Paul Connan Limited 31/12/2024 iXBRL

Company registration number: NI043593

Paul Connan Limited

Trading as McDonald's Restaurant

Financial statements

31 December 2024

Paul Connan Limited

Contents

Directors and other information

Strategic report

Directors report

Independent auditor's report to the members

Statement of income and retained earnings

Statement of financial position

Statement of cash flows

Notes to the financial statements

Paul Connan Limited

Directors and other information


	Directors	Mr Paul Connan
		Mrs Angela Connan


	Secretary	Angela Connan


	Company number	NI043593


	Registered office	2-4 Donegall Place
		28-30 Castle Place
		Belfast
		BT1 5BA


	Business address	2-4 Donegall Place
		28-30 Castle Place
		Belfast
		BT1 5BA


	Auditor	David McQuillan & Company
		Glendinning House
		6 Murray Street
		Belfast
		BT1 6DN




	Bankers	HSBC UK
		Harvester House
		4-8 Adelaide Street
		Belfast
		BT2 8GA


	Solicitors	Conn & Fenton
		39 Bow Street
		Lisburn
		BT28 1BJ

Paul Connan Limited

Strategic report

Year ended 31 December 2024

Introduction

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

Principal activity and review of the business

The principal activity of the company is the operation of McDonald's franchise restaurants.

During the year the company operated four restaurants and the directors are satisfied with both the results for the year and the financial position at the year end.

Financial key performanace indicators

As a result of challenging trading conditions in the hospitality sector sales have decreased by 3% from £25,633,844 in 2023 to £24,769,887 in 2024. The cost of raw materials continues to rise but, due to improved efficiencies, the gross profit percentage has increased by 1%. However, due to increased overhead costs, the profit before taxation has fallen to £314,500.

Principal risks and uncertainties

The principal risk to the business is the increased cost of raw materials, energy and labour. The primary focus of the directors has been to keep the business operating efficiently and to ensure ongoing stability.

The company uses various financial instruments including bank loans and overdrafts, cash and various items, such as trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company's operations.

The main risks arising from the company's financial instruments are liquidity risk and interest rate risk.

The directors review and agree policies for the prudent management of these risks as follows: -

Liquidity and cash flow risk

The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet forseeable needs.

Interest rate risk

The company finances its operations through a mixture of retained profits and bank borroings. The company's exposure to interest rate fluctuations on its borrowings is managed through annual review of its borrowing requirements and, where appropriate, through the use of fixed or floating interest rate arrangements.

Future developments

The company continues to invest in its staff and premises.

This report was approved by the board of directors on 8 September 2025 and signed on behalf of the board by:

Mr Paul Connan

Director

Paul Connan Limited

Directors report

Year ended 31 December 2024

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

Directors

The directors who served the company during the year were as follows:

Mr Paul Connan

Mrs Angela Connan

Dividends

Particulars of recommended dividends are detailed in note 12 to the financial statements.

Future developments

Details of future developments are addressed in the Strategic Report.

Employment of disabled persons

It is the policy of the Company to give full and fair consideration to applications for employment made by disabled persons, to continue where possible the employment of those who become disabled and to provide equal opportunities for the training and career development of disabled employees.

Employee involvement

The Company communicates regularly with employees on matters relating to its performance. Employees are 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 policies are displayed. There is also an online portal known as Connect, which contains news and information for our employees.

Financial instruments

Details of financial instruments are addressed in the Strategic Report.

Disclosure of information in the strategic report.

The directors have chosen to include a business review, the key performance indicators, the principal risks and uncertainties and the future developments of the company in the strategic report.

Directors responsibilities statement

The directors are responsible for preparing the strategic report, directors report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 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 then apply them consistently;

- make judgments and accounting estimates that are reasonable and prudent; 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. 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.

Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.

This report was approved by the board of directors on 08 September 2025 and signed on behalf of the board by:

Mr Paul Connan

Director

Paul Connan Limited

Independent auditor's report to the members of

Paul Connan Limited

Year ended 31 December 2024

Opinion

We have audited the financial statements of Paul Connan Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of income and retained earnings, statement of financial position, 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 FRS 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’s 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 directors use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other Information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters 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 the returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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's 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We focused on laws and regulations that could give rise to material misstatement in the financial statements. Our tests included but were not limited to: - agreeing the financial statement disclosures to underlying supporting documentation; - enquiries of management; and - considering the effectiveness of the control environment and monitoring compliance with laws and regulations. To address the risk of fraud through management bias and override of controls we performed analytical procedures to identify any unusual or unexpected relationships, tested journal entries to identify unusual transactions and investigated the rationale behind significant or unusual transactions. We also communicated relevant identified laws and regulations and potential fraud risk to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our 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 auditors report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

David McQuillan (Senior Statutory Auditor)

