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Registration number: 05591185

Hunky Dory Restaurants Ltd

Annual Report and Financial Statements

for the Year Ended 31 December 2024

 

Hunky Dory Restaurants Ltd

Contents

Company Information

1

Strategic Report

2 to 4

Director's Report

5 to 9

Statement of Director's Responsibilities

10

Independent Auditor's Report

11 to 14

Income Statement

15

Statement of Financial Position

16

Statement of Changes in Equity

17

Statement of Cash Flows

18

Notes to the Financial Statements

19 to 30

 

Hunky Dory Restaurants Ltd

Company Information

Director

R E Parker

Company secretary

S J Husband

Registered office

McDonald's Restaurant
Valegate Retail Park
Copthorne Way
Cardiff
CF5 6EH

Accountants

Munslows Accountants Ltd
Chartered Certified Accountants32 High Street
Wall Heath
Kingswinford
West Midlands
DY6 0HB

Auditors

Manex Accountants Ltd
Chartered Accountants and Statutory Auditors9 Castle Court 2
Castlegate Way
Dudley
West Midlands
DY1 4RD

 

Hunky Dory Restaurants Ltd

Strategic Report for the Year Ended 31 December 2024

The director presents his strategic report for the year ended 31 December 2024.

Principal activity

The principal activity of the company is an operator of a group of McDonald's restaurants.

Fair review of the business

The results for the year and the financial position at the end of the year are shown in the annexed financial statements.

As an operator of a chain of McDonald's restaurants the directors consider the company's key performance indicators to be turnover and gross profit. Turnover for the year increased by 21%, with an increase in gross profit of 20% compared to the previous year, achieved in large part by the full 12 months operation of the additional stores purchased towards the end of the previous financial period.

In common with many other similar businesses and industries, both labour costs and utility costs increased considerably, along with other overheads, with the result that the years trading produced a loss before taxation adjustments of £495,361, compared to a profit of £294,439 in the previous year.

The director believes the trading environment in which the company operates will continue to be challenging but remains optimistic regarding future trading and is committed to increasing both future turnover and profitability and to continuing the company’s reinvestment program. The company has continued to invest in the business and in the development and training of its employees, as well as continued investment in IT and store equipment.

Principal risks and uncertainties

The company operates in a highly competitive market with high levels of price sensitivity. Consumer behaviour can impact the company's turnover and profitability. The company continually assesses these risks and mitigates them by adopting a policy of constantly assessing its pricing strategy with ongoing market research.

The company remains exposed to periods of food cost inflation together with the variability of commodity prices both of which impact on profitability. The company continually assesses any risks identified, with the aim of mitigating the threats these may have on the company's operations and profitability. The company's supply chain is closely maintained by McDonald's, who endeavour to negotiate effectively on behalf of all franchisees to ensure better purchasing terms. This helps as much as possible to protect the company from risks associated with fluctuating food costs.

The company is also inherently exposed to pressures within the labour market and to wage cost inflation. The company mitigates this risk by a policy of adopting remuneration and benefits packages designed to be competitive within the market as well as ensuring full compliance with labour market regulations, with employment policies to allow fulfilling career opportunities for all employees.

By its very nature, the Q.S.R. market is extremely competitive, with large numbers of companies operating in the sector. In order to remain at the forefront of the industry, McDonald’s have dedicated teams whose focus is on ensuring they remain the leading brand in the market.


 

Hunky Dory Restaurants Ltd

Strategic Report for the Year Ended 31 December 2024

Section 172(1) statement

The success of the Company is the driving factor behind all decisions made by the Director. Decision making processes are structured to enable the Director to evaluate the merit of proposed business activities and the likely consequences of decisions taken over the short, medium and long term. The director remains mindful that any strategic decisions taken can have long term implications for the business and its stakeholders, and these implications are carefully assessed. An example of this is in decisions taken relating to capital investment in terms of possible new store acquisitions and equipment upgrades.

