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Registered number: 02859789










D&D LONDON LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
D&D LONDON LIMITED
 
 
COMPANY INFORMATION


Directors
M A Welden 
C M Salmon 
M J Williams 




Registered number
02859789



Registered office
16 Kirby Street

London

EC1N 8TS




Independent auditors
Sumer Auditco Limited

14th Floor

33 Cavendish Square

London

W1G 0PW





 
D&D LONDON LIMITED
 

CONTENTS



Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditors' report
6 - 9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Notes to the financial statements
13 - 25


 
D&D LONDON LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Introduction
 
The Directors of the Company present their strategic report together with the audited financial statements for the year ended 30 September 2024.

CEO Statement

D&D London, now renamed ‘The Evolv Collection’ is a pioneering, premium hospitality group, founded by Sir Terrence Conran in 1991. Our portfolio includes the most iconic restaurants in modern- history, homed in London, Birmingham, Manchester and New York.
Every brand in the collection has it’s own heritage, distinctive character, offering and ambience. Through striving for excellence in our people, we are passionate in delivering unique guest experiences to a loyal  high-net-worth demographic.
 
Considering the amount of transformational change we drove through the business, including a new leadership team, we are happy with the 2024 performance as a result of the successful transition period and have a current focus of continued consolidation and like-for-like growth in a challenging environment for the sector. 

Business review
 
The principal activity of the Company is the provision of management and administration services to the restaurants owned by Bresand Leisure Limited, which trade as D&D London Group ("Group").
The results of the Company are directly related to the performance of the  Group.
The year continued to be a transitional period for the Group performing strongly, however interrupted by train strikes and poor unseasonal weather. Various initiative have been developed by the business to drive sales and strengthen performance in the challenging economic conditions.
The directors consider the results for the period to be satisfactory in light of challenging market conditions.
The directors consider Turnover as the key performance indicator for the Company. Turnover fell to £4,619,423 in 2024 from £4,847,327 in 2023. 

Principal risks and uncertainties
 
The below risks have been considered in relation to the operations of the Group which have a direct impact on the performance of the Company.
The principal risks and uncertainties arising from both internal and external factors that could impact the Company’s performance and the related mitigating activities to manage that risk are considered further on. The Company has risk management processes to identify, monitor and evaluate such issues as they emerge enabling the Board to take appropriate action where possible. The factors listed below should be considered in connection with any forward- looking statements in this report. These forward-looking statements reflect the Board’s current expectations concerning future events and actual results may differ from these expectations.
Economic and market risk
The Company, like the wider hospitality sector, is subject to risk around continued impact of train strikes, political uncertainty around Eastern Europe and the Middle East and the subsequent knock-on effects to supply chain costs that these bring. There are specific pressures around utility and labour costs.
 
Page 1

 
D&D LONDON LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024


The Company is committed to maintaining a highly desirable customer experience. The D&D brand is synonymous with style and exclusivity. Internal processes ensure that the Company is well positioned to react to market pressures while continuing to deliver a high-quality product at competitive prices to its customers.
Operational efficiency and cost control
The Company faces growing internal and external cost pressures. These pressures are managed with a focus on improving supply chain management, operational efficiency, and rigorous cost control and by utilising the wider groups size and scale. The Company is constantly looking to implement new initiatives to improve efficiency across the whole business, resulting in lower operating costs without compromising product quality or service levels. This helps support the business’s competitiveness and profitability.
Liquidity, financing and treasury
Key to the financial success of the business is the availability of sufficient bank facilities to permit the Company to meet its obligations and to enable it to continue to fund its growth through investment in new restaurants and in improving its existing venues.
To manage liquidity risk, the group has recently extended its banking facilities to the end of September 2027 as explained below under post balance sheet events.
Major operational risk
In common with other businesses the Company depends on its process and control framework to mitigate the possibility of a major failure in operations, information technology, finance, human resources or other key business processes capable of having an impact on its performance. These failures may be caused by internal factors such as a major information technology systems failure, a supply chain breakdown or failure to retain key personnel. They could also be driven by external events such as disruptions or other adverse events affecting our relationship with or the performance of major suppliers, financial services providers, designers or concessionaires, terrorism or natural disasters and other major events which impact the Company as well as the communities it serves. The Company is committed to developing and strengthening its coordinated risk management and assurance mechanisms to manage these risks in a manner which it believes ensure an appropriate and effective control framework for its businesses at a local, national and corporate level.
Major health and safety and environmental risks
The Company takes its responsibilities in the field of health, safety and the environment very seriously and fully recognises the potential human, reputational and financial consequences of these risks. The business has dedicated teams addressing these risks and follows relevant policies and procedures. During the year the Company continued to take extensive steps to create safe environments for its customers and employees. This involved investment in both training of employees and the physical set up of sites.

