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REGISTERED NUMBER:
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Strategic Report, Report of the Director and |
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Financial Statements |
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for the Year Ended 31 December 2017 |
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for |
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DSR Restaurants Limited |
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REGISTERED NUMBER:
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Strategic Report, Report of the Director and |
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Financial Statements |
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for the Year Ended 31 December 2017 |
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for |
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DSR Restaurants Limited |
DSR Restaurants Limited (Registered number: SC240750) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2017 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Director | 3 |
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Report of the Independent Auditors | 4 |
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Statement of Comprehensive Income | 6 |
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Balance Sheet | 7 |
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Statement of Changes in Equity | 8 |
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Cash Flow Statement | 9 |
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Notes to the Cash Flow Statement | 10 |
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Notes to the Financial Statements | 11 |
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DSR Restaurants Limited |
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Company Information |
for the Year Ended 31 December 2017 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditor |
Chartered Accountants |
Pavilion 1 |
Finnieston Business Park |
Minerva Way |
GLASGOW |
G3 8AU |
DSR Restaurants Limited (Registered number: SC240750) |
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Strategic Report |
for the Year Ended 31 December 2017 |
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The director presents his strategic report for the year ended 31 December 2017. |
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REVIEW OF BUSINESS |
The results for the year and financial position of the company are as shown in the annexed financial statements. The company's |
principal activity in the financial year was the operating of restaurants. |
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The director considers the turnover level achieved in the year and the pre tax profit of £264,574 to be satisfactory. The activity of |
the business is closely monitored by the director to ensure optimum performance. The company has also successfully expanded its |
operations without any adverse effect on the key performance indicators. |
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PRINCIPAL RISKS AND UNCERTAINTIES |
The principal risk and uncertainties affecting the business, together with the company's approach to these are summarised below:- |
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Market conditions - the current economic climate continues to stifle consumption within the marketplace, however the director is |
satisfied that the strong branding and efficient operation of the company means it occupies a prominent position in the marketplace. |
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Product risk - demand for the company's products continues to be high, however the range of products offered is continually |
monitored and updated to keep pace with consumer demand. |
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IT risk - the company is dependent on reliable IT systems for operating and managing the business. Policies are in place to protect |
software, hardware and data to protect unauthorised access to systems and to prevent and mitigate the risk of system failure. |
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Fraud risk - the company operates detailed internal control procedures to ensure that the risk of fraud is minimised. In particular the |
movement of cash is carefully monitored. Key performance indicators are reviewed regularly to highlight any possible instances of |
fraud. |
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KEY FINANCIAL PERFORMANCE INDICATORS |
These include the monitoring of turnover, cost of sales, gross profit, net profitability, health and safety and returns on capital |
employed. |
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FUTURE DEVELOPMENTS |
There have been no significant developments since the year end. The company continues to pursue strategies that have served it |
well in previous years and are satisfied that the business will continue to operate successfully. |
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ON BEHALF OF THE BOARD: |
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27 July 2018 |
DSR Restaurants Limited (Registered number: SC240750) |
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Report of the Director |
for the Year Ended 31 December 2017 |
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The director presents his report with the financial statements of the company for the year ended 31 December 2017. |
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DIVIDENDS |
The total distribution of dividends for the year ended 31 December 2017 will be £
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DIRECTOR |
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EMPLOYEES |
The company provides employees with information about the company and ensures that the suggestions and views of the employees |
are taken into account. |
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According to their capabilities, consideration is given to applications for employment from disabled persons. |
Opportunities for training, career development and promotion do not operate to the detriment of disabled employees. |
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STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance |
with applicable law and regulations. |
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Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to |
prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom |
Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is |
satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that |
period. In preparing these financial statements, the director is required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue
in business. |
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The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's |
transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that |
the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company |
and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of |
which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make |
himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
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AUDITORS |
The auditors, Gerber Landa & Gee, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
DSR Restaurants Limited |
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Opinion |
We have audited the financial statements of DSR Restaurants Limited (the 'company') for the year ended 31 December 2017 which |
comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes |
to the Cash Flow Statement, 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). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2017 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. |
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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 Auditors' 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. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: |
- | the director's use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
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the director has not disclosed in the financial statements any identified material uncertainties that may cast significant doubt
about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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Other information |
The director is responsible for the other information. The other information comprises the information in the Strategic Report and |
