Company registration number SC095130 (Scotland)
WINDOWS CATERING COMPANY (WEST END) LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 APRIL 2024
WINDOWS CATERING COMPANY (WEST END) LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2
Notes to the financial statements
3 - 9
WINDOWS CATERING COMPANY (WEST END) LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr M L Gizzi
Mr A G F Conetta
Secretary
Mr M L Gizzi
Company number
SC095130
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
WINDOWS CATERING COMPANY (WEST END) LIMITED
BALANCE SHEET
AS AT
28 APRIL 2024
28 April 2024
- 2 -
28 April 2024
30 April 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
11,648,894
11,987,296
Investment property
4
8,940,244
9,190,242
20,589,138
21,177,538
Current assets
Debtors
5
7,232,402
6,395,951
Cash at bank and in hand
294,534
632,935
7,526,936
7,028,886
Creditors: amounts falling due within one year
6
(22,726,459)
(13,531,065)
Net current liabilities
(15,199,523)
(6,502,179)
Total assets less current liabilities
5,389,615
14,675,359
Creditors: amounts falling due after more than one year
7
(9,057,609)
Provisions for liabilities
(7,910)
(8,213)
Net assets
5,381,705
5,609,537
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserves
5,381,605
5,609,437
Total equity
5,381,705
5,609,537
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. SC095130
WINDOWS CATERING COMPANY (WEST END) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 APRIL 2024
- 3 -
1
Accounting policies
Company information
Windows Catering Company (West End) 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 SC095130.
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 53 weeks to 30 April 2023.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, 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:
Heritable property
2% straight line
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.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in 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.
WINDOWS CATERING COMPANY (WEST END) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.7
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.
1.8
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.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
WINDOWS CATERING COMPANY (WEST END) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
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.
1.10
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2023
Total
3
Tangible fixed assets
Heritable property
£
Cost
At 1 May 2023 and 28 April 2024
17,080,506
Depreciation and impairment
At 1 May 2023
5,093,210
Depreciation charged in the period
338,402
At 28 April 2024
5,431,612
Carrying amount
At 28 April 2024
11,648,894
At 30 April 2023
11,987,296
WINDOWS CATERING COMPANY (WEST END) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2024
- 6 -
4
Investment property
2024
£
Fair value
At 1 May 2023
9,190,244
Disposals
(250,000)
At 28 April 2024
8,940,244
At 30 April 2023 the investment properties, which have a total net book value of £9,190,242 have been valued on an open market value basis by the directors.
The potential tax liability arising on the sale of the revalued properties would not be material to the financial statements and therefore has not been incorporated within these financial statements.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
29,510
68,394
Other debtors
7,202,892
6,327,557
7,232,402
6,395,951
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
2,000,000
3,390,633
Trade creditors
24,675
60,843
Amounts owed to group undertakings
20,513,000
9,868,000
Other creditors
188,784
211,589
22,726,459
13,531,065
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
9,057,609
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
-
2,217,398
WINDOWS CATERING COMPANY (WEST END) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2024
- 7 -
8
Loans and overdrafts
2024
2023
£
£
Bank loans
2,000,000
12,448,242
Payable within one year
2,000,000
3,390,633
Payable after one year
9,057,609
Bank borrowings are secured by way of fixed and floating charges over all assets of the company.
9
Deferred taxation
The following are the major deferred tax liabilities recognised by the company and movements thereon:
2024
2023
Balances:
£
£
Accelerated capital allowances
7,910
8,213
2024
Movements in the period:
£
Liability at 1 May 2023
8,213
Credit to profit or loss
(303)
Liability at 28 April 2024
7,910
The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
10
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
50 Ordinary A of £1
50
50
50 Ordinary B of £1
50
50
100
100
Ordinary A and Ordinary B shares rank pari passu in all respects.
WINDOWS CATERING COMPANY (WEST END) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2024
- 8 -
11
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
12
Related party transactions
Transactions with related parties
During the period the company entered into the following transactions with related parties:
2024
2023
£
£
Rental income from connected companies
-
230,900
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Amounts owed from connected companies
-
6,312,807
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
Contingent liabilities
The company has provided an inter company bank guarantee in respect of the bank loans of Windows Catering Company (West End) Limited. The total amount due by Windows Catering Company (West End) Limited at 30 April 2023 was £12,448,242 (2022: £11,124,520). Windows Catering Company (West End) Limited is a fellow subsidiary of Di Maggio's Group Limited.
During June 2023 the bank loans were all repaid in full.
WINDOWS CATERING COMPANY (WEST END) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2024
- 9 -
14
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 period. 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, Edinburgh Quay 2, 139 Fountainbridge, Edinburgh, EH3 9FF.
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