Company Registration No. SC389798 (Scotland)
DI MAGGIOS GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 APRIL 2024
DI MAGGIOS GROUP LIMITED
CONTENTS
Page
Company information
1
Strategic report
2 - 4
Directors' report
5 - 7
Independent auditor's report
8 - 10
Group statement of comprehensive income
11
Group balance sheet
12
Company balance sheet
13 - 14
Group statement of changes in equity
15
Company statement of changes in equity
16
Group statement of cash flows
17
Notes to the financial statements
18 - 36
DI MAGGIOS GROUP LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr M L Gizzi
Mr A G F Conetta
Secretary
Mr M L Gizzi
Company number
SC389798
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 MAGGIOS GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 28 APRIL 2024
- 2 -

The directors present the strategic report for the year ended 28 April 2024.

Review of business

The directors are satisfied with the group's performance during the period, which saw turnover increase by £3,682k to £49,520k (2023: £45,838k). The group's operating profit before exceptional items increased by £1,181k to £6,226k (2023: £5,045k).

 

At the period end shareholders' funds totalled £25,500k (2023: £24,103k).

 

The directors are satisfied with the financial performance and health of the group at the period end.

 

The group continues to be a significant employer within the Scottish central belt. In the period the average number of people employed by the group was 963 (2023: 985). The directors continue to look for suitable restaurant sites to expand the group's business.

Principal risks and uncertainties

The directors believe the main risk to the business in the short and medium term is the condition of the UK economy. The group continues to trade profitably following the period end, reflecting the value and quality of food in the group's restaurants and its excellent reputation in the market. The directors are confident that these qualities will ensure the group continues to grow its market share.

Key performance indicators

Gross margin in the period was 74.1% against 73.5% in the prior period. The operating margin, excluding the impact of exceptional items, in the period was 12.5% against 10.8% in the prior period. These margins continue to be satisfactory and highlight the group's core profitability.

Other information and explanations

The group finances its operations through its retained profits and will fund major expansion and capital expenditure through a revolving credit facility and operating leasing where appropriate. Management's objectives are to:

 

 

Hedge accounting is not used by the group.

 

As all the group's surplus funds are invested in sterling bank deposit accounts and its borrowings obtained from standard bank loans, there is no price risk exposure.

 

The group's surplus funds are held primarily in short term variable rate deposit accounts, which the directors believe gives the group the flexibility to release cash resources at short notice. All deposits are held with the group's bankers who are a reputable UK institution and thus there is no significant credit risk associated with these deposits.

 

The group's borrowings are in variable rate loans which allow the group to take advantage of any movements in the UK base interest rate. The directors are comfortable that the group has sufficient head room to absorb any further base rate rises without materially affecting its financial commitments. The group's deposits and borrowings are in variable rate instruments which offsets its risk to further interest rate rises.

DI MAGGIOS GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 APRIL 2024
- 3 -
Section 172 statement
We report here on how the directors have addressed the matters set out under Section 172 (1) (a) to (f) of the Companies Act 2006.
The directors have acted in a way they consider, in good faith, would be most likely to promote the success of the group for the benefit of its members, and in doing so have regard (amongst other matters) to:
(a) The likely consequences of any decision in the long term

The executive management team meets weekly, and regularly reviews the performance of the business. This performance is assessed through information provided by management and by direct engagement with stakeholders (employees, suppliers and customers) where appropriate. The relevance of each stakeholder group may increase or decrease depending on the matter or issue in question, so the directors and executive management team seeks to consider the needs and priorities of each stakeholder group during its discussions and as part of its decision-making. All stakeholder feedback and any future consequences of its decision is considered by the executive team.

 

Key Decisions

 

(b) The interests of the group's employees

Our colleagues are crucial to delivering our strategy and achieving our goals. The success of the group is reliant on attracting, retaining, and motivating employees. The directors continue to enhance its methods of engagement with its workforce. With regular detailed briefings, a quarterly staff newsletter, direct communications through e-mail, letters, and regular meetings with departmental leadership. The group has a target-based bonus system which ensures many of our colleagues participate in the ongoing success of the business.

(c) The need to foster the group's business relationships with suppliers, customers, and others

Suppliers

We aim to work responsibly with our suppliers. We monitor our suppliers' performance including their environmental management, health and safety, quality standards. We ensure all suppliers are treated fairly when negotiating trading terms, including prompt payment for goods and services

 

Customers

We seek regular feedback from our customers to ensure we provide the best experience possible and meet their needs.

