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Registered number: 10352295









THATCHAM PIZZA LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
THATCHAM PIZZA LIMITED
REGISTERED NUMBER: 10352295

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
1,497
3,743

Tangible assets
 5 
228,184
255,784

  
229,681
259,527

Current assets
  

Stocks
 6 
5,475
5,214

Debtors: amounts falling due within one year
 7 
382,090
266,483

Cash at bank and in hand
 8 
13,705
3,967

  
401,270
275,664

Creditors: amounts falling due within one year
 9 
(604,421)
(467,308)

Net current liabilities
  
 
 
(203,151)
 
 
(191,644)

Total assets less current liabilities
  
26,530
67,883

Provisions for liabilities
  

Deferred tax
 11 
(26,430)
(26,430)

  
 
 
(26,430)
 
 
(26,430)

Net assets
  
100
41,453


Capital and reserves
  

Called up share capital 
 12 
100
100

Profit and loss account
  
-
41,353

  
100
41,453


Page 1

 
THATCHAM PIZZA LIMITED
REGISTERED NUMBER: 10352295
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 January 2024.




................................................
James Swift
Director

The notes on pages 6 to 15 form part of these financial statements.

Page 2

 
THATCHAM PIZZA LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 April 2022
100
41,353
41,453


Comprehensive income for the year

Profit for the year
-
10,393
10,393
Total comprehensive income for the year
-
10,393
10,393


Contributions by and distributions to owners

Dividends: Equity capital
-
(51,746)
(51,746)


Total transactions with owners
-
(51,746)
(51,746)


At 31 March 2023
100
-
100


The notes on pages 6 to 15 form part of these financial statements.

Page 3

 
THATCHAM PIZZA LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 April 2021
100
-
100


Comprehensive income for the year

Profit for the year
-
105,282
105,282
Total comprehensive income for the year
-
105,282
105,282


Contributions by and distributions to owners

Dividends: Equity capital
-
(63,929)
(63,929)


Total transactions with owners
-
(63,929)
(63,929)


At 31 March 2022
100
41,353
41,453


The notes on pages 6 to 15 form part of these financial statements.

Page 4

 
THATCHAM PIZZA LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
10,393
105,282

Adjustments for:

Depreciation of tangible assets
40,846
47,816

Interest paid
748
727

Taxation charge
12,043
58,951

(Increase) in stocks
(261)
(1,094)

(Increase) in debtors
(11,170)
(3,732)

(Increase) in amounts owed by groups
(104,437)
(147,420)

Increase/(decrease) in creditors
50,999
(2,593)

Increase in amounts owed to groups
106,592
40,354

Corporation tax (paid)
(32,521)
(47,834)

Net cash generated from operating activities

73,232
50,457


Cash flows from investing activities

Purchase of tangible fixed assets
(11,000)
(33,169)

HP interest paid
(748)
(727)

Net cash from investing activities

(11,748)
(33,896)

Cash flows from financing activities

Dividends paid
(51,746)
(63,929)

Net cash used in financing activities
(51,746)
(63,929)

Net increase/(decrease) in cash and cash equivalents
9,738
(47,368)

Cash and cash equivalents at beginning of year
3,967
51,335

Cash and cash equivalents at the end of year
13,705
3,967


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
13,705
3,967

13,705
3,967


The notes on pages 6 to 15 form part of these financial statements.

Page 5

 
THATCHAM PIZZA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Thatcham Pizza Limited is a private company limited by share capital, incorporated and registered in England and Wales. The Company's registered office and number are detailed on the company information page. The principal activity of the Company throughout the year was that of making and delivering pizzas.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in Sterling (£) and rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 6

 
THATCHAM PIZZA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Franchise fee
-
5 years
Legal and acquisition fees
-
5 years

Page 7

 
THATCHAM PIZZA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
15%
reducing balance
Motor vehicles
-
20%
reducing balance
Fixtures and fittings
-
15%
reducing balance
Property improvements
-
15%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis..

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

Page 8

 
THATCHAM PIZZA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 43 (2022 - 40).

