Diddly Squat Properties Limited Group accounts (Group and Company)

Diddly Squat Properties Limited Group accounts (Group and Company)

DIDDLY SQUAT PROPERTIES LTD - Company Information

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COMPANY REGISTRATION NUMBER: 12168625
Diddly Squat Properties Limited
Financial Statements
For the year ended
31 October 2022
Diddly Squat Properties Limited
Financial Statements
Year ended 31 October 2022
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
4
Independent auditor's report to the members
6
Consolidated statement of income and retained earnings
10
Company statement of income and retained earnings
11
Consolidated statement of financial position
12
Company statement of financial position
13
Consolidated statement of cash flows
14
Notes to the financial statements
15
Diddly Squat Properties Limited
Officers and Professional Advisers
The board of directors
C Berry
R Berry
Registered office
60 Claremont Road
Surbiton
KT6 4RH
Auditor
Streets Audit LLP
Chartered accountants & statutory auditor
Building 15, Gateway 1000
Arlington Business Park
Stevenage
Hertfordshire
SG1 2FP
Bankers
C Hoare & Co
37 Fleet Street
Temple
London
EC4Y 1BT
Diddly Squat Properties Limited
Strategic Report
Year ended 31 October 2022
Review of business
The group's activities can be broken down into four distinct trading areas as follows: Restaurants The group contains Number Ninety Seven Limited and Oneonefour Limited which operate 4 restaurants between them. Rental The group contains various properties which rented out to group members and to external parties on both short and long term leases. Gym The group owns F.I.T Partnership Limited which operates a physical fitness centre. Wedding Venue The group operates a wedding venue business. The group has seen a significant increase in turnover during the year, due to the lifting of any remaining coronavirus restrictions, resulting in the restaurants, gym and wedding venues being open for the majority of the year. This has led the group to report a profit for the year, compared to a loss in the 2021 financial statements. Financial support continues to be provided by the shareholders. For these reasons the directors consider it appropriate to prepare the financial statements on a going concern basis.
Results and dividends
The group report turnover of £5.5m (2021 - £3.3m) and after all necessary costs the profit for the period was £75k (2021 - loss £17k). The group has net liabilities totalling £217k (2021 - £292k).
Principal risks and uncertainties
The group's principal financial instruments comprise cash, director/shareholder loans and various items such as trade debtors and trade creditor that arise directly from its operations. The main purpose of these financial instruments is to provide finance for the group's operations. The existence of these financial instruments exposes the group to a number of financial risks. The main risks arising are credit risk and liquidity risk. The directors review and agree policies for managing each of these risks and they are summarised below. Credit Risk The group seeks to manage its credit risk by establishing clear and contractual relationships with customers by identifying and addressing any credit issues arising in a timely manner. Liquidity Risk The group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Future The current economic environment will have a negative affect the results for 2023, however the directors believe the impact will be temporary as the economy recovers.
This report was approved by the board of directors on 26 July 2023 and signed on behalf of the board by:
C Berry
Director
Registered office:
60 Claremont Road
Surbiton
KT6 4RH
Diddly Squat Properties Limited
Directors' Report
Year ended 31 October 2022
The directors present their report and the financial statements of the group for the year ended 31 October 2022 .
Directors
The directors who served the company during the year were as follows:
C Berry
R Berry
Dividends
The directors do not recommend the payment of a dividend.
Disclosure of information in the strategic report
The group has chosen to set out in the strategic report information about further developments of the group and the financial instruments.