(d) The impact of the group's operations on the community and the environment

We are engaged in a community sponsorship programmed with Queens Park Football Club and we're really looking forward to continuing this exciting partnership and supporting the club and adding value to surrounding community over the next year.

 

We also are very aware of the environmental challenges and have introduced a number of energy saving initiatives over recent years and we continue to be proactive in this area.

DI MAGGIOS GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 APRIL 2024
- 4 -
(e) The desirability of the group to maintain a reputation for high standards of business conduct
The Directors are responsible for monitoring and upholding the culture, values, standards, ethics, and reputation of the group to ensure that our obligations to all our stakeholders are met.
The directors continue to plan for future growth with a focus on building a strong leadership team. There is a renewed drive across all areas of the group to ensure mission vision and values are instilled throughout. There has also been management training and personal development programmes launched across the group in partnership with Skills Development Scotland and our Head of People Development role. Having a skilled and loyal workforce is vital to the growth of the business.  A clear strategy and set of objectives have been adopted to ensure the business is able to adapt to the changing environment that it operates in, whether this is due to customer trends, technology trends or geographical opportunities.
(f) The need to act between members of the group
The directors consider that the group, and consequently the company, has considerable financial resources available to it and that its business activities are diversified over several geographic locations and brands.

On behalf of the board

Mr M L Gizzi
Director
27 January 2025
DI MAGGIOS GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 APRIL 2024
- 5 -

The directors present their annual report and financial statements for the year ended 28 April 2024.

Principal activities

The principal activity of the company and group continued to be that of restaurateurs and property rentals.

Results and dividends

The results for the year are set out on page 11.

Ordinary dividends were declared amounting to £1,940,000 (2023: £1,480,000). The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr M L Gizzi
Mr A G F Conetta
Disabled persons

The group gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a disabled person. Where existing employees become disabled, it is the group's policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training and career development and promotion to disabled employees wherever appropriate.

Employee involvement

The group's policy is to consult and discuss with employees, at meetings, matters likely to affect employees' interests.

 

During the period, the policy of providing employees with information about the group has been continued through internal media methods in which employees have also been encouraged to present their suggestions and views on the group's performance. Regular meetings are held between local management and employees to allow a free flow of information and ideas.

 

There is no employee share scheme at present.

Auditor

The auditor, Consilium Audit Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

The Group has followed the 2019 Government Environmental Reporting Guidelines. It has also used the GHG Reporting Protocol – Corporate Standard and has used the 2021 UK Government’s Conversion Factors for Company Reporting.

DI MAGGIOS GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 APRIL 2024
- 6 -
2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
8,791,574
8,796,580
Emissions of CO2 equivalent
Metric tonnes
Metric tonnes
Metric tonnes
Metric tonnes
Scope 1 - direct emissions
- Gas combustion
862.00
868.00
- Fuel consumed for owned transport
-
-
862.00
868.00
Scope 2 - indirect emissions
- Electricity purchased
952.00
946.00
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the company
4.00
4.00
Total gross emissions
1,818.00
1,818.00
Intensity ratio
Tonnes CO2e per £m of sales
37
40
Quantification and reporting methodology

The group has followed the 2019 HM Government Environmental Reporting Guidelines. The group has also used the GHG Reporting Protocol – Corporate Standard and have used the 2021 UK Government’s Conversion Factors for Company Reporting

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £m of sales which is the recommended ratio for our sector.

Measures taken to improve energy efficiency

For a number of years, we have looked to implement energy saving techniques such as replacing all of our restaurant lighting with energy saving LED bulbs, ensuring all electrical equipment, where appropriate, is shut off when not in use. With any new restaurant opening or existing site redevelopment energy efficiency is a consideration in the design analysis.

DI MAGGIOS GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 APRIL 2024
- 7 -
Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the company website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr M L Gizzi
Director
27 January 2025
DI MAGGIOS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DI MAGGIOS GROUP LIMITED
- 8 -
Opinion

We have audited the financial statements of Di Maggio's Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 28 April 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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:

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 Auditor's 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 group's and parent 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

DI MAGGIOS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DI MAGGIOS GROUP LIMITED
- 9 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors' report.

