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Registration number: 07153381

M C D Manchester Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2024

 

M C D Manchester Limited

Contents

Company Information

1

Strategic Report

2 to 4

Directors' Report

5 to 9

Statement of Directors' 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 31

 

M C D Manchester Limited

Company Information

Directors

Mr R N Khoryati

Mrs J E M Khoryati

Registered office

243 Barlow Moor Road
Chorlton
Manchester
M21 7QL

Accountants

Munslows Accountants Ltd 32 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

 

M C D Manchester Limited

Strategic Report for the Year Ended 31 December 2024

The directors present their strategic report for the year ended 31 December 2024.

Principal activity

The principal activity of the company is a franchise 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. The directors aim to present a fair review of the development and performance of the company during the year under review and of its position at the end of the year.

The principal activity of the company during the year continued to be a franchise operator of a group of McDonald’s restaurants.

The company continued its investment in the McDonald’s restaurant refurbishment project, with one restaurant undergoing an “IRLX” and “Re-image” upgrade programme, which aims to increase both choice and speed of service when ordering meals. 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.

As an operator of a group of McDonald's restaurants the directors consider the company's key performance indicators to be turnover and gross profit. Digital sales via McDelivery, mobile apps and self-order kiosks have continued to increase as the company seeks to make the food ordering process ever more customer friendly, however turnover in total for the year fell slightly by just over 6% with a similar fall in gross profit of just under 6%. In common with many other similar businesses and industries, overhead costs also increased, although the company still recorded a net profit before taxation of £1,258,235 for the year, compared to a profit of £1,462,459 in the previous year.

The directors believe that the trading environment in which the company operates will continue to be challenging but remain optimistic regarding future trading and are committed to increasing both future turnover and profitability and to continuing the company’s reinvestment program.

 

M C D Manchester Limited

Strategic Report for the Year Ended 31 December 2024

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 reviewing 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 overseen and supported 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.

The company’s operations demand a high level of compliance within a wide range of regulatory requirements. In particular –
- health and safety
- hygiene procedures
- employment laws
- licensing

The above, in common with various other areas, are monitored in detail by McDonald’s with assistance being given to all franchisees to help meet the various requirements.

By its very nature, the QSR 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 developed dedicated teams whose focus is on ensuring they remain the leading brand in the market.

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 fundamental to our success. We continually endeavour to create 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 the “Big Conversation”, “MyStuff” and “Love to Listen”, together with regular performance reviews, employee assistance programs and providing 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.

 

M C D Manchester Limited

Strategic Report for the Year Ended 31 December 2024

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. McDonald’s have set high standards globally and it is our obligation and desire to maintain these high standards with regular customer feedback through operating and monitoring an external customer satisfaction programme “Food for Thought” that collects customer comments.

Long term commitments with our suppliers has enabled them to grow with us and drive positive change within their own businesses. The company recognises that the strength of our relationships with our suppliers are important to our long-term success. The directors are regularly briefed on supplier feedback and issues.

The directors carefully consider the impact of the business on communities and the environments in which the company operates. We ensure that the locality surrounding our restaurants is litter free through initiatives implemented to collect litter. 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.

The directors believe that they have always acted in ways they consider, in good faith, to promote the success of the company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in s172(1) (a-f) of the Companies Act).

The success of the company is the driving factor behind the decisions made by the directors. Decision making processes are structured to enable the directors to evaluate the merit of proposed business activities and the likely consequences of its decisions over the short, medium and long term.

Approved and authorised by the Board on 4 August 2025 and signed on its behalf by:
 

.........................................
Mr R N Khoryati
Director

 

M C D Manchester Limited

Directors' Report for the Year Ended 31 December 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr R N Khoryati

Mrs J E M Khoryati

Financial instruments

Objectives and policies

The company’s principle financial instruments comprise bank balances, trade creditors and bank loans. The main purpose of these instruments is to finance the company’s operations and to ensure the smooth running of the company’s operations.