For and on behalf of

David McQuillan & Company

Chartered Accountants and Statutory Auditor

Glendinning House

6 Murray Street

Belfast

BT1 6DN

08 September 2025

Paul Connan Limited

Statement of income and retained earnings

Year ended 31 December 2024

		2024	2023
	Note	£	£


Turnover	4	24,769,887	25,633,844
Cost of sales		( 8,472,846)	( 9,218,849)
		_________	_________
Gross profit		16,297,041	16,414,995

Administrative expenses		( 16,088,873)	( 15,594,587)
Other operating income	5	46,459	79,020
		_________	_________
Operating profit	6	254,627	899,428

Other interest receivable and similar income	9	59,873	-
Interest payable and similar expenses	10	-	( 1,079)
		_________	_________
Profit before taxation		314,500	898,349

Tax on profit	11	( 139,944)	( 220,427)
		_________	_________
Profit for the financial year and total comprehensive income		174,556	677,922
		_________	_________

Dividends declared and paid or payable during the year	12	( 202,000)	( 282,000)

Retained earnings at the start of the year		6,790,354	6,394,432
		_________	_________
Retained earnings at the end of the year		6,762,910	6,790,354
		_________	_________

All the activities of the company are from continuing operations.

Paul Connan Limited

Statement of financial position

31 December 2024

		2024		2023
	Note	£	£	£	£

Fixed assets
Intangible assets	13	1,785,026		1,904,000
Tangible assets	14	2,781,325		2,978,593
Investments	15	5,000		5,000
		_________		_________
			4,571,351		4,887,593

Current assets
Stocks	16	96,098		118,328
Debtors	17	566,548		594,893
Cash at bank and in hand		3,917,020		3,503,161
		_________		_________
		4,579,666		4,216,382
Creditors: amounts falling due
within one year	18	( 1,863,007)		( 1,903,521)
		_________		_________
Net current assets			2,716,659		2,312,861
			_________		_________
Total assets less current liabilities			7,288,010		7,200,454


Provisions for liabilities	19		( 525,000)		( 410,000)

			_________		_________
Net assets			6,763,010		6,790,454
			_________		_________

Capital and reserves
Called up share capital	23		100		100
Profit and loss account	24		6,762,910		6,790,354
			_________		_________
Shareholders funds			6,763,010		6,790,454
			_________		_________

These financial statements were approved by the board of directors and authorised for issue on 08 September 2025 , and are signed on behalf of the board by:

Mr Paul Connan

Director

Company registration number: NI043593

Paul Connan Limited

Statement of cash flows

Year ended 31 December 2024

	2024	2023
	£	£

Cash flows from operating activities
Profit for the financial year	174,556	677,922

Adjustments for:
Depreciation of tangible assets	468,657	444,148
Amortisation of intangible assets	118,974	118,974
Fair value adjustment of investment property	-	( 15,000)
Other interest receivable and similar income	( 59,873)	-
Interest payable and similar expenses	-	1,079
Tax on profit	139,944	220,427
Accrued expenses/(income)	22,942	29,398

Changes in:
Stocks	22,230	( 11,887)
Trade and other debtors	28,345	42,756
Trade and other creditors	( 8,609)	( 841,755)
	_________	_________
Cash generated from operations	907,166	666,062

Interest paid	-	( 1,079)
Interest received	59,873	-
Tax paid	( 79,791)	7,819
	_________	_________
Net cash from operating activities	887,248	672,802
	_________	_________

Cash flows from investing activities
Purchase of tangible assets	( 886,389)	( 7,692)
Proceeds from sale of tangible assets	615,000	-
	_________	_________
Net cash used in investing activities	( 271,389)	( 7,692)
	_________	_________

Cash flows from financing activities
Proceeds from borrowings	-	50,000
Payment of finance lease liabilities	-	( 11,851)
Equity dividends paid	( 202,000)	( 282,000)
	_________	_________
Net cash used in financing activities	( 202,000)	( 243,851)
	_________	_________

Net increase/(decrease) in cash and cash equivalents	413,859	421,259
Cash and cash equivalents at beginning of year	3,503,161	3,081,902
	_________	_________
Cash and cash equivalents at end of year	3,917,020	3,503,161
	_________	_________

Paul Connan Limited

Notes to the financial statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 2-4 Donegall Place, 28-30 Castle Place, Belfast, BT1 5BA.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements have been prepared in accordance with the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.The directors have assessed that there are no material estimates and assumptions in applying the accounting policies.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the companies interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the company has early adopted the FRS 102 amendment that the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:


Goodwill	-	Straight line over 19 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Plant and machinery	-	Straight line over 7 years
Motor vehicles	-	Straight line over 5 years

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Investment property

Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

4. Turnover

Turnover arises from:

	2024	2023
	£	£
Sale of goods	24,769,887	25,633,844
	_________	_________

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

5. Other operating income

	2024	2023
	£	£
Rental income	25,498	32,500
Other operating income	20,961	46,520
	_________	_________
	46,459	79,020
	_________	_________

6. Operating profit

Operating profit is stated after charging/(crediting):

	2024	2023
	£	£
Amortisation of intangible assets	118,974	118,974
Depreciation of tangible assets	468,657	444,148
Fair value adjustments to investment property	-	( 15,000)
Operating lease rentals	2,686,773	2,562,978
Fees payable for the audit of the financial statements	20,000	17,500
	_________	_________

7. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to:

	2024	2023
Operations	624	639
Administration	6	6
	_________	_________
	630	645
	_________	_________

The aggregate payroll costs incurred during the year were:

	2024	2023
	£	£
Wages and salaries	7,146,498	7,161,911
Other pension costs	136,697	131,068
	_________	_________
	7,283,195	7,292,979
	_________	_________

8. Directors remuneration

The directors aggregate remuneration in respect of qualifying services was:

	2024	2023
	£	£
Remuneration	18,902	14,674
Company contributions to pension schemes in respect of qualifying services	52,890	52,680
	_________	_________
	71,792	67,354
	_________	_________

The number of directors who accrued benefits under company pension plans was as follows:

	2024	2023
	Number	Number
Defined contribution plans	2	2
	_________	_________

9. Other interest receivable and similar income

	2024	2023
	£	£
Bank deposits	59,873	-
	_________	_________

10. Interest payable and similar expenses

		2024	2023
		£	£
Other loans made to the company:
	Finance leases and hire purchase contracts	-	1,079
		_________	_________
		-	1,079
		_________	_________

11. Tax on profit

Major components of tax expense

	2024	2023
	£	£
Current tax:
UK current tax expense	25,580	80,427
Adjustments in respect of previous periods	( 636)	-
	_________	_________
Total current tax	24,944	80,427

Deferred tax:
Origination and reversal of timing differences	115,000	140,000
	_________	_________
Tax on profit	139,944	220,427
	_________	_________

Reconciliation of tax expense

The tax assessed on the profit for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25.00 % (2023: 23.50%).

	2024	2023
	£	£
Profit before taxation	314,500	898,349
	_________	_________

Profit multiplied by rate of tax	78,625	211,112
Adjustments in respect of prior periods	( 636)	-
Effect of expenses not deductible for tax purposes	544	112
Effect of capital allowances and depreciation	( 53,589)	85,074
Utilisation of tax losses	-	( 215,871)
Deferred tax movement	115,000	140,000
	_________	_________
Tax on profit	139,944	220,427
	_________	_________

12. Dividends

Equity dividends

	2024	2023
	£	£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year)	202,000	282,000
	_________	_________

13. Intangible assets

	Goodwill	Total
	£	£
Cost
At 1 January 2024 and 31 December 2024	2,120,000	2,120,000
	_________	_________
Amortisation
At 1 January 2024	216,000	216,000
Charge for the year	118,974	118,974
	_________	_________
At 31 December 2024	334,974	334,974
	_________	_________
Carrying amount
At 31 December 2024	1,785,026	1,785,026
	_________	_________
At 31 December 2023	1,904,000	1,904,000
	_________	_________

14. Tangible assets

	Plant and machinery	Motor vehicles	Investment property	Total
	£	£	£	£
Cost
At 1 January 2024	4,837,843	67,949	615,000	5,520,792
Additions	886,389	-	-	886,389
Disposals	-	-	( 615,000)	( 615,000)
	_________	_________	_________	_________
At 31 December 2024	5,724,232	67,949	-	5,792,181
	_________	_________	_________	_________
Depreciation
At 1 January 2024	2,495,767	46,432	-	2,542,199
Charge for the year	455,067	13,590	-	468,657
	_________	_________	_________	_________
At 31 December 2024	2,950,834	60,022	-	3,010,856
	_________	_________	_________	_________
Carrying amount
At 31 December 2024	2,773,398	7,927	-	2,781,325
	_________	_________	_________	_________
At 31 December 2023	2,342,076	21,517	615,000	2,978,593
	_________	_________	_________	_________

Investment property

Included within the above is investment property measured at fair value as follows:

		£
	At 1 January 2024	615,000
	Disposals	( 615,000)
		_________
	At 31 December 2024	-
		_________

The investment property was disposed of during the year.