 

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:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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 parent 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.

Auditor's 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 an auditor's report 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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

 

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

 

DI MAGGIOS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DI MAGGIOS GROUP LIMITED
- 10 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report 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.

Brian Thomson BA(Hons) CA (Senior Statutory Auditor)
For and on behalf of Consilium Audit Limited
Statutory Auditor
169 West George Street
Glasgow
Scotland
G2 2LB
Date:
27 January 2025
DI MAGGIOS GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 28 APRIL 2024
- 11 -
Year
Period
ended
ended
28 April
30 April
2024
2023
Notes
£
£
Turnover
3
49,520,159
45,837,615
Cost of sales
(12,782,342)
(12,152,424)
Gross profit
36,737,817
33,685,191
Administrative expenses
(31,538,787)
(29,143,922)
Other operating income
1,027,059
503,415
Exceptional item
4
74,748
401,047
Operating profit
5
6,300,837
5,445,731
Interest receivable and similar income
8
-
0
27,397
Interest payable and similar expenses
9
(1,132,407)
(566,574)
Profit before taxation
5,168,430
4,906,554
Tax on profit
10
(1,831,486)
(1,502,269)
Profit for the financial year
26
3,336,944
3,404,285
Profit for the financial year is attributable to:
- Owners of the parent company
3,336,949
3,404,319
- Non-controlling interests
(5)
(34)
3,336,944
3,404,285
Total comprehensive income for the year is attributable to:
- Owners of the parent company
3,336,949
3,404,319
- Non-controlling interests
(5)
(34)
3,336,944
3,404,285

The Group Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.

 

The notes on pages 18 to 36 form part of these financial statements.

DI MAGGIOS GROUP LIMITED
GROUP BALANCE SHEET
AS AT
28 APRIL 2024
28 April 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
18,737,528
18,475,568
Investment properties
13
8,940,242
9,190,240
27,677,770
27,665,808
Current assets
Stocks
16
401,935
354,442
Debtors
17
11,321,534
9,801,664
Cash at bank and in hand
3,882,814
11,686,696
15,606,283
21,842,802
Creditors: amounts falling due within one year
18
(16,404,644)
(15,058,510)
Net current (liabilities)/assets
(798,361)
6,784,292
Total assets less current liabilities
26,879,409
34,450,100
Creditors: amounts falling due after more than one year
19
(66,583)
(9,128,154)
Provisions for liabilities
Provisions
22
-
0
74,747
Deferred tax liability
23
1,312,384
1,143,701
(1,312,384)
(1,218,448)
Net assets
25,500,442
24,103,498
Capital and reserves
Called up share capital
25
1,000,004
1,000,004
Profit and loss reserves
26
24,501,689
23,104,740
Equity attributable to owners of the parent company
25,501,693
24,104,744
Non-controlling interests
(1,251)
(1,246)
25,500,442
24,103,498
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:
27 January 2025
Mr M L Gizzi
Mr A G F Conetta
Director
Director
DI MAGGIOS GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 28 APRIL 2024
28 April 2024
- 13 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
197,083
158,297
Investments
14
641,011
641,011
838,094
799,308
Current assets
Debtors
17
26,890,773
16,087,381
Cash at bank and in hand
509,425
7,711,185
27,400,198
23,798,566
Creditors: amounts falling due within one year
18
(10,498,797)
(7,727,267)
Net current assets
16,901,401
16,071,299
Total assets less current liabilities
17,739,495
16,870,607
Creditors: amounts falling due after more than one year
19
(66,583)
(70,545)
Provisions for liabilities
Deferred tax liability
23
40,902
30,747
(40,902)
(30,747)
Net assets
17,632,010
16,769,315
Capital and reserves
Called up share capital
25
1,000,004
1,000,004
Profit and loss reserves
26
16,632,006
15,769,311
Total equity
17,632,010
16,769,315

As permitted by s408 Companies Act 2006, the company has not presented its own Statement of Comprehensive Income and related notes. The company’s profit for the year was £2,802,695 (2023 - £2,804,898 profit).