Our people are key to our success. That is why we endeavour to create jobs and opportunities for all our people, regardless of gender, age, or life stage that enhance their work experience. Understanding how our employees feel about McDonald’s is vital. The director takes active steps to ensure that the suggestions, views and interests of the workforce are incorporated and considered as part of any decision-making process, helping to ensure that our employees are given the right support to help achieve their potential. We have developed various employee communication channels such as OurLounge, MyStuff and the McDonald’s UK Intranet, which provide weekly operations updates, employee assistance programs and a means for employees to share ideas and feedback. We also conduct regular surveys into our employee’s job satisfaction and how they feel about their role in the company. We encourage and provide access to online learning and development, as well as providing our people with a mobile friendly platform to manage their own data, holidays, time off and access to view their wage slips.

Our customers are the reason for our existence and we therefore strive to provide high quality food with superior service in a clean and welcoming environment, all at an exceptional value. Long-term commitment to supply McDonald’s UK, has enabled our suppliers to grow with us and drive positive change within their own businesses.

The director carefully considers the impact of the business on communities and the environments in which the company operates. We arrange regular litter collections in the local area around our restaurants. Recycling units are installed around our restaurants and our paper cups are sent to specialist recycling centres in the UK. We endeavour to help our customers build communities, support charitable organisations, and use our size, scope and resources to help make local communities and the environment a better place.

In all our activities the director requires that employees and suppliers conduct business with the highest ethical and professional standards by adhering to our Standards of Business Conduct set by McDonald’s Corporation.

All of the company’s members are directors of the company and exercise day to day control over the company. The members meet regularly to express and discuss their views.

Engagement with employees

Our workforce is our most valuable asset and is one of the main reasons for the success of the company and brand. The company invests strongly in training, coaching, and skills acquisition. The personal development and improvement of our employees is a key aim of the Company’s strategy. We strive to be a responsible employer in our approach to the pay and benefits of employees and the health, safety and wellbeing of our employees is one of the primary considerations in the way we do business.

Engagement with suppliers, customers and other relationships

As a company we endeavour to build long-term commitments with our suppliers which has enabled them to grow with us and drive positive change within their own businesses. The company recognises that relationships with suppliers are important to its long-term success and is briefed on supplier feedback and issues on a regular basis
.
We also endeavour to forge positive relationships with our customers by providing high quality food and an excellent service in a clean and welcoming environment at a competitive price.

 

Hunky Dory Restaurants Ltd

Strategic Report for the Year Ended 31 December 2024

Approved and authorised by the director on 7 August 2025
 

.........................................
R E Parker
Director

 

Hunky Dory Restaurants Ltd

Director's Report for the Year Ended 31 December 2024

The director presents his report and the financial statements for the year ended 31 December 2024.

Director of the company

The director who held office during the year was as follows:

R E Parker


Results and dividends
The loss for the year, after taxation adjustments, amounted to £462,881 (2023 - profit £142,622).

During the year, dividends of £120,000 were paid (2023: £135,000). The directors do not recommend the payment of a final dividend.
 

Financial instruments

Objectives and policies

The company's principal financial instruments comprise cash and bank loans. The main purpose of these financial instruments is to raise finance for the company's operations. The company does not enter into derivative transactions. It is, and has been throughout the period under review, the company's policy that no trading in financial instruments shall be undertaken.
The company uses various financial instruments including cash, bank overdrafts and loans and trade creditors that arise directly from its operations. The existence of these financial instruments exposes the company to a number of financial risks, which are described in more detail below.

Price risk, credit risk, liquidity risk and cash flow risk

The main risks arising from the company's financial instruments are interest risk and liquidity risk. The board reviews and agrees policies for managing each of these risks and they are summarised below.

Interest rate risk
The company's exposure to market risk for changes in interest rates is limited to bank loans. The additional requirement for medium to long term debt will be reviewed by the directors based on the company's forecast requirements.

