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REGISTERED NUMBER: 08131752 (England and Wales)















DOMINO'S PIZZA WEST COUNTRY LIMITED

Strategic Report, Report of the Directors and

Financial Statements for the Period 26 December 2022 to 31 December 2023






DOMINO'S PIZZA WEST COUNTRY LIMITED (REGISTERED NUMBER: 08131752)






Contents of the Financial Statements
for the period 26 December 2022 to 31 December 2023




Page

Company Information 1

Strategic Report 2 to 3

Report of the Directors 4 to 5

Report of the Independent Auditors 6 to 8

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15 to 23


DOMINO'S PIZZA WEST COUNTRY LIMITED

Company Information
for the period 26 December 2022 to 31 December 2023







Directors: Mr G Rose
Mr D Rose
Mrs N J Frampton





Registered office: 1 Thornbury
West Ashland
Milton Keynes
Buckinghamshire
MK6 4BB





Registered number: 08131752 (England and Wales)





Auditors: Cooper Parry Group Limited
New Derwent House
69-73 Theobalds Road
London
WC1X 8TA

DOMINO'S PIZZA WEST COUNTRY LIMITED (REGISTERED NUMBER: 08131752)

Strategic Report
for the period 26 December 2022 to 31 December 2023

The directors present their strategic report for the period 26 December 2022 to 31 December 2023.

Review of business
The company operates 11 stores and 2 mobile units, it employs over 450 staff throughout Devon.

The company has performed well against the backdrop of significant macro-economic challenges, utilising the well-established delivery service and adapting the menu offering to continue to meet customer demand.

Overall, the financial position of the company is healthy with the balance sheet currently showing net assets of over £6.8 million.

Key Performance Indicators
We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, these include turnover, gross profit and operating profit.

The overall sales increase was approximately 6.61%, an increase from £14.90 million in 2022 to £15.89 million in 2023. Gross profit as a percentage of sales has decreased by 3.23%, down from in 63.52% 2022 to 60.29% in 2023. Profit before tax in 2023 amounted to £519k compared with £633k in 2022.

Future Developments
The company plans to continue its program of improving its stores.


DOMINO'S PIZZA WEST COUNTRY LIMITED (REGISTERED NUMBER: 08131752)

Strategic Report
for the period 26 December 2022 to 31 December 2023

Principal risks and uncertainties
Economic risk:
Following some very challenging economic times, we are cautiously optimistic about the economic outlook. Customer confidence appears to be rising and unemployment rates continue to fall. A cautious approach is still needed as real disposable income is declining over the longer term as the cost of living increases, despite interest rates remaining at historical low. Food prices continue to rise, which will remain an area of concern for the company due to the detrimental effect on profit margins.

Regulatory risks:
The companies operations require compliance with a wide range of regulatory requirements. In particular -
* health and safety
* hygiene procedures
* employment
* licensing
The above, along with a number of other areas, are monitored in detail as being in the fast food industry brings a high level of regulatory concerns.

Consumer taste:
Any material change in the way the consumer views the pizza delivery industry could have an adverse affect on the company. However, this can also work in the opposite way and could assist the company to achieve growth. As a result the company focuses, in detail, on recognising demographic trends, ensuring innovation and ensuring that the company only use the freshest and highest quality products through it stores.

Competitors:
The fast food market is a very competitive market, with a high number of large competitors trading in the sector. In order to remain as one of the main players, Dominos have dedicated teams who focus on ensuring Dominos is the leading company in the market. This will allow them to compete with other large fast food chains.

Future Planning:
The business has a well established delivery service that continued to operate. The business has a strong balance sheet and is well set to weather the challenging business and economic environment. We are confident that customer demand will continue through 2023 and we are well placed to deliver, underpinned by the Domino's brand.

Projections for 2023 and 2024 have been prudently revised to reflect a slowdown in revenue growth, the National Living and Minimum wage rates increasing from April 2023 and the VAT rate increasing to 20% during 2022. These projections indicate the business generates a profit in both 2023 and 2024.

Further information is contained in the going concern note in the Report of the Directors.