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:
27 January 2025
The notes on pages 18 to 36 form part of these financial statements.
DI MAGGIOS GROUP LIMITED
COMPANY BALANCE SHEET (CONTINUED)
AS AT 28 APRIL 2024
28 April 2024
- 14 -
Mr M L Gizzi
Mr A G F Conetta
Director
Director
Company Registration No. SC389798
DI MAGGIOS GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 APRIL 2024
- 15 -
Share capital
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
Balance at 2 May 2022
1,000,004
21,180,421
22,180,425
(1,212)
22,179,213
Period ended 30 April 2023:
Profit and total comprehensive income for the period
-
3,404,319
3,404,319
(34)
3,404,285
Dividends
11
-
(1,480,000)
(1,480,000)
-
(1,480,000)
Balance at 30 April 2023
1,000,004
23,104,740
24,104,744
(1,246)
24,103,498
Year ended 28 April 2024:
Profit and total comprehensive income for the year
-
3,336,949
3,336,949
(5)
3,336,944
Dividends
11
-
(1,940,000)
(1,940,000)
-
(1,940,000)
Balance at 28 April 2024
1,000,004
24,501,689
25,501,693
(1,251)
25,500,442
The notes on pages 18 to 36 form part of these financial statements.
DI MAGGIOS GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 APRIL 2024
- 16 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 2 May 2022
1,000,004
14,444,413
15,444,417
Period ended 30 April 2023:
Profit and total comprehensive income for the period
-
2,804,898
2,804,898
Dividends
11
-
(1,480,000)
(1,480,000)
Balance at 30 April 2023
1,000,004
15,769,311
16,769,315
Year ended 28 April 2024:
Profit and total comprehensive income for the year
-
2,802,695
2,802,695
Dividends
11
-
(1,940,000)
(1,940,000)
Balance at 28 April 2024
1,000,004
16,632,006
17,632,010
The notes on pages 18 to 36 form part of these financial statements.
DI MAGGIOS GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 28 APRIL 2024
- 17 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
31
9,580,204
8,935,585
Interest paid
(1,132,407)
(566,574)
Income taxes paid
(1,725,347)
(2,885,398)
Net cash inflow from operating activities
6,722,450
5,483,613
Investing activities
Purchase of tangible fixed assets
(1,799,267)
(384,003)
Proceeds on disposal of tangible fixed assets
205,885
-
Purchase of investment property
-
(1,147,380)
Proceeds on disposal of investment property
250,000
-
Interest received
-
0
27,397
Net cash used in investing activities
(1,343,382)
(1,503,986)
Financing activities
Amounts contributed / (withdrawn) by directors
(203,259)
(2,290,822)
Amounts (paid) / repaid by connected companies
595,000
(3,610,000)
Proceeds of new bank loans
-
2,441,887
Repayment of bank loans
(10,448,244)
(2,117,975)
Payment of finance leases obligations
3,526
(32,902)
Dividends paid to equity shareholders
(1,940,000)
80,000
Net cash used in financing activities
(13,182,977)
(5,689,812)
Net decrease in cash and cash equivalents
(7,803,909)
(1,710,185)
Cash and cash equivalents at beginning of year
11,680,426
13,390,611
Cash and cash equivalents at end of year
3,876,517
11,680,426
Relating to:
Cash at bank and in hand
3,882,814
11,686,696
Bank overdrafts included in creditors payable within one year
(6,297)
(6,270)
DI MAGGIOS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 APRIL 2024
- 18 -
1
Accounting policies
Company information

Di Maggio's Group Limited (“the company”) is a private limited company domiciled and 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 SC389798.

 

The group consists of Di Maggio's Group Limited and all of its subsidiaries.

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.

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, modified to include the revaluation investment properties. The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

The results of the group consolidate the results of Di Maggio's Group Limited and all of its subsidiary undertakings as at 28 April 2024. The group undertook a reconstruction in 2012 and this was accounted for using the merger method of accounting. In the group financial statements, merged subsidiary undertakings are treated as if they had always been a member of the group. New subsidiaries created subsequent to this group reconstruction are accounted for using the acquisition method of accounting.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group 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.

1.4
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.

1.5
Turnover

Turnover shown in the Group Statement of Comprehensive Income in relation to restaurant 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 group has fulfilled its contractual obligations to the customer.

 

Turnover in relation to property income represents income from the rental of properties, exclusive of Value Added Tax. Sales are recognised on an accruals basis.

1.6
Tangible fixed assets

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

DI MAGGIOS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 APRIL 2024
1
Accounting policies
(Continued)
- 19 -

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
Leasehold improvements
15% on reducing balance or over the term of the lease
Fixtures and fittings
15% on reducing balance or over the term of the lease
Motor vehicles
25% on 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 recognised in the Group Statement of Comprehensive Income.

