REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
FOR |
THE PASTA BOWL LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
FOR |
THE PASTA BOWL LIMITED |
THE PASTA BOWL LIMITED (REGISTERED NUMBER: 03240521) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 30 September 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Income Statement | 10 |
Other Comprehensive Income | 11 |
Balance Sheet | 12 |
Statement of Changes in Equity | 13 |
Cash Flow Statement | 14 |
Notes to the Cash Flow Statement | 15 |
Notes to the Financial Statements | 16 |
THE PASTA BOWL LIMITED |
COMPANY INFORMATION |
for the Year Ended 30 September 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Certified Accountants |
& Statutory Auditors |
Alton House |
66 High Street |
Northwood |
Middlesex |
HA6 1BL |
BANKERS: |
PO Box 87 |
22-24 Upper Marlborough Road |
St Albans |
Hertfordshire |
AL1 3HJ |
THE PASTA BOWL LIMITED (REGISTERED NUMBER: 03240521) |
STRATEGIC REPORT |
for the Year Ended 30 September 2023 |
The directors present their strategic report for the year ended 30 September 2023. |
The Pasta Bowl Ltd trading as "Zaza" has been operating as a restaurant from various sites in Hertfordshire and surrounding areas since 2000. The company has been growing steadily since formation and the directors expect this trend to continue for the foreseeable future. |
REVIEW OF BUSINESS |
During the year, the company experienced a modest growth in sales, and despite challenging market conditions managed an increase in profit. The company's turnover for the UK market for the year ended 30 September 2023 was £11,298,574, which compared to £11,163,636 in the previous year. The business continues to recover post-pandemic, although the Local Restriction Grant received in 2022 (£41,661) was no longer applicable this year. |
Costs of wages and social security payments rose as per expectations, reflecting efforts to retain and motivate staff. Wages costs increased to £4,846,250 in 2023, up from £4,546,041 in 2022. Despite the challenges, the company's profit margins remained stable due to strong operational efficiencies and a strategic focus on managing overheads and direct costs. |
The company's main objective is to increase profitability by focusing on maintaining high customer service standards and managing costs effectively. Measures have been put in place to enable the company to continue growing in future and increase gross margin and the resultant effect on profit. The company's main strategy is to ensure customers are satisfied with the service they receive in addition to receiving a high standard of food. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The principal risks affecting the business are operational and market-related. Rising wage costs and fluctuations in utility prices continue to be key concerns. |
The company has also experienced an increase in repairs and maintenance costs, from £145,161 in 2022 to £189,445 in 2023, reflecting the ongoing need to ensure facilities are maintained to high standards. Inflationary pressures may continue to affect food and wages costs, posing risks to future profitability. |
To mitigate these risks, the company continues to monitor overheads, invest in cost-saving technologies, and maintain strong supplier relationships to manage price volatility. |
KEY PERFORMANCE INDICATORS (KPIS) |
Key performance indicators (KPIs) for the business are closely monitored on a monthly basis. The primary KPIs for the company include sales growth, profit margins, and control of overhead expenses. Notably: |
Turnover (2023): £11,298,574 (2022: £11,163,636) |
Gross Profit (2023): £3,111,157 (2022: £2,772,021) |
Net Profit before tax (2023): £598,206 (2022: £418,316) |
There was an increase in net profit compared to the previous year due to reduced costs, and despite increasing wages. |
The company continues to focus on maintaining strong relationships with its customers and suppliers, which has resulted in stable revenues. However, to ensure future growth, the directors believe a continued focus on operational efficiency and customer satisfaction is key. |
COMPANY POLICY ON PAYMENT OF CREDITORS |
The policy of the company is to agree terms of payment prior to commencing trade with a supplier and to abide by those terms on a timely submission of invoices. |
THE PASTA BOWL LIMITED (REGISTERED NUMBER: 03240521) |
STRATEGIC REPORT |
for the Year Ended 30 September 2023 |
POLICY ON EMPLOYEES |
The company is committed to achieving a working environment which provides equality of opportunity and freedom from unlawful discrimination on the basis of gender, sexual orientation, marital or civil partner status, gender reassignment, race, religion or belief, colour, nationality, ethnic or national origin, disability or age, pregnancy or maternity, trade union membership or the fact that they are part-time workers. The company's Equality and Diversity policy aims to remove unfair and discriminatory practices within the company and to encourage full contribution from its diverse community. The company is committed to actively opposing all forms of discrimination. The company also aims to provide a service that does not discriminate against its clients in the means by which they can access the services supplied by the company. |