Due to the nature of the financial instruments used by the company there is no exposure to price risk.

In respect of bank balances, the liquidity risk is managed by maintaining a balance to ensure the continuity of trading, through the use of detailed cash flow analysis, forecasts and projections which are regularly updated. In addition, the company has access to overdraft facilities from its bankers which are repayable on demand, should the business require them.

In respect of bank loans, these are provided by financial institutions. The interest rate on these loans is variable, although usually the monthly repayments are fixed. The company manages the liquidity risk by ensuring that there are sufficient funds to meet the payments through the constant review and updating of cashflow forecasts. The interest rate is managed through regular reviews of current and expected future interest rates.

Trade creditor liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

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 as summarised below –

Interest rate risk – the company’s exposure to market risk for changes in interest rates is limited to bank loans. Additional requirements for medium to long term debt are 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, by the utilisation of cash and bank loans.

 

M C D Manchester Limited

Directors' Report for the Year Ended 31 December 2024

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.

Employee involvement

The company aims to promote a working environment free from harassment, victimisation, bullying and discrimination. The company regards all 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 is a bulletin board in each restaurant where memoranda relating to company policy are displayed. There is also an online portal known as Workplace, which contains news and information for McDonald's employees.

Energy and carbon report

Governance

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

MCD Manchester Ltd's greenhouse gas emissions, reportable under SECR from 1st January 2024 to 31st December 2024, were 1,210 tonnes of carbon dioxide equivalent (tCO2e). These include emissions associated with electricity, natural gas and transport consumption. The number of sites contributing to this report has not changed from last year. The company’s total greenhouse gas emissions decreased by 4.3% compared to 2023’s figures, because purchased electricity energy consumption (kWh) has decreased by 7.3% and natural gas energy consumption (kWh) has increased by 15.5%, 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.

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 0.028 tCO2e per £’000, which represents a 4.3% decrease compared to the previous year (0.029 tCO2e per £’000).

 

M C D Manchester Limited

Directors' 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 the company’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”.

Risk management

Metrics and targets

As per SECR guidelines, the company's emission intensity is calculated as the ratio of annual emissions (tCO2e) to the turnover (in £million). For FY 2023, this resulted in an emission intensity of 28.75 tCO2e per £million, which represents a 4% increase compared to the previous year (27.54 tCO2e per £million).

 

M C D Manchester Limited

Directors' Report for the Year Ended 31 December 2024

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

1,019

832

69%

-18%

Electricity

88

195

16%

122%

Natural Gas

151

174

14%

15%

Transportation - direct

2

8

0.7%

300%

Transportation - indirect

4

0

-100%

Total Emissions (tCO2e)

1,264

1,209

100%

-4%

Turnover (£'000)

44,408

41,582

-6%

Intensity (tCO2e/£'000)

0.0285

0.0291

2%

Energy consumption (kWh) -

Electricity

4,920,512

4,559,455

82%

-7%

Natural Gas

825,295

953,079

17%

15%

Transportation - direct

9,142

30,583

.06%

235%

Transportation - indirect

15,235

0.3%

Total

5,770,185

5,543,117

100%

-4%

Intensity: (kWh per £'000)

130

133

3%

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

 

M C D Manchester Limited

Directors' Report for the Year Ended 31 December 2024

Approved and authorised by the Board on 4 August 2025 and signed on its behalf by:
 

.........................................
Mr R N Khoryati
Director

 

M C D Manchester Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 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 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 enable them to ensure that the financial statements comply with the Companies Act 2006 and in accordance with FRS 102. They 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.

 

M C D Manchester Limited

Independent Auditor's Report to the Members of M C D Manchester Limited

Opinion

We have audited the financial statements of M C D Manchester Limited (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 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 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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors 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.

 

M C D Manchester Limited

Independent Auditor's Report to the Members of M C D Manchester Limited

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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and 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 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 Directors' 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 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 Statement of Directors' Responsibilities [set out on page 10], 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.