1.7
Investment properties

The Group's investment properties, which are properties held to earn rentals and/or for capital appreciation, are shown at fair value in the financial statements with any changes in fair value being recognised in the Group Statement of Comprehensive Income. The values of investment properties are reviewed annually by the directors.

1.8
Fixed asset investments

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of fixed assets

At each reporting period end date, the group 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.

1.10
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.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

DI MAGGIOS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 APRIL 2024
1
Accounting policies
(Continued)
- 20 -
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.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 group 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.

Derecognition of financial liabilities

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

DI MAGGIOS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 APRIL 2024
1
Accounting policies
(Continued)
- 21 -
1.13
Equity instruments

Equity instruments issued by the group 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 group.

1.14
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 group’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 if, and only if, there is 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.

1.15
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.16
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.

1.17
Retirement benefits

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

DI MAGGIOS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 APRIL 2024
1
Accounting policies
(Continued)
- 22 -
1.18
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss 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 leased asset are consumed.

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.

1.19
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.20

Onerous lease

A provision for onerous lease contracts is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the lease contract. Before a provision is established, the company recognises any impairment loss on the assets associated with that lease contract.

DI MAGGIOS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 APRIL 2024
- 23 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

In preparing the financial statements the directors have made the following judgements:

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Restaurant income
49,000,164
45,457,233
Property income
519,995
380,382
49,520,159
45,837,615
2024
2023
£
£
Other significant revenue
Interest income
-
27,397
Grants received
70,882
36,585
Other income
956,177
466,830

All turnover arose from sales within the United Kingdom.

4
Exceptional item
2024
2023
£
£
Expenditure
Provision for onerous lease (note 22)
(74,748)
(401,047)
(74,748)
(401,047)
DI MAGGIOS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 APRIL 2024
4
Exceptional item
(Continued)
- 24 -

A provision was made for properties unleased during the previous periods. This has now been sublet to another group company and therefore the provision has been released.

5
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
(70,882)
(36,585)
Depreciation of owned tangible fixed assets
1,339,030
1,374,875
Depreciation of tangible fixed assets held under finance leases
34,496
23,266
Profit on disposal of tangible fixed assets
(42,104)
-
Operating lease charges
1,098,399
989,552
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
14,614
11,340
Audit of the financial statements of the company's subsidiaries
58,660
58,660
73,274
70,000
For other services
Taxation compliance services
10,000
10,000
All other non-audit services
8,200
8,200
18,200
18,200
7
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Restaurant staff
910
932
-
-
Administration staff
49
49
49
49
Management staff
4
4
4
4
Total
963
985
53
53
DI MAGGIOS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 APRIL 2024
7
Employees
(Continued)
- 25 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
17,490,672
15,074,786
1,950,112
1,413,921
Social security costs
1,698,922
1,080,574
587,536
174,432
Pension costs
356,206
319,717
127,085
119,977
19,545,800
16,475,077
2,664,733
1,708,330
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
-
27,397
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
464,987
563,453
Interest on finance leases and hire purchase contracts
-
3,121
Other interest
667,420
-
Total finance costs
1,132,407
566,574

Other interest includes interest payable on settlement with HMRC.

10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,662,803
1,344,109
Adjustments in respect of prior periods
-
0
31
Total current tax
1,662,803
1,344,140
Deferred tax
Origination and reversal of timing differences
168,683
91,503
Other adjustments
-
0
66,626
Total deferred tax
168,683
158,129
Total tax charge
1,831,486
1,502,269
DI MAGGIOS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 APRIL 2024
10
Taxation
(Continued)
- 26 -