The company believes that the directors, employees and customers are entitled to be treated with respect and dignity. The company's employment policy is to provide equal opportunity to all current and prospective employees without any discrimination. They endeavour to provide a work environment in which all individuals are treated with respect and dignity. |
The directors believe that maintaining an inclusive and supportive working environment is essential for retaining talent and ensuring a high standard of customer service |
. |
SOCIAL, ENVIRONMENTAL, AND ETHICAL MATTERS |
The company recognises the importance of operating in an environmentally responsible and socially ethical manner. The company strives to reduce its environmental footprint by implementing energy-efficient practices across its operations. |
Ethically, the company continues to adhere to strict standards in supplier relationships and ensures that its business operations comply with all relevant legal and regulatory requirements. |
FUTURE DEVELOPMENT |
The directors expect a growth in sales in the future as the company continues to maintain its brand reputation and increasing its customer base. |
ON BEHALF OF THE BOARD: |
THE PASTA BOWL LIMITED (REGISTERED NUMBER: 03240521) |
REPORT OF THE DIRECTORS |
for the Year Ended 30 September 2023 |
The directors present their report with the financial statements of the company for the year ended 30 September 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of restaurateurs. The company trades as "Zaza". |
DIVIDENDS |
No dividends will be distributed for the year ended 30 September 2023. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 October 2022 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
THE PASTA BOWL LIMITED (REGISTERED NUMBER: 03240521) |
REPORT OF THE DIRECTORS |
for the Year Ended 30 September 2023 |
AUDITORS |
The auditors, Munday Long & Co Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
THE PASTA BOWL LIMITED (REGISTERED NUMBER: 03240521) |
Qualified Opinion |
We have audited the financial statements of The Pasta Bowl Limited (the 'company') for the year ended 30 September 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
We have audited the financial statements of The Pasta Bowl Limited (the 'company') for the year ended 30th September 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet,Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies.The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standard 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements: |
- give a true and fair view of the state of the company's affairs as at 30 September 2023 and of its profit for the year then ended; |
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- have been prepared in accordance with the requirements of the Companies Act 2006 |
Basis for qualified opinion |
With respect to the opening stock balance of £120,000 as at 30 September 2022 and closing stock balance of £119,240 as at 30 September 2023, the audit evidence available to us was limited because we were not appointed as auditors of the company until 5 August 2024 and hence did not observe the counting of the physical stock at that date. We have been unable to obtain sufficient appropriate audit evidence regarding opening and closing stock quantities by using other audit procedures. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
THE PASTA BOWL LIMITED (REGISTERED NUMBER: 03240521) |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
In our opinion, based on the work undertaken in the course of the audit: - the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and - the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- the financial statements are not in agreement with the accounting records and returns; or |
- certain disclosures of directors' remuneration specified by law are not made; or |
- we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
THE PASTA BOWL LIMITED (REGISTERED NUMBER: 03240521) |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We obtained an understanding of the legal and regulatory framework that are applicable to the company and determined that the most significant are the food standards regulation, money laundering and anti-bribery regulations. We understand how the company is complying with those regulations by making enquiries of management and key personnel; we also reviewed correspondence files. We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements using our general commercial and sector experience, through discussion with the directors and other management (as required by auditing standards) and from inspection of the company's regulatory and legal correspondence. We discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations. We communicated those identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We also performed audit work over the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. |
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Through these procedures, we did not become aware of actual or suspected non-compliance. |
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditors responsibilities. This description forms part of our Report of the Auditors. |
Other matters |
