REGISTERED NUMBER: |
Financial Statements for the Period 26 June 2023 to 30 June 2024 |
for |
NDPC Limited |
REGISTERED NUMBER: |
Financial Statements for the Period 26 June 2023 to 30 June 2024 |
for |
NDPC Limited |
NDPC Limited (Registered number: 13302109) |
Contents of the Financial Statements |
for the Period 26 June 2023 to 30 June 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
NDPC Limited |
Company Information |
for the Period 26 June 2023 to 30 June 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Accountants and |
Statutory Auditor |
Freedman House |
Christopher Wren Yard |
117 High Street |
Croydon |
Surrey |
CR0 1QG |
NDPC Limited (Registered number: 13302109) |
Balance Sheet |
30 June 2024 |
30.6.24 | 25.6.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 13 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
NDPC Limited (Registered number: 13302109) |
Notes to the Financial Statements |
for the Period 26 June 2023 to 30 June 2024 |
1. | STATUTORY INFORMATION |
NDPC Limited is a |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 £. |
Turnover |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured at the fair value of the consideration received or receivable for the sale of food and beverage items as well as accommodation income, excluding value added tax and other sales taxes. |
Revenue is recognised at the point of sale for food and beverage provided to customers and when the rooms are occupied for accommodation sales. |
Goodwill |
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the income statement over its useful economic life, estimated to be ten years. |
Tangible fixed assets |
Freehold property | - |
Long leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
Government grants |
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of the grants are included in creditors as deferred income. |
Grants on a revenue nature are recognised in the income statement in the same period as the related expenditure. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
NDPC Limited (Registered number: 13302109) |
Notes to the Financial Statements - continued |
for the Period 26 June 2023 to 30 June 2024 |
3. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Financial instruments |
The company has chosen to adopt sections 11 and 12 of FRS 102 in respect of financial instruments. |
(i) Financial assets |
Basic financial assets, including trade and other debtors, cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. |
Such assets are subsequently carried at amortised cost using the effective interest method. |
At the end of each reporting period financial assets measured at cost and amortised cost are assessed for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement. |
For financial assets measured at amortised costs, the impairment loss is measured as the difference between the asset's carrying amount and the present value of the estimated cash flow discounted at the asset's original effective interest rate. |
(ii) Financial liabilities |
Basic financial liabilities, including trade and other creditors, bank overdraft, loan from third parties and related parties, 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 receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
NDPC Limited (Registered number: 13302109) |
Notes to the Financial Statements - continued |
for the Period 26 June 2023 to 30 June 2024 |
3. | ACCOUNTING POLICIES - continued |
Borrowing costs |
All borrowing costs are recognised in profit or loss in the period in which they are incurred. |
Reporting period |
The company presents its financial statements for the 12 month period ended 30 June 2024. The comparative period was 18 months following a change of ownership. |
Therefore, the current and comparative figures presented in the financial statements are not entirely comparable. |
Going concern |
At the balance sheet date, the company had net current liabilities of £400,947 (2023 - £1,271,116) and net liabilities of £1,587,007 (2023 - £857,828). |
The company has obtained confirmation from the shareholders that they will provide the financial support required for its continued operations for a period of not less than one year from the issuance and signing of these financial statements. |
Based on the above, the directors have a reasonable expectation that the company will have adequate resources to continue operations for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
5. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 26 June 2023 |
Disposals | ( |
) |
At 30 June 2024 |
AMORTISATION |
At 26 June 2023 |
Amortisation for period |
Eliminated on disposal | ( |
) |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 25 June 2023 |
NDPC Limited (Registered number: 13302109) |
Notes to the Financial Statements - continued |
