REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period |
30 January 2023 to 28 January 2024 |
for |
Damon's Restaurants (UK) Limited |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Revaluation reserve | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Land and | Plant and | and | Motor |
Buildings | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 30 January 2023 |
Additions |
At 28 January 2024 |
DEPRECIATION |
At 30 January 2023 |
Charge for period |
At 28 January 2024 |
NET BOOK VALUE |
At 28 January 2024 |
At 29 January 2023 |
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: |
2024 | 2023 |
£ | £ |
Historical cost | 2,206,877 | 2,206,877 |
Valuation | 255,320 | 255,320 |
Deemed cost | 2,462,197 | 2,462,197 |
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 |
Amounts falling due after more than one year: |
Amounts owed by group undertakings |
Other debtors |
Aggregate amounts |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Taxation and social security |
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 |
Between one and five years |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank overdrafts |
Bank loans |
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: | £ | £ |
Ordinary | £1 | 1,000 | 1,000 |
11. | RESERVES |
Revaluation |
reserve |
£ |
At 30 January 2023 |
and 28 January 2024 |
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: |
2024 | 2023 |
J E Foulston | £ | £ |
Balance outstanding at start of period | 1,064,810 | 908,569 |
Amounts advanced | 192,137 | 418,241 |
Amounts repaid | (200,000) | (262,000) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period | 1,056,947 | 1,064,810 |
S A Carey |
Balance outstanding at start of period | 13,739 | 13,739 |
Amounts advanced | 2,172 | - |
Amounts repaid | - | - |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period | 15,911 | 13,739 |
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. |