The company was exempt from audit in the year ended 30 September 2022 and consequently the corresponding figures are unaudited. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
THE PASTA BOWL LIMITED (REGISTERED NUMBER: 03240521) |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Certified Accountants |
& Statutory Auditors |
Alton House |
66 High Street |
Northwood |
Middlesex |
HA6 1BL |
THE PASTA BOWL LIMITED (REGISTERED NUMBER: 03240521) |
INCOME STATEMENT |
for the Year Ended 30 September 2023 |
30.9.23 | 30.9.22 |
as restated |
Notes | £ | £ | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
477,486 | 270,994 |
Other operating income |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
659,941 | 443,857 |
Interest payable and similar expenses | 5 |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL YEAR |
THE PASTA BOWL LIMITED (REGISTERED NUMBER: 03240521) |
OTHER COMPREHENSIVE INCOME |
for the Year Ended 30 September 2023 |
30.9.23 | 30.9.22 |
as restated |
Notes | £ | £ |
PROFIT FOR THE YEAR | 286,755 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 286,755 |
Note |
Prior year adjustment | 7 | ( | ) |
TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT | ( | ) |
THE PASTA BOWL LIMITED (REGISTERED NUMBER: 03240521) |
BALANCE SHEET |
30 September 2023 |
30.9.23 | 30.9.22 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 13 | ( | ) | ( | ) |
PROVISIONS FOR LIABILITIES | 17 | ( | ) | ( | ) |
NET ASSETS | 2,699,954 |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Retained earnings | 19 | 2,696,654 |
SHAREHOLDERS' FUNDS | 2,699,954 |
The financial statements were approved by the Board of Directors and authorised for issue on |
THE PASTA BOWL LIMITED (REGISTERED NUMBER: 03240521) |
STATEMENT OF CHANGES IN EQUITY |
for the Year Ended 30 September 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 October 2021 |
Changes in equity |
Profit for the year | - | 833,459 | 833,459 |
Total comprehensive income | - | 833,459 | 833,459 |
Balance at 30 September 2022 |
Prior year adjustment | - | ( | ) | ( | ) |
As restated |
Changes in equity |
Profit for the year | - | 442,578 | 442,578 |
Total comprehensive income | - |
Balance at 30 September 2023 |
THE PASTA BOWL LIMITED (REGISTERED NUMBER: 03240521) |
CASH FLOW STATEMENT |
for the Year Ended 30 September 2023 |
30.9.23 | 30.9.22 |
as restated |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( | ) | ( | ) |
Loan repayments | ( | ) |
Tax paid | ( | ) | ( | ) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( | ) | ( | ) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( | ) | ( | ) |
(Decrease)/increase in cash and cash equivalents | ( | ) |
Cash and cash equivalents at beginning of year | 2 | 1,685,716 |
Cash and cash equivalents at end of year | 2 | 1,893,490 | 2,956,597 |
THE PASTA BOWL LIMITED (REGISTERED NUMBER: 03240521) |
NOTES TO THE CASH FLOW STATEMENT |
for the Year Ended 30 September 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
30.9.23 | 30.9.22 |
as restated |
£ | £ |
Profit before taxation |
Depreciation charges |
Profit on disposal of fixed assets | ( | ) |
Finance costs | 61,735 | 25,541 |
Finance income | (18,220 | ) | (9,381 | ) |
847,505 | 741,498 |
Decrease/(increase) in stocks | ( | ) |
Increase in trade and other debtors | ( | ) | ( | ) |
(Decrease)/increase in trade and other creditors | ( | ) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 September 2023 |
30.9.23 | 1.10.22 |
£ | £ |
Cash and cash equivalents | 1,893,490 | 2,956,597 |
Year ended 30 September 2022 |
30.9.22 | 1.10.21 |
as restated |
£ | £ |
Cash and cash equivalents | 2,956,597 | 1,685,716 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.10.22 | Cash flow | At 30.9.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 2,956,597 | (1,063,107 | ) | 1,893,490 |
2,956,597 | ( | ) | 1,893,490 |
Debt |
Debts falling due within 1 year | (116,551 | ) | - | (116,551 | ) |
Debts falling due after 1 year | (915,055 | ) | 102,373 | (812,682 | ) |
(1,031,606 | ) | 102,373 | (929,233 | ) |
Total | 1,924,991 | (960,734 | ) | 964,257 |
THE PASTA BOWL LIMITED (REGISTERED NUMBER: 03240521) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 30 September 2023 |
1. | STATUTORY INFORMATION |
The Pasta Bowl Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of business, is amortised evenly over its estimated useful life of three years. |
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 |
Freehold property | - |
Short leasehold | - |
Fixtures and equipment | - |
Motor vehicles | - |
Computer equipment | - |
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. |
THE PASTA BOWL LIMITED (REGISTERED NUMBER: 03240521) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 September 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 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. |
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred. |
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. |
3. | EMPLOYEES AND DIRECTORS |
30.9.23 | 30.9.22 |
as restated |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
30.9.23 | 30.9.22 |
as restated |
Office & Management | 9 | 9 |
Restaurants | 176 | 196 |
30.9.23 | 30.9.22 |
as restated |
£ | £ |
Directors' remuneration |
THE PASTA BOWL LIMITED (REGISTERED NUMBER: 03240521) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 September 2023 |
