Company registration number 07907978 (England and Wales)
DYLAN'S RESTAURANT LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
DYLAN'S RESTAURANT LTD
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
DYLAN'S RESTAURANT LTD
BALANCE SHEET
- 1 -
30 June 2024
31 December 2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
1,985
7,938
Tangible assets
5
1,574,110
5,055,223
1,576,095
5,063,161
Current assets
Stocks
284,938
255,294
Debtors
6
747,216
92,515
Cash at bank and in hand
393,161
107,951
1,425,315
455,760
Creditors: amounts falling due within one year
7
(2,162,033)
(1,234,459)
Net current liabilities
(736,718)
(778,699)
Total assets less current liabilities
839,377
4,284,462
Creditors: amounts falling due after more than one year
8
(47,334)
(977,021)
Provisions for liabilities
(396,061)
(389,269)
Government grants
(54,470)
(104,195)
Net assets
341,512
2,813,977
Capital and reserves
Called up share capital
1,000
1,000
Revaluation reserve
126,753
Profit and loss reserves
340,512
2,686,224
Total equity
341,512
2,813,977
DYLAN'S RESTAURANT LTD
BALANCE SHEET (CONTINUED)
- 2 -
For the financial Period ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 24 February 2025 and are signed on its behalf by:
D M Evans
Director
Company registration number 07907978 (England and Wales)
DYLAN'S RESTAURANT LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2024
- 3 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
1,000
126,753
2,572,507
2,700,260
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
254,922
254,922
Dividends
-
-
(141,205)
(141,205)
Balance at 31 December 2022
1,000
126,753
2,686,224
2,813,977
Period ended 30 June 2024:
Profit and total comprehensive income
-
-
615,496
615,496
Dividends
-
-
(3,087,961)
(3,087,961)
Transfers
-
(126,753)
126,753
-
Balance at 30 June 2024
1,000
340,512
341,512
DYLAN'S RESTAURANT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
- 4 -
1
Accounting policies
Company information
Dylan's Restaurant Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 7, Pen yr Orsedd, Industrial Estate Road, Llangefni, Anglesey, LL77 7AW.
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
Reporting period
The company changed its accounting reference date from 31 December 2023 to 30 June 2024 to align with a strategic restructuring of the business. The reported results cover an eighteen month period while the comparative period covered twelve months and therefore the comparative amounts in the financial statements are not entirely comparable.
1.3
Turnover
Turnover represents amounts receivable for goods sold net of VAT and is recognised when the goods have been delivered to the customer.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Software
25% per annum
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:
Land and buildings Freehold
20 years straight line
Fixtures, fittings & equipment
10/15/20 years straight line
Motor vehicles
25% pa reducing balance
DYLAN'S RESTAURANT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
Freehold land is not depreciated.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.9
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at the undiscounted amounts of the cash or other consideration expected to be received.
Basic financial liabilities
Basic financial liabilities, including creditors and directors' loans, are measured at the undiscounted amount of the cash or other consideration expected to be paid.
1.10
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.11
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.
DYLAN'S RESTAURANT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 6 -
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.
1.12
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.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
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.
Rentals payable under operating leases are charged to income on a straight line basis over the term of the relevant lease.
1.15
Government grants
Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets.
Grants awarded which are linked to financial and employment targets are credited to deferred revenue and released to profit and loss as targets are achieved.
Grants related to grant support arising from the Covid-19 pandemic are recognised when received.
Grants related to the Coronavirus Job Retention Scheme are recognised on a matched basis with the related payroll cost.
2
Judgements and key sources of estimation uncertainty
In the application of the company’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.
DYLAN'S RESTAURANT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 7 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the Period was 166 (2022 - 184).
2024
2022
Number
Number
Total
166
184
4
Intangible fixed assets
Other
£
Cost
At 1 January 2023 and 30 June 2024
15,876
Amortisation and impairment
At 1 January 2023
7,938
Amortisation charged for the Period
5,953
At 30 June 2024
13,891
Carrying amount
At 30 June 2024
1,985
At 31 December 2022
7,938
DYLAN'S RESTAURANT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 8 -
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
5,340,565
805,812
6,146,377
Additions
551,039
354,585
905,624
Disposals
(4,334,847)
(4,334,847)
At 30 June 2024
1,556,757
1,160,397
2,717,154
Depreciation and impairment
At 1 January 2023
719,811
371,343
1,091,154
Depreciation charged in the Period
367,337
142,998
510,335
Eliminated in respect of disposals
(458,445)
(458,445)
At 30 June 2024
628,703
514,341
1,143,044
Carrying amount
At 30 June 2024
928,054
646,056
1,574,110
At 31 December 2022
4,620,754
434,469
5,055,223
6
Debtors
2024
2022
Amounts falling due within one year:
£
£
Trade debtors
33,275
13,608
Other debtors
713,941
78,907
747,216
92,515
7
Creditors: amounts falling due within one year
2024
2022
£
£
Bank loans and overdrafts
53,672
286,679
Trade creditors
536,654
250,957
Corporation tax
186,575
69,431
Other taxation and social security
936,477
216,089
Other creditors
448,655
411,303
2,162,033
1,234,459
Bank loans and overdrafts included within creditors:amounts falling due within one year and creditors:amounts falling due after more than one year are secured by charges over the company's properties and the fixtures and fittings attached thereto.
DYLAN'S RESTAURANT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 9 -
8
Creditors: amounts falling due after more than one year
2024
2022
£
£
Bank loans and overdrafts
47,334
977,021
9
Operating lease commitments
Lessee
At the balance sheet date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2022
£
£
3,189,297
508,760
10
Related party transactions
During the period the company's affairs were restructured.
Certain freehold properties and related bank borrowings were distributed to Dylan's Restaurant Holdings Ltd, a company controlled by the directors D M Evans and R M Hodgson. The net distribution was £2,766,260.
As part of the restructure, a new holding company, Dylan's Group Ltd was formed and acquired the entire share capital of the company. The directors D M Evans and R M Hodgson control Dylan's Group Ltd.
At the balance sheet date Dylan's Restaurant Holdings Ltd owed the company £532,000 (2022 - £nil). The amount has been repaid in the ensuing period.
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