Future developments
 
The business saw strong sales as it finished 2024. 2025 has seen further strategic development of the brand and technology, under new investors with a focus on driving revenue and improving efficiencies to offset inflationary pressures. This is resulting in sustained EBITDA.
The Company’s strategy is to continue to develop its core restaurant brand through targeted investment and guest experiences. Following the investment by Breal Capital and Calveton in the group, the business has been able to continue this development and is now looking forward to the next phase of growth.

Page 2

 
D&D LONDON LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024


This report was approved by the board and signed on its behalf.



M A Welden
Director
Date: 20 June 2025

Page 3

 
D&D LONDON LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The directors present their report and the financial statements for the year ended 30 September 2024.

Principal activity

The principal activity of the Company is the provision of management and administration services to the restaurants owned by Bresand Leisure Limited, which trade as D&D London Group.

Directors

The directors who served during the year were:

M A Welden  

D M Loewi resigned on 31 December 2024
G E Cox resigned on 17 February 2025 
C M Salmon was appointed after the year end, on 21 February 2025 
M J Williams was appointed after the year end, on 31 March 2025 
 

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Qualifying third party indemnity provisions

The Company has made qualifying third-party indemnity provisions for the benefit of its directors which were made during the year and remain in force at the date of this report.

Page 4

 
D&D LONDON LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Matters covered in the Strategic report

The directors have chosen to disclose information on financial risk management and policies, required by the Companies Act 2006, to be included in the Director's report, within the Strategic Report.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

The company is part of the D&D Group of restaurants. In April 2025 the Group relaunched under a new brand and identity, Evolv collection, poised for future growth. D&D London will continue to trade under this name.
In December 2024 the Group sold its majority stake in Alexander & Bjork Limited to the minority interest. The financial impact has yet to be determined.

Parent undertaking

On 17 October 2023 the former ultimate owner, Panther Partners Limited, was placed into administration. As a result, the amounts owed to Panther Partners Limited totalling £11,819,784 were waived and have been recognised as income within exceptional items.

Auditors

The auditorsSumer Auditco Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





M A Welden
Director
Date: 20 June 2025

Page 5

 
D&D LONDON LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF D&D LONDON LIMITED
 

Opinion


We have audited the financial statements of D&D London Limited (the 'Company') for the year ended 30 September 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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:


give a true and fair view of the state of the Company's affairs as at 30 September 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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 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.


Page 6

 
D&D LONDON LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF D&D LONDON LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 4, 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 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.


Page 7

 
D&D LONDON LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF D&D LONDON LIMITED (CONTINUED)


Auditors' 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 Auditors' 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In order to identify and assess the risks of material misstatements, including fraud and non-compliance with laws and regulations that could be expected to have a material impact on the financial statements, we have considered:
 
the results of our enquiries of management and those charged with governance of their assessment of the risks of fraud and irregularities;
the nature of the company, including its management structure and control systems (including the opportunity for management to override such controls); 
management’s incentives and opportunities for fraudulent manipulation of the financial statements including the company’s remuneration and bonus policies and performance targets; and  
the industry and environment in which it operates.
 
We also considered UK tax and pension legislation and laws and regulations relating to employment and the preparation and presentation of the financial statements such as the Companies Act 2006. 
Based on this understanding we identified the following matters as being of significance to the entity:

laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards, Company Law, tax and pension legislation, distributable profits legislation; 
compliance with legislation relating to GDPR, health and safety, food safety, operating licenses and environmental legislation; 
management bias in selecting accounting policies and determining estimates; 
inappropriate journal entries; and 
the requirement to impair tangible fixed assets and the amount of any such impairment.
 