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 group and the company and the profit or loss of the group 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; - 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 group and 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 group and 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 26 July 2023 and signed on behalf of the board by:
C Berry
Director
Registered office:
60 Claremont Road
Surbiton
KT6 4RH
Diddly Squat Properties Limited
Independent Auditor's Report to the Members of Diddly Squat Properties Limited
Year ended 31 October 2022
Opinion
We have audited the financial statements of Diddly Squat Properties Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2022 which comprise the consolidated statement of income and retained earnings, company statement of income and retained earnings, consolidated statement of financial position, company statement of financial position, consolidated statement of cash flows and the related notes, 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 group's and of the parent company's affairs as at 31 October 2022 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 group 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 group's or the parent 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 have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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 group's and the parent 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 group or the parent 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: 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. Misstatementscan arise from fraud or error and are considered material if, individually or in 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 towhich our procedures are capable of detecting irregularities, including fraud is detailed below: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company and sector in which it operates; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, employment, food safety regulations, environmental and health and safety legislation; - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and - considering the internal controls in place to mitigate risks of fraud and non-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; - assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 3 were indicative of potential bias; and - investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - agreeing financial statement disclosures to underlying supporting documentation; - reading the minutes of meetings of those charged with governance; - inquiring of management as to actual and potential litigation and claims; and - reviewing correspondence with HMRC, relevant regulators and the company's legal advisors. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures to identify non-compliance with laws and regulations to inquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. 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 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.
Jonathan Day
(Senior Statutory Auditor)
For and on behalf of
Streets Audit LLP
Chartered accountants & statutory auditor
Building 15, Gateway 1000
Arlington Business Park
Stevenage
Hertfordshire
SG1 2FP
26 July 2023
Diddly Squat Properties Limited
Consolidated Statement of Income and Retained Earnings
Year ended 31 October 2022
2022
2021
Note
£
£
Turnover
4
5,501,814
3,347,489
Cost of sales
3,239,078
2,497,328
------------
------------
Gross profit
2,262,736
850,161
Administrative expenses
2,548,744
1,852,913
Other operating income
5
409,261
1,047,319
------------
------------
Operating profit
6
123,253
44,567
Other interest receivable and similar income
8
–
Interest payable and similar expenses
9
38,320
19,223
------------
------------
Profit before taxation
84,941
25,344
Tax on profit
10
10,430
42,141
--------
--------
Profit/(loss) for the financial year and total comprehensive income
74,511
( 16,797)
--------
--------
Retained losses at the start of the year
( 291,583)
( 274,786)
---------
---------
Retained losses at the end of the year
( 217,072)
( 291,583)
---------
---------
All the activities of the group are from continuing operations.
Diddly Squat Properties Limited
Company Statement of Income and Retained Earnings
Year ended 31 October 2022
2022
2021
Note
£
£
Profit/(loss) for the financial year and total comprehensive income
67,079
163,000
Retained earnings at the start of the year
263,682
100,682
---------
---------
Retained earnings at the end of the year
330,761
263,682
---------
---------
Diddly Squat Properties Limited
Consolidated Statement of Financial Position
31 October 2022
2022
2021
Note
£
£
Fixed assets
Intangible assets
11
81,581
93,235
Tangible assets
12
11,632,588
11,693,204
-------------
-------------
11,714,169
11,786,439
Current assets
Stocks
14
27,287
13,859
Debtors
15
345,272
270,531
Cash at bank and in hand
1,095,903
1,027,848
------------
------------
1,468,462
1,312,238
Creditors: amounts falling due within one year
16
6,145,573
6,281,936
------------
------------
Net current liabilities
4,677,111
4,969,698
-------------
-------------
Total assets less current liabilities
7,037,058
6,816,741
Creditors: amounts falling due after more than one year
17
7,230,649
7,061,678
Provisions
Taxation including deferred tax
19
23,281
46,446
------------
------------
Net liabilities
( 216,872)
( 291,383)
------------
------------
Capital and reserves
Called up share capital
23
200
200
Profit and loss account
24
( 217,072)
( 291,583)
---------
---------
Shareholders deficit
( 216,872)
( 291,383)
---------
---------
These financial statements were approved by the board of directors and authorised for issue on 26 July 2023 , and are signed on behalf of the board by:
C Berry
Director
Company registration number: 12168625
Diddly Squat Properties Limited
Company Statement of Financial Position
31 October 2022
2022
2021
Note
£
£
Fixed assets
Tangible assets
12
5,891,916
6,183,678
Investments
13
301
301
------------
------------
5,892,217
6,183,979
Current assets
Debtors
15
1,700,082
1,703,033
Cash at bank and in hand
97,332
226,732
------------
------------
1,797,414
1,929,765
Creditors: amounts falling due within one year
16
3,358,670
3,849,862
------------
------------
Net current liabilities
1,561,256
1,920,097
------------
------------
Total assets less current liabilities
4,330,961
4,263,882
Creditors: amounts falling due after more than one year
17
4,000,000
4,000,000
------------
------------
Net assets
330,961
263,882
------------
------------
Capital and reserves
Called up share capital
23
200
200
Profit and loss account
24
330,761
263,682
---------
---------
Shareholders funds
330,961
263,882
---------
---------
The profit for the financial year of the parent company was £ 67,079 (2021: £ 163,000 ).