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:

 

M C D Manchester Limited

Independent Auditor's Report to the Members of M C D Manchester Limited

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.

 

M C D Manchester Limited

Independent Auditor's Report to the Members of M C D Manchester Limited

......................................
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

4 August 2025

 

M C D Manchester Limited

Income Statement for the Year Ended 31 December 2024

Note

2024
£

2023
£

Turnover

3

41,582,278

44,407,643

Cost of sales

 

(24,092,133)

(25,855,875)

Gross profit

 

17,490,145

18,551,768

Administrative expenses

 

(16,627,599)

(17,444,972)

Other operating income

4

7,053

41,250

Operating profit

6

869,599

1,148,046

Gain on financial assets at fair value through profit and loss

 

230,218

202,004

Other interest receivable and similar income

7

162,451

112,720

Interest payable and similar expenses

8

(4,033)

(311)

   

388,636

314,413

Profit before tax

 

1,258,235

1,462,459

Tax on profit

12

(374,152)

(324,789)

Profit for the financial year

 

884,083

1,137,670

The above results were derived from continuing operations.

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

 

M C D Manchester Limited

(Registration number: 07153381)
Statement of Financial Position as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

13

1,682,503

1,967,595

Tangible assets

14

2,833,228

2,499,918

Other financial assets

15

3,750

3,750

 

4,519,481

4,471,263

Current assets

 

Inventories

16

207,234

223,160

Receivables

17

396,127

392,771

Investments

18

2,723,197

2,492,979

Cash at bank and in hand

19

6,162,365

5,876,863

 

9,488,923

8,985,773

Creditors: Amounts falling due within one year

20

(4,343,982)

(4,823,726)

Net current assets

 

5,144,941

4,162,047

Total assets less current liabilities

 

9,664,422

8,633,310

Provisions for liabilities

21

(517,666)

(360,562)

Net assets

 

9,146,756

8,272,748

Capital and reserves

 

Called up share capital

23

1,000

1,000

Retained earnings

9,145,756

8,271,748

Shareholders' funds

 

9,146,756

8,272,748

Approved and authorised by the Board on 4 August 2025 and signed on its behalf by:
 

.........................................
Mr R N Khoryati
Director

 

M C D Manchester Limited

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

Share capital
£

Retained earnings
£

Total
£

At 1 January 2024

1,000

8,271,748

8,272,748

Profit for the year

-

884,083

884,083

Dividends

-

(10,075)

(10,075)

At 31 December 2024

1,000

9,145,756

9,146,756

Share capital
£

Retained earnings
£

Total
£

At 1 January 2023

1,000

7,151,078

7,152,078

Profit for the year

-

1,137,670

1,137,670

Dividends

-

(17,000)

(17,000)

At 31 December 2023

1,000

8,271,748

8,272,748

 

M C D Manchester Limited

Statement of Cash Flows for the Year Ended 31 December 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

884,083

1,137,670

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

6

864,286

983,261

Profit on disposal of tangible assets

5

(9,061)

(12,060)

Finance income

7

(162,451)

(112,720)

Finance costs

8

3,941

-

Income tax expense

12

374,152

324,789

 

1,954,950

2,320,940

Working capital adjustments

 

Decrease in inventories

16

15,926

30,421

(Increase)/decrease in trade debtors

17

(3,356)

5,584

Decrease in trade creditors

20

(457,417)

(574,587)

Cash generated from operations

 

1,510,103

1,782,358

Income taxes paid

12

(239,375)

(216,842)

Net cash flow from operating activities

 

1,270,728

1,565,516

Cash flows from investing activities

 

Interest received

7

162,451

112,720

Acquisitions of tangible assets

(916,794)

(862,646)

Proceeds from sale of tangible assets

 

15,315

109,584

Acquisition of intangible assets

13

(1,964)