We communicated the outcomes of these discussions and enquiries, as well as consideration as to where and how fraud may occur in the entity, to all engagement team members.
Audit procedures were undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised:

enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations;
enquiries with the same concerning any actual or potential litigation or claims; 
discussion with the same regarding any known or suspected instances of non-compliance with laws and regulation and fraud;  
inspection of relevant legal correspondence; 
assessment of matters reported to management and the result of the subsequent investigation; 
Page 8

 
D&D LONDON LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF D&D LONDON LIMITED (CONTINUED)


obtaining an understanding of the relevant controls during the period;
challenging key assumptions made by management in their specific accounting policies and estimates, in particular in relation to depreciation of tangible fixed assets;
identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or crediting revenue or cash; 
challenging key assumptions made by management in their assessment of any impairment to the carrying value of the tangible fixed assets;
reviewing the financial statements for compliance with the relevant disclosure requirements;  
performing analytical procedures to identify any unusual or unexpected relationships or unexpected movements in account balances which may be indicative of fraud; 
reviewing the minutes of Board meetings and correspondence with HMRC; 
evaluating the underlying business reasons for any unusual transactions; and 
considered the implementation of controls during the year.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' 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 2006Our 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 Auditors' 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.



Andrew G. Hill (Senior statutory auditor)
for and on behalf of
Sumer Auditco Limited
Statutory Auditors
14th Floor
33 Cavendish Square
London
W1G 0PW

20 June 2025
Page 9

 
D&D LONDON LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
4,619,423
4,847,327

Cost of sales
  
(8,370,051)
(6,651,879)

Gross loss
  
(3,750,628)
(1,804,552)

Administrative expenses
  
(784,562)
(870,201)

Exceptional administrative expenses
 5 
10,978,977
(2,125,595)

Operating profit/(loss)
 6 
6,443,787
(4,800,348)

Interest payable and similar expenses
 9 
(83,209)
(17,522)

Profit/(loss) before tax
  
6,360,578
(4,817,870)

Tax on profit/(loss)
 10 
(26,703)
(191,440)

Profit/(loss) for the financial year
  
6,333,875
(5,009,310)

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 13 to 25 form part of these financial statements.

Page 10

 
D&D LONDON LIMITED
REGISTERED NUMBER: 02859789

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 11 
792,481
779,463

  
792,481
779,463

Current assets
  

Debtors: amounts falling due within one year
 12 
9,783,593
14,366,470

  
9,783,593
14,366,470

Creditors: amounts falling due within one year
 13 
(7,416,872)
(18,320,606)

Net current assets/(liabilities)
  
 
 
2,366,721
 
 
(3,954,136)

Total assets less current liabilities
  
3,159,202
(3,174,673)

  

Net assets/(liabilities)
  
3,159,202
(3,174,673)


Capital and reserves
  

Called up share capital 
 15 
100
100

Profit and loss account
 16 
3,159,102
(3,174,773)

  
3,159,202
(3,174,673)


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M A Welden
Director
Date: 20 June 2025

The notes on pages 13 to 25 form part of these financial statements.

Page 11

 
D&D LONDON LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 October 2022
100
1,834,537
1,834,637


Comprehensive income for the year

Loss for the year
-
(5,009,310)
(5,009,310)



At 1 October 2023
100
(3,174,773)
(3,174,673)


Comprehensive income for the year

Profit for the year
-
6,333,875
6,333,875


At 30 September 2024
100
3,159,102
3,159,202


The notes on pages 13 to 25 form part of these financial statements.

Page 12

 
D&D LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

The Company is a private company limited by share capital, incorporated in England and Wales. The address of the registered office is 16 Kirby Street, London, EC1N 8TS and the principal place of business is 16 Kirby Street, London, EC1N 8TS. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The following principal accounting policies have been applied:

  
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
 
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.
 
This information is included in the consolidated financial statements of Bresand Leisure Limited as at 30 September 2024 and these financial statements may be obtained from 14th Floor, 33 Cavendish Square, London, W1G 0PW.

 
2.3

Going concern

The company is party to funding arrangements covering various entities within the Bresand Leisure Limited group (the "Group"). The company has provided a cross-guarantee to this banking group and so is bound by the covenant requirements of the banking group as a whole.
 
In assessing the going concern basis of preparation of the financial statements for the year ended 30 September 2024, the directors have taken into consideration detailed cash flow forecasts for the business and the forecast compliance with bank covenants covering a period of at least 12 months from the date these financial statements were authorised for issue.
The forecasts indicate that the group has sufficient liquidity to realise its assets and meet its liabilities as they fall due for a period of at least 12 months from the date these financial statements were authorised for issue. The banking covenant (based on minimum liquidity) will be met for that period. The current trading performance of the group provides comfort to the directors in their forecasts.
 