On behalf of the board:





Mr G Rose - Director


5 November 2024

DOMINO'S PIZZA WEST COUNTRY LIMITED (REGISTERED NUMBER: 08131752)

Report of the Directors
for the period 26 December 2022 to 31 December 2023

The directors present their report with the financial statements of the company for the period 26 December 2022 to 31 December 2023.

Principal activity
The principal activity of the company in the period under review was that of the operation of Domino's franchised restaurants.

Dividends
The following interim dividends were paid in the year:

A Ordinary shares

31 December 2023 - £2,082.50 per share

B Ordinary shares

31 December 2023 - £2,082.50 per share

The total distribution of dividends for the period ended 31st December 2023 will be £833,000.

Research and development
The company does not carry out any independent research and development. However the franchisor, Domino's Pizza UK & Ireland Limited, carries out its own research and development on behalf of all franchisees. The company makes a contribution towards this through its existing payments to the franchisor.

Directors
The directors set out in the table below have held office during the whole of the period from 26 December 2022 to the date of this report unless otherwise stated.

Other changes in directors holding office are as follows:

Mr R K N Caley - resigned 31/1/2023

The beneficial interests of the directors holding office at 31 December 2023 in the shares of the company, according to the register of directors' interests, were as follows:

31.12.23 26.12.22
Ordinary B shares of 1p each
Mr G Rose - -
Mr D Rose 100 100
Mrs N J Frampton - -
These directors did not hold any beneficial interests in the Ordinary A shares of 1p each.

These directors did not hold any non-beneficial interests in any of the shares of the company.

Going concern
The directors have considered the application of the going concern basis of accounting in doing so they have considered the period from the date of this report until 31 December 2024. The directors have assessed the expected future financial performance of the entity and believe that the ability of the Company to continue to operate its sales through delivery, drive thru and take away channels, will enable the Company to continue its operations and settle its obligations for this period in the normal course of business.

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Employment of disabled persons
The company operates a policy of giving full & fair consideration to employment applications from disabled persons.

Provision of information to employees
The company has a system for providing employees with information of concern to them . It also consults employees on a regular basis so that their views can be taken into account in making decisions affecting them. It regularly to explains to employees the financial and economic factors affecting the performance of the company and makes them aware of the provision of training, career development and employment of disabled employees.

DOMINO'S PIZZA WEST COUNTRY LIMITED (REGISTERED NUMBER: 08131752)

Report of the Directors
for the period 26 December 2022 to 31 December 2023


Statement of directors' responsibilities
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure of information to auditors
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Auditors
The audit business of Haines Watts Birmingham LLP was acquired by Cooper Parry Group Limited on 14 November 2023. Haines Watts Birmingham LLP has resigned as auditor and Cooper Parry Group Limited has been appointed in its place.

The auditors, Cooper Parry Group Limited, are deemed re-appointed under Section 487(2) of the Companies Act 2006.

On behalf of the board:





Mr G Rose - Director


5 November 2024

Report of the Independent Auditors to the Members of
Domino's Pizza West Country Limited

Opinion
We have audited the financial statements of Domino's Pizza West Country Limited (the 'company') for the period ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the period then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Report of the Independent Auditors to the Members of
Domino's Pizza West Country Limited


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the industry, we identified that the principal risks of non-compliance related to breaches of health and safety, including food hygiene. We considered the extent to which non-compliance might have a material affect on the financial statements.

We also considered those laws and regulations that have a direct impact on preparation of the financial statements, such as the Companies Act 2006. We examined management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of overriding of controls) and determined that the principal risks were relating to management bias in accounting estimates, in particular those of accrued liabilities and the useful life of tangible assets.

