Company registration number 13523080 (England and Wales)
PARIS BAGUETTE UK HOLDINGS LTD.
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
PARIS BAGUETTE UK HOLDINGS LTD.
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
PARIS BAGUETTE UK HOLDINGS LTD.
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
5
5,200,000
5,200,000
Current assets
Debtors
7
736,389
1,139,200
Cash at bank and in hand
48,501
52,320
784,890
1,191,520
Creditors: amounts falling due within one year
8
(807,987)
(1,181,152)
Net current (liabilities)/assets
(23,097)
10,368
Net assets
5,176,903
5,210,368
Capital and reserves
Called up share capital
5,250,000
5,250,000
Profit and loss reserves
(73,097)
(39,632)
Total equity
5,176,903
5,210,368

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 27 August 2024 and are signed on its behalf by:
Jin Soo Hur
Director
Company registration number 13523080 (England and Wales)
PARIS BAGUETTE UK HOLDINGS LTD.
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 21 July 2021
-
0
-
0
-
0
Year ended 31 December 2022:
Loss and total comprehensive income
-
(39,632)
(39,632)
Issue of share capital
5,250,000
-
5,250,000
Balance at 31 December 2022
5,250,000
(39,632)
5,210,368
Year ended 31 December 2023:
Loss and total comprehensive income
-
(33,465)
(33,465)
Balance at 31 December 2023
5,250,000
(73,097)
5,176,903
PARIS BAGUETTE UK HOLDINGS LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Paris Baguette UK Holdings Ltd. is a private company limited by shares incorporated in England and Wales. The registered office is Unit 3 Ambrose House, Meteor Court, Barnett Way, Barnwood, Gloucester, GL4 3GG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Paris Baguette UK Holdings Ltd. is a wholly owned subsidiary of SPC Euro and the results of Paris Baguette UK Holdings Ltd. are included in the consolidated financial statements of SPC Euro.

 

1.2
Going concern

Accounting standards require the directors to consider the appropriateness of the going concern basis when preparing financial statements. The directors have confirmed that they believe that the going concern basis is appropriate and that the company has sufficient resources to continue in operational existence for the foreseeable future.

 

The company has made a loss for the year and has negative profit and loss reserves of £73,097 and is reliant on group companies. The directors have confirmed that they believe that the going concern basis is appropriate and that the company has sufficient resources to continue in operational existence for the foreseeable future.

 

The directors confirm that the UK group has the support of the wider group whilst the business is being established in the UK market. The projections for the next year anticipate continued losses which will require continuation of this support and further cash injections. A letter of support has been provided by SPC Euro, an intermediary holding company registered in France, indicating that support for the UK group will continue for at least 12 months from the date that these accounts are signed. In turn, Paris Croissant Co. LTD, the ultimate parent company which is registered in Korea, has provided a letter of support to SPC Euro to enable it to support it's subsidiaries, and, in particular, Paris Baguette UK Co. LTD and Paris Baguette UK Holdings LTD.

 

The directors, who are also the directors of the ultimate parent company, have confirmed that the group has sufficient resources to be able to provide this support.

1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

PARIS BAGUETTE UK HOLDINGS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
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 of 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 assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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 the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

PARIS BAGUETTE UK HOLDINGS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
4
Directors' remuneration

No remuneration was paid to the directors.

5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
5,200,000
5,200,000
6
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Paris Baguette UK Co., Ltd
1
Ordinary A
100.00

Registered office addresses (all UK unless otherwise indicated):

1
Unit 3, Ambrose House, Barnett Way, Barnwood, Gloucester GL4 3GG
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Paris Baguette UK Co., Ltd
2,003,467
(1,629,741)
PARIS BAGUETTE UK HOLDINGS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
736,389
1,139,200
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
107
-
0
Amounts owed to group undertakings
805,528
1,178,800
Other creditors
2,352
2,352
807,987
1,181,152
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Going Concern
We draw your attention to note 1.2 which indicates that the company is reliant on the ongoing financial support of its intermediary holding company and ultimate parent company. The company and its trading subsidiary have made losses  in the current year,  and the projections for the next year anticipate ongoing losses and the requirement for further cash injections. These conditions indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
Senior Statutory Auditor:
Claire Bishop FCCA ACA
Statutory Auditor:
Pitt Godden & Taylor LLP
Date of audit report:
27 August 2024
10
Parent company

SPC Euro, a company registered in France (Registration Number 423553387) is the immediate parent undertaking of Paris Baguette UK Holdings Ltd. These accounts are included within consolidated accounts at European level which are available from SPC Euro, 21, allee Lavoisier, Batiment C1, 59650 Villenueuve d'Ascq, France.,

 

The ultimate parent company is Paris Croissant Co., LTD, a company incorporated in South Korea. The ultimate controlling party of Paris Croissant Co., LTD is Young-In Hur by virtue of a majority shareholding.

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