Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31false2023-04-01Sale of used cars and light motor vehicles713truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 01350477 2023-04-01 2024-03-31 01350477 2022-04-01 2023-03-31 01350477 2024-03-31 01350477 2023-03-31 01350477 c:Director2 2023-04-01 2024-03-31 01350477 d:Buildings 2023-04-01 2024-03-31 01350477 d:Buildings 2024-03-31 01350477 d:Buildings 2023-03-31 01350477 d:Buildings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01350477 d:PlantMachinery 2023-04-01 2024-03-31 01350477 d:PlantMachinery 2024-03-31 01350477 d:PlantMachinery 2023-03-31 01350477 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01350477 d:FurnitureFittings 2023-04-01 2024-03-31 01350477 d:FurnitureFittings 2024-03-31 01350477 d:FurnitureFittings 2023-03-31 01350477 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01350477 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01350477 d:CurrentFinancialInstruments 2024-03-31 01350477 d:CurrentFinancialInstruments 2023-03-31 01350477 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 01350477 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 01350477 d:ShareCapital 2024-03-31 01350477 d:ShareCapital 2023-03-31 01350477 d:RetainedEarningsAccumulatedLosses 2024-03-31 01350477 d:RetainedEarningsAccumulatedLosses 2023-03-31 01350477 c:FRS102 2023-04-01 2024-03-31 01350477 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 01350477 c:FullAccounts 2023-04-01 2024-03-31 01350477 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 01350477 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 01350477










PASTERRY LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
PASTERRY LIMITED
REGISTERED NUMBER: 01350477

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
6,768
8,186

Current assets
  

Stocks
  
40,509
48,269

Debtors: amounts falling due within one year
 5 
17,850
6,703

Cash at bank and in hand
 6 
425
11,210

  
58,784
66,182

Creditors: amounts falling due within one year
 7 
(292,118)
(243,786)

Net current liabilities
  
 
 
(233,334)
 
 
(177,604)

  

Net liabilities
  
(226,566)
(169,418)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(226,666)
(169,518)

  
(226,566)
(169,418)


The directors consider 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 directors acknowledge their 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 by by: 



Mr J R W Trodd
Director

Date: 17 September 2024

The notes on pages 2 to 8 form part of these financial statements.

Page 1

 
PASTERRY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Pasterry Limited is a private company, limited by shares, incorporated in England and Wales within the United Kingdom. The registered office address is Kingsley Garage, Bedford Road, Kempston, Bedford, MK42 8BP, and the registered number is 01350477. The principal activity of the Company is the sale and repair of motor vehicles and ancillary services.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 pounds sterling, the functional currency, rounded to the nearest £1.

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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 2

 
PASTERRY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

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.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

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.

 
2.7

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 .

Depreciation is provided on the following basis:

Freehold property
-
10% straight line
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
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.

Page 3

 
PASTERRY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Stocks

Stock is valued as follows:
Used vehicles - at the lower of cost and trade value;
Parts - at cost on a first-in, first-out basis, less a provision for slow moving items.

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. Work in progress and finished goods include labour and attributable overheads.

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.

 
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.
Page 4

 
PASTERRY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.12

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.

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 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 within the operating cycle fall into this category of financial instruments.

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument 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.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Page 5

 
PASTERRY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.12
Financial instruments (continued)


Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.13

Going concern

The financial statements have been prepared on a going concern basis. The Company had net liabilities of £217,546 (2023: £169,418) at the balance sheet date. The directors have considered the going concern of the Company and the directors have agreed to support Pasterry Limited for at least 12 months from the date of approval of the financial statements.


3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2023 - 13)


4.


Tangible fixed assets





Freehold property
Plant and machinery
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 April 2023
67,561
80,827
33,969
182,357



At 31 March 2024

67,561
80,827
33,969
182,357



Depreciation


At 1 April 2023
67,501
73,073
33,597
174,171


Charge for the year
31
1,331
56
1,418



At 31 March 2024

67,532
74,404
33,653
175,589



Net book value



At 31 March 2024
29
6,423
316
6,768



At 31 March 2023
60
7,754
372
8,186

Page 6

 
PASTERRY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Debtors

2024
2023
£
£


Trade debtors
10,723
2,016

Prepayments and accrued income
7,127
4,687

17,850
6,703



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
425
11,210

Less: bank overdrafts
(25,345)
-

(24,920)
11,210



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
25,345
-

Trade creditors
28,948
34,773

Amounts owed to group undertakings
40,068
40,068

Other taxation and social security
10,498
16,391

Other creditors
166,048
134,809

Accruals and deferred income
21,211
17,745

292,118
243,786


Amounts owed to group undertakings of £40,068 (2023: £40,068) are secured by the assets of the Company.


8.


Pension commitments

The entity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the entity in an independently administered fund. The pension cost charge represents contributions payable by the entity to the fund and amounted to £3,722 (2023: £3,418). Contributions totalling £510 (2023: £1,210) were payable to the fund at the balance sheet date and are included in creditors.

Page 7

 
PASTERRY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Ultimate parent entity

The Company's ultimate parent company is Hazelhythe Holdings Limited, a company registered in England and Wales.

Page 8