-

CA investment - unlisted other shares additions

 

(230,218)

(202,004)

Net cash flows from investing activities

 

(971,210)

(842,346)

Cash flows from financing activities

 

Interest paid

8

(3,941)

-

Dividends paid

25

(10,075)

(17,000)

Net cash flows from financing activities

 

(14,016)

(17,000)

Net increase in cash and cash equivalents

 

285,502

706,170

Cash and cash equivalents at 1 January

 

5,876,863

5,170,693

Cash and cash equivalents at 31 December

19

6,162,365

5,876,863

 

M C D Manchester Limited

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:
243 Barlow Moor Road
Chorlton
Manchester
M21 7QL

These financial statements were authorised for issue by the Board on 4 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.

 

M C D Manchester Limited

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

M C D Manchester Limited

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

Tax

The tax expense for the period comprises current and 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.

Tangible assets

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

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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

between 3 and 15 years straight line

Office equipment

3 years straight line

Motor vehicles

4 years straight line

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

Separately acquired trademarks and licences are shown at historical cost.

Trademarks and licences have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

 

M C D Manchester Limited

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

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

20 years straight line

Licence fees

straight line over the franchise term

Stamp duty

straight line over the franchise term

Investments

Investments in unlisted company shares, whose market value can be readily 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 historical 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

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, inventories are assessed for impairment. If inventories are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

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.

 

M C D Manchester Limited

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

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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

Turnover

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

2024
£

2023
£

Sales of food and drink

41,245,052

43,966,016

Sales of non-products

337,226

441,627

41,582,278

44,407,643

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

7,053

41,250

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 tangible assets

9,061

12,060

 

M C D Manchester Limited

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

6

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

577,230

696,301

Amortisation expense

287,056

286,960

Operating lease expense - property

4,158,489

4,499,769

Operating lease expense - plant and machinery

-

2,095

Profit on disposal of property, plant and equipment

(9,061)

(12,060)

7

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

162,451

112,720

8

Interest payable and similar expenses

2024
£

2023
£

Interest expense on other finance liabilities

3,941

-

Foreign exchange gains

92

311

4,033

311

9

Staff costs

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

2024
£

2023
£

Wages and salaries

11,135,344

11,494,878

Social security costs

629,078

588,920

Other short-term employee benefits

20,663

17,672

Pension costs, defined contribution scheme

250,452

264,441

Other employee expense

24,382

47,331

12,059,919

12,413,242

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

2024
No.

2023
No.

Crew labour

898

1,058

Management labour

28

42

926

1,100

 

M C D Manchester Limited

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

10

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

20,742

17,231

Contributions paid to money purchase schemes

120,000

120,000

140,742

137,231

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

2

2

11

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

3,315

3,165


 

 

M C D Manchester Limited

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

217,792

239,375

UK corporation tax adjustment to prior periods

(744)

-

217,048

239,375

Deferred taxation

Arising from origination and reversal of timing differences

157,104

85,414

Tax expense in the income statement

374,152

324,789

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
£

Profit before tax

1,258,235

1,462,459

Corporation tax at standard rate

314,559

343,978

Decrease in UK and foreign current tax from adjustment for prior periods

(744)

-

Tax decrease from effect of capital allowances and depreciation

(65,758)

(87,444)

Tax increase from other short-term timing differences

99,549

85,414

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

26,546

(17,159)

Total tax charge

374,152

324,789

Deferred tax

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Accelerated capital allowances

-

517,666

-

517,666

2023

Asset
£

Liability
£

Accelerated capital allowances

-

360,563

-

360,563

 

