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Registered number: 09339934










D&D COLMORE ROW LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
D&D COLMORE ROW LIMITED
REGISTERED NUMBER: 09339934

BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
4,333,973
3,740,473

  
4,333,973
3,740,473

Current assets
  

Stocks
 5 
131,779
-

Debtors: amounts falling due within one year
 6 
85,997
280,658

Cash at bank and in hand
 7 
3,112
2,864,100

  
220,888
3,144,758

Creditors: amounts falling due within one year
 8 
(9,394,660)
(3,516,845)

Net current liabilities
  
 
 
(9,173,772)
 
 
(372,087)

Total assets less current liabilities
  
(4,839,799)
3,368,386

Creditors: amounts falling due after more than one year
 9 
(3,547,684)
(3,704,199)

Provisions for liabilities
  

Deferred tax
 10 
(269,295)
-

  
 
 
(269,295)
 
 
-

Net liabilities
  
(8,656,778)
(335,813)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(8,656,779)
(335,814)

  
(8,656,778)
(335,813)


Page 1

 
D&D COLMORE ROW LIMITED
REGISTERED NUMBER: 09339934
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 November 2024.




G E Cox
Director

The notes on pages 3 to 12 form part of these financial statements.
Page 2

 
D&D COLMORE ROW LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

The Company is a private company limited by share capital, incorporated in England and Wales. The address of the registered office is 16-18 Kirby Street, London, EC1N 8TS.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company is party to funding arrangements covering various entities within the Bresand Leisure Limited group. The company has provided a cross-guarantee to this banking group and so is bound by the covenant requirements of the banking group as a whole. 
In assessing the going concern basis of preparation of the financial statements for the year ended 30 September 2023, the directors have taken into consideration detailed cash flow forecasts for the business within the wider banking group and the forecast compliance with bank covenants, which are set at a banking group level covering a period of at least 12 months from the date of approval of the financial statements. 
The forecasts for the banking group indicate that the group has sufficient liquidity to realise its assets and meet its liabilities as they fall due for a period of at least 12 months, and that the banking covenant (based on minimum liquidity) will be met for that period. The current trading performance of the group,  provides comfort to the directors in their forecasts. 
As part of the assessment of the going concern principal, management have considered the risks to the liquidity of the group. Except in the most extreme circumstances, the group has means available to it to manage its cashflows, such that it has sufficient liquidity to meet its covenants, realise its assets and meet its liabilities as they fall due. In only the most extreme case involving a prolonged reduction in sales, which it does not regard as reasonably likely based on the recent performance of the group, would the group require additional liquidity. Should this need arise the business has the ability within the current facility agreement to provide additional liquidity necessary, such that the covenants remain achieved. Based on discussions the Board have had with shareholders and investors of the group, they are confident any short-term funding required would be made available, however is not currently needed.
Based on the forecasts prepared the directors view the risk of default of bank facilities, and therefore inability to meet liabilities as they fall due, is not considered a reasonably likely one and so the level of uncertainty is not considered material. Given the above and the current trading performance of the group, the directors are satisfied preparing the financial statements on a going concern basis is appropriate.
 
Page 3

 
D&D COLMORE ROW LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)


2.2
Going concern (continued)


The Company is dependent on the continuing provision of the financial support that it has received from its parent undertaking, CGL Restaurant Holdings Limited. The parent has committed to provide continuing support for at least the next 12 months from the date of signing these financial statements, through the provision of a formal support letter signed by deed. The directors of both the company and parent undertaking have a reasonable expectation that the company and the parent undertaking will have access to adequate resources to continue in operational existence for the foreseeable future. For these reasons, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

 
2.3

Revenue

Revenue represents sales to outside customers at invoiced amounts excluding discretionary service charge and Value Added Tax.
Revenue is recognised when the significant risks and benefits of ownership of the products have transferred to the buyer. This will occur through the provision of restaurant services and sale of goods, and will be upon the completion of a sale to customers.

 
2.4

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

  
2.5

Pensions

The Company does not operate its own pension scheme. The Company makes contributions to certain senior employees' personal pension schemes, which are charged to the profit and loss accounts as they fall due. The Group operates a defined contribution scheme. The assets of the plan attributable to individuals participating in the plan are independently administered and managed by The People's Pension. The amounts charged against profit represent the contributions payable to the scheme in respect of the accounting period.