Page 9

 
THATCHAM PIZZA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Intangible assets




Franchise fee
Legal and acquisition fees
Total

£
£
£



Cost


At 1 April 2022
6,500
9,975
16,475



At 31 March 2023

6,500
9,975
16,475



Amortisation


At 1 April 2022
5,958
6,774
12,732


Charge for the year on owned assets
542
1,704
2,246



At 31 March 2023

6,500
8,478
14,978



Net book value



At 31 March 2023
-
1,497
1,497



At 31 March 2022
542
3,201
3,743



Page 10

 
THATCHAM PIZZA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Property improve- ments
Total

£
£
£
£
£



Cost or valuation


At 1 April 2022
142,346
5,257
20,911
325,711
494,225


Additions
-
-
-
11,000
11,000



At 31 March 2023

142,346
5,257
20,911
336,711
505,225



Depreciation


At 1 April 2022
57,881
613
10,285
169,662
238,441


Charge for the year on owned assets
12,670
929
1,594
23,407
38,600



At 31 March 2023

70,551
1,542
11,879
193,069
277,041



Net book value



At 31 March 2023
71,795
3,715
9,032
143,642
228,184



At 31 March 2022
84,465
4,644
10,626
156,049
255,784


6.


Stocks

2023
2022
£
£

Finished goods and goods for resale
5,475
5,214

5,475
5,214


Page 11

 
THATCHAM PIZZA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Debtors

2023
2022
£
£


Amounts owed by group companies
343,863
239,426

Other debtors
25,286
13,657

Prepayments and accrued income
12,941
13,400

382,090
266,483



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
13,705
3,967

13,705
3,967



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
45,645
21,898

Amounts owed to group undertakings
477,617
371,025

Corporation tax
12,043
32,521

Other taxation and social security
48,711
21,037

Other creditors
-
2,378

Accruals and deferred income
20,405
18,449

604,421
467,308



10.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
13,705
3,967




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.

Page 12

 
THATCHAM PIZZA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

11.


Deferred taxation




2023


£






At beginning of year
(26,430)



At end of year
(26,430)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(26,430)
(26,430)

(26,430)
(26,430)


12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1 each
100
100



13.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £3,695 (2022 - £4,161). Contributions totalling £Nil (2022 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.

Page 13

 
THATCHAM PIZZA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

14.


Commitments under operating leases

At 31 March 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
25,000
25,000

Later than 1 year and not later than 5 years
100,000
100,000

Later than 5 years
75,000
100,000

200,000
225,000


15.


Related party transactions

During the year the Company made transfers totalling £51,746 (2022 - £41,709) with Thatcham Swift Limited, a company in which the director, James Swift, is also a director and shareholder. At the year end a balance of £415,171 was owed to (2022 - £363,425) Thatcham Swift Limited.
 
During the year the Company made transfers totalling £Nil (2022 - £Nil) with Bath Pizza Limited, a company under common ownership. At the year end a balance of £1,485 was owed to (2022 - £1,485) Bath Pizza Limited.
During the year the Company made transfers totalling £Nil (2022 - £Nil) with Beast Pizza Limited, a company under common ownership. At the year end a balance of £1,500 was owed to (2022 - £1,500) Beast Pizza Limited.
During the year the Company made transfers totalling £Nil (2022 - £Nil) with DJS Pizza Limited, a company under common ownership. At the year end a balance of £1,500 was owed to (2022 - £1,500) DJS Pizza Limited.
During the year the Company made transfers totalling £104,437 (2022 - £147,420) with Team West Limited, a company under common ownership. At the year end a balance of £343,863 was owed by (2022 - £239,426) Team West Limited.
During the year the Company made transfers totalling £Nil (2022 - £Nil) with TW Pizza Limited, a company under common ownership. At the year end a balance of £1,500 was owed to (2022 - £1,500) TW Pizza Limited.
During the year the Company made transfers totalling £Nil (2022 - £Nil) with Yate Pizza Limited, a company under common ownership. At the year end a balance of £1,460 was owed to (2022 - £1,460) Yate Pizza Limited.
During the year the Company made transfers totalling £54,846 (2022 - £317) with Text Management Limited, a company in which the director, Mr James Swift, is also a director and shareholder. At the year end a balance of £55,000 was owed to (2022 - £154) Text Management Limited.
During the year the Company made transfers totalling £Nil (2022 - £1,038) with KKWJS Limited, a company under common ownership. At the year end a balance of £Nil was owed to (2022 - £Nil) KKWJS Limited.

Page 14

 
THATCHAM PIZZA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

16.


Controlling party

The Company is a wholly owned subsidiary of Thatcham Swift Limited, a company incorporated in  England & Wales. The ultimate controlling party is the director, James Swift, by virtue of his shareholding in Thatcham Swift Limited. The registered office for Thatcham Swift Limited is St Mary's House, Netherhampton, Salisbury, Wiltshire, SP2 8PU and group accounts can be obtained from there.

 
Page 15