1 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 455,000 30,000 485,000 485,000 455,000 75,633 6,999 9,331 9,092 82,393 82,393 75,633 xbrli:pure xbrli:shares iso4217:GBP SC093092 2023-04-01 2024-03-31 SC093092 2024-03-31 SC093092 2023-03-31 SC093092 2022-04-01 2023-03-31 SC093092 2023-03-31 SC093092 2022-03-31 SC093092 bus:Director1 2023-04-01 2024-03-31 SC093092 core:WithinOneYear 2024-03-31 SC093092 core:WithinOneYear 2023-03-31 SC093092 core:AfterOneYear 2024-03-31 SC093092 core:AfterOneYear 2023-03-31 SC093092 core:ShareCapital 2024-03-31 SC093092 core:ShareCapital 2023-03-31 SC093092 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC093092 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC093092 core:CostValuation core:Non-currentFinancialInstruments 2023-03-31 SC093092 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2024-03-31 SC093092 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2024-03-31 SC093092 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2024-03-31 SC093092 core:CostValuation core:Non-currentFinancialInstruments 2024-03-31 SC093092 core:Non-currentFinancialInstruments 2024-03-31 SC093092 core:Non-currentFinancialInstruments 2023-03-31 SC093092 bus:SmallEntities 2023-04-01 2024-03-31 SC093092 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC093092 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 SC093092 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC093092 bus:FullAccounts 2023-04-01 2024-03-31 SC093092 core:InvestmentPropertyIncludedWithinPPE 2023-03-31 SC093092 core:InvestmentPropertyIncludedWithinPPE 2023-04-01 2024-03-31 SC093092 core:InvestmentPropertyIncludedWithinPPE 2024-03-31 SC093092 core:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 SC093092 core:InvestmentPropertiesRevaluationReserve 2023-04-01 2024-03-31 SC093092 core:KeyManagementIndividualGroup1 2023-04-01 2024-03-31 SC093092 core:KeyManagementIndividualGroup1 2024-03-31
COMPANY REGISTRATION NUMBER: SC093092
Inverness Dickens International Restaurant Company Limited
Filleted Unaudited Financial Statements
31 March 2024
Inverness Dickens International Restaurant Company Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
485,000
455,000
Investments
6
82,393
75,633
---------
---------
567,393
530,633
Current assets
Debtors
7
78
76
Cash at bank and in hand
3,845
2,862
-------
-------
3,923
2,938
Creditors: amounts falling due within one year
8
40,895
38,709
--------
--------
Net current liabilities
36,972
35,771
---------
---------
Total assets less current liabilities
530,421
494,862
Creditors: amounts falling due after more than one year
9
2,446
4,487
Provisions
Taxation including deferred tax
10,795
---------
---------
Net assets
517,180
490,375
---------
---------
Capital and reserves
Called up share capital
70,000
70,000
Profit and loss account
10
447,180
420,375
---------
---------
Shareholders funds
517,180
490,375
---------
---------
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 income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Inverness Dickens International Restaurant Company Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 16 October 2024 , and are signed on behalf of the board by:
Mr G Kong Thoo Lin
Director
Company registration number: SC093092
Inverness Dickens International Restaurant Company Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Forbes House, 36 Huntly Street, Inverness, IV3 5PR, Scotland.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The majority of the creditors is a loan from the directors. The directors have confirmed they will not seek repayment and that they will continue to support the company. On this basis the directors consider appropriate to prepare financial statements on the going concern basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
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.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Investment property
£
Cost or valuation
At 1 April 2023
455,000
Revaluations
30,000
---------
At 31 March 2024
485,000
---------
Depreciation
At 1 April 2023 and 31 March 2024
---------
Carrying amount
At 31 March 2024
485,000
---------
At 31 March 2023
455,000
---------
Investment properties were valued on the basis of market value in March 2024 at £485,000 by a director of the company.
6. Investments
Other investments other than loans
£
Cost
At 1 April 2023
75,633
Additions
6,999
Disposals
( 9,331)
Revaluations
9,092
--------
At 31 March 2024
82,393
--------
Impairment
At 1 April 2023 and 31 March 2024
--------
Carrying amount
At 31 March 2024
82,393
--------
At 31 March 2023
75,633
--------
Listed investments having a net book value of £57,202 (2023 - £59,239) are held by the company and had a market value of £82,393 at the year end date (2023 - £75,633).
7. Debtors
2024
2023
£
£
Other debtors
78
76
----
----
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
2,041
1,990
Corporation tax
738
786
Social security and other taxes
69
150
Other creditors
38,047
35,783
--------
--------
40,895
38,709
--------
--------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
2,446
4,487
-------
-------
10. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses. The Profit and Loss reserve balance at the year end of £447,180 (2023 - £420,375) is made up of distributable reserves of £401,158 (2023 - £393,558) and non-distributable reserves of £46,022 (2023 - £26,817). Non-distributable reserves relate to gains made on the revaluation of the company's Investment Properties.
11. Related party transactions
At the balance sheet date the company owed the directors £ 32,205 (2023 - £30,612). This loan is unsecured, interest free and has no fixed terms of repayment.