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Registered number: 10671313









NORTH LONDON PIZZA LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2024

 
NORTH LONDON PIZZA LIMITED
REGISTERED NUMBER: 10671313

BALANCE SHEET
AS AT 31 DECEMBER 2024

31 December
30 September
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
627,665
720,424

  
627,665
720,424

Current assets
  

Stocks
 5 
30,661
30,948

Debtors: amounts falling due within one year
 6 
922,539
1,415,048

Cash at bank and in hand
 7 
316,328
206,666

  
1,269,528
1,652,662

Creditors: amounts falling due within one year
 8 
(1,317,894)
(769,989)

Net current (liabilities)/assets
  
 
 
(48,366)
 
 
882,673

Total assets less current liabilities
  
579,299
1,603,097

Creditors: amounts falling due after more than one year
 9 
(23,930)
(942,373)

Provisions for liabilities
  

Deferred tax
  
(135,716)
(135,716)

  
 
 
(135,716)
 
 
(135,716)

Net assets
  
419,653
525,008


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
 10 
419,553
524,908

  
419,653
525,008


Page 1

 
NORTH LONDON PIZZA LIMITED
REGISTERED NUMBER: 10671313
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 10 July 2025.


R Purushothaman
Director

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
NORTH LONDON PIZZA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

1.


General information

North London Pizza Limited is a private company, limited by shares and incorporated in England and Wales, United Kingdom, with a registration number 10671313. The address of the registered office is 598 Holloway Road, London, N19 3PH. The nature of the company's operations and principal activities are that of a Domino's Pizza franchise.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 presented in pounds sterling which is the functional currency of the
company and rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised at the point of sale when goods have been transferred to the customer.

 
2.3

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.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 
NORTH LONDON PIZZA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the period 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.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 4

 
NORTH LONDON PIZZA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.7

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Long-term leasehold property
-
8%
Reducing balance
Plant and machinery
-
15%
Reducing balance
Motor vehicles
-
25%
Reducing balance

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.

 
2.8

Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks, Costs include all direct costs.

 
2.9

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.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
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

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

Page 5

 
NORTH LONDON PIZZA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.12
Financial instruments (continued)

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. 

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.

Basic financial liabilities

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

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). 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 creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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.

Derecognition of financial instruments
Page 6

 
NORTH LONDON PIZZA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 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.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the period was 92 (2023 - 108).

Page 7

 
NORTH LONDON PIZZA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

4.


Tangible fixed assets







Long-term leasehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 October 2023
582,922
752,173
69,216
1,404,311


Additions
-
22,640
-
22,640


Disposals
-
-
(35,760)
(35,760)



At 31 December 2024

582,922
774,813
33,456
1,391,191



Depreciation


At 1 October 2023
209,538
429,005
45,344
683,887


Charge for the period on owned assets
37,348
64,363
7,471
109,182


Disposals
-
-
(29,543)
(29,543)



At 31 December 2024

246,886
493,368
23,272
763,526



Net book value



At 31 December 2024
336,036
281,445
10,184
627,665



At 30 September 2023
373,384
323,168
23,871
720,423

Page 8

 
NORTH LONDON PIZZA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

5.


Stocks

31 December
30 September
2024
2023
£
£

Raw materials and consumables
30,661
30,948

30,661
30,948



6.


Debtors

31 December
30 September
2024
2023
£
£


Amounts owed by group undertakings
-
907,630

Other debtors
870,071
425,646

Prepayments and accrued income
52,468
81,772

922,539
1,415,048



7.


Cash and cash equivalents

31 December
30 September
2024
2023
£
£

Cash at bank and in hand
316,328
206,666

316,328
206,666


Page 9

 
NORTH LONDON PIZZA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

8.


Creditors: Amounts falling due within one year

31 December
30 September
2024
2023
£
£

Bank loans
-
115,000

Other loans
14,088
14,088

Trade creditors
64,363
53,772

Amounts owed to group undertakings
-
155,287

Corporation tax
14,218
10,745

Other taxation and social security
212,019
191,473

Other creditors
811,309
4,261

Accruals and deferred income
201,897
225,363

1,317,894
769,989




Page 10

 
NORTH LONDON PIZZA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

9.


Creditors: Amounts falling due after more than one year

31 December
30 September
2024
2023
£
£

Bank loans
-
900,833

Other loans
23,930
41,540

23,930
942,373


The following liabilities were secured:

31 December
30 September
2024
2023
£
£



Bank loans
-
1,015,833

Other loans
14,088
55,628

14,088
1,071,461

Details of security provided:

The bank loan from Santander UK PLC, is secured by a legal charge over the company's assets. The bank loans are secured by a fixed and floating charge over the assets of the company and a fixed charge over the leasehold property. 
The other loans carry no interest.


10.


Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.


11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £21,843 (2023 - £21,911). Contributions totalling £2,489 (2023 - £34) were payable to the fund at the balance sheet date and are included in creditors.

Page 11

 
NORTH LONDON PIZZA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

12.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

31 December
30 September
2024
2023
£
£


Not later than 1 year
167,100
167,100

Later than 1 year and not later than 5 years
668,400
668,400

Later than 5 years
902,788
1,112,464

1,738,288
1,947,964


13.


Related party transactions

During the year transactions with the following related parties occurred:
At the year-end the following amounts were due from/(to) the related parties:


31 December
30 September
2024
2023
£
£

Entities with control, joint control or significant influence over the entity
-
489,166


14.


Controlling party

The ultimate parent company is North London Pizza  Holdings Limited. North London Pizza Holding Limited is a company incorporated in England and Wales. The ultimate controlling party is A H Zarinabad due to his majority shareholding in the ultimate parent company. 

 
Page 12