These financial statements were approved by the board of directors and authorised for issue on 26 July 2023 , and are signed on behalf of the board by:
C Berry
Director
Company registration number: 12168625
Diddly Squat Properties Limited
Consolidated Statement of Cash Flows
Year ended 31 October 2022
2022
2021
£
£
Cash flows from operating activities
Profit/(loss) for the financial year
74,511
( 16,797)
Adjustments for:
Depreciation of tangible assets
427,835
439,617
Amortisation of intangible assets
11,654
11,646
Government grant income
(14,825)
(7,083)
Other interest receivable and similar income
( 8)
–
Interest payable and similar expenses
38,320
19,223
Loss on disposal of investment property
25,349
–
Tax on profit
10,430
42,141
Accrued income
( 5,686)
–
Changes in:
Stocks
( 13,428)
29,641
Trade and other debtors
( 79,180)
( 156,727)
Trade and other creditors
245,539
568,508
---------
---------
Cash generated from operations
720,511
930,169
Interest paid
( 38,320)
( 19,223)
Interest received
8
–
Tax paid
( 33,595)
( 14,982)
---------
---------
Net cash from operating activities
648,604
895,964
---------
---------
Cash flows from investing activities
Purchase of tangible assets
( 657,219)
( 1,189,407)
---------
------------
Net cash used in investing activities
( 657,219)
( 1,189,407)
---------
------------
Cash flows from financing activities
Proceeds from borrowings
316,391
650,000
Proceeds from loans from participating interests
–
283,041
Repayments of loans from participating interests
( 280,975)
( 99,390)
Government grant income
14,825
7,083
Payments of finance lease liabilities
26,429
–
---------
------------
Net cash from financing activities
76,670
840,734
---------
------------
Net increase in cash and cash equivalents
68,055
547,291
Cash and cash equivalents at beginning of year
1,027,848
480,557
------------
------------
Cash and cash equivalents at end of year
1,095,903
1,027,848
------------
------------
Diddly Squat Properties Limited
Notes to the Financial Statements
Year ended 31 October 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 60 Claremont Road, Surbiton, KT6 4RH.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The group is not entitled to reduced disclosures under FRS 102.
Consolidation
The financial statements consolidate the financial statements of Diddly Squat Properties Limited and all of its wholly owned subsidiary undertakings (as stated in Note 13). No trading subsidiaries have been excluded from the consolidation. The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not included its individual statement of comprehensive income.
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 judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are detailed in revenue recognition policy note. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: 1) Property Valuation The investment property is measured at fair value which is the open market value of the property. Any fair value adjustment is taken through the income statement. Judgement is made in respect of the condition and longevity of the properties to determine this valuation. 2) Depreciation and amortisation charges The annual depreciation and amortisation charge for each class of tangible and intangible asset is based on an estimate of the useful economic life of the respective assets. This is reviewed periodically by the directors to ensure that they reflect both the external and internal factors.
Revenue recognition
Restaurant Turnover is derived from the ordinary activities being provision of goods and services net of Value Added Tax. Gym Turnover is derived from the ordinary activities being provision of goods and services net of Value Added Tax. Wedding Venue Turnover is derived from the ordinary activities being provision of goods and services net of Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the group's 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. Negative Goodwill arises on the same basis as goodwill and is amortised over the estimated useful economic life of the assets to which it relates.
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
-
Over the UEL of ten years.