Tangible assets held at valuation

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:


	Investment property	Total
	£	£
At 31 December 2024
Aggregate cost	-	-
Aggregate depreciation	-	-
	_________	_________
Carrying amount	-	-
	_________	_________

At 31 December 2023
Aggregate cost	516,847	516,847
Aggregate depreciation	-	-
	_________	_________
Carrying amount	516,847	516,847
	_________	_________

15. Investments

	Other investments other than loans	Total
	£	£
Cost
At 1 January 2024 and 31 December 2024	5,000	5,000
	_________	_________
Impairment
At 1 January 2024 and 31 December 2024	-	-
	_________	_________
Carrying amount
At 31 December 2024	5,000	5,000
	_________	_________
At 31 December 2023	5,000	5,000
	_________	_________

16. Stocks

	2024	2023
	£	£
Raw materials	96,098	118,328
	_________	_________

17. Debtors

	2024	2023
	£	£
Prepayments and accrued income	66,793	59,549
Other debtors	499,755	535,344
	_________	_________
	566,548	594,893
	_________	_________

18. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	767,283	689,160
Accruals and deferred income	657,711	634,769
Corporation tax	25,580	80,427
Social security and other taxes	357,641	444,373
Director loan accounts	54,792	54,792
	_________	_________
	1,863,007	1,903,521
	_________	_________

The company bank facilities are secured by a debenture, including a fixed and floating charge over the assets of the company, dated 18 February 2021.

19. Provisions

	Deferred tax (note 20)	Total
	£	£
At 1 January 2024	410,000	410,000
Additions	135,000	135,000
Charges against provisions	( 20,000)	( 20,000)
	_________	_________
At 31 December 2024	525,000	525,000
	_________	_________

20. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2024	2023
	£	£
Included in provisions (note 19)	525,000	410,000
	_________	_________

The deferred tax account consists of the tax effect of timing differences in respect of:

	2024	2023
	£	£
Accelerated capital allowances	525,000	390,000
Fair value adjustment of investment property	-	20,000
	_________	_________
	525,000	410,000
	_________	_________

21. Employee benefits

The amount recognised in profit or loss in relation to defined contribution plans was £ 136,697 (2023: £ 131,068 ).

22. Financial instruments

The carrying amount for each category of financial instrument is as follows:

	2024	2023
	£	£
Financial assets that are debt instruments measured at amortised cost
Cash at bank and in hand	3,917,020	3,503,161
	_________	_________

Financial liabilities measured at amortised cost
Trade creditors	(767,283)	(689,160)
Other creditors	(383,221)	(524,800)
	_________	_________
	( 1,150,504)	( 1,213,960)
	_________	_________

The company bank facilities are secured by a debenture, including a fixed and floating charge over the assets of the company, dated 18 February 2021.

23. Called up share capital

Issued, called up and fully paid

	2024		2023
	No	£	No	£
Ordinary shares of £ 1.00 each	100	100	100	100
	_________	_________	_________	_________

24. Reserves

The company's reserves are as follows: -Profit and loss account:This reserve records retained earnings and accumulated losses.

25. Analysis of changes in net debt

	At 1 January 2024	Cash flows	At 31 December 2024
	£	£	£
Cash and cash equivalents	3,503,161	413,859	3,917,020
Debt due within one year	(54,792)	-	(54,792)
	_________	_________	_________
	3,448,369	413,859	3,862,228
	_________	_________	_________

26. Operating leases

The company as lessee

The total future minimum lease payments under non-cancellable operating leases are as follows:


	£	£

Not later than 1 year	514,656	514,656
Later than 1 year and not later than 5 years	2,058,624	2,058,624
Later than 5 years	4,725,960	5,240,616
	_________	_________
	7,299,240	7,813,896
	_________	_________

The Company leases restaurant premises under 20 year operating leases. The remaining minimum lease periods vary from 10 to 18 years.

27. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

2024
		Balance brought forward	Advances /(credits) to the directors	Amounts repaid	Balance o/standing
		£	£	£	£
	Mr Paul Connan	( 54,792)	202,000	( 202,000)	( 54,792)
		_________	_________	_________	_________

2023
		Balance brought forward	Advances /(credits) to the directors	Amounts repaid	Balance o/standing
		£	£	£	£
	Mr Paul Connan	( 4,792)	232,000	( 282,000)	( 54,792)
		_________	_________	_________	_________

28. Related party transactions

During the year the company entered into the following transactions with related parties:

	Transaction value		Balance owed by/(owed to)
	2024	2023	2024	2023
	£	£	£	£
James Connan Limited	-	-	499,755	535,344
CHDP Limited	( 25,498)	( 32,500)	-	-
	_________	_________	_________	_________

The company has made a loan to James Connan Limited, a company with a common shareholder and director. During the year the company received rent from CHDP Limited, a subsidiary of James Connan Limited.

29. Key management personnel

Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the company. The total compensation paid to key management personnel for services provided to the company was £ 71,792 (2023: £67,354).

30. Controlling party

The company is under the control of Mr Paul Connan by virtue of his shareholding.