the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
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Our opinion on the financial statements does not cover the other information and we do not express any form of assurance |
conclusion thereon. |
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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, 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. |
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Opinion on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
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the information given in the Strategic Report and the Report of the Director for the financial year for which the financial
statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
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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 Report of the Director. |
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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: |
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not
visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Report of the Independent Auditors to the Members of |
DSR Restaurants Limited |
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Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the |
preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the |
director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due |
to fraud or error. |
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In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, |
disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either |
intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
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Auditors' 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 a Report of the Auditors 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. |
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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 Report of the Auditors. |
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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 a Report of the Auditors 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. |
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for and on behalf of
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Statutory Auditor |
Chartered Accountants |
Pavilion 1 |
Finnieston Business Park |
Minerva Way |
GLASGOW |
G3 8AU |
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DSR Restaurants Limited (Registered number: SC240750) |
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Statement of Comprehensive Income |
for the Year Ended 31 December 2017 |
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31.12.17 | 31.12.16 |
Notes | £ | £ |
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TURNOVER |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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OPERATING PROFIT | 4 |
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Interest payable and similar expenses | 5 |
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PROFIT BEFORE TAXATION |
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Tax on profit | 6 |
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PROFIT FOR THE FINANCIAL YEAR |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR |
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DSR Restaurants Limited (Registered number: SC240750) |
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Balance Sheet |
31 December 2017 |
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31.12.17 | 31.12.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
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Tangible assets | 9 |
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Investments | 10 |
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CURRENT ASSETS |
Stocks | 11 |
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Debtors | 12 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 13 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 14 | ( |
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PROVISIONS FOR LIABILITIES | 17 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 18 |
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Retained earnings | 19 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the director on
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DSR Restaurants Limited (Registered number: SC240750) |
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Statement of Changes in Equity |
for the Year Ended 31 December 2017 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 January 2016 |
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Changes in equity |
Dividends | - | ( |
) | ( |
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Total comprehensive income | - |
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Balance at 31 December 2016 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 31 December 2017 |
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DSR Restaurants Limited (Registered number: SC240750) |
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Cash Flow Statement |
for the Year Ended 31 December 2017 |
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31.12.17 | 31.12.16 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
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Interest paid | ( |
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Tax paid | ( |
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Net cash from operating activities |
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Cash flows from investing activities |
Purchase of intangible fixed assets | ( |
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Purchase of tangible fixed assets | ( |
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Net cash from investing activities | ( |
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Cash flows from financing activities |
New loans in year |
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Loan repayments in year | ( |
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Amount introduced by directors | 170,000 | 160,000 |
Amount withdrawn by directors | (183,863 | ) | (168,290 | ) |
Equity dividends paid | ( |
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Net cash from financing activities |
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Increase in cash and cash equivalents |
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Cash and cash equivalents at beginning of
year |
2 |
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665,571 |
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Cash and cash equivalents at end of year | 2 | 1,023,345 | 746,377 |
DSR Restaurants Limited (Registered number: SC240750) |
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Notes to the Cash Flow Statement |
for the Year Ended 31 December 2017 |
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1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.12.17 | 31.12.16 |
£ | £ |
Profit before taxation |
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Depreciation charges |
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- | 2 |
Finance costs | 29,817 | 7,458 |
750,432 | 584,068 |
Increase in stocks | ( |
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Increase in trade and other debtors | ( |
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Increase in trade and other creditors |
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Cash generated from operations |
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2. | CASH AND CASH EQUIVALENTS |
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The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance |
Sheet amounts: |
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Year ended 31 December 2017 |
31.12.17 | 1.1.17 |
£ | £ |
Cash and cash equivalents | 1,023,345 | 746,377 |
Year ended 31 December 2016 |
31.12.16 | 1.1.16 |
£ | £ |
Cash and cash equivalents | 746,377 | 665,571 |
DSR Restaurants Limited (Registered number: SC240750) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2017 |
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1. | STATUTORY INFORMATION |
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DSR Restaurants Limited is a
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and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added |
tax and other sales taxes. |
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Goodwill |