Page 4

 
D&D COLMORE ROW LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 5

 
D&D COLMORE ROW LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements
-
Over the shorter of the lease period and 25 years, having consideration to provisions contained in the lease for future potential lease renewals.
Plant and machinery
-
Over 4 years
Fixtures, fittings, and equipment
-
Over 10 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Fixed assets are measured at each reporting date to determine whether there is any indication that the assets are impaired. Where there is an indication than an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately indentifiable cash flows (CGUs). Fixed assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.9

Stocks

Stocks consist of raw materials and consumables, crockery, linen and staff uniforms. Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Page 6

 
D&D COLMORE ROW LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.12

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.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Page 7

 
D&D COLMORE ROW LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)


2.14
Financial instruments (continued)


Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees




The average monthly number of employees, including directors, during the year was 61 (2022 - 1).

Page 8

 
D&D COLMORE ROW LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

4.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Fixtures and fittings
Total

£
£
£
£



Cost


At 1 October 2022
3,740,473
-
-
3,740,473


Additions
584,857
53,902
127,620
766,379



At 30 September 2023

4,325,330
53,902
127,620
4,506,852



Depreciation


Charge for the year on owned assets
151,360
9,600
11,919
172,879



At 30 September 2023

151,360
9,600
11,919
172,879



Net book value



At 30 September 2023
4,173,970
44,302
115,701
4,333,973



At 30 September 2022
3,740,473
-
-
3,740,473

Page 9

 
D&D COLMORE ROW LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

5.


Stocks

2023
2022
£
£

Raw materials and consumables
71,932
-

Crockery, linen and staff uniforms
59,847
-

131,779
-



6.


Debtors

2023
2022
£
£


Trade debtors
40,767
-

Amounts owed by group undertakings
3,077
6,390

Other debtors
39,634
157,911

Prepayments and accrued income
2,519
116,357

85,997
280,658



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
3,112
2,864,100



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
87,388
1,004,500

Amounts owed to group undertakings
8,596,285
2,253,802

Other creditors
192,280
13,041

Accruals and deferred income
518,707
245,502

9,394,660
3,516,845


Page 10

 
D&D COLMORE ROW LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other creditors
3,547,684
3,704,199


Other creditors relate to landlord capital contributions which are being amortised over the life of the lease.


10.


Deferred taxation




2023


£






Charged to profit or loss
(269,295)



At end of year
(269,295)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Fixed asset timing differences
(353,049)
-

Losses and other deductions
83,754
-

(269,295)
-


11.


Contingent liabilities

The Company, together with its fellow subsidiaries, were party to an intercompany guarantee dated 11 October 2016 in favour of Santander UK Plc (as security agent for HSBC Bank Plc and Santander UK Plc) given as security for debt facilities provided to the parent undertaking and its subsidiaries. As at the balance sheet date the net amount due under these facilities was £42,304,000 (2022: £39,275,000). As per note 13 this amount has been refinanced on the 17 October 2023 and the net amount now due under the facilities is £47,775,000.

Page 11

 
D&D COLMORE ROW LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

12.


Commitments under operating leases

At 30 September 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
418,111
418,111

Later than 1 year and not later than 5 years
1,672,444
1,672,444

Later than 5 years
7,794,047
8,212,158

9,884,602
10,302,713


13.


Post balance sheet events

On 17 October 2023 CGL Restaurant Holdings Limited and its subsidiaries was acquired by a newly formed investor vehicle, Bresand Leisure Limited as part of a prepacked arrangement. The former ultimate owner, Panther Partners Limited was placed into administration There has been no impact upon trade creditors or employees as part of the transaction. As part of the transaction senior debt held by the former group was refinanced with the term date extended until September 2027 and with cash interest payments until 31 March 2025 deferred. Additional investment was also put in via new secured investor loan notes for the amount of £9.2m. The new structure and financing arrangements have allowed the group to focus on growing the business, maximising operational effectiveness, rationalising the cost base of the group, including closing sites which are not offering a meaningful return, and making the most of opportunities as they arise.


14.


Parent undertaking

CGL Restaurant Holdings Limited is the smallest group entity into which the results of the Company are consolidated. Copies of the financial statements of CGL Restaurant Holdings Limited can be obtained from 16 Kirby Street, London EC1N 8TS.


15.


Auditors' information

The auditors' report on the financial statements for the year ended 30 September 2023 was unqualified.

The audit report was signed on 29 November 2024 by James Hallett ACA (Senior statutory auditor) on behalf of Sumer Auditco Limited.

Page 12