As part of the assessment of the going concern principal, management have considered the risks to the liquidity of the group. Even in severe but plausible downside scenarios the group has means available to it to manage its cashflows, such that it has sufficient liquidity to meet its covenants, realise its assets and meet its liabilities as they fall due. In only the most extreme case involving a
Page 13

 
D&D LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.3
Going concern (continued)

prolonged reduction in sales, which it does not regard as reasonably likely based on the recent performance of the group, would the group require additional liquidity. Should this need arise the business has the ability within the current facility agreement to provide additional liquidity necessary, such that the covenants remain achieved. Based on discussions the Board have had with shareholders and investors of the group, they are confident any short-term funding required would be made available, however is not currently needed.
 
Based on the forecasts prepared and the scenarios modelled, in the directors view the risk of default of bank facilities, and therefore inability to meet liabilities as they fall due, is not considered a reasonably likely one and so the level of uncertainty is not considered material. Given the above and the current trading performance of the group, the directors are satisfied preparing the financial statements on a going concern basis is appropriate. 

 
2.4

Revenue

Revenue represents sales to outside customers at invoiced amounts excluding discretionary service charge and Value Added Tax.
Revenue is recognised when the significant risks and benefits of ownership of the products have transferred to the buyer. This will occur through the provision of restaurant services and sale of goods, and will be upon completion of a sale to customers.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Pensions

The Company does not operate its own pension scheme. The Company makes contributions to certain senior employees' personal pension schemes, which are charged to the profit and loss accounts as they fall due. The Group operates a defined contribution scheme. The assets of the plan attributable to individuals participating in the plan are independently administered and managed by a third party. The amounts charged against profit represent the contributions payable to the scheme in respect of the accounting period.

Page 14

 
D&D LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.



 
2.8

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 15

 
D&D LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements
-
Over the shorter of the lease period and 25 years, having consideration to provisions contained in the lease for future potential lease renewals
Plant and machinery
-
Over 4 years
Fixtures, fittings, and equipment
-
Over 10 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Fixed assets are measured at each reporting date to determine whether there is any indication that the assets are impaired. Where there is an indication than an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Fixed assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements,
Page 16

 
D&D LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.12
Financial instruments (continued)

when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Page 17

 
D&D LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.12
Financial instruments (continued)


Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

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


3.


Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

In the preparation of the accounts the directors have made appropriate assessments and are of the opinion there are no critical accounting judgements or key sources of estimation and uncertainty. 



4.


Turnover

Turnover, attributable to continuing operations, is derived from the management fees charged to fellow group undertakings. The origin and end destination of all turnover was the United Kingdom.

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
4,619,423
4,847,327


Page 18

 
D&D LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5.


Exceptional items

2024
2023
£
£


Professional fees
358,587
483,989

Loss on disposal of fixed assets
-
83,702

Provision for stock obsolescence
-
202,015

Write back of amounts due to group undertakings (see Note 20)
(11,819,784)
-

Redundancy and restructuring costs
482,220
504,163

Provision against amounts due from group undertakings
-
851,726

(10,978,977)
2,125,595


6.


Operating profit/(loss)

The operating profit/(loss) is stated after charging:

2024
2023
£
£

Fees payable to the company’s auditor for the audit of the company’s annual financial statements
340,279
422,000

Foreign exchange differences
(2,625)
-

Other operating lease rentals - property
166,792
166,792

Depreciation
237,763
182,057


7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
5,016,588
3,319,031

Social security costs
579,759
692,869

Cost of defined contribution scheme
173,329
201,696

5,769,676
4,213,596


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Management and administration
127
163

Page 19

 
D&D LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
472,992
311,206

Company contributions to defined contribution pension schemes
13,212
11,551

486,204
322,757


During the year retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £472,992 (2023 - £311,206).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £13,212 (2023 - £11,551).

The total accrued pension provision of the highest paid director at 30 September 2024 amounted to £13,212 (2023 - £11,551).


9.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
83,209
17,522

Page 20

 
D&D LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

10.


Taxation


2024
2023
£
£



Deferred tax


Origination and reversal of timing differences
26,703
151,354

Adjustments in respect of previous periods
-
40,086

Total deferred tax
26,703
191,440


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - higher than) the applicable rate of corporation tax in the UK of 25% (2023 - 22%). 