We also discussed with management the possibility of non-compliance with health and safety and food hygiene regulations and reviewed the management controls in place to detect such irregularities. Audit procedures included challenging assumptions made by management in their significant accounting estimates. There are inherent limitations in the Audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions described in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one due to error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

In assessing the potential risks of material misstatement we obtained an understanding of; the entities operations, including the nature of its revenue sources and services and of its objectives and strategies to understand the classes of transactions, account balances, expected financial statement disclosures and business risks that may result in risks of material misstatement.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Domino's Pizza West Country Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Nicola Pearson ACA (Senior Statutory Auditor)
for and on behalf of Cooper Parry Group Limited
New Derwent House
69-73 Theobalds Road
London
WC1X 8TA

5 November 2024

DOMINO'S PIZZA WEST COUNTRY LIMITED (REGISTERED NUMBER: 08131752)

Income Statement
for the period 26 December 2022 to 31 December 2023

Period Period
26/12/22 27/12/21
to to
31/12/23 25/12/22
Notes £ £

Turnover 15,888,936 14,904,048

Cost of sales (6,309,303 ) (5,436,701 )
Gross profit 9,579,633 9,467,347

Administrative expenses (9,110,231 ) (8,837,418 )
469,402 629,929

Other operating income 50,000 -
Operating profit 4 519,402 629,929

Interest receivable and similar income - 3,123
Profit before taxation 519,402 633,052

Tax on profit 5 (207,695 ) (155,161 )
Profit for the financial period 311,707 477,891

DOMINO'S PIZZA WEST COUNTRY LIMITED (REGISTERED NUMBER: 08131752)

Other Comprehensive Income
for the period 26 December 2022 to 31 December 2023

Period Period
26/12/22 27/12/21
to to
31/12/23 25/12/22
Notes £ £

Profit for the period 311,707 477,891


Other comprehensive income - -
Total comprehensive income for the period 311,707 477,891

DOMINO'S PIZZA WEST COUNTRY LIMITED (REGISTERED NUMBER: 08131752)

Balance Sheet
31 December 2023

2023 2022
Notes £ £ £ £
Fixed assets
Intangible assets 7 2,103,047 2,355,727
Tangible assets 8 876,940 883,002
Investments 9 - -
2,979,987 3,238,729

Current assets
Stocks 10 86,810 71,595
Debtors 11 328,986 193,831
Cash at bank and in hand 5,888,630 6,064,542
6,304,426 6,329,968
Creditors
Amounts falling due within one year 12 2,320,335 2,085,255
Net current assets 3,984,091 4,244,713
Total assets less current liabilities 6,964,078 7,483,442

Provisions for liabilities 15 160,654 158,725
Net assets 6,803,424 7,324,717

Capital and reserves
Called up share capital 16 4 4
Share premium 17 5,048,798 5,048,798
Retained earnings 17 1,754,622 2,275,915
Shareholders' funds 6,803,424 7,324,717

The financial statements were approved by the Board of Directors and authorised for issue on 5 November 2024 and were signed on its behalf by:





Mr G Rose - Director


DOMINO'S PIZZA WEST COUNTRY LIMITED (REGISTERED NUMBER: 08131752)

Statement of Changes in Equity
for the period 26 December 2022 to 31 December 2023

Called up
share Retained Share Total
capital earnings premium equity
£ £ £ £
Balance at 27 December 2021 4 2,342,024 5,048,798 7,390,826

Changes in equity
Dividends - (544,000 ) - (544,000 )
Total comprehensive income - 477,891 - 477,891
Balance at 25 December 2022 4 2,275,915 5,048,798 7,324,717

Changes in equity
Dividends - (833,000 ) - (833,000 )
Total comprehensive income - 311,707 - 311,707
Balance at 31 December 2023 4 1,754,622 5,048,798 6,803,424

DOMINO'S PIZZA WEST COUNTRY LIMITED (REGISTERED NUMBER: 08131752)

Cash Flow Statement
for the period 26 December 2022 to 31 December 2023

Period Period
26/12/22 27/12/21
to to
31/12/23 25/12/22
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 888,265 1,229,936
Tax paid (108,913 ) (351,776 )
Net cash from operating activities 779,352 878,160

Cash flows from investing activities
Purchase of tangible fixed assets (266,478 ) (105,619 )
Interest received - 3,123
Net cash from investing activities (266,478 ) (102,496 )

Cash flows from financing activities
Amount introduced by directors 1 -
Amount withdrawn by directors (287 ) (762 )
Amount owed by group undertakings 144,500 -
Equity dividends paid (833,000 ) (544,000 )
Net cash from financing activities (688,786 ) (544,762 )

(Decrease)/increase in cash and cash equivalents (175,912 ) 230,902
Cash and cash equivalents at beginning of
period

2

6,064,542

5,833,640

Cash and cash equivalents at end of period 2 5,888,630 6,064,542

DOMINO'S PIZZA WEST COUNTRY LIMITED (REGISTERED NUMBER: 08131752)

Notes to the Cash Flow Statement
for the period 26 December 2022 to 31 December 2023

1. Reconciliation of profit before taxation to cash generated from operations

Period Period
26/12/22 27/12/21
to to
31/12/23 25/12/22
£ £
Profit before taxation 519,402 633,052
Depreciation charges 525,222 538,388
Finance income - (3,123 )
1,044,624 1,168,317
Increase in stocks (15,215 ) (22,778 )
Increase in trade and other debtors (135,155 ) (422,575 )
(Decrease)/increase in trade and other creditors (5,989 ) 506,972
Cash generated from operations 888,265 1,229,936

2. Cash and cash equivalents

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Period ended 31 December 2023
31/12/23 26/12/22
£ £
Cash and cash equivalents 5,888,630 6,064,542
Period ended 25 December 2022
25/12/22 27/12/21
£ £
Cash and cash equivalents 6,064,542 5,833,640


3. Analysis of changes in net funds

At 26/12/22 Cash flow At 31/12/23
£ £ £
Net cash
Cash at bank and in hand 6,064,542 (175,912 ) 5,888,630
6,064,542 (175,912 ) 5,888,630
Total 6,064,542 (175,912 ) 5,888,630

DOMINO'S PIZZA WEST COUNTRY LIMITED (REGISTERED NUMBER: 08131752)

Notes to the Financial Statements
for the period 26 December 2022 to 31 December 2023

1. Statutory information

Domino's Pizza West Country 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern
The directors have considered the application of the going concern basis of accounting in doing so they have considered the period from the date of this report until 31 December 2024. The directors have assessed the expected future financial performance of the entity and believe that the ability of the Company to continue to operate its sales through delivery and take away channels, will enable the Company to continue its operations and settle its obligations for this period in the normal course of business.

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Preparation of consolidated financial statements
The financial statements contain information about Domino's Pizza West Country Limited as an individual company and do not contain consolidated financial information as the parent of the group. The company has taken the option under Section 402, sub section 405 (2) of the Companies Act 2006 not to prepare consolidated financial statements. The exemption applies as none of the three subsidiary undertakings are deemed to be material as individuals or as a whole. All three companies are dormant.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill arising on the acquisition of subsidiary undertakings, represents any excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired.

Goodwill is being written off over twenty years on the basis that the company has the option, as stipulated in its franchise agreements, to renew the existing franchises for further ten year terms at the end of the initial ten year term. As the directors are likely to take up the option and due to the company being in a good standing with regards the terms of the franchise agreement, the directors believe amortisation over the full 20 years reflects the likely consumption of economic benefits.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses over the useful life of 20 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - at varying rates on cost
Plant and machinery - at varying rates on cost
Fixtures and fittings - at varying rates on cost
Motor vehicles - at varying rates on cost

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


DOMINO'S PIZZA WEST COUNTRY LIMITED (REGISTERED NUMBER: 08131752)

Notes to the Financial Statements - continued
for the period 26 December 2022 to 31 December 2023

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
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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Impairment of fixed assets
At each reporting end date, the company reviews the carrying amounts of its tangible and intangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to each asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. 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. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Holiday pay accrual
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Balance Sheet date and carried forward to future periods. This is measured at the undiscounted cost of the future holiday entitlement so accrued at the Balance Sheet date.

DOMINO'S PIZZA WEST COUNTRY LIMITED (REGISTERED NUMBER: 08131752)

Notes to the Financial Statements - continued
for the period 26 December 2022 to 31 December 2023

2. Accounting policies - continued

Financial instruments
The Company only enters into basic financial instruments 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 non-puttable ordinary shares

For financial assets measured at amortised cost, the impairment cost is measured at the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the assets effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract

For assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, 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

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Finance costs
Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument

Dividends
Equity dividends are recognised when they legally become payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Judgements in applying accounting policies and key sources of estimation uncertainty
In the process of applying the company's accounting policies, management are required to make certain estimates and judgements. The key estimates and judgements are as follows:

Depreciation and residual values
The directors have reviewed the asset lives and associated residual values of all fixed asset classes, and has concluded that asset lives and residual values are appropriate.