Negative Goodwill
-
Over the UEL of ten 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 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Freehold property
-
2% straight line
Long leasehold
-
Over the life of the lease
Plant and machinery
-
25% straight line
Fixtures and fittings
-
25% straight line
Motor vehciles
-
25% straight line
Equipment
-
33 % straight line
Improvements to property
-
2% on cost or over the life of the lease
Investment property
Properties which are held for their rental income and or capital appreciation rather than for the provision of services or for administrative purposes are included within the financial statements at their fair value at each reporting date with changes in fair value being recognised in profit or loss.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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 stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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.
4. Turnover
Turnover arises from:
2022
2021
£
£
Restaurants
4,272,052
2,862,705
Wedding and events
1,022,225
409,647
Fitness
207,537
75,137
------------
------------
5,501,814
3,347,489
------------
------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Other operating income
Year to 31 Oct 21 Period 21 Aug 19 to 31 Oct 20
£ £
Management charges receivable 9,934 18,977
Government grant income 14,825 533,669
Other operating income 6,866 87,052
Rents received 377,636 407,621
--------- ------------
409,261 1,047,319
--------- ------------
6. Operating profit
Operating profit or loss is stated after charging:
2022
2021
£
£
Amortisation of intangible assets
11,654
11,655
Depreciation of tangible assets
427,835
439,617
Loss on disposal of investment property
25,349
–
Hire of plant and machinery
11,823
10,631
---------
---------
7. Auditor's remuneration
2022
2021
£
£
Fees payable for the audit of the financial statements
19,195
19,195
--------
--------
8. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2022
2021
No.
No.
Production staff
30
16
Distribution staff
98
69
----
----
128
85
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2022
2021
£
£
Wages and salaries
2,197,886
1,674,943
Social security costs
176,930
124,689
Other pension costs
32,479
25,372
------------
------------
2,407,295
1,825,004
------------
------------
9. Interest payable and similar expenses
2022
2021
£
£
Interest on banks loans and overdrafts
37,163
19,223
Interest on obligations under finance leases and hire purchase contracts
1,157
–
--------
--------
38,320
19,223
--------
--------
10. Tax on profit
Major components of tax expense
2022
2021
£
£
Current tax:
UK current tax expense
33,595
14,882
Deferred tax:
Origination and reversal of timing differences
( 23,165)
27,259
--------
--------
Tax on profit
10,430
42,141
--------
--------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2021: higher than) the standard rate of corporation tax in the UK of 19 % (2021: 19 %).
2022
2021
£
£
Profit on ordinary activities before taxation
84,941
25,344
--------
--------
Profit on ordinary activities by rate of tax
16,139
( 12,555)
Effect of expenses not deductible for tax purposes
1,522
458
Effect of capital allowances and depreciation
7,131
21,612
Utilisation of tax losses
8,803
5,367
Deferred tax
(23,165)
27,259
--------
--------
Tax on profit
10,430
42,141
--------
--------
11. Intangible assets
Group
Goodwill
Negative goodwill
Total
£
£
£
Cost
At 1 November 2021 and 31 October 2022
544,936
( 428,392)
116,544
---------
---------
---------
Amortisation
At 1 November 2021
108,987
( 85,678)
23,309
Charge for the year
54,494
( 42,840)
11,654
---------
---------
---------
At 31 October 2022
163,481
( 128,518)
34,963
---------
---------
---------
Carrying amount
At 31 October 2022
381,455
( 299,874)
81,581
---------
---------
---------
At 31 October 2021
435,949
( 342,714)
93,235
---------
---------
---------
The company has no intangible assets.