3. | EMPLOYEES AND DIRECTORS - continued |
Information regarding the highest paid director is as follows: |
30.9.23 | 30.9.22 |
as restated |
£ | £ |
Emoluments etc |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
30.9.23 | 30.9.22 |
as restated |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( | ) |
Auditors' remuneration |
Remuneration received by the company’s auditors during the year was as follows: |
2023 2022 |
Audit services £19,000 - |
Non-Audit Services - - |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30.9.23 | 30.9.22 |
as restated |
£ | £ |
Bank loan interest |
Interest on overdue tax paid |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
30.9.23 | 30.9.22 |
as restated |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
UK corporation tax has been charged at 22.01% (2022 - 19%). |
THE PASTA BOWL LIMITED (REGISTERED NUMBER: 03240521) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 September 2023 |
6. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
30.9.23 | 30.9.22 |
as restated |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( | ) | - |
Depreciation in excess of capital allowances | - |
Depreciation of Freehold Property | 6,662 | 28,228 |
Deferred tax | 13,582 | 11,145 |
Total tax charge | 155,628 | 131,561 |
7. | PRIOR YEAR ADJUSTMENT |
The Financial Statements for the year ended 30th September 2022 have been restated. |
They replace the original Financial Statements. |
The accounts have been restated to incorporate the impact of adjustments for depreciation expense on freehold property £148,570, increase in trade creditors £541,121, decrease in VAT liability £49,597and decrease in corporation tax liability £93,389 . The changes have resulted in a net decrease in profits as of 30 September 2022 by £546,704. |
8. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 October 2022 |
and 30 September 2023 |
AMORTISATION |
At 1 October 2022 |
and 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
THE PASTA BOWL LIMITED (REGISTERED NUMBER: 03240521) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 September 2023 |
9. | TANGIBLE FIXED ASSETS |
Freehold | Short | Plant and |
property | leasehold | machinery |
£ | £ | £ |
COST |
At 1 October 2022 |
Additions |
Disposals |
At 30 September 2023 |
DEPRECIATION |
At 1 October 2022 |
Charge for year |
Eliminated on disposal |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
Fixtures |
and | Motor | Computer |
equipment | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 October 2022 |
Additions |
Disposals | ( | ) | ( | ) |
At 30 September 2023 |
DEPRECIATION |
At 1 October 2022 |
Charge for year |
Eliminated on disposal | ( | ) | ( | ) |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
10. | STOCKS |
30.9.23 | 30.9.22 |
as restated |
£ | £ |
Stocks |
THE PASTA BOWL LIMITED (REGISTERED NUMBER: 03240521) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 September 2023 |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.23 | 30.9.22 |
as restated |
£ | £ |
Trade debtors |
Other debtors |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.23 | 30.9.22 |
as restated |
£ | £ |
Bank loans and overdrafts (see note 14) |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 312,153 | 345,208 |
Other creditors |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.9.23 | 30.9.22 |
as restated |
£ | £ |
Bank loans (see note 14) |
14. | LOANS |
An analysis of the maturity of loans is given below: |
30.9.23 | 30.9.22 |
as restated |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 812,682 | 915,055 |
THE PASTA BOWL LIMITED (REGISTERED NUMBER: 03240521) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 September 2023 |
15. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
30.9.23 | 30.9.22 |
as restated |
£ | £ |
Within one year |
Between one and five years |
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred. |
16. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.9.23 | 30.9.22 |
as restated |
£ | £ |
Bank loans |
The bank borrowings are secured by a charge on the company's property, a personal guarantee by the director and a debenture. |
17. | PROVISIONS FOR LIABILITIES |
30.9.23 | 30.9.22 |
as restated |
£ | £ |
Deferred tax | 90,997 | 77,410 |
Deferred |
tax |
£ |
Balance at 1 October 2022 |
Provided during year |
Accelerated capital allowances |
Balance at 30 September 2023 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.9.23 | 30.9.22 |
value: | as restated |
£ | £ |
Ordinary | £1 | 3,300 | 3,300 |
THE PASTA BOWL LIMITED (REGISTERED NUMBER: 03240521) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 September 2023 |
19. | RESERVES |
Retained |
earnings |
£ |
At 1 October 2022 |
Prior year adjustment | ( | ) |
Profit for the year |
At 30 September 2023 |
20. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
Included in other debtors is £568,804 (2022:£451,804) owed to the company by the directors. Interest at the rate of 2.25% has been charged on the loan. |
During the year the company received a management charge of £130,400 (2022: £84,000) from Prime Steak & Grill Ltd, a company under the common control of the directors. |
21. | ULTIMATE CONTROLLING PARTY |
The controlling party is Mr F Pacelli. |