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REGISTERED NUMBER: 03240521 (England and Wales)














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:

Mr F Pacelli


Mr T Greenhill





SECRETARY:

Ms K Britton





REGISTERED OFFICE:

Hartfield Place


40 - 44 High Street


Northwood


Middlesex


HA6 1BN





REGISTERED NUMBER:

03240521 (England and Wales)





AUDITORS:

Munday Long & Co Ltd


Chartered Certified Accountants


& Statutory Auditors


Alton House


66 High Street


Northwood


Middlesex


HA6 1BL





BANKERS:

Barclays Bank PLC


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 The business continues to recover post-pandemic, although the Local Restriction Grant received in 2022 (£41,661) was no longer applicable this year.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:






Mr F Pacelli - Director



30 October 2024



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.


Mr F Pacelli

Mr T Greenhill


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:






Mr F Pacelli - Director



30 October 2024


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.





Raymond Long FCA FCCA (Senior Statutory Auditor)

for and on behalf of Munday Long & Co Ltd

Chartered Certified Accountants

& Statutory Auditors

Alton House

66 High Street

Northwood

Middlesex

HA6 1BL


30 October 2024



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

11,298,574


11,163,636




Cost of sales

8,187,417


8,391,615



GROSS PROFIT

3,111,157


2,772,021




Administrative expenses

2,633,671


2,501,027



477,486


270,994




Other operating income

164,235


163,482



OPERATING PROFIT

4

641,721


434,476




Interest receivable and similar income

18,220


9,381



659,941


443,857




Interest payable and similar expenses

5

61,735


25,541



PROFIT BEFORE TAXATION

598,206


418,316




Tax on profit

6

155,628


131,561



PROFIT FOR THE FINANCIAL YEAR

442,578


286,755





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

442,578


286,755





OTHER COMPREHENSIVE INCOME

-


-



TOTAL COMPREHENSIVE INCOME

FOR THE YEAR

442,578


286,755




Note

Prior year adjustment

7

(546,704

)


TOTAL COMPREHENSIVE INCOME

SINCE LAST ANNUAL REPORT

(104,126

)




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

2,965,007


1,949,479



2,965,007


1,949,479




CURRENT ASSETS

Stocks

10

119,249


120,000



Debtors

11

1,016,031


696,659



Cash at bank and in hand

1,893,490


2,956,597



3,028,770


3,773,256



CREDITORS

Amounts falling due within one year

12

1,947,566


2,030,316



NET CURRENT ASSETS

1,081,204


1,742,940



TOTAL ASSETS LESS CURRENT

LIABILITIES

4,046,211


3,692,419




CREDITORS

Amounts falling due after more than one

year

13

(812,682

)

(915,055

)



PROVISIONS FOR LIABILITIES

17

(90,997

)

(77,410

)


NET ASSETS

3,142,532


2,699,954




CAPITAL AND RESERVES

Called up share capital

18

3,300


3,300



Retained earnings

19

3,139,232


2,696,654



SHAREHOLDERS' FUNDS

3,142,532


2,699,954




The financial statements were approved by the Board of Directors and authorised for issue on 30 October 2024 and were signed on its behalf by:






Mr F Pacelli - Director




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

3,300


2,409,899


2,413,199




Changes in equity

Profit for the year

-


833,459


833,459



Total comprehensive income

-


833,459


833,459



Balance at 30 September 2022

3,300


3,243,358


3,246,658



Prior year adjustment

-


(546,704

)

(546,704

)


As restated

3,300


2,696,654


2,699,954




Changes in equity

Profit for the year

-


442,578


442,578



Total comprehensive income

-


442,578


442,578



Balance at 30 September 2023

3,300


3,139,232


3,142,532





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

456,166


1,292,393



Interest paid

(61,735

)

(25,541

)


Loan repayments

(102,373

)

181,968



Tax paid

(152,073

)

(105,548

)


Net cash from operating activities

139,985


1,343,272




Cash flows from investing activities

Purchase of tangible fixed assets

(1,266,314

)

(81,772

)


Sale of tangible fixed assets

45,002


-



Interest received

18,220


9,381



Net cash from investing activities

(1,203,092

)

(72,391

)



(Decrease)/increase in cash and cash equivalents

(1,063,107

)

1,270,881



Cash and cash equivalents at beginning of

year

2

2,956,597


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

598,206


418,316




Depreciation charges

221,030


307,022




Profit on disposal of fixed assets

(15,246

)

-




Finance costs

61,735


25,541




Finance income

(18,220

)

(9,381

)


847,505


741,498




Decrease/(increase) in stocks

751


(10,000

)



Increase in trade and other debtors

(319,372

)

(142,679

)



(Decrease)/increase in trade and other creditors

(72,718

)

703,574




Cash generated from operations

456,166


1,292,393




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


(1,063,107

)

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 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" 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.


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


Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.  


Freehold property

-

2% on cost


Short leasehold

-

at varying rates on cost


Fixtures and equipment

-

25% on reducing balance


Motor vehicles

-

25% on reducing balance


Computer equipment

-

25% on reducing balance



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

4,403,250


4,129,782




Social security costs

386,393


357,865




Other pension costs

56,607


58,394



4,846,250


4,546,041





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



185


205





30.9.23


30.9.22


as restated


£   

£   



Directors' remuneration

516,985


458,811





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

310,802


277,181




4.

OPERATING PROFIT



The operating profit is stated after charging/(crediting):



30.9.23


30.9.22


as restated


£   

£   



Other operating leases

451,461


452,030




Depreciation - owned assets

221,030


307,024




Profit on disposal of fixed assets

(15,246

)

-




Auditors' remuneration

19,000


-




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

61,735


25,258




Interest on overdue tax paid

-


283



61,735


25,541




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

142,041


120,416





Deferred tax

13,587


11,145




Tax on profit

155,628


131,561





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

598,206


418,316




Profit multiplied by the standard rate of corporation tax in the UK of

22.008% (2022 - 19%)  

131,653


79,480





Effects of:


Expenses not deductible for tax purposes

6,164


-




Capital allowances in excess of depreciation

(2,433

)

-




Depreciation in excess of capital allowances

-


12,708




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

115,000




AMORTISATION


At 1 October 2022


and 30 September 2023

115,000




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

1,313,879


1,053,319


202,394




Additions

801,046


272,923


-




Disposals

-


-


-




At 30 September 2023

2,114,925


1,326,242


202,394




DEPRECIATION


At 1 October 2022

148,570


612,049


106,095




Charge for year

30,283


64,460


18,455




Eliminated on disposal

-


-


-




At 30 September 2023

178,853


676,509


124,550




NET BOOK VALUE


At 30 September 2023

1,936,072


649,733


77,844




At 30 September 2022

1,165,309


441,270


96,299





Fixtures



and


Motor


Computer



equipment


vehicles


equipment


Totals

£   

£   

£   

£   



COST


At 1 October 2022

1,167,664


58,275


35,231


3,830,762




Additions

155,613


36,732


-


1,266,314




Disposals

-


(52,900

)

-


(52,900

)



At 30 September 2023

1,323,277


42,107


35,231


5,044,176




DEPRECIATION


At 1 October 2022

956,309


28,348


29,912


1,881,283




Charge for year

96,842


9,223


1,767


221,030




Eliminated on disposal

-


(23,144

)

-


(23,144

)



At 30 September 2023

1,053,151


14,427


31,679


2,079,169




NET BOOK VALUE


At 30 September 2023

270,126


27,680


3,552


2,965,007




At 30 September 2022

211,355


29,927


5,319


1,949,479




10.

STOCKS


30.9.23


30.9.22


as restated


£   

£   



Stocks

119,249


120,000





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

87,065


-




Other debtors

928,966


696,659



1,016,031


696,659




12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



30.9.23


30.9.22


as restated


£   

£   



Bank loans and overdrafts (see note 14)

116,551


116,551




Trade creditors

688,942


788,464




Tax

144,134


154,166




Social security and other taxes

98,894


147,724




VAT

312,153


345,208




Other creditors

586,892


478,203



1,947,566


2,030,316




13.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE

YEAR



30.9.23


30.9.22


as restated


£   

£   



Bank loans (see note 14)

812,682


915,055




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

116,551


116,551





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

276,100


352,600




Between one and five years

1,104,400


1,104,400



1,380,500


1,457,000





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

929,233


1,031,606





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

77,410




Provided during year

13,587




Accelerated capital allowances



Balance at 30 September 2023

90,997




18.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

30.9.23


30.9.22


value:


as restated


£   

£   



3,300

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

3,243,358




Prior year adjustment

(546,704

)


2,696,654




Profit for the year

442,578




At 30 September 2023

3,139,232




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.