Dough Pizza Limited - Period Ending 2018-09-30

Dough Pizza Limited - Period Ending 2018-09-30


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Registration number: 09603968

Dough Pizza Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2018

 

Dough Pizza Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 7

 

Dough Pizza Limited

(Registration number: 09603968)
Balance Sheet as at 30 September 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

4

36,992

38,939

Current assets

 

Stocks

10,000

10,000

Debtors

5

56,342

39,561

Cash at bank and in hand

 

105,553

88,865

 

171,895

138,426

Creditors: Amounts falling due within one year

6

(131,107)

(187,942)

Net current assets/(liabilities)

 

40,788

(49,516)

Total assets less current liabilities

 

77,780

(10,577)

Provisions for liabilities

(4,180)

-

Net assets/(liabilities)

 

73,600

(10,577)

Capital and reserves

 

Called up share capital

80

80

Profit and loss account

73,520

(10,657)

Total equity

 

73,600

(10,577)

For the financial year ending 30 September 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Dough Pizza Limited

(Registration number: 09603968)
Balance Sheet as at 30 September 2018

Approved and authorised by the Board on 11 April 2019 and signed on its behalf by:
 

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

Mr E Tunno
Director

 

Dough Pizza Limited

Notes to the Financial Statements for the Year Ended 30 September 2018

1

General information

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

The address of its registered office is:
Freshford House
Redcliffe Way
Bristol
BS1 6NL
England

These financial statements were authorised for issue by the Board on 11 April 2019.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

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

Revenue recognition

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

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

Tax

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

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

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

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

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

 

Dough Pizza Limited

Notes to the Financial Statements for the Year Ended 30 September 2018

Tangible assets

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

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

Depreciation

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

Asset class

Depreciation method and rate

Leasehold improvements

10 years straight line

Computer equipment

25% reducing balance

Catering & kitchen equipment

20% reducing balance

Cash and cash equivalents

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

Trade debtors

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

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

Stocks

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

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

Trade creditors

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

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

 

Dough Pizza Limited

Notes to the Financial Statements for the Year Ended 30 September 2018

Leases

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

Share capital

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

Dividends

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

Defined benefit pension obligation

Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.

The liability recognised in the Balance Sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the reporting date minus the fair value of plan assets. The defined benefit obligation is measured using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future payments by reference to market yields at the reporting date on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability.

Actuarial gains and losses are charged or credited to other comprehensive income in the period in which they arise.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 30 (2017 - 11).

 

Dough Pizza Limited

Notes to the Financial Statements for the Year Ended 30 September 2018

4

Tangible assets

Leasehold improvements
£

Computer equipment
 £

Catering & kitchen equipment
£

Total
£

Cost or valuation

At 1 October 2017

28,886

2,251

17,229

48,366

Additions

-

4,712

360

5,072

At 30 September 2018

28,886

6,963

17,589

53,438

Depreciation

At 1 October 2017

4,135

518

4,774

9,427

Charge for the year

2,888

1,568

2,563

7,019

At 30 September 2018

7,023

2,086

7,337

16,446

Carrying amount

At 30 September 2018

21,863

4,877

10,252

36,992

At 30 September 2017

24,751

1,733

12,455

38,939

5

Debtors

2018
£

2017
£

Trade debtors

17,934

-

Other debtors

16,250

16,515

Prepayments and accrued income

22,158

23,046

 

56,342

39,561

Less non-current portion

(16,250)

(16,250)

Total current trade and other debtors

40,092

23,311

Details of non-current trade and other debtors

£16,250 (2017 -£16,250) of Lease Deposit is classified as non current.

 

Dough Pizza Limited

Notes to the Financial Statements for the Year Ended 30 September 2018

6

Creditors

Creditors: amounts falling due within one year

Note

2018
£

2017
£

Due within one year

 

Trade creditors

 

37,264

36,754

Amounts owed to related parties

8

37,828

113,364

Taxation and social security

 

53,004

26,955

Other creditors

 

924

-

Accruals and deferred income

 

2,087

10,869

 

131,107

187,942

7

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £503,750 (2017 - £568,750).

8

Related party transactions

At the year end, an amount of £37,828 (2017: £113,364) was owed to the directors. This amount is interest free and repayable on demand.