Liquidity risk
The company's objective is to maintain a balance between continuity of funding and flexibility through the use of cash and bank loans.

Employment of disabled persons

The company operates an equal opportunities policy in all areas of recruitment and seeks to offer suitable work and training wherever practicable to persons with disabilities. The policy of the company is to ensure that disabled applicants are given full and fair consideration having regards to their particular aptitudes and abilities. Existing disabled employees are given equal access to appropriate training, career development and promotion opportunities within the company. In the event of employees becoming disabled while in the employment of the company, all reasonable means are explored to achieve retention in employment in the same or an alternative capacity.

 

Hunky Dory Restaurants Ltd

Director's Report for the Year Ended 31 December 2024

Employee involvement

The company aims to promote a working environment free from harassment, victimisation, bullying and discrimination. The company regards all of its employees as members of a team, where opinions are valued, and everyone is regarded as equal in status and treated with fairness and respect. The company's recruitment procedures are intended to ensure that employees are selected, promoted, and treated according to their ability and that everyone has an equal opportunity to receive training and development. The company communicates regularly with all employees on matters relating to its performance, with employees encouraged to contribute to the decision-making process through regular staff meetings. In addition, there are bulletin boards in each restaurant and Workplace by Meta is used to communicate memoranda relating to company policy. There is also an online portal known as MyStuff, which contains news and information for McDonald's employees.

Streamlined Energy and Carbon Reporting

In line with the government’s streamlined energy and carbon reporting (SECR) requirements we are required to report our organisation’s carbon emissions for the period 1st January 2024 to 31st December 2024 against the previous year.

Summary

The company's greenhouse gas emissions, reportable under SECR from 1st January 2024 to 31st December 2024, were 1,966 tonnes of carbon dioxide equivalent (tCO2e). These include emissions associated with electricity, natural gas and transport consumption and refrigerant leaks. The number of sites contributing to this report has not changed from last year. The company's total greenhouse gas emissions increased by 11.3% compared to 2023’s figures, because purchased electricity energy consumption (kWh) has increased by 2.3% and natural gas energy consumption (kWh) has decreased by 29.9%, from 2023 to 2024.
Notable factors that could have contributed to the movement in emissions are as follows:

• A change in the methodology for missing data estimation will have affected the emissions associated with electricity, natural gas and purchased fuel. In FY23, extrapolation was conducted by Aligned Incentives, whereas in FY24, extrapolation was conducted by Mitie.

• A change in the market-based methodology led to an increase in electricity emissions under the market-based methodology. In FY23, all electricity consumption was considered renewable, whereas in FY24, only meters where electricity is supplied by Npower are considered renewable. This has been confirmed by the Mitie Energy Team, who procure electricity for McDonald’s sites supplied by Npower. It is not known whether the other meters/sites use renewable electricity.

•Improved refrigerant leak data capture from suppliers compared to the prior year, which has been confirmed by McDonald's, has led to an increase in emissions associated with refrigerants.

As per SECR guidelines, the company’s emission intensity is calculated as the ratio of annual emissions (tCO2e) to the turnover (in £’000). For FY 2024, this resulted in an emission intensity of 0.032 tCO2e per £’000, which represents a 12.1% increase compared to the previous year (0.029 tCO2e per £’000).

 

Hunky Dory Restaurants Ltd

Director's Report for the Year Ended 31 December 2024

Strategy

Boundary, methodology and exclusions

An ‘operational control’ approach has been used to define the Greenhouse Gas emissions boundary[1].

This approach captures emissions associated with the operation of all buildings, such as warehouses, offices and manufacturing sites, plus company-owned and leased transport. This report covers UK operations only, as required by SECR for Non-Quoted Large Companies.

This information was collected and reported in line with the methodology set out in the UK Government’s Environmental Reporting Guidelines, 2019.

