REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 March 2023 |
for |
Pioneers UK Limited |
T/A |
Costa Coffee |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 March 2023 |
for |
Pioneers UK Limited |
T/A |
Costa Coffee |
Pioneers UK Limited (Registered number: 04108006) |
T/A Costa Coffee |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Pioneers UK Limited |
T/A Costa Coffee |
Company Information |
for the Year Ended 31 March 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Hanover Court |
5 Queen Street |
Lichfield |
Staffordshire |
WS13 6QD |
Pioneers UK Limited (Registered number: 04108006) |
T/A Costa Coffee |
Balance Sheet |
31 March 2023 |
2023 | 2022 |
as restated |
(Unaudited) |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | 1,725,743 |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Pioneers UK Limited (Registered number: 04108006) |
T/A Costa Coffee |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Pioneers UK Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
The company has taken advantage of exemption, under the terms of 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. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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. |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Stocks |
Stocks are stated 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 stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
Pioneers UK Limited (Registered number: 04108006) |
T/A Costa Coffee |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all its financial instruments. |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using effective interest method. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
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. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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. |
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. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Pioneers UK Limited (Registered number: 04108006) |
T/A Costa Coffee |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 |
AMORTISATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
5. | TANGIBLE FIXED ASSETS |
Improvements |
to | Plant and |
property | machinery | Totals |
£ | £ | £ |
COST |
At 1 April 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
as restated |
(Unaudited) |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Pioneers UK Limited (Registered number: 04108006) |
T/A Costa Coffee |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
as restated |
(Unaudited) |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
as restated |
(Unaudited) |
£ | £ |
Amounts owed to group undertakings |
Other creditors |
9. | OPERATING LEASE COMMITMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
as restated |
(Unaudited) |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
10. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
as restated |
(Unaudited) |
£ | £ |
Deferred tax | 216,265 | 147,784 |
Deferred |
tax |
£ |
Balance at 1 April 2022 |
Charge to Profit and Loss Account during year |
Balance at 31 March 2023 |
Pioneers UK Limited (Registered number: 04108006) |
T/A Costa Coffee |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
Prior year adjustments in regard to the year ended 31 March 2022 are disclosed in Note 5 to the financial statements. Our opinion is not modified with respect to that matter. |
for and on behalf of |
12. | PENSION COMMITMENTS |
As at 31 March 2023, there were outstanding pension contributions of £7,411 (2022: £7,177). |
13. | RELATED PARTY DISCLOSURES |
Ivalyn Investments Limited BVI |
A company owning 80% of Gladius Holdings Ltd, the company's parent company. |
At 31 March 2023, a balance of £Nil (2022: £511,459) was due to Ivalyn Investments Limited. This loan was transferred to Gladius Holdings Ltd during the year. |
G Abuaita - Director and 20% shareholder |
At 31 March 2023, a balance of £4,055 (2022: (£127,864)) was due from the director. This is included in debtors due within one year. |
P G A Abuaita - Director |
At 31 March 2023, a balance of £1,182 (2022: £NIL) was due to the director. This was included in creditors due within one year. |
14. | ULTIMATE PARENT COMPANY AND CONTROLLING PARTY |
The company's immediate parent company is Gladius Holdings Ltd registered at the same address. |
The company's ultimate parent is Ivalyn Investments Limited incorporated in the British Virgin Islands. |
The consolidated financial statements in which Pioneers UK Ltd are published are those prepared by Gladius Holdings Ltd which are available from Companies House. |