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.

Holiday pay accrual
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Balance Sheet date and carried forward to future periods. This is measured at the undiscounted cost of the future holiday entitlement so accrued at the Balance Sheet date.

3. Employees and directors
Period Period
26/12/22 27/12/21
to to
31/12/23 25/12/22
£ £
Wages and salaries 5,043,717 4,605,775
Social security costs 243,752 212,524
Other pension costs 43,953 35,420
5,331,422 4,853,719

DOMINO'S PIZZA WEST COUNTRY LIMITED (REGISTERED NUMBER: 08131752)

Notes to the Financial Statements - continued
for the period 26 December 2022 to 31 December 2023

3. Employees and directors - continued

The average number of employees during the period was as follows:
Period Period
26/12/22 27/12/21
to to
31/12/23 25/12/22

Hourly staff 429 453
Salaried staff 17 17
446 470

Period Period
26/12/22 27/12/21
to to
31/12/23 25/12/22
£ £
Directors' remuneration 163,104 158,232
Directors' pension contributions to money purchase schemes 1,372 -

4. Operating profit

The operating profit is stated after charging:

Period Period
26/12/22 27/12/21
to to
31/12/23 25/12/22
£ £
Hire of plant and machinery 44,381 42,363
Other operating leases 293,212 313,027
Depreciation - owned assets 272,540 285,708
Goodwill amortisation 252,680 252,680
Auditors' remuneration 10,000 10,000
Other non- audit services 2,863 3,383

5. Taxation

Analysis of the tax charge
The tax charge on the profit for the period was as follows:
Period Period
26/12/22 27/12/21
to to
31/12/23 25/12/22
£ £
Current tax:
UK corporation tax 205,766 193,699

Deferred tax 1,929 (38,538 )
Tax on profit 207,695 155,161

DOMINO'S PIZZA WEST COUNTRY LIMITED (REGISTERED NUMBER: 08131752)

Notes to the Financial Statements - continued
for the period 26 December 2022 to 31 December 2023

5. Taxation - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below:

Period Period
26/12/22 27/12/21
to to
31/12/23 25/12/22
£ £
Profit before tax 519,402 633,052
Profit multiplied by the standard rate of corporation tax in the UK of 25% (2022 -
19%)

129,851

120,280

Effects of:
Expenses not deductible for tax purposes 127 1,140
Depreciation in excess of capital allowances 86,555 72,279
Difference due to changes of tax rates (10,767 ) -
Deferred tax charge 1,929 (38,538 )
Total tax charge 207,695 155,161

6. Dividends
Period Period
26/12/22 27/12/21
to to
31/12/23 25/12/22
£ £
Ordinary A shares of 1p each
Interim 416,500 272,000
Ordinary B shares of 1p each
Interim 416,500 272,000
833,000 544,000

7. Intangible fixed assets
Goodwill
£
Cost
At 26 December 2022
and 31 December 2023 5,053,600
Amortisation
At 26 December 2022 2,697,873
Amortisation for period 252,680
At 31 December 2023 2,950,553
Net book value
At 31 December 2023 2,103,047
At 25 December 2022 2,355,727

DOMINO'S PIZZA WEST COUNTRY LIMITED (REGISTERED NUMBER: 08131752)

Notes to the Financial Statements - continued
for the period 26 December 2022 to 31 December 2023

8. Tangible fixed assets
Fixtures
Short Plant and and Motor
leasehold machinery fittings vehicles Totals
£ £ £ £ £
Cost
At 26 December 2022 39,024 1,406,926 1,505,581 242,388 3,193,919
Additions - 88,692 159,786 18,000 266,478
At 31 December 2023 39,024 1,495,618 1,665,367 260,388 3,460,397
Depreciation
At 26 December 2022 34,114 1,207,053 936,620 133,130 2,310,917
Charge for period 2,482 88,415 139,870 41,773 272,540
At 31 December 2023 36,596 1,295,468 1,076,490 174,903 2,583,457
Net book value
At 31 December 2023 2,428 200,150 588,877 85,485 876,940
At 25 December 2022 4,910 199,873 568,961 109,258 883,002

9. Fixed asset investments

The company's investments at the Balance Sheet date in the share capital of companies include the following:

DAHT Limited
Country of incorporation: England & Wales
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
31.12.23 25.12.22
£ £

Aggregate capital and reserves 100 100


D A Hall Limited
Country of incorporation: England & Wales
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
31.12.23 25.12.22
£ £

Aggregate capital and reserves 100 100


MLS Limited
Country of incorporation: England & Wales
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
31.12.23 25.12.22
£ £

Aggregate capital and reserves 100 100

DOMINO'S PIZZA WEST COUNTRY LIMITED (REGISTERED NUMBER: 08131752)

Notes to the Financial Statements - continued
for the period 26 December 2022 to 31 December 2023

10. Stocks
2023 2022
£ £
Stocks 86,810 71,595

Analysis of stock31.12.2325.12.22
£   £   
Food86,81071,595
86,81071,595

11. Debtors: amounts falling due within one year
2023 2022
£ £
Other debtors 107,341 13,574
Prepayments 221,645 180,257
328,986 193,831

12. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 369,543 313,237
Amounts owed to group undertakings 416,800 272,300
Amounts owed to participating interests 155,146 155,146
Corporation tax 203,512 106,659
Social security and other taxes 18,907 49,866
VAT 614,693 550,838
Other creditors 397,171 581,375
Directors' current accounts 161 447
Accruals and deferred income 144,402 55,387
2,320,335 2,085,255

13. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£ £
Within one year 230,147 56,810
Between one and five years 648,200 164,850
In more than five years 994,718 339,886
1,873,065 561,546

Lease payments recognised as an expense in the year totalled £293,212 (2022: £313,027).

DOMINO'S PIZZA WEST COUNTRY LIMITED (REGISTERED NUMBER: 08131752)

Notes to the Financial Statements - continued
for the period 26 December 2022 to 31 December 2023

14. Financial instruments

Financial Assets 31.12.23 25.12.22
£ £

Financial assets that are debt instruments measured at amortised cost 5,995,971 6,078,116
5,995,971 6,078,116


Financial Liabilities 1,483,223 1,066,282
1,483,223 1,066,282

15. Provisions for liabilities
2023 2022
£ £
Deferred tax 160,654 158,725

Deferred tax
£
Balance at 26 December 2022 158,725
Provided during period 1,929
Balance at 31 December 2023 160,654

16. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
200 Ordinary A 1p 2 2
200 Ordinary B 1p 2 2
4 4

17. Reserves
Retained Share
earnings premium Totals
£ £ £

At 26 December 2022 2,275,915 5,048,798 7,324,713
Profit for the period 311,707 311,707
Dividends (833,000 ) (833,000 )
At 31 December 2023 1,754,622 5,048,798 6,803,420

18. Related party disclosures

The company acquired goods and services from Domino's Pizza UK & Ireland Limited in the year totalling £5,225,705 (2022 : £4,419,541). Included in creditors is £411,772 (2022 : £372,963) owed to Domino's Pizza UK & Ireland Limited.

Also included in creditors is £416,500 (2022 : £272,000) owed to Domino's Pizza Group Plc.

In 2018 the company committed to a 20 year lease agreement on a property owned by Mr and Mrs David Rose. The annual rent charged is £24,000.
.

DOMINO'S PIZZA WEST COUNTRY LIMITED (REGISTERED NUMBER: 08131752)

Notes to the Financial Statements - continued
for the period 26 December 2022 to 31 December 2023

19. Ultimate controlling party

The company is a joint venture between Domino's Pizza Group plc and Mr and Mrs David Rose. The two parties to the joint venture each own 50% of the share capital and have joint control through voting rights as well as being party to the joint venture agreement. This ensures that strategic, financial and operational decisions relating to the joint venture activities require the unanimous consent of the two joint venture parties.