Emissions have been calculated using the latest conversion factors provided by the UK Government. For Refrigerant emissions, GWP conversion factors have been used (High-GWP Refrigerants | California Air Resources Board, Greenhouse Gas Inventory Guidance: Fugitive Emissions (epa.gov). There are no material omissions from the mandatory reporting scope.

Regarding market-based reporting, all electricity supplied by NPower is confirmed to be covered by Renewable Energy Guarantees of Origin (REGOs). All RoadChef MSA sites and ASDA sites (up until 31 March 2024) are also covered by REGOs (confirmed by the supplier). Due to a lack of information, the remaining electricity supply is assumed to be non-renewable.

Energy consumption (in kWh) for the period 1st January 2024 – 31st December 2024 have been used to calculate emissions for Ralph Parker’s FY 2024.

[1] An operational control approach to GHG emissions boundary is defined as: “Your organisation has operational control over an operation if it, or one of its subsidiaries, has the full authority to introduce and implement its operating policies at the operation”.

 

Hunky Dory Restaurants Ltd

Director's Report for the Year Ended 31 December 2024

Metrics and targets

As per SECR guidelines, Hunky Dory Restaurants Ltd emission intensity is calculated as the ratio of annual emissions (tCO2e) to the turnover (in £million).

Energy efficiency initiatives -

The company has continued to seek and implement energy efficiency measures within both the work processes and the use of work equipment. McDonald’s Restaurants Limited is actively participating in mandatory compliance schemes, such as the Energy Savings Opportunity Scheme, TCFD, and is considering implementing the recommendations outlined in the ESOS audit reports.
The following are examples of energy efficiency initiatives that are being implemented at McDonald's Restaurants Limited and its franchisees’ restaurants after recommendations from site energy audits conducted by the Mitie Energy Optimisation Team:

-Reductions to the time schedule for internal lighting, external lighting (signage, car parking lighting, etc.), Air Handling Unit (AHU) conditioning, kitchen extract system, etc.

-Improvements to the Car Park lighting schedule.

-Decreased temperature set points in dining and kitchen areas, e.g. overdoor heater setpoint reduced from 28 degrees Celsius to 22 degrees Celsius.

-Increased temperature deadbands in dining and kitchen areas, especially to AHUs.

-Local control settings change from ‘Always On’ to ‘Normal.

-Heating set point temperature reduction.

-BMS time adjusted to sync with actual time.

Emissions and energy consumption

Summary of greenhouse gas emissions and energy consumption for the year ended 31 December 2024:

Emissions source

2023

2024

% share

% Change

Electricity - scope 2

1414

1447

74%

2%

Electricity - scope 3

123

128

7%

4%

Natural Gas - scope 1

221

155

8%

-30%

Refrigerants

0

217

11%

100%

Transportation - scope 3

9

19

1%

111%

Total Emissions (tCO2e)

1767

1966

100%

11%

Turnover (£'000)

50,354

61,062

21%

Intensity (tCO2e per £'000)

0.0351

0.0322

-8%

Energy consumption by Source (kWh) -

Electricity

6,830,576

6,990,963

88%

2%

Natural Gas

1,207,792

846,315

11%

-30%

Transportation

38,243

77,755

1%

103%

Total

8,076,611

7,915,033

100%

-2%

Total Gross Annual Revenue (£'000)

50,354

61,062

21%

Intensity (kWh per £'000)

160

130

-19%

 

Hunky Dory Restaurants Ltd

Director's Report for the Year Ended 31 December 2024

Disclosure of information to the auditors

The director has taken steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditors are unaware.

Reappointment of auditors

The auditors Manex Accountants Ltd are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Approved and authorised by the director on 7 August 2025
 

.........................................
R E Parker
Director

 

Hunky Dory Restaurants Ltd

Statement of Director's Responsibilities

The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is 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 director is required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

The director is 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 enable him to ensure that the financial statements comply with the Companies Act 2006 and in accordance with FRS 102. He is 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.

 

Hunky Dory Restaurants Ltd

Independent Auditor's Report to the Members of Hunky Dory Restaurants Ltd

Opinion

We have audited the financial statements of Hunky Dory Restaurants Ltd (the 'company') for the year ended 31 December 2024, which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The 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 31 December 2024 and of its loss 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's 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 original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The director are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

Hunky Dory Restaurants Ltd

Independent Auditor's Report to the Members of Hunky Dory Restaurants Ltd

Opinion on other matter 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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our 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 and the Director's Report.

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

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 director's remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of the director

As explained more fully in the Statement of Director's Responsibilities [set out on page 10], the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

Hunky Dory Restaurants Ltd

Independent Auditor's Report to the Members of Hunky Dory Restaurants Ltd

We obtained an understanding of the legal and regulatory frameworks applicable to the company and the industry in which it operates. We determined that the following laws and regulations were most significant: The Companies Act 2006/FRS 102, Employment Law and Waste, Health and Safety. We enquired of management and those responsible for legal and compliance procedures to obtain an understanding of how the company is complying with those legal and regulatory frameworks and whether they had any knowledge of actual or suspected fraud. We corroborated the results of our enquiries through our discussions with the directors and management. We did not identify any matters relating to non-compliance with laws and regulations or matters in relation to fraud.

In assessing the potential risks of material misstatements, we obtained an understanding of the company’s operations, including its objectives and strategies to understand the expected financial statement disclosures and business risks that may result in risks of material misstatement;

In assessing the appropriateness of the collective competence and capabilities of the engagement team the engagement partner considered the engagement team’s :
 Understanding of, and practical experience with, audit engagements of a similar nature and complexity through appropriate training and participation,
 The specialist skills required and
 Knowledge of the industry in which the client operates.

We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
 Assessing the design effectiveness of controls management has in place to prevent and detect fraud;
 Challenging assumptions and judgements made by management in its significant accounting estimates;
 Identifying and testing journal entries, in particular manual journal entries made at year end for financial statement preparation; and
 Assessing the extent of compliance with the relevant laws and regulations as part of our procedures on the related financial statement item.

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

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

 

Hunky Dory Restaurants Ltd

Independent Auditor's Report to the Members of Hunky Dory Restaurants Ltd

......................................
Clinton Meehan BSC FCA (Senior Statutory Auditor)
For and on behalf of Manex Accountants Ltd, Statutory Auditor
 9 Castle Court 2
Castlegate Way
Dudley
West Midlands
DY1 4RD

7 August 2025

 

Hunky Dory Restaurants Ltd

Income Statement for the Year Ended 31 December 2024

Note

2024
£

2023
£

Turnover

3

61,061,920

50,354,464

Cost of sales

 

(36,294,965)

(29,806,076)

Gross profit

 

24,766,955

20,548,388

Administrative expenses

 

(25,122,350)

(20,159,626)

Other operating income

4

49,546

32,317

Operating (loss)/profit

6

(305,849)

421,079

Other interest receivable and similar income

7

49,027

32,812

Interest payable and similar expenses

8

(238,539)

(159,452)

   

(189,512)

(126,640)

(Loss)/profit before tax

 

(495,361)

294,439

Tax on (loss)/profit

12

32,480

(151,817)

(Loss)/profit for the financial year

 

(462,881)

142,622

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Hunky Dory Restaurants Ltd

(Registration number: 05591185)
Statement of Financial Position as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

13

4,116,765

4,385,728

Property, plant and equipment

14

2,725,675

2,932,466

Other financial assets

15

15,000

15,000

 

6,857,440

7,333,194

Current assets

 

Inventories

16

278,946

262,665

Debtors

17

275,811

262,428

Cash at bank and in hand

18

3,121,786

4,689,582

 

3,676,543

5,214,675

Creditors: Amounts falling due within one year

19

(6,273,677)

(7,118,789)

Net current liabilities

 

(2,597,134)

(1,904,114)

Total assets less current liabilities

 

