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COMPANY REGISTRATION NUMBER: 05401511
DP PETERBOROUGH LIMITED
FILLETED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 December 2023
DP PETERBOROUGH LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2023
31 Dec 23
25 Dec 22
Note
£
£
£
£
Fixed assets
Tangible assets
6
198,299
243,456
Current assets
Stocks
7
37,524
44,602
Debtors
8
1,007,356
748,347
Cash at bank and in hand
215,707
274,246
-----------
-----------
1,260,587
1,067,195
Creditors: amounts falling due within one year
9
( 628,796)
( 607,204)
-----------
-----------
Net current assets
631,791
459,991
--------
--------
Total assets less current liabilities
830,090
703,447
--------
--------
Net assets
830,090
703,447
--------
--------
Capital and reserves
Called up share capital
10
150,000
150,000
Profit and loss account
680,090
553,447
--------
--------
Total shareholders' funds
830,090
703,447
--------
--------
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 comprehensive income has not been delivered.
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.
These financial statements were approved by the board of directors and authorised for issue on 18 October 2024 , and are signed on behalf of the board by:
H S Grewal
Director
Company registration number: 05401511
DP PETERBOROUGH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
PERIOD FROM 26 DECEMBER 2022 TO 31 DECEMBER 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 12 North Bar, Banbury, OX16 0TB.
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. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest pound. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Going concern
These financial statements have been prepared on a going concern basis which the director considers to be appropriate for the company. After reviewing the company's forecasts and projections, the director is satisfied that the company has sufficient resources to continue in operational existence and will be able to meet its debts as they fall due for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied, net of returns, discounts and rebates allowed by the company and value added taxes. The company operates pizza stores for the production and sale of pizzas. Sales of pizzas are recognised when the significant risks and rewards of ownership have transferred to the buyer. This is on sale to the customer, which is considered the point of delivery. Retail sales are usually by cash, credit or payment card.
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.
Operating leases
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
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
-
10% per annum straight line basis
Franchise fees
-
straight line basis over the term on the franchise agreement
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.
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:
Leasehold improvements
-
straight line basis over the term of the trading property lease period
Fixtures, fittings and equipment
-
10-20% straight line basis
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Basic financial assets, which include trade and other receivables and cash and bank balances, 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 estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. Basic financial liabilities, which include trade and other payables and loans from fellow group companies, 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. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year of less. If not, then they are presented as non-current liabilities. Trade payables 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. Employee benefits Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
Distributions to equity holders
Dividends and other distributions to the company's shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the shareholders. These amounts are recognised in the statement of changes in equity.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 161 (2022: 143 ).
5. Intangible assets
Goodwill
Franchise fees
Total
£
£
£
Cost
At 26 December 2022 and 31 December 2023
75,076
18,296
93,372
-------
-------
-------
Accumulated amortisation
At 26 December 2022 and 31 December 2023
75,076
18,296
93,372
-------
-------
-------
Carrying amount
At 31 December 2023
-------
-------
-------
At 25 December 2022
-------
-------
-------
6. Tangible assets
Leasehold improvements
Fixtures, fittings and equipment
Total
£
£
£
Cost
At 26 December 2022
499,910
717,669
1,217,579
Additions
18,153
18,153
Disposals
( 1,213)
( 20,826)
( 22,039)
--------
--------
-----------
At 31 December 2023
498,697
714,996
1,213,693
--------
--------
-----------
Accumulated depreciation
At 26 December 2022
410,039
564,084
974,123
Charge for the period
22,958
32,006
54,964
Disposals
( 1,213)
( 12,480)
( 13,693)
--------
--------
-----------
At 31 December 2023
431,784
583,610
1,015,394
--------
--------
-----------
Carrying amount
At 31 December 2023
66,913
131,386
198,299
--------
--------
-----------
At 25 December 2022
89,871
153,585
243,456
--------
--------
-----------
7. Stocks
31 Dec 23
25 Dec 22
£
£
Raw materials and consumables
37,524
44,602
-------
-------
8. Debtors
31 Dec 23
25 Dec 22
£
£
Trade debtors
34,778
10,578
Amounts owed by group undertakings
850,000
600,000
Deferred tax asset
18,329
21,020
Other debtors
104,249
116,749
-----------
--------
1,007,356
748,347
-----------
--------
The debtors above include the following amounts falling due after more than one year:
31 Dec 23
25 Dec 22
£
£
Other debtors
49,070
55,811
-------
-------
9. Creditors: amounts falling due within one year
31 Dec 23
25 Dec 22
£
£
Trade creditors
138,196
129,720
Amounts owed to group undertakings
100
1,187
Accruals and deferred income
297,392
233,565
Corporation tax
17,233
68,870
Social security and other taxes
175,875
169,651
Other creditors
4,211
--------
--------
628,796
607,204
--------
--------
10. Called up share capital
Issued, called up and fully paid
31 Dec 23
25 Dec 22
No.
£
No.
£
Ordinary shares of £ 1 each
150,000
150,000
150,000
150,000
--------
--------
--------
--------
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
31 Dec 23
25 Dec 22
£
£
Not later than 1 year
85,250
85,250
Later than 1 year and not later than 5 years
318,171
341,000
Later than 5 years
450,781
514,603
--------
--------
854,202
940,853
--------
--------
12. Summary audit opinion
The auditor's report dated 18 October 2024 was unqualified .
The senior statutory auditor was W J E Kerr , for and on behalf of Xeinadin Audit Limited .
13. Controlling party
Up to 30 July 2023 The immediate parent company was Peterborough Vikings Limited, a company incorporated in England and Wales. From 31 July 2023 the immediate parent company is Hertford Heath Limited, a company incorporated in England and Wales. The ultimate parent company and the smallest and largest group to prepare consolidated financial statements which include DP Peterborough Limited is Palico Limited, a company incorporated in England and Wales. The consolidated financial statements of Palico Limited can be obtained from Companies House, Crown Way, Cardiff CF14 3UZ. The ultimate controlling party is the director H S Grewal .