for the Period 26 June 2023 to 30 June 2024 |
6. | TANGIBLE FIXED ASSETS |
Freehold | Long | Plant and |
property | leasehold | machinery |
£ | £ | £ |
COST |
At 26 June 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 June 2024 |
DEPRECIATION |
At 26 June 2023 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 25 June 2023 |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 26 June 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 30 June 2024 |
DEPRECIATION |
At 26 June 2023 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 25 June 2023 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 25.6.23 |
£ | £ |
Trade debtors |
Amounts owed by associates |
Other debtors |
NDPC Limited (Registered number: 13302109) |
Notes to the Financial Statements - continued |
for the Period 26 June 2023 to 30 June 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 25.6.23 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.6.24 | 25.6.23 |
£ | £ |
Other creditors |
Amounts falling due in more than five years: |
Repayable by instalments |
Other loans | 1,131,840 | 2,303,066 |
10. | LOANS |
An analysis of the maturity of loans is given below: |
30.6.24 | 25.6.23 |
£ | £ |
Amounts falling due within one year or on demand: |
Other loans |
Amounts falling due between one and two years: |
Other loans | 83,649 |
Amounts falling due between two and five years: |
Other loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Other loans | 1,131,840 | 2,303,066 |
11. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
30.6.24 | 25.6.23 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
NDPC Limited (Registered number: 13302109) |
Notes to the Financial Statements - continued |
for the Period 26 June 2023 to 30 June 2024 |
12. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.6.24 | 25.6.23 |
£ | £ |
Other loans | 1,217,347 | 2,448,766 |
A secured loan of £2.45m was obtained in April 2023 as part of the refinancing of the short-term loan and purchase of an additional pub site. |
The term of the loan is 25 years from 28 April 2023 and the rate of interest applicable on this loan as at 30 June 2024 was 9.99% per annum. The interest rate is variable and the lender may vary the rate of interest from month to month by giving the company at least 28 days' notice in writing before applying the new interest rate to the loan. |
On 1 February 2024 a repayment of £1.2m was made against the loan. |
This loan is secured by fixed and floating charges over the assets of the company. |
Two of the directors have provided personal guarantee to the lender for the loan. |
13. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.24 | 25.6.23 |
value: | £ | £ |
Ordinary shares | £0.0001 | 1 | 1 |
14. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
15. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
Included within current liabilities and creditors due after more than one year are loans due to the directors totalling £4,354,471 (2023 - £4,793,86l). These loans are made up of interest bearing loans amounting to £1,490,462 (2023 - £1,074,876) and non interest bearing loans amounting to £2,864,010 (2023 - £3,718,985). The rates of interest applicable on the interest bearing loans are 14.25% per annum. Total interest charged to the profit and loss account was £217,497 (2023 - £166,138) for the period. |
NDPC Limited (Registered number: 13302109) |
Notes to the Financial Statements - continued |
for the Period 26 June 2023 to 30 June 2024 |
16. | RELATED PARTY DISCLOSURES |
Included within creditors due after more than one year are loans due to close members of the family of the directors totalling £68,084 (2023 - £523,319l).These loans are made up of interest bearing loans amounting to £67,253 (2023 - £515,070) and non interest bearing loans amounting to £831 (2023 - 8,249l). The rates of interest applicable on the interest bearing loans were 14.25% per annum.. Total interest charged to profit and loss accounts was £9,546 (2023 - £17,040) for the period. |
At the balance sheet date, the company was owed £2,000 (2023 - £1,700) from Red Mist Property Limited, a company where three of the directors have an interest. |
At the balance sheet date, the company was owed £735 (2023 - £4,644) from Little Latte Limited, a company where one of the directors has an interest. During the period, the company sold £7,381 (2023 - £379) of stock and services and bought £1,370 (2023 - £303) of stock with Little Latte Limited. |
At the balance sheet date, the company was owed £33,600 (2023 - £nil) from InstaGroup Limited, a company which is part of a group where one of the directors has an interest. During the period, the company sold £46,329 (2023 - £21,712) of stock and services and bought £509 (2023 - £3,989) of services with InstaGroup Limited. |