4,260,306

5,429,080

Creditors: Amounts falling due after more than one year

19

(2,487,794)

(3,041,207)

Provisions for liabilities

20

(469,379)

(501,859)

Net assets

 

1,303,133

1,886,014

Capital and reserves

 

Called up share capital

22

100

100

Retained earnings

1,303,033

1,885,914

Shareholders' funds

 

1,303,133

1,886,014

Approved and authorised by the director on 7 August 2025
 

.........................................
R E Parker
Director

 

Hunky Dory Restaurants Ltd

Statement of Changes in Equity for the Year Ended 31 December 2024

Share capital
£

Retained earnings
£

Total
£

At 1 January 2024

100

1,885,914

1,886,014

Loss for the year

-

(462,881)

(462,881)

Dividends

-

(120,000)

(120,000)

At 31 December 2024

100

1,303,033

1,303,133

Share capital
£

Retained earnings
£

Total
£

At 1 January 2023

100

1,878,292

1,878,392

Profit for the year

-

142,622

142,622

Dividends

-

(135,000)

(135,000)

At 31 December 2023

100

1,885,914

1,886,014

 

Hunky Dory Restaurants Ltd

Statement of Cash Flows for the Year Ended 31 December 2024

Note

2024
£

2023
£

Cash flows from operating activities

(Loss)/profit for the year

 

(462,881)

142,622

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

6

1,175,525

1,245,655

Profit on disposal of property, plant and equipment

5

-

(4,907)

Finance income

7

(49,027)

(32,812)

Finance costs

8

238,539

159,452

Income tax expense

12

(32,480)

151,817

 

869,676

1,661,827

Working capital adjustments

 

Increase in inventories

16

(16,281)

(89,444)

Increase in trade debtors

17

(13,383)

(57,196)

(Decrease)/increase in trade creditors

19

(766,715)

1,702,223

Cash generated from operations

 

73,297

3,217,410

Income taxes paid

12

(75,922)

-

Net cash flow from operating activities

 

(2,625)

3,217,410

Cash flows from investing activities

 

Interest received

7

49,027

32,812

Acquisitions of property, plant and equipment

(699,771)

(719,996)

Proceeds from sale of property, plant and equipment

 

-

206,110

Acquisition of intangible assets

13

-

(2,090,319)

Acquisition of financial investments other than trading investments

 

-

(5,000)

Net cash flows from investing activities

 

(650,744)

(2,576,393)

Cash flows from financing activities

 

Interest paid

8

(238,539)

(159,452)

Proceeds from bank borrowing draw downs

 

750,000

2,400,000

Repayment of bank borrowing

 

(1,305,888)

(1,033,279)

Dividends paid

25

(120,000)

(135,000)

Net cash flows from financing activities

 

(914,427)

1,072,269

Net (decrease)/increase in cash and cash equivalents

 

(1,567,796)

1,713,286

Cash and cash equivalents at 1 January

 

4,689,582

2,976,296

Cash and cash equivalents at 31 December

18

3,121,786

4,689,582

 

Hunky Dory Restaurants Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
McDonald's Restaurant
Valegate Retail Park
Copthorne Way
Cardiff
CF5 6EH
Wales

These financial statements were authorised for issue by the director on 7 August 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

At the time of approving the financial statements the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the director continues to adopt the going concern basis of accounting in preparing the financial statements. The financial statements have been prepared on a going concern basis.

 

Hunky Dory Restaurants Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

Judgements

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 of the revision and future periods if the revision affects both current and future periods.

The following are the critical judgements and key sources of estimation uncertainty that the directors have made in the process of applying the company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Income taxes

The company is subject to the corporation tax laws of the United Kingdom. These laws are complex and subject to different interpretations by taxpayers and tax authorities. When establishing corporation tax provisions, the directors make a number of judgments and interpretations about the application and interaction of these laws. Changes in these tax laws or in their interpretation could affect the company's effective tax rate and the results of operations in a given period.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Property, plant and equipment

Property, plant and equipment are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.

