Company registration number SC678550 (Scotland)
DI MAGGIO'S FOODCOURTS (GLASGOW) LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 APRIL 2024
DI MAGGIO'S FOODCOURTS (GLASGOW) LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2
Notes to the financial statements
3 - 9
DI MAGGIO'S FOODCOURTS (GLASGOW) LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr M L Gizzi
Mr A G F Conetta
Company number
SC678550
Registered office
C/O Consilium Chartered Accountants
169 West George Street
Glasgow
United Kingdom
G2 2LB
Auditor
Consilium Audit Limited
169 West George Street
Glasgow
Scotland
G2 2LB
Business address
2nd floor
87 St Vincent Street
Glasgow
Scotland
G2 5TF
Solicitor
Burness Paull LLP
31 York Street
Glasgow
Scotland
G2 8AS
DI MAGGIO'S FOODCOURTS (GLASGOW) LIMITED
BALANCE SHEET
AS AT
28 APRIL 2024
28 April 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
118,581
139,507
Current assets
Stocks
4,009
3,683
Debtors
6
91,193
82,237
Cash at bank and in hand
95,450
102,570
190,652
188,490
Creditors: amounts falling due within one year
7
(172,106)
(194,723)
Net current assets/(liabilities)
18,546
(6,233)
Total assets less current liabilities
137,127
133,274
Provisions for liabilities
(29,646)
(26,802)
Net assets
107,481
106,472
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
107,381
106,372
Total equity
107,481
106,472

The notes on pages 3 to 9 form part of these financial statements.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 27 January 2025 and are signed on its behalf by:
Mr M L Gizzi
Mr A G F Conetta
Director
Director
Company Registration No. SC678550
DI MAGGIO'S FOODCOURTS (GLASGOW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 APRIL 2024
- 3 -
1
Accounting policies
Company information

Di Maggio's Foodcourts (Glasgow) Limited is a private company limited by shares incorporated in Scotland. The registered office is C/O Consilium Chartered Accountants, 169 West George Street, Glasgow, United Kingdom, G2 2LB. The principal place of business is 2nd floor, 87 St Vincent Street, Glasgow, Scotland, G2 5TF. The company's registration number is SC678550.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

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

1.3
Reporting period

The company prepares these financial statements for a 52 week period to 28 April 2024. The comparative figures are the 52 weeks to 30 April 2023.

1.4
Turnover

The turnover shown in the Statement of Comprehensive Income represents the value of all goods sold during the period at a selling price exclusive of Value Added Tax. Sales are recognised at the point at which the company has fulfilled its contractual obligations to the customer.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
15% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit and loss account.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

DI MAGGIO'S FOODCOURTS (GLASGOW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Stocks

Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Stock consists of food and beverage and is valued on a first-in, first-out basis.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

DI MAGGIO'S FOODCOURTS (GLASGOW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Operating profit
2024
2023
Operating profit for the period is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
7,798
4,600
DI MAGGIO'S FOODCOURTS (GLASGOW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2024
- 6 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
2023
Total
30
25
4
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
28,260
16,660
Deferred tax
Origination and reversal of timing differences
2,844
24,835
Total tax charge
31,104
41,495

The actual charge for the period can be reconciled to the expected charge for the period based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
92,113
214,617
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.50%)
23,028
41,850
Effect of change in corporation tax rate
-
0
(12)
Permanent capital allowances in excess of depreciation
2,844
-
0
Depreciation on assets not qualifying for tax allowances
5,232
303
Deferred tax at different rate
-
0
(646)
Taxation charge for the period
31,104
41,495

From 1 April 2023, the Corporation Tax rate increased the main rate to 25%. In addition, the standard small profits rate is reintroduced to ensure that companies with small profits pay corporation tax at a lower rate. During the period to 30 April 2023, a hybrid rate of 19.5% has been used to calculate the tax charge.

DI MAGGIO'S FOODCOURTS (GLASGOW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2024
- 7 -
5
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 May 2023 and 28 April 2024
141,060
Depreciation and impairment
At 1 May 2023
1,553
Depreciation charged in the period
20,926
At 28 April 2024
22,479
Carrying amount
At 28 April 2024
118,581
At 30 April 2023
139,507
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
39,100
24,100
Other debtors
52,093
58,137
91,193
82,237
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
45,818
80,810
Taxation and social security
69,256
49,443
Other creditors
57,032
64,470
172,106
194,723
DI MAGGIO'S FOODCOURTS (GLASGOW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2024
- 8 -
8
Deferred taxation

The following are the major deferred tax liabilities recognised by the company and movements thereon:

2024
2023
Balances:
£
£
Accelerated capital allowances
26,802
1,967
Movement
2,844
24,835
29,646
26,802
2024
Movements in the period:
£
Liability at 1 May 2023
26,802
Charge to profit or loss
2,844
Liability at 28 April 2024
29,646

The deferred tax liability set out above is expected to reverse within 52 weeks and relates to accelerated capital allowances that are expected to mature within the same period.

9
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1
100
100
10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Brian Thomson BA(Hons) CA
Statutory Auditor:
Consilium Audit Limited
DI MAGGIO'S FOODCOURTS (GLASGOW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2024
- 9 -
11
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
389,836
474,584
12
Related party transactions

The company has taken advantage of the provisions of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" not to disclose transactions with other wholly owned group companies as the company is included in the consolidated financial statements of Di Maggio's Group Limited.

 

No further transactions with related parties were undertaken such as are required to be disclosed under the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

 

13
Ultimate controlling party

The company was under the control of the holders of the ordinary share capital in the ultimate parent company, Di Maggio's Group Limited, throughout the current and prior year. No individual shareholder has a controlling interest.

 

The company is included by full consolidation in the consolidated financial statements of its ultimate parent, Di Maggio's Group Limited, registered in Scotland, at the same address as the company.

 

Copies of the consolidated financial statements are available from the Registrar of Companies, Companies House, Crown Way, Cardiff, CF14 3UZ.

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