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

2024
2023
£
£
Profit before taxation
5,168,430
4,906,554
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.50%)
1,292,108
956,778
Tax effect of expenses that are not deductible in determining taxable profit
457,790
252,120
Adjustments in respect of prior years
-
0
31
Effect of change in corporation tax rate
(2)
(158)
Group relief
-
0
(1,818)
Permanent capital allowances in excess of depreciation
(405,510)
-
0
Depreciation on assets not qualifying for tax allowances
254,352
117,575
Deferred tax at a different rate
237,231
177,327
Structures and buildings allowance
(6,751)
(5,280)
Losses carried forward
44
478
Capital gains
(526)
-
Remuneration unpaid
2,750
5,216
Taxation charge
1,831,486
1,502,269
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
1,940,000
1,480,000
DI MAGGIOS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 APRIL 2024
- 27 -
12
Tangible fixed assets
Group
Heritable property
Leasehold improvements
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2023
17,080,507
3,942,411
16,589,938
238,612
37,851,468
Additions
-
0
218,092
1,388,307
192,868
1,799,267
Disposals
-
0
-
0
(234,838)
(238,612)
(473,450)
At 28 April 2024
17,080,507
4,160,503
17,743,407
192,868
39,177,285
Depreciation and impairment
At 1 May 2023
5,093,809
2,150,777
12,038,654
92,660
19,375,900
Depreciation charged in the year
338,402
271,052
729,576
34,496
1,373,526
Eliminated in respect of disposals
-
0
-
0
(188,882)
(120,787)
(309,669)
At 28 April 2024
5,432,211
2,421,829
12,579,348
6,369
20,439,757
Carrying amount
At 28 April 2024
11,648,296
1,738,674
5,164,059
186,499
18,737,528
At 30 April 2023
11,986,698
1,791,634
4,551,284
145,952
18,475,568
Company
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 May 2023
52,996
238,612
291,608
Additions
56
192,868
192,924
Disposals
-
0
(238,612)
(238,612)
At 28 April 2024
53,052
192,868
245,920
Depreciation and impairment
At 1 May 2023
40,651
92,660
133,311
Depreciation charged in the year
1,817
34,496
36,313
Eliminated in respect of disposals
-
0
(120,787)
(120,787)
At 28 April 2024
42,468
6,369
48,837
Carrying amount
At 28 April 2024
10,584
186,499
197,083
At 30 April 2023
12,345
145,952
158,297
DI MAGGIOS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 APRIL 2024
12
Tangible fixed assets
(Continued)
- 28 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Motor vehicles
186,499
145,952
186,499
145,952
13
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 May 2023 and 28 April 2024
9,190,242
-
Disposals
(250,000)
-
At 28 April 2024
8,940,242
-

At 28 April 2024 the investment properties, which have a total net book value of £8,940,242 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.

 

Included in the profit and loss account is a gain on sale of £40,000 relating to this disposal.

14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
641,011
641,011
DI MAGGIOS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 APRIL 2024
14
Fixed asset investments
(Continued)
- 29 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 May 2023 and 28 April 2024
641,011
Carrying amount
At 28 April 2024
641,011
At 30 April 2023
641,011
15
Subsidiaries