M C D Manchester Limited

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

13

Intangible assets

Goodwill
 £

Licence fees
 £

Stamp duty
 £

Total
£

Cost or valuation

At 1 January 2024

6,389,236

30,000

123,242

6,542,478

Additions acquired separately

-

-

1,964

1,964

At 31 December 2024

6,389,236

30,000

125,206

6,544,442

Amortisation

At 1 January 2024

4,470,158

2,250

102,475

4,574,883

Amortisation charge

283,349

1,500

2,207

287,056

At 31 December 2024

4,753,507

3,750

104,682

4,861,939

Carrying amount

At 31 December 2024

1,635,729

26,250

20,524

1,682,503

At 31 December 2023

1,919,078

27,750

20,767

1,967,595

14

Tangible assets

Land and buildings
£

Plant and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

-

7,562,306

137,378

7,699,684

Additions

130,673

621,422

164,699

916,794

Disposals

-

(240,648)

(34,110)

(274,758)

At 31 December 2024

130,673

7,943,080

267,967

8,341,720

Depreciation

At 1 January 2024

-

5,152,895

46,871

5,199,766

Charge for the year

9,814

511,549

55,867

577,230

Eliminated on disposal

-

(240,648)

(27,856)

(268,504)

At 31 December 2024

9,814

5,423,796

74,882

5,508,492

Carrying amount

At 31 December 2024

120,859

2,519,284

193,085

2,833,228

At 31 December 2023

-

2,409,411

90,507

2,499,918

 

M C D Manchester Limited

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

3,750

3,750

At 31 December 2024

3,750

3,750

Impairment

Carrying amount

At 31 December 2024

3,750

3,750

16

Inventories

2024
£

2023
£

Closing stocks of food, paper and non-products

207,234

223,160

17

Receivables

Current

2024
£

2023
£

Trade debtors

8,829

68,993

Other receivables

223,975

169,781

Prepayments

163,323

153,997

 

396,127

392,771

18

Current asset investments

2024
£

2023
£

Other investments

2,723,197

2,492,979

 

M C D Manchester Limited

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

19

Cash and cash equivalents

2024
£

2023
£

Cash on hand

22,727

23,800

Cash at bank

2,973,936

2,762,776

Short-term deposits

3,165,702

3,090,287

6,162,365

5,876,863

20

Creditors

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

1,270,620

1,134,230

Amounts due to related parties

439,628

683,667

Social security and other taxes

 

832,160

1,089,374

Outstanding defined contribution pension costs

 

23,152

48,981

Other payables

 

1,156,347

1,237,217

Accruals

 

405,027

390,882

Income tax liability

12

217,048

239,375

 

4,343,982

4,823,726

21

Provisions for liabilities

Deferred tax
£

Total
£

At 1 January 2024

360,562

360,562

Increase (decrease) in existing provisions

157,104

157,104

At 31 December 2024

517,666

517,666

22

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 £250,452 (2023 - £264,441).

Contributions totalling £23,152 (2023 - £48,981) were payable to the scheme at the end of the year and are included in creditors.

 

M C D Manchester Limited

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

23

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

A Ordinary shares of £1 each

750

750

750

750

B Ordinary shares of £1 each

250

250

250

250

1,000

1,000

1,000

1,000

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

884,976

923,384

Later than one year and not later than five years

3,173,196

3,313,745

Later than five years

2,961,328

4,527,438

7,019,500

8,764,567

The amount of non-cancellable operating lease payments recognised as an expense during the year was £4,224,289 (2023 - £4,436,133).

25

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £6.40 (2023 - £10.67) per each A Ordinary shares

4,800

8,000

Interim dividend of £21.10 (2023 - £36.00) per each B Ordinary shares

5,275

9,000

10,075

17,000

 

M C D Manchester Limited

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

26

Analysis of changes in net debt

At 1 January 2024
£

Financing cash flows
£

At 31 December 2024
£

Cash and cash equivalents

Cash

5,876,863

285,503

6,162,366

Borrowings

Directors loan account

(683,666)

244,038

(439,628)

 

5,193,197

529,541

5,722,738

27

Parent and ultimate parent undertaking

The ultimate controlling party is Mr R N Khoryati.