Caseware UK (AP4) 2023.0.135 2023.0.135 2023-02-282023-02-28No description of principal activity1702022-03-01false174truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 09448599 2022-03-01 2023-02-28 09448599 2021-03-01 2022-02-28 09448599 2023-02-28 09448599 2022-02-28 09448599 c:Director6 2022-03-01 2023-02-28 09448599 c:Director7 2022-03-01 2023-02-28 09448599 d:Buildings d:LongLeaseholdAssets 2022-03-01 2023-02-28 09448599 d:Buildings d:LongLeaseholdAssets 2023-02-28 09448599 d:Buildings d:LongLeaseholdAssets 2022-02-28 09448599 d:FurnitureFittings 2022-03-01 2023-02-28 09448599 d:FurnitureFittings 2023-02-28 09448599 d:FurnitureFittings 2022-02-28 09448599 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 09448599 d:OfficeEquipment 2022-03-01 2023-02-28 09448599 d:OfficeEquipment 2023-02-28 09448599 d:OfficeEquipment 2022-02-28 09448599 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 09448599 d:ComputerEquipment 2022-03-01 2023-02-28 09448599 d:ComputerEquipment 2023-02-28 09448599 d:ComputerEquipment 2022-02-28 09448599 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 09448599 d:OtherPropertyPlantEquipment 2022-03-01 2023-02-28 09448599 d:OtherPropertyPlantEquipment 2023-02-28 09448599 d:OtherPropertyPlantEquipment 2022-02-28 09448599 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 09448599 d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 09448599 d:ComputerSoftware 2023-02-28 09448599 d:ComputerSoftware 2022-02-28 09448599 d:CurrentFinancialInstruments 2023-02-28 09448599 d:CurrentFinancialInstruments 2022-02-28 09448599 d:Non-currentFinancialInstruments 2023-02-28 09448599 d:Non-currentFinancialInstruments 2022-02-28 09448599 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 09448599 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 09448599 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 09448599 d:Non-currentFinancialInstruments d:AfterOneYear 2022-02-28 09448599 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-02-28 09448599 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-02-28 09448599 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-02-28 09448599 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-02-28 09448599 d:ShareCapital 2023-02-28 09448599 d:ShareCapital 2022-02-28 09448599 d:SharePremium 2023-02-28 09448599 d:SharePremium 2022-02-28 09448599 d:RetainedEarningsAccumulatedLosses 2023-02-28 09448599 d:RetainedEarningsAccumulatedLosses 2022-02-28 09448599 c:OrdinaryShareClass1 2022-03-01 2023-02-28 09448599 c:OrdinaryShareClass1 2023-02-28 09448599 c:FRS102 2022-03-01 2023-02-28 09448599 c:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 09448599 c:FullAccounts 2022-03-01 2023-02-28 09448599 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 09448599 d:WithinOneYear 2023-02-28 09448599 d:WithinOneYear 2022-02-28 09448599 d:BetweenOneFiveYears 2023-02-28 09448599 d:BetweenOneFiveYears 2022-02-28 09448599 d:MoreThanFiveYears 2023-02-28 09448599 d:MoreThanFiveYears 2022-02-28 09448599 4 2022-03-01 2023-02-28 09448599 d:ComputerSoftware d:OwnedIntangibleAssets 2022-03-01 2023-02-28 09448599 e:PoundSterling 2022-03-01 2023-02-28 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 09448599









PANTECHNICON (LONDON) LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 28 FEBRUARY 2023

 
PANTECHNICON (LONDON) LIMITED
REGISTERED NUMBER: 09448599

BALANCE SHEET
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
3,379
4,506

Tangible assets
 5 
695,805
4,229,705

  
699,184
4,234,211

Current assets
  

Stocks
 6 
179,476
315,064

Debtors: amounts falling due within one year
 7 
1,878,131
561,200

Cash at bank and in hand
 8 
132,754
10,988

  
2,190,361
887,252

Creditors: amounts falling due within one year
 9 
(4,614,610)
(9,777,558)

Net current liabilities
  
 
 
(2,424,249)
 
 
(8,890,306)

Total assets less current liabilities
  
(1,725,065)
(4,656,095)

Creditors: amounts falling due after more than one year
 10 
(515,004)
(2,109,167)

  

Net liabilities
  
(2,240,069)
(6,765,262)


Capital and reserves
  

Called up share capital 
 12 
35,245
34,550

Share premium account
  
5,065,255
965,450

Profit and loss account
  
(7,340,569)
(7,765,262)

  
(2,240,069)
(6,765,262)


Page 1

 
PANTECHNICON (LONDON) LIMITED
REGISTERED NUMBER: 09448599
    
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2023

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: 




A Gonzalez
A Nazih Hafez
Director
Director


Date: 22 November 2024
Date: 22 November 2024

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
PANTECHNICON (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 101 New Cavendish Street, 1st Floor South, London, United Kingdom, W1W 6XH.
The financial statements are presented in Sterling, which is the functional currency of the company.