12. Tangible assets
Group
Land and buildings
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Improvements to property
Total
£
£
£
£
£
£
Cost
At 1 Nov 2021
10,540,388
417,828
209,530
40,912
1,239,095
12,447,753
Additions
2,600
80,882
22,848
218,822
332,067
657,219
Disposals
( 290,000)
–
–
–
–
( 290,000)
-------------
---------
---------
---------
------------
-------------
At 31 Oct 2022
10,252,988
498,710
232,378
259,734
1,571,162
12,814,972
-------------
---------
---------
---------
------------
-------------
Depreciation
At 1 Nov 2021
154,395
277,524
70,249
32,914
219,467
754,549
Charge for the year
76,193
120,063
59,041
28,842
143,696
427,835
-------------
---------
---------
---------
------------
-------------
At 31 Oct 2022
230,588
397,587
129,290
61,756
363,163
1,182,384
-------------
---------
---------
---------
------------
-------------
Carrying amount
At 31 Oct 2022
10,022,400
101,123
103,088
197,978
1,207,999
11,632,588
-------------
---------
---------
---------
------------
-------------
At 31 Oct 2021
10,385,993
140,304
139,281
7,998
1,019,628
11,693,204
-------------
---------
---------
---------
------------
-------------
Company
Freehold property
Investment property
Improvements to property
Total
£
£
£
£
Cost
At 1 November 2021
943,672
5,277,753
–
6,221,425
Additions
–
–
17,111
17,111
Disposals
–
( 290,000)
–
( 290,000)
---------
------------
--------
------------
At 31 October 2022
943,672
4,987,753
17,111
5,948,536
---------
------------
--------
------------
Depreciation
At 1 November 2021
37,747
–
–
37,747
Charge for the year
18,873
–
–
18,873
---------
------------
--------
------------
At 31 October 2022
56,620
–
–
56,620
---------
------------
--------
------------
Carrying amount
At 31 October 2022
887,052
4,987,753
17,111
5,891,916
---------
------------
--------
------------
At 31 October 2021
905,925
5,277,753
–
6,183,678
---------
------------
--------
------------
The investment properties, included in group land and buildings, were valued at £7,432,753 in 2020 by the directors. The directors used their knowledge of the local market as well as professional independent valuations and the purchase costs where purchased from an external party during the year.
Included in cost of land and buildings is freehold land of £250,000 (2021 - £250,000) which is not depreciated.
13. Investments
The group has no investments.
Company
Shares in group undertakings
£
Cost
At 1 November 2021 and 31 October 2022
301
----
Impairment
At 1 November 2021 and 31 October 2022
–
----
Carrying amount
At 1 November 2021 and 31 October 2022
301
----
At 31 October 2021
301
----
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
Oneonefour Restaurant Limited
Ordinary
100
Number Ninety Seven Limited
Ordinary
100
The F.I.T Partnership Ltd
Ordinary
100
Berry Properties Limited
Ordinary
100
Vasper UK Limited
Ordinary
100
All of the above companies have been incorporated in the UK. All except Vasper UK Limited are trading and have been included within these consolidated in the group accounts. Vasper UK Limited is a dormant company. All companies except The F.I.T. Partnership Ltd and Vasper UK Limited share the same registered office as the parent company. The registered office of The F.I.T. Partnership Ltd and Vasper UK Limited is 2b Worple Road Mews, London, England, SW19 4DB. All trading companies have claimed the exemption from audit under Section 479A of the Companies Act 2006 relating to subsidiary ccompanies.
14. Stocks
Group
Company
2022
2021
2022
2021
£
£
£
£
Raw materials and consumables
27,287
13,859
–
–
--------
--------
----
----
15. Debtors
Group
Company
2022
2021
2022
2021
£
£
£
£
Trade debtors
60,794
41,964
–
–
Amounts owed by group undertakings
–
–
1,697,308
1,702,087
Prepayments and accrued income
33,374
34,899
982
946
Corporation tax repayable
1,792
–
1,792
–
Other debtors
249,312
193,668
–
–
---------
---------
------------
------------
345,272
270,531
1,700,082
1,703,033
---------
---------
------------
------------
16. Creditors: amounts falling due within one year
Group
Company
2022
2021
2022
2021
£
£
£
£
Bank loans and overdrafts
650,000
650,000
–
–
Trade creditors
241,198
225,310
22,173
545
Accruals and deferred income
699,174
355,804
32,508
25,659
Social security and other taxes
423,227
207,962
–
–
Obligations under finance leases and hire purchase contracts
11,449
–
–
–
Director loan accounts
4,076,856
4,722,177
3,262,318
3,792,269
Other creditors
43,669
120,683
41,671
31,389
------------
------------
------------
------------
6,145,573
6,281,936
3,358,670
3,849,862
------------
------------
------------
------------
Bank loans are secured by a fixed and floating charge over all of the company's assets. Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.
17. Creditors: amounts falling due after more than one year
Group
Company
2022
2021
2022
2021
£
£
£
£
Accruals and deferred income
75,808
60,910
–
–
Obligations under finance leases and hire purchase contracts
62,673
–
–
–
Director loan accounts
7,000,000
7,000,000
4,000,000
4,000,000
Other creditors
92,168
768
–
–
------------
------------
------------
------------
7,230,649
7,061,678
4,000,000
4,000,000
------------
------------
------------
------------
Bank loans are secured by a fixed and floating charge over all of the company's assets. Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.
18. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
Group
Company
2022
2021
2022
2021
£
£
£
£
Not later than 1 year
11,449
–
–
–
Later than 1 year and not later than 5 years
62,673
–
–
–
--------
----
----
----
74,122
–
–
–
--------
----
----
----
19. Provisions
Group
Deferred tax (note 20)
£
At 1 November 2021
46,446
Additions
( 23,165)
--------
At 31 October 2022
23,281
--------
The company does not have any provisions.
20. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2022
2021
2022
2021
£
£
£
£
Included in provisions (note 19)
23,281
46,446
–
–
--------
--------
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2022
2021
2022
2021
£
£
£
£
Accelerated capital allowances
23,281
46,446
–
–
--------
--------
----
----
21. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 32,479 (2021: £ 25,372 ).
22. Government grants
The amounts recognised in the financial statements for government grants are as follows:
Group
Company
2022
2021
2022
2021
£
£
£
£
Recognised in other operating income:
Government grants recognised directly in income
14,825
533,669
–
–
--------
---------
----
----
23. Called up share capital
Issued, called up and fully paid
2022
2021
No.
£
No.
£
Ordinary shares of £ 1 each
200
200
200
200
----
----
----
----
24. Reserves
Profit and loss account - this reserve records retained earnings and accumulated losses.
25. Analysis of changes in net debt
At 1 Nov 2021
Cash flows
Other changes
At 31 Oct 2022
£
£
£
£
Cash at bank and in hand
1,027,848
(6,067)
74,122
1,095,903
Debt due within one year
(5,372,177)
645,321
(11,449)
(4,738,305)
Debt due after one year
(7,000,000)
–
(62,673)
(7,062,673)
-------------
---------
--------
-------------
( 11,344,329)
639,254
–
( 10,705,075)
-------------
---------
--------
-------------
26. Operating leases
As lessor
The total future minimum lease payments receivable under non-cancellable operating leases are as follows:
Group
Company
2022
2021
2022
2021
£
£
£
£
Not later than 1 year
75,000
75,000
–
–
Later than 1 year and not later than 5 years
300,000
300,000
–
–
Later than 5 years
222,500
297,500
–
–
---------
---------
----
----
597,500
672,500
–
–
---------
---------
----
----
27. Contingencies
The company has entered into cross guarantees with other group companies in relation to facilities provided by Lloyds Bank Plc.
28. Directors' advances, credits and guarantees
The opening balance due to the directors amounted to £11,739,840. During the year the company repaid to the directors amounts totalling £16,844 (2021 - £265,351) and the directors made repayments to the company amounting to £996,219 (2021 - £347,078). At the year end the balance due to the directors was £10,760,465 (2021 - £11,739,840). The balance remained in credit throughout the period and no interest was charged.
Diddly Squat Properties Limited
Notes to the Financial Statements (continued)
Year ended 31 October 2022
29. Related party transactions
Group
The group has taken advantage of exemption, under Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. Company The company has taken advantage of exemption, under Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', from disclosing related party transactions with wholly members of the group Key management personnel The directors of the parent company are considered to be key management personnel and there was no remuneration during the year (2021 - £nil).