Details of the company's subsidiaries at 28 April 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of shares held
% Held Direct
% Held Indirect
Prep Fitness Kitchen Limited
C/O Consilium Chartered Accountant, 169 West George Street, Glasgow, G2 2LB
Property letting
Ordinary
80.00
-
Windows Catering Company (West End) Limited
C/O Consilium Chartered Accountant, 169 West George Street, Glasgow, G2 2LB
Property letting
Ordinary A & B
100.00
-
Amarone Restaurants Limited
C/O Consilium Chartered Accountant, 169 West George Street, Glasgow, G2 2LB
Restauranteurs
Ordinary
100.00
-
Cafe Andaluz Restaurants Limited
C/O Consilium Chartered Accountant, 169 West George Street, Glasgow, G2 2LB
Restauranteurs
Ordinary
100.00
-
Speciality Restaurants Limited
C/O Consilium Chartered Accountant, 169 West George Street, Glasgow, G2 2LB
Restauranteurs
Ordinary
100.00
-
Di Maggio's Restaurants Limited
C/O Consilium Chartered Accountant, 169 West George Street, Glasgow, G2 2LB
Restauranteurs
Ordinary
100.00
-
Di Maggio's Foodcourts Limited
C/O Consilium Chartered Accountant, 169 West George Street, Glasgow, G2 2LB
Restauranteurs
Ordinary
100.00
-
Di Maggio's Limited
C/O Consilium Chartered Accountant, 169 West George Street, Glasgow, G2 2LB
Dormant
Ordinary
100.00
-
Di Maggio's Pizzarias Limited
C/O Consilium Chartered Accountant, 169 West George Street, Glasgow, G2 2LB
Dormant
Ordinary
100.00
-
Windows Catering Company (Four) Limited
C/O Consilium Chartered Accountant, 169 West George Street, Glasgow, G2 2LB
Dormant
Ordinary A & B
0
100.00
Rejaplex Limited
C/O Consilium Chartered Accountant, 169 West George Street, Glasgow, G2 2LB
Dormant
Ordinary A & B
100.00
-
TMJ Glasgow Limited
C/O Daly Hoggett & Co., 5-11 Mortimer Street, London, W1T 3HS
Dormant
Ordinary A
100.00
-
White Building Restaurants Limited
C/O Consilium Chartered Accountant, 169 West George Street, Glasgow, G2 2LB
Restauranteurs
Ordinary
100.00
-
DI MAGGIOS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 APRIL 2024
15
Subsidiaries
Name of undertaking
Registered office
Nature of business
Class of shares held
% Held Direct
% Held Indirect
(Continued)
- 30 -
Registers Restaurants Ltd
C/O Consilium Chartered Accountant, 169 West George Street, Glasgow, G2 2LB
Dormant
Ordinary
100.00
-
Di Magggio's Central Kitchen Limited
C/O Consilium Chartered Accountant, 169 West George Street, Glasgow, G2 2LB
Dormant
Ordinary
100.00
-
Bath Street Burger Limited
C/O Consilium Chartered Accountant, 169 West George Street, Glasgow, G2 2LB
Restauranteurs
Ordinary
100.00
-
Cafe Andaluz Restaurants (Newcastle) Limited
C/O Consilium Chartered Accountant, 169 West George Street, Glasgow, G2 2LB
Restauranteurs
Ordinary
100.00
-
Townhouse Restaurants (Scotland) Limited
C/O Consilium Chartered Accountant, 169 West George Street, Glasgow, G2 2LB
Dormant
Ordinary
100.00
-
Di Maggio's Foodcourts (Glasgow) Limited
C/O Consilium Chartered Accountant, 169 West George Street, Glasgow, G2 2LB
Dormant
Ordinary
100.00
-
Di Maggio's Catering Limited
C/O Consilium Chartered Accountant, 169 West George Street, Glasgow, G2 2LB
Dormant
Ordinary
100.00
-
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Food and beverage stock
401,935
354,442
-
0
-
0
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
211
-
0
-
0
-
0
Corporation tax recoverable
349,749
-
0
-
0
48,870
Amounts owed by group undertakings
-
-
23,331,464
11,252,900
Other debtors
10,603,239
9,468,842
3,562,401
4,779,537
Prepayments and accrued income
368,335
332,822
(3,092)
6,074
11,321,534
9,801,664
26,890,773
16,087,381
DI MAGGIOS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 APRIL 2024
- 31 -
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
2,006,297
3,396,903
-
0
-
0
Obligations under finance leases
21
12,038
4,550
12,038
4,550
Trade creditors
1,992,538
1,919,287
65,058
43,951
Amounts owed to group undertakings
-
0
-
0
2,934,200
1,134,200
Corporation tax payable
471,768
184,563
135,418
-
0
Other taxation and social security
3,081,651
1,434,714
1,127,258
70,382
Other creditors
4,045,373
4,241,857
4,653,678
5,804,073
Accruals and deferred income
4,794,979
3,876,636
1,571,147
670,111
16,404,644
15,058,510
10,498,797
7,727,267
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
-
0
9,057,609
-
0
-
0
Obligations under finance leases
21
66,583
70,545
66,583
70,545
66,583
9,128,154
66,583
70,545
Amounts included above which fall due after five years are as follows:
Payable by instalments
-
4,434,796
-
-
20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
2,000,000
12,448,242
-
0
-
0
Bank overdrafts
6,297
6,270
-
0
-
0
2,006,297
12,454,512
-
-
Payable within one year
2,006,297
3,396,903
-
0
-
0
Payable after one year
-
0
9,057,609
-
0
-
0

Bank borrowings are secured by way of fixed and floating charges over all assets of the Group.

At the year end, the bank loans figure represents a Revolving Credit Facility. The interest on this is charged at Base Rate plus 2.5%.

DI MAGGIOS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 APRIL 2024
- 32 -
21
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
12,038
4,550
12,038
4,550
In two to five years
66,583
70,545
66,583
70,545
78,621
75,095
78,621
75,095

Finance lease payments represent rentals payable by the company or group for certain items of motor vehicle. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

 

 

Obligations under hire purchase agreements are secured on the assets to which they relate.