 

Hunky Dory Restaurants Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and equipment

straight line over 7 years

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Seperately acquired trademarks and licences are shown at historical cost.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

straight line over the life of the franchise term

Licence fee

straight line over the life of the franchise term

Stamp duty

straight line over the life of the franchise term

Investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to
market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of
comprehensive income for the period. Where market value cannot be reliably determined, such investments are
stated at historic cost less impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Inventories

Stocks are stated at the lower of average cost and net realisable value. Net realisable value is based on estimated selling price less further costs expected to be incurred prior to completion and disposal.

 

Hunky Dory Restaurants Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Revenue

The analysis of the company's revenue for the year from continuing operations is as follows:

2024
£

2023
£

Sale of goods

61,061,920

50,354,464

 

Hunky Dory Restaurants Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

4

Other operating income

The analysis of the company's other operating income for the year is as follows:

2024
£

2023
£

Miscellaneous other operating income

49,546

32,317

5

Other gains and losses

The analysis of the company's other gains and losses for the year is as follows:

2024
£

2023
£

Gain on disposal of Property, plant and equipment

-

4,907

6

Operating (loss)/profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

906,562

1,037,535

Amortisation expense

268,963

208,120

Operating lease expense - property

6,095,335

4,788,658

Profit on disposal of property, plant and equipment

-

(4,907)

7

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

49,027

32,812

8

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

238,539

159,452

 

Hunky Dory Restaurants Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

9

Staff costs

The aggregate payroll costs (including director's remuneration) were as follows:

2024
£

2023
£

Wages and salaries

17,426,057

13,500,796

Social security costs

959,756

692,979

Pension costs, defined contribution scheme

290,184

146,703

Other employee expense

150,039

126,801

18,826,036

14,467,279

The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:

2024
No.

2023
No.

Crew labour

1,419

1,128

Management labour

72

51

1,491

1,179

10

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

12,000

12,000

Contributions paid to money purchase schemes

79,600

18,000

91,600

30,000

11

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

3,900

3,000


 

 

Hunky Dory Restaurants Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

12

Taxation

Tax charged/(credited) in the income statement

2024
£

2023
£

Current taxation

UK corporation tax

-

75,956

Deferred taxation

Arising from origination and reversal of timing differences

(32,480)

75,861

Tax (receipt)/expense in the income statement

(32,480)

151,817

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of 25% (2023 - 25%).

The differences are reconciled below:

2024
£

2023
£

(Loss)/profit before tax

(495,361)

294,439

Corporation tax at standard rate

(123,840)

73,610

Tax increase from effect of capital allowances and depreciation

22,894

150,093

Decrease from effect of different UK tax rates on some earnings

-

(4,778)

Effect of expense not deductible in determining taxable profit (tax loss)

68,466

54,945

Effect of tax losses

-

(122,053)

Total tax (credit)/charge

(32,480)

151,817

Deferred tax

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Accelerated tax depreciation

-

501,144

Tax losses carry-forwards

31,766

-

31,766

501,144

2023

Asset
£

Liability
£

Accelerated tax depreciation

-

501,859

-

501,859

 

Hunky Dory Restaurants Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

13

Intangible assets

Goodwill
 £

Licence fee
 £

Stamp duty
 £

Total
£

Cost or valuation

At 1 January 2024

4,937,755

270,000

171,492

5,379,247

At 31 December 2024

4,937,755

270,000

171,492

5,379,247

Amortisation

At 1 January 2024

873,376

72,250

47,893

993,519

Amortisation charge

246,888

13,500

8,575

268,963

At 31 December 2024

1,120,264

85,750

56,468

1,262,482

Carrying amount

At 31 December 2024

3,817,491

184,250

115,024

4,116,765

At 31 December 2023

4,064,379

197,750

123,599

4,385,728

14

Property, plant and equipment

Plant and equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

7,589,999

51,090

7,641,089

Additions

699,771

-

699,771

At 31 December 2024

8,289,770

51,090

8,340,860

Depreciation

At 1 January 2024

4,692,430

16,193

4,708,623

Charge for the year

898,790

7,772

906,562

At 31 December 2024

5,591,220

23,965

5,615,185

Carrying amount

At 31 December 2024

2,698,550

27,125

2,725,675

At 31 December 2023

2,897,569

34,897

2,932,466

 

