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REGISTERED NUMBER: 07869222 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

FOR

PAESAN (LONDON) LTD

PAESAN (LONDON) LTD (REGISTERED NUMBER: 07869222)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30 June 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PAESAN (LONDON) LTD

COMPANY INFORMATION
for the Year Ended 30 June 2023







DIRECTOR: Mr A M Brown





REGISTERED OFFICE: 10 Coldbath Square
London
EC1R 5HL





REGISTERED NUMBER: 07869222 (England and Wales)





ACCOUNTANTS: ADJ Business Solutions Limited
10 Coldbath Square
London
EC1R 5HL

PAESAN (LONDON) LTD (REGISTERED NUMBER: 07869222)

BALANCE SHEET
30 June 2023

30.6.23 30.6.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 361,211 417,490

CURRENT ASSETS
Stocks 14,500 11,800
Debtors 5 221,392 138,388
Cash at bank and in hand 1,379 8,309
237,271 158,497
CREDITORS
Amounts falling due within one year 6 (453,871 ) (480,195 )
NET CURRENT LIABILITIES (216,600 ) (321,698 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

144,611

95,792

CREDITORS
Amounts falling due after more than one year 7 (158,377 ) (206,262 )
NET LIABILITIES (13,766 ) (110,470 )

CAPITAL AND RESERVES
Called up share capital 150,000 150,000
Share premium 55,000 55,000
Retained earnings (218,766 ) (315,470 )
(13,766 ) (110,470 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

PAESAN (LONDON) LTD (REGISTERED NUMBER: 07869222)

BALANCE SHEET - continued
30 June 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 director and authorised for issue on 9 October 2024 and were signed by:





Mr A M Brown - Director


PAESAN (LONDON) LTD (REGISTERED NUMBER: 07869222)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

Paesan (London) Ltd 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.

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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - Straight line over 20 years
Plant and machinery etc - Straight line over 10 years, Straight line over 100 years and Straight line over 5 years

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

PAESAN (LONDON) LTD (REGISTERED NUMBER: 07869222)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2023

2. ACCOUNTING POLICIES - continued

Grant income
Grant income is realised in the year that it is received.

Going concern
At the balance sheet date the company had a retained deficit of £218,766 (2022: £3315,470 ). These financial statements have been prepared on a going concern basis. The company is dependent on the support of the bank and other loans. The company is operating within its agreed facility, and in view of their good relationship with the company bankers and other lenders, the director considers it reasonable to rely on continued support of the loan facilities. The financial statements have therefore been prepared on a going concern basis and do not contain any adjustments that might be necessary as result of withdrawal of funds.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2022 - 20 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 July 2022 457,295 495,348 952,643
Additions - 4,234 4,234
At 30 June 2023 457,295 499,582 956,877
DEPRECIATION
At 1 July 2022 202,158 332,995 535,153
Charge for year 22,865 37,648 60,513
At 30 June 2023 225,023 370,643 595,666
NET BOOK VALUE
At 30 June 2023 232,272 128,939 361,211
At 30 June 2022 255,137 162,353 417,490

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Trade debtors 90,023 22,549
Other debtors 131,369 115,839
221,392 138,388

PAESAN (LONDON) LTD (REGISTERED NUMBER: 07869222)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Bank loans and overdrafts 60,267 56,939
Trade creditors 73,188 110,231
Taxation and social security 148,834 152,987
Other creditors 171,582 160,038
453,871 480,195

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.6.23 30.6.22
£    £   
Bank loans 136,377 184,262
Shareholders loan 22,000 22,000
158,377 206,262

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 2,879

8. SECURED DEBTS

The following secured debts are included within creditors:

30.6.23 30.6.22
£    £   
Bank loans 184,218 241,201

The bank loans are secured by a fixed and floating charge over the assets of the company.