22
Provisions for liabilities
Group
Company
2024
2023
2024
2023
£
£
£
£
Onerous lease
-
74,747
-
-
Movements on provisions:
Onerous lease
Group
£
At 1 May 2023
74,747
Reversal of provision
(74,747)
At 28 April 2024
-

In the prior year, the company included a provision for one of its properties which it rents from a third party. In the current year, the directors have reviewed the future operating cashflows from property and have deemed the provision to be no longer required.

DI MAGGIOS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 APRIL 2024
- 33 -
23
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
1,309,540
1,118,866
Other timing differences
2,844
24,835
1,312,384
1,143,701
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
40,902
30,747
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 May 2023
1,143,701
30,747
Charge to profit or loss
168,683
10,155
Liability at 28 April 2024
1,312,384
40,902
24
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
356,206
319,717

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

DI MAGGIOS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 APRIL 2024
- 34 -
25
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
500,002
500,002
500,002
1,000,004
Ordinary B1 of £1 each
250,000
250,000
250,000
-
Ordinary B2 of £1 each
249,998
249,998
249,998
-
Ordinary C of £1 each
1
1
1
-
Ordinary D of £1 each
1
1
1
-
Ordinary E of £1 each
1
1
1
-
Ordinary F of £1 each
1
1
1
-
1,000,004
1,000,004
1,000,004
1,000,004

Each class of share rank pari passu in all respect. When declaring dividends, each class of shares is entitled to dividends to the exclusion of the other and differing amounts may be declared in respect of each class.

26
Profit and loss reserves
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
23,107,869
21,180,421
15,769,311
14,444,413
Profit for the year
3,336,949
3,404,319
2,802,695
2,804,898
Dividends
(1,940,000)
(1,480,000)
(1,940,000)
(1,480,000)
At the end of the year
24,501,689
23,104,740
16,632,006
15,769,311
27
Operating lease commitments
Lessee

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
1,564,600
987,296
-
-
Between two and five years
2,064,536
2,274,839
-
-
In over five years
2,401,875
2,517,433
-
-
6,031,011
5,779,568
-
-
DI MAGGIOS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 APRIL 2024
- 35 -
28
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Purchases
2024
2023
£
£
Group
Rentals paid to connected companies
36,000
36,000

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2024
2023
£
£
Group
10,063,807
9,468,807
Other information
Intercompany balances are re-payable on demand and there is no interest attached to any balances.
29
Directors' transactions

Dividends totalling £1,880,000 (2023 - £1,400,000) were paid in the year in respect of shares held by the company's directors.

During the period, Di Maggio's Group Limited paid dividends totalling £60,000 (2023: £80,000) on ordinary C, D, E, F shares held by a Trust that is associated to the directors.

 

Amounts owed to the directors at the period end were £4,009,927 (2023: £4,213,186). These loans are unsecured, interest free and repayable on demand.

30
Post Balance Sheet Events

Following the year end, the Group acquired Enoteca Scotland Limited.

DI MAGGIOS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 APRIL 2024
- 36 -
31
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
3,336,944
3,404,285
Adjustments for:
Taxation charged
1,831,486
1,502,269
Finance costs
1,132,407
566,574
Investment income
-
0
(27,397)
Gain on disposal of tangible fixed assets
(42,104)
-
Depreciation and impairment of tangible fixed assets
1,373,526
1,398,141
Decrease in provisions
(74,747)
(248,145)
Movements in working capital:
Increase in stocks
(47,493)
(34,782)
(Increase)/decrease in debtors
(575,121)
2,164,596
Increase in creditors
2,645,306
210,044
Cash generated from operations
9,580,204
8,935,585

 

32
Analysis of changes in net funds/(debt) - group
1 May 2023
Cash flows
28 April 2024
£
£
£
Cash at bank and in hand
11,686,696
(7,803,882)
3,882,814
Bank overdrafts
(6,270)
(27)
(6,297)
11,680,426
(7,803,909)
3,876,517
Borrowings excluding overdrafts
(12,448,242)
10,448,242
(2,000,000)
Obligations under finance leases
(75,095)
(3,526)
(78,621)
(842,911)
2,640,807
1,797,896
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