Amounts owed to group undertakings 2,113,668 2,184,621
Taxation and social security 185,954 232,273
Other creditors 68,988 64,834
2,934,469 2,986,302

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 737,900 312,323
Taxation and social security - 14,306
737,900 326,629

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 603,500 -

Damon's Restaurants (UK) Limited (Registered number: 02069952)

Notes to the Financial Statements - continued
for the Period 30 January 2023 to 28 January 2024

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 2,301 3,068
Between one and five years - 2,301
2,301 5,369

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 322,396 349,711
Bank loans 757,500 331,510
1,079,896 681,221

The bank loans are secured over the freehold property held within the company.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,000 Ordinary £1 1,000 1,000

11. RESERVES
Revaluation
reserve
£   
At 30 January 2023
and 28 January 2024 196,007

12. CONTINGENT LIABILITIES

The company is party to a bank cross guarantee and debenture with its fellow subsidiary undertakings, Damon's (Developments) Limited and Damon's Motel Limited together with it's parent undertaking Damon's (Holdings) Limited. The total bank borrowings outstanding to which this guarantee refers at 28 January 2024 amounted to £1,055,500 (2023: £331,510).

Damon's Restaurants (UK) Limited (Registered number: 02069952)

Notes to the Financial Statements - continued
for the Period 30 January 2023 to 28 January 2024

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to the directors subsisted during the periods ended 28 January 2024 and 29 January 2023:

20242023
J E Foulston££
Balance outstanding at start of period1,064,810908,569
Amounts advanced192,137418,241
Amounts repaid(200,000)(262,000)
Amounts written off--
Amounts waived--
Balance outstanding at end of period1,056,9471,064,810

S A Carey
Balance outstanding at start of period13,739 13,739
Amounts advanced2,172 -
Amounts repaid--
Amounts written off--
Amounts waived--
Balance outstanding at end of period15,91113,739

The amount outstanding is shown within other debtors.

14. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

15. ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY

The ultimate parent undertaking is Damon's (Holdings) Limited.

The ultimate controlling party is J E Foulston.