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REGISTERED NUMBER: 04108006 (England and Wales)















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: G N Abuaita
P G A Abuaita





REGISTERED OFFICE: Arden House
25 The Courtyard
Gorsey Lane
Coleshill
West Midlands
B46 1JA





REGISTERED NUMBER: 04108006 (England and Wales)





AUDITORS: Tomkinson Teal (Lichfield) LLP
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 4 124,547 142,190
Tangible assets 5 1,716,512 1,466,526
1,841,059 1,608,716

CURRENT ASSETS
Stocks 64,916 60,182
Debtors 6 1,397,504 1,046,098
Cash at bank and in hand 412,474 1,488,912
1,874,894 2,595,192
CREDITORS
Amounts falling due within one year 7 (1,071,619 ) (991,058 )
NET CURRENT ASSETS 803,275 1,604,134
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,644,334

3,212,850

CREDITORS
Amounts falling due after more than one
year

8

-

(639,323

)

PROVISIONS FOR LIABILITIES 10 (216,265 ) (147,784 )
NET ASSETS 2,428,069 2,425,743

CAPITAL AND RESERVES
Called up share capital 700,000 700,000
Retained earnings 1,728,069 1,725,743
SHAREHOLDERS' FUNDS 2,428,069 2,425,743

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 30 August 2023 and were signed on its behalf by:





G N Abuaita - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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.

Franchise fees are being amortised evenly over their estimated useful life of fifteen years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - 20% on cost and 10% on cost

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 228 (2022 - 193 ) .

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 264,520
AMORTISATION
At 1 April 2022 122,330
Charge for year 17,643
At 31 March 2023 139,973
NET BOOK VALUE
At 31 March 2023 124,547
At 31 March 2022 142,190

5. TANGIBLE FIXED ASSETS
Improvements
to Plant and
property machinery Totals
£    £    £   
COST
At 1 April 2022 2,025,415 2,771,114 4,796,529
Additions 78,334 501,240 579,574
Disposals - (16,321 ) (16,321 )
At 31 March 2023 2,103,749 3,256,033 5,359,782
DEPRECIATION
At 1 April 2022 1,468,931 1,861,072 3,330,003
Charge for year 94,369 229,272 323,641
Eliminated on disposal - (10,374 ) (10,374 )
At 31 March 2023 1,563,300 2,079,970 3,643,270
NET BOOK VALUE
At 31 March 2023 540,449 1,176,063 1,716,512
At 31 March 2022 556,484 910,042 1,466,526

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
(Unaudited)
£    £   
Trade debtors 37,050 17,833
Amounts owed by group undertakings 1,190,668 883,020
Other debtors 169,786 145,245
1,397,504 1,046,098

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 417,315 455,514
Amounts owed to group undertakings 269,554 -
Taxation and social security 207,480 422,008
Other creditors 177,270 113,536
1,071,619 991,058

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
as restated
(Unaudited)
£    £   
Amounts owed to group undertakings - 511,459
Other creditors - 127,864
- 639,323

9. OPERATING LEASE COMMITMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
as restated
(Unaudited)
£    £   
Within one year 472,232 486,718
Between one and five years 1,408,819 1,320,334
In more than five years 477,434 438,708
2,358,485 2,245,760

10. PROVISIONS FOR LIABILITIES
2023 2022
as restated
(Unaudited)
£    £   
Deferred tax 216,265 147,784

Deferred
tax
£   
Balance at 1 April 2022 147,784
Charge to Profit and Loss Account during year 68,481
Balance at 31 March 2023 216,265

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.

Susanna D Ault FCCA ACA (Senior Statutory Auditor)
for and on behalf of Tomkinson Teal (Lichfield) LLP

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.