2024
2023
£
£


Profit/(loss) on ordinary activities before tax
6,360,578
(4,817,870)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22%)
1,590,144
(1,059,931)

Effects of:


Fixed asset differences
-
(4,659)

Expenses not deductible for tax purposes
69,765
205,794

Adjustments to tax charge in respect of prior periods
-
40,086

Short-term timing differences
26,703
136,215

Capital allowances for year in excess of depreciaton
(19,609)
-

Change in tax rate
-
2,498

Other tax charge (relief) on exceptional items
(1,640,300)
-

Group relief
-
871,437

Total tax charge for the year
26,703
191,440


Factors that may affect future tax charges

There were no factors affecting future charges.

Page 21

 
D&D LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

11.


Tangible fixed assets





Leasehold improvements
Plant and equipment
Furniture, fixtures and fittings
Total

£
£
£
£



Cost


At 1 October 2023
406,628
1,696,785
74,326
2,177,739


Additions
-
250,825
-
250,825


Disposals
(22,744)
(27,267)
-
(50,011)



At 30 September 2024

383,884
1,920,343
74,326
2,378,553



Depreciation


At 1 October 2023
139,662
1,211,235
47,379
1,398,276


Charge for the year on owned assets
15,086
173,279
7,656
196,021


Disposals
-
(8,225)
-
(8,225)



At 30 September 2024

154,748
1,376,289
55,035
1,586,072



Net book value



At 30 September 2024
229,136
544,054
19,291
792,481



At 30 September 2023
266,966
485,550
26,947
779,463

Page 22

 
D&D LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

12.


Debtors

2024
2023
£
£


Trade debtors
371,445
537,127

Amounts owed by group undertakings
6,129,698
9,828,267

Other debtors
549,625
939,751

Prepayments and accrued income
763,585
1,065,382

Deferred tax asset
1,969,240
1,995,943

9,783,593
14,366,470



13.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
4,168
9,634

Trade creditors
42,667
260,017

Amounts owed to group undertakings
3,241,852
15,120,851

Other taxation and social security
2,165,001
1,035,572

Other creditors
718,209
755,768

Accruals and deferred income
1,244,975
1,138,764

7,416,872
18,320,606


Page 23

 
D&D LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

14.


Deferred taxation




2024


£






At beginning of year
1,995,943


Charged to profit or loss
(26,703)



At end of year
1,969,240

The deferred tax asset is made up as follows:

2024
2023
£
£


Fixed asset timing differences
(128,242)
(101,539)

Losses and other deductions
20,000
20,000

Short term timing differences
2,077,482
2,077,482

1,969,240
1,995,943


15.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



16.


Reserves

Profit and loss account

Profit and loss account represents the cumulative profits or losses, net of dividends paid and other
adjustments.

Page 24

 
D&D LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

17.


Contingent liabilities

The company, together with its fellow subsidiaries, were party to an intercompany guarantee dated 11 October 2016 in favour of Santander UK Plc (as security agent for HSBC Bank Plc and Santander UK Plc) given as security for debt facilities provided to the parent undertaking and its subsidiaries. As at the balance sheet date the net amount due under these facilities was £nil (2023: £42,304,000). This was repaid in the year through a refinance on 17 October 2023. The company, together with its fellow subsidairies, entered into a new facility agreement for a term of 5 years, bearing interest rates of between 8 and 18%. As at the balance sheet date the net amount due under these facilities was £48,098,000 (2023: £nil).


18.


Commitments under operating leases

At 30 September 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
166,792
166,792

Later than 1 year and not later than 5 years
147,599
314,391

314,391
481,183


19.


Post balance sheet events

The company is part of the D&D Group of restaurants. In April 2025 the Group relaunched under a new brand and identity, Evolv collection, poised for future growth. D&D London will continue to trade under this name.


20.


Parent and Group undertaking

On 17 October 2023 the former ultimate owner, Panther Partners Limited, was placed into administration. As a result, the amounts owed to Panther Partners Limited totalling £11,819,784 were waived and have been recognised within exceptional costs.
With effect from 17 October 2023 the immediate parent company was CGL Restaurant Holdings Limited, a company incorporated in England. The ultimate parent company during the year was Bresand Leisure Limited, a company incorporated in England.
The group for which consolidated financial statements are prepared which include the results of this company is that headed by Bresand Leisure Limited. Copies of the financial statements for Bresand Leisure Limited can be obtained from its registered office at 14th Floor, 33 Cavendish Square, London, W1G 0PW.

 
Page 25