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REGISTERED NUMBER: 05376330 (England and Wales)
















Unaudited Financial Statements

for the Year Ended 31 August 2023

for

PA NINO'S LIMITED

PA NINO'S LIMITED (REGISTERED NUMBER: 05376330)






Contents of the Financial Statements
FOR THE YEAR ENDED 31 AUGUST 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


PA NINO'S LIMITED

Company Information
FOR THE YEAR ENDED 31 AUGUST 2023







DIRECTORS: V C Polledri
A G L Polledri
L P Polledri





REGISTERED OFFICE: Global House
303 Ballards Lane
London
N12 8NP





REGISTERED NUMBER: 05376330 (England and Wales)





ACCOUNTANTS: K J Pittalis and Partners LLP
Chartered Certified Accountants
Global House
303 Ballards Lane
London
N12 8NP

PA NINO'S LIMITED (REGISTERED NUMBER: 05376330)

Statement of Financial Position
31 AUGUST 2023

31/8/23 31/8/22
Notes £ £ £ £
FIXED ASSETS
Intangible assets 4 160,353 176,660
Tangible assets 5 96,725 115,467
257,078 292,127

CURRENT ASSETS
Stocks 6 175,500 190,500
Debtors 7 2,048,847 1,043,028
Cash at bank and in hand 14,634 9,311
2,238,981 1,242,839
CREDITORS
Amounts falling due within one year 8 2,652,918 1,665,155
NET CURRENT LIABILITIES (413,937 ) (422,316 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(156,859

)

(130,189

)

CREDITORS
Amounts falling due after more than one
year

9

(29,125

)

(39,152

)

PROVISIONS FOR LIABILITIES (14,056 ) (19,735 )
NET LIABILITIES (200,040 ) (189,076 )

CAPITAL AND RESERVES
Called up share capital 11 400 400
Retained earnings (200,440 ) (189,476 )
SHAREHOLDERS' FUNDS (200,040 ) (189,076 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PA NINO'S LIMITED (REGISTERED NUMBER: 05376330)

Statement of Financial Position - continued
31 AUGUST 2023


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 February 2024 and were signed on its behalf by:





L P Polledri - Director


PA NINO'S LIMITED (REGISTERED NUMBER: 05376330)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 AUGUST 2023

1. STATUTORY INFORMATION

PA Nino's 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.

Turnover
Turnover represents sales of services net of VAT and trade discounts. Turnover is recognised when the services are provided to the customer.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business, is being amortised evenly over its estimated useful life of 20 years.Impairment of intangible assets is reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - Straight line over 10 years

Stocks
Stock is valued at the lower of cost and net realisable value. Net realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.


PA NINO'S LIMITED (REGISTERED NUMBER: 05376330)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 AUGUST 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Cash and cash equivalent
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.

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.

Going concern
At the balance sheet date, the company's liabilities exceeded its assets. The company has received assurance from the directors that they will continue to give financial support to the company for twelve months from the date of signing these financial statements. On this basis, the directors consider it appropriate to prepare the accounts on a going concern basis. However, should the financial support mentioned above not be forthcoming, the going concern basis used in preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to the their realisable amount and to provide for any further liabilities which might arise. The accounts do not include any adjustment to the company's assets or liabilities that might be necessary should this basis not continue to be appropriate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 36 (2022 - 44 ) .

PA NINO'S LIMITED (REGISTERED NUMBER: 05376330)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 AUGUST 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£
COST
At 1 September 2022
and 31 August 2023 326,140
AMORTISATION
At 1 September 2022 149,480
Charge for year 16,307
At 31 August 2023 165,787
NET BOOK VALUE
At 31 August 2023 160,353
At 31 August 2022 176,660

5. TANGIBLE FIXED ASSETS
Fixtures
Long and
leasehold fittings Totals
£ £ £
COST
At 1 September 2022
and 31 August 2023 40,500 255,602 296,102
DEPRECIATION
At 1 September 2022 - 180,635 180,635
Charge for year - 18,742 18,742
At 31 August 2023 - 199,377 199,377
NET BOOK VALUE
At 31 August 2023 40,500 56,225 96,725
At 31 August 2022 40,500 74,967 115,467

6. STOCKS
31/8/23 31/8/22
£ £
Stocks 175,500 190,500

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/8/23 31/8/22
£ £
Trade debtors 7,018 6,330
Other debtors 2,041,829 1,036,698
2,048,847 1,043,028

PA NINO'S LIMITED (REGISTERED NUMBER: 05376330)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 AUGUST 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/8/23 31/8/22
£ £
Bank loans and overdrafts (see note 10) 895 -
Trade creditors 550,370 420,278
Amounts owed to related party 1,347,067 742,761
Taxation and social security 754,586 502,116
2,652,918 1,665,155

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/8/23 31/8/22
£ £
Bank loans (see note 10) 29,125 39,152

10. LOANS

An analysis of the maturity of loans is given below:

31/8/23 31/8/22
£ £
Amounts falling due within one year or on demand:
Bank overdrafts 895 -

Amounts falling due between two and five years:
Bank loans - 2-5 years 29,125 39,152

An unsecured loan of £50,000 was taken out in September 2020 under the Bounce Back Loan Scheme. This is a government backed loan and interest is paid by the government for the first year, with 2.5% charged annually thereafter. Capital repayments started in May 2021and the loan will be repaid in equal capital instalments across 6 years with the final payment in August 2027.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/8/23 31/8/22
value: £ £
400 Ordinary 1 400 400

12. RELATED PARTY DISCLOSURES

Creditors include £421,412 (2022 - £166,891) owed to Bar Italia Holdings Limited, a company under the same control as Pa Nino's Limited. Also, creditors include an amount of £925,655 (2022 - £575,870) owed to Caffe Bar Limited, a company under the same control as Pa Nino's Limited.

Included in other debtors there is an amount of £1,534,798 (2022 - £869,268) owed by the directors.

The above loan is unsecured, has an interest rate of 2.0% and is repayable on demand.