Goodwill, being the amount paid in connection with the aquisition of franchises in 2003 and 2011 is being amortised evenly |
over its estimated useful life of twenty years. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any |
accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Computer equipment | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving |
items. |
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Taxation |
Taxation for the year comprises current and deferred tax. 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 equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively |
enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in |
which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted |
or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be |
recovered against the reversal of deferred tax liabilities or other future taxable profits. |
DSR Restaurants Limited (Registered number: SC240750) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are |
charged to profit or loss in the period to which they relate. |
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Intangible asset - franchise fee |
The franchise fees are paid to McDonalds Restaurants Limited for the operation of the franchises held.These are amortised |
over the length of the franchise agreement. |
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3. | EMPLOYEES AND DIRECTORS |
31.12.17 | 31.12.16 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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The average number of employees during the year was as follows: |
31.12.17 | 31.12.16 |
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Management | 3 | 3 |
Administration | 2 | 2 |
Senior Operational | 15 | 13 |
Operational | 363 | 290 |
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31.12.17 | 31.12.16 |
£ | £ |
Director's remuneration |
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Director's pension contributions to money purchase schemes |
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4. | OPERATING PROFIT |
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The operating profit is stated after charging: |
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31.12.17 | 31.12.16 |
£ | £ |
Depreciation - owned assets |
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Goodwill amortisation |
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Patents and licences amortisation |
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Auditors' remuneration |
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5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.12.17 | 31.12.16 |
£ | £ |
Bank interest |
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DSR Restaurants Limited (Registered number: SC240750) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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6. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.12.17 | 31.12.16 |
£ | £ |
Current tax: |
UK corporation tax |
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Deferred tax |
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Tax on profit |
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7. | DIVIDENDS |
31.12.17 | 31.12.16 |
£ | £ |
Interim |
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8. | INTANGIBLE FIXED ASSETS |
Patents |
and |
Goodwill | licences | Totals |
£ | £ | £ |
COST |
At 1 January 2017 |
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Additions |
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At 31 December 2017 |
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AMORTISATION |
At 1 January 2017 |
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Amortisation for year |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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DSR Restaurants Limited (Registered number: SC240750) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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9. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2017 |
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Additions |
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At 31 December 2017 |
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DEPRECIATION |
At 1 January 2017 |
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Charge for year |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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10. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
COST |
At 1 January 2017 |
and 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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11. | STOCKS |
31.12.17 | 31.12.16 |
£ | £ |
Stocks |
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12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.17 | 31.12.16 |
£ | £ |
Trade debtors |
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Other debtors |
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Directors' current accounts | 178,728 | 164,865 |
Prepayments |
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DSR Restaurants Limited (Registered number: SC240750) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.17 | 31.12.16 |
£ | £ |
Bank loans and overdrafts (see note 15) |
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Trade creditors |
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Tax |
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Social security and other taxes |
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VAT | 517,364 | 328,880 |
Other creditors |
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Accrued expenses |
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14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.17 | 31.12.16 |
£ | £ |
Bank loans (see note 15) |
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15. | LOANS |
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An analysis of the maturity of loans is given below: |
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31.12.17 | 31.12.16 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
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Amounts falling due between one and two years: |
Bank loans - 1-2 years |
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Amounts falling due between two and five years: |
Bank loans - 2-5 years |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 331,862 | 187,711 |
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Loans due over five years are repayable by instalments. The terms of the loans are due to be reviewed in February 2018. |
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16. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.17 | 31.12.16 |
£ | £ |
Within one year |
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Between one and five years |
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In more than five years |
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DSR Restaurants Limited (Registered number: SC240750) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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17. | PROVISIONS FOR LIABILITIES |
31.12.17 | 31.12.16 |
£ | £ |
Deferred tax | 145,194 | 142,185 |
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Deferred |
tax |
£ |
Balance at 1 January 2017 |
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Accelerated Capital Allowances | 3,009 |
Balance at 31 December 2017 |
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18. | CALLED UP SHARE CAPITAL |
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Allotted and issued: |
Number: | Class: | Nominal | 31.12.17 | 31.12.16 |
value: | £ | £ |
|
Share capital 1 | £1 | 100 | 100 |
|
The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote |
per share at meetings of the company. All ordinary shares rank equally with regard to the Company's residual assets. |
|
19. | RESERVES |
Retained |
earnings |
£ |
|
At 1 January 2017 |
|
Profit for the year |
|
Dividends | ( |
) |
At 31 December 2017 |
|
|
20. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
|
The following advances and credits to a director subsisted during the years ended 31 December 2017 and |
31 December 2016: |
|
31.12.17 | 31.12.16 |
£ | £ |
|
Balance outstanding at start of year |
|
|
Amounts advanced |
|
|
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
|
|
|
No interest was paid on the loan during the year and the loan was fully repaid in April 2018. |
|
21. | ULTIMATE CONTROLLING PARTY |
|
The controlling party is P O'Keefe. |