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 following principal accounting policies have been applied:

 
2.2

Going concern

In assessing the ability of the company to operate as a going concern, management have evaluated current and forecasted operational results, and the solvency of the company. The director has obtained assurances from the shareholders to continue to provide adequate funds to meet its obligations, and not to demand repayment of any funds due to them, until the company is in a financial position to do so. As a result, the director considers it appropriate to prepare the financial statements on a going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
PANTECHNICON (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.4

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:

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.

 
2.5

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.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.7

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 4

 
PANTECHNICON (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.9

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, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements
-
Over the term of the lease
Fixtures and fittings
-
20%
Straight-line method
Office equipment
-
20%
Straight-line method
Computer equipment
-
33%
Straight-line method
Other fixed assets
-
20%
Straight-line method

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.

 
2.10

Impairment of fixed assets

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.11

Stocks

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.

Page 5

 
PANTECHNICON (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.12

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.

 
2.13

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.

 
2.14

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 174 (2022 - 170).

Page 6

 
PANTECHNICON (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

4.


Intangible assets




Computer software

£



Cost


At 1 March 2022
5,633



At 28 February 2023

5,633



Amortisation


At 1 March 2022
1,127


Charge for the year on owned assets
1,127



At 28 February 2023

2,254



Net book value



At 28 February 2023
3,379



At 28 February 2022
4,506



Page 7

 
PANTECHNICON (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

5.


Tangible fixed assets





Long-term leasehold property
Fixtures and fittings
Office equipment
Computer equipment
Other fixed assets
Total

£
£
£
£
£
£



Cost or valuation


At 1 March 2022
3,817,621
850,755
31,424
16,785
9,338
4,725,923


Additions
168,805
20,877
2,379
-
-
192,061



At 28 February 2023

3,986,426
871,632
33,803
16,785
9,338
4,917,984



Depreciation


At 1 March 2022
213,219
250,465
17,406
11,194
3,932
496,216


Charge for the year on owned assets
152,566
172,158
7,249
5,306
1,868
339,147


Impairment charge
2,928,560
448,823
9,148
285
-
3,386,816



At 28 February 2023

3,294,345
871,446
33,803
16,785
5,800
4,222,179



Net book value



At 28 February 2023
692,081
186
-
-
3,538
695,805



At 28 February 2022
3,604,401
600,290
14,018
5,591
5,405
4,229,705

Page 8

 
PANTECHNICON (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

6.


Stocks

2023
2022
£
£

Stocks and consumables
179,476
315,064

179,476
315,064



7.


Debtors

2023
2022
£
£


Trade debtors
23,299
149,844

Amounts owed by group undertakings
1,635,147
-

Other debtors
105,953
334,265

Prepayments and accrued income
113,732
77,091

1,878,131
561,200



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
132,754
10,988

Less: bank overdrafts
-
(365,912)

132,754
(354,924)


Page 9

 
PANTECHNICON (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
365,912

Bank loans
-
130,000

Trade creditors
833,999
862,546

Other taxation and social security
902,719
647,609

Other creditors
328,491
5,366,679

Accruals and deferred income
2,549,401
2,404,812

4,614,610
9,777,558



10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
-
509,167

Other loans
515,004
1,600,000

515,004
2,109,167


Other loans are secured by way of a fixed and floating charge over the assets of the company.

Page 10

 
PANTECHNICON (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

11.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
-
130,000


-
130,000

Amounts falling due 1-2 years

Other loans
515,004
-


515,004
-

Amounts falling due 2-5 years

Bank loans
-
509,167

Other loans
-
1,600,000


-
2,109,167


515,004
2,239,167



12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



3,524,500 Ordinary Shares of £0.01
35,245
34,550


On the 1st January 2023, 69,500 Ordinary shares of £0.01 each were issued for total consideration of £4,099,805.

Page 11

 
PANTECHNICON (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

13.


Commitments under operating leases

At 28 February 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
557,500
555,000

Later than 1 year and not later than 5 years
2,230,000
2,230,000

Later than 5 years
8,501,875
9,059,375

11,289,375
11,844,375

 
Page 12