Hunky Dory Restaurants Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

15

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 January 2024

15,000

15,000

At 31 December 2024

15,000

15,000

Carrying amount

At 31 December 2024

15,000

15,000

16

Inventories

2024
£

2023
£

Closing stocks of food, paper and non-products

278,946

262,665

17

Debtors

Current

2024
£

2023
£

Trade debtors

950

6,459

Other debtors

11,432

8,638

Prepayments

263,429

247,331

 

275,811

262,428

18

Cash and cash equivalents

2024
£

2023
£

Cash on hand

35,990

35,999

Cash at bank

1,080,592

1,400,688

Short-term deposits

2,005,204

3,252,895

3,121,786

4,689,582

 

Hunky Dory Restaurants Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

19

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

26

1,223,799

1,226,274

Trade creditors

 

2,427,262

2,264,485

Amounts due to related parties

28,296

27,493

Social security and other taxes

 

1,457,697

1,724,719

Outstanding defined contribution pension costs

 

49,785

44,886

Other payables

 

530,278

528,855

Accruals

 

556,560

1,226,155

Corporation tax liability

12

-

75,922

 

6,273,677

7,118,789

Due after one year

 

Loans and borrowings

26

2,487,794

3,041,207

20

Provisions for liabilities

Deferred tax
£

Total
£

At 1 January 2024

501,859

501,859

Increase (decrease) in existing provisions

(32,480)

(32,480)

At 31 December 2024

469,379

469,379

21

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £290,184 (2023 - £146,703).

Contributions totalling £49,785 (2023 - £44,886) were payable to the scheme at the end of the year and are included in creditors.

22

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       
 

Hunky Dory Restaurants Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

23

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

2,487,794

3,041,207

Current loans and borrowings

2024
£

2023
£

Bank borrowings

1,223,799

1,226,274

Bank borrowings

Bank loans are denominated in sterling with a nominal interest rate of 1.85% above base rate and the final instalment is due on 23 April 2031. The carrying amount at year end is £3,711,593 (2023 - £4,267,481).

Of the bank loans outstanding at the year end, three are due to be fully repaid during 2025, two are due to be repaid during 2026, with the remainder due to be repaid during 2030 and 2031.

Included in the loans and borrowings are the following amounts due after more than five years:

2024
£

2023
£

After more than five years by instalments

323,069

834,785

-

-

24

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

2,335,932

2,335,932

Later than one year and not later than five years

9,343,728

9,343,728

Later than five years

22,206,501

24,548,833

33,886,161

36,228,493

The amount of non-cancellable operating lease payments recognised as an expense during the year was £6,095,335 (2023 - £4,788,658).

 

Hunky Dory Restaurants Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

25

Dividends

2024

2023

£

£

Interim dividend of £1,200.00 (2023 - £1,350.00) per ordinary share

120,000

135,000

 

 

26

Analysis of changes in net debt

At 1 January 2024
£

Financing cash flows
£

At 31 December 2024
£

Cash and cash equivalents

Cash

4,689,583

(1,567,797)

3,121,786

Borrowings

Long term borrowings

(3,041,206)

553,413

(2,487,793)

Short term borrowings

(1,226,274)

2,475

(1,223,799)

Directors loan account

(27,493)

(803)

(28,296)

(4,294,973)

555,085

(3,739,888)

 

394,610

(1,012,712)

(618,102)

27

Ultimate controlling party

The ultimate controlling party is Mr R Parker.