Company Registration No. 07201116 (England and Wales)
PRESTO CLASSICAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
PRESTO CLASSICAL LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 12
PRESTO CLASSICAL LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
393,838
384,182
Tangible assets
5
185,698
197,781
579,536
581,963
Current assets
Stocks
654,712
617,684
Debtors
6
889,223
850,301
Cash at bank and in hand
398,543
326,276
1,942,478
1,794,261
Creditors: amounts falling due within one year
7
(1,223,752)
(1,130,307)
Net current assets
718,726
663,954
Total assets less current liabilities
1,298,262
1,245,917
Provisions for liabilities
(11,998)
(11,349)
Net assets
1,286,264
1,234,568
Capital and reserves
Called up share capital
8
101
101
Profit and loss reserves
1,286,163
1,234,467
Total equity
1,286,264
1,234,568
PRESTO CLASSICAL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 26 November 2024 and are signed on its behalf by:
Mr C M O'Reilly
Mr R J Ferrer
Director
Director
Mr G Southern
Mrs K Daniels
Director
Director
Mr A James
Director
Company Registration No. 07201116
PRESTO CLASSICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Presto Classical Limited is a private company limited by shares incorporated in England and Wales. The registered office is 23-25 Waterloo Place, Leamington Spa, Warwickshire, CV32 5LA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Presto Classical Limited is a wholly owned subsidiary of Presto Classical (Holdings) Ltd (10873548 - England & Wales).

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

PRESTO CLASSICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -

Revenue from the sale of classical music, sheet music, musical instruments and online sales of classical music and sheet music is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Development Costs
straight line over 5 years upon completion of project
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

PRESTO CLASSICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
straight line over length of lease
Office equipment
straight line over 5 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.8
Borrowing costs related to fixed assets

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.

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

1.9
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

PRESTO CLASSICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

PRESTO CLASSICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 7 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.13
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

PRESTO CLASSICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 8 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.17
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

PRESTO CLASSICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 9 -
1.18
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
45
48
3
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
(77,276)
(92,154)
Deferred tax
Origination and reversal of timing differences
649
(299)
Total tax credit
(76,627)
(92,453)
PRESTO CLASSICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
4
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 April 2023
209,756
317,774
527,530
Additions
-
0
96,134
96,134
At 31 March 2024
209,756
413,908
623,664
Amortisation and impairment
At 1 April 2023
136,342
7,006
143,348
Amortisation charged for the year
10,488
75,990
86,478
At 31 March 2024
146,830
82,996
229,826
Carrying amount
At 31 March 2024
62,926
330,912
393,838
At 31 March 2023
73,414
310,768
384,182
5
Tangible fixed assets
Leasehold improvements
Office equipment
Total
£
£
£
Cost
At 1 April 2023
150,354
206,226
356,580
Additions
-
0
21,171
21,171
Disposals
-
0
(6,979)
(6,979)
At 31 March 2024
150,354
220,418
370,772
Depreciation and impairment
At 1 April 2023
12,833
145,966
158,799
Depreciation charged in the year
15,009
16,600
31,609
Eliminated in respect of disposals
-
0
(5,334)
(5,334)
At 31 March 2024
27,842
157,232
185,074
Carrying amount
At 31 March 2024
122,512
63,186
185,698
At 31 March 2023
137,521
60,260
197,781
PRESTO CLASSICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
142,173
77,278
Amounts owed by group undertakings
513,623
511,619
Other debtors
233,427
261,404
889,223
850,301
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
494,780
627,595
Taxation and social security
32,339
31,050
Other creditors
696,633
471,662
1,223,752
1,130,307
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary 'A' shares of £1 each
45
45
45
45
Ordinary 'B' share of £1 each
1
1
1
1
Ordinary 'C' shares of £1 each
55
55
55
55
101
101
101
101
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Rent
672,460
781,019
PRESTO CLASSICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
9
Operating lease commitments
(Continued)
- 12 -

Outstanding operating lease commitments represent the total amounts payable within 12 months, between 2 & 5 years and more than 5 years.

10
Parent company

The company has taken advantage of the exemption available in FRS 102 1A whereby it has not disclosed transactions with the ultimate parent company of the group.

2024-03-312023-04-01false27 November 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityMr C M O'ReillyMr R J FerrerMr G SouthernMrs K DanielsMr A JamesMrs K Danielsfalsefalse072011162023-04-012024-03-31072011162024-03-31072011162023-03-3107201116core:NetGoodwill2024-03-3107201116core:IntangibleAssetsOtherThanGoodwill2024-03-3107201116core:NetGoodwill2023-03-3107201116core:IntangibleAssetsOtherThanGoodwill2023-03-3107201116core:LandBuildingscore:LeasedAssetsHeldAsLessee2024-03-3107201116core:FurnitureFittings2024-03-3107201116core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-03-3107201116core:FurnitureFittings2023-03-3107201116core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3107201116core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3107201116core:CurrentFinancialInstruments2024-03-3107201116core:CurrentFinancialInstruments2023-03-3107201116core:ShareCapital2024-03-3107201116core:ShareCapital2023-03-3107201116core:RetainedEarningsAccumulatedLosses2024-03-3107201116core:RetainedEarningsAccumulatedLosses2023-03-3107201116core:ShareCapitalOrdinaryShares2024-03-3107201116core:ShareCapitalOrdinaryShares2023-03-3107201116bus:Director12023-04-012024-03-3107201116bus:Director22023-04-012024-03-3107201116bus:Director32023-04-012024-03-3107201116bus:CompanySecretaryDirector12023-04-012024-03-3107201116bus:Director42023-04-012024-03-3107201116core:Goodwill2023-04-012024-03-3107201116core:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-3107201116core:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-04-012024-03-3107201116core:LandBuildingscore:LongLeaseholdAssets2023-04-012024-03-3107201116core:FurnitureFittings2023-04-012024-03-31072011162022-04-012023-03-3107201116core:UKTax2023-04-012024-03-3107201116core:UKTax2022-04-012023-03-3107201116core:NetGoodwill2023-03-3107201116core:IntangibleAssetsOtherThanGoodwill2023-03-31072011162023-03-3107201116core:NetGoodwill2023-04-012024-03-3107201116core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-03-3107201116core:FurnitureFittings2023-03-3107201116core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-04-012024-03-3107201116core:WithinOneYear2024-03-3107201116core:WithinOneYear2023-03-3107201116bus:PrivateLimitedCompanyLtd2023-04-012024-03-3107201116bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3107201116bus:FRS1022023-04-012024-03-3107201116bus:AuditExemptWithAccountantsReport2023-04-012024-03-3107201116bus:Director52023-04-012024-03-3107201116bus:CompanySecretary12023-04-012024-03-3107201116bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP