Caseware UK (AP4) 2023.0.135 2023.0.135 2023-09-302023-09-30The principal activity of the company is the provision of payroll management services on behalf of the restaurants owned by CGL Restaurant Holdings Limited as well as D&D Nova Limited, The German Gymnasium Limited and Madison Restaurant Limited, which trade as D&D London group.12022-10-01false1truetrue 09759499 2022-10-01 2023-09-30 09759499 2021-10-01 2022-09-30 09759499 2023-09-30 09759499 2022-09-30 09759499 1 2022-10-01 2023-09-30 09759499 d:Director2 2022-10-01 2023-09-30 09759499 c:CurrentFinancialInstruments 2023-09-30 09759499 c:CurrentFinancialInstruments 2022-09-30 09759499 c:CurrentFinancialInstruments c:WithinOneYear 2023-09-30 09759499 c:CurrentFinancialInstruments c:WithinOneYear 2022-09-30 09759499 c:ShareCapital 2023-09-30 09759499 c:ShareCapital 2022-09-30 09759499 c:RetainedEarningsAccumulatedLosses 2023-09-30 09759499 c:RetainedEarningsAccumulatedLosses 2022-09-30 09759499 d:FRS102 2022-10-01 2023-09-30 09759499 d:Audited 2022-10-01 2023-09-30 09759499 d:FullAccounts 2022-10-01 2023-09-30 09759499 d:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 09759499 d:SmallCompaniesRegimeForAccounts 2022-10-01 2023-09-30 09759499 4 2022-10-01 2023-09-30 09759499 e:PoundSterling 2022-10-01 2023-09-30 iso4217:GBP xbrli:pure

Registered number: 09759499










D&D MANAGEMENT LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
D&D MANAGEMENT LIMITED
REGISTERED NUMBER: 09759499

BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
6,267,921
11,581,170

  
6,267,921
11,581,170

Creditors: amounts falling due within one year
 5 
(7,575,717)
(11,546,415)

Net current (liabilities)/assets
  
 
 
(1,307,796)
 
 
34,755

Total assets less current liabilities
  
(1,307,796)
34,755

  

Net (liabilities)/assets
  
(1,307,796)
34,755


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(1,307,797)
34,754

  
(1,307,796)
34,755


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 2 to 6 form part of these financial statements.
Page 1

 
D&D MANAGEMENT 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 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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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 2

 
D&D MANAGEMENT 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

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.

 
2.4

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.

 
2.5

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.

 
2.6

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.
Page 3

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

2.Accounting policies (continued)

 
2.7

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.

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 receipts 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.

Page 4

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

2.Accounting policies (continued)


2.7
Financial instruments (continued)

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 1 (2022 - 1).


4.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
6,267,921
11,536,831

Other debtors
-
44,339

6,267,921
11,581,170


Page 5

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

5.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
30,851
11,361,130

Amounts owed to group undertakings
6,560,823
185,285

Other taxation and social security
968,782
-

Other creditors
15,261
-

7,575,717
11,546,415



6.


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 7 this amount has been refinanced on the 17 October 2023 and the net amount now due under the facilities is £47,775,000.


7.


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.


8.


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.

9.


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 6