Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31true134false2023-03-01falseNo description of principal activity174trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09448599 2023-03-01 2023-12-31 09448599 2022-03-01 2023-02-28 09448599 2023-12-31 09448599 2023-02-28 09448599 c:Director6 2023-03-01 2023-12-31 09448599 d:Buildings d:LongLeaseholdAssets 2023-03-01 2023-12-31 09448599 d:Buildings d:LongLeaseholdAssets 2023-12-31 09448599 d:Buildings d:LongLeaseholdAssets 2023-02-28 09448599 d:FurnitureFittings 2023-03-01 2023-12-31 09448599 d:FurnitureFittings 2023-12-31 09448599 d:FurnitureFittings 2023-02-28 09448599 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-03-01 2023-12-31 09448599 d:OfficeEquipment 2023-03-01 2023-12-31 09448599 d:OfficeEquipment 2023-12-31 09448599 d:OfficeEquipment 2023-02-28 09448599 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-03-01 2023-12-31 09448599 d:ComputerEquipment 2023-03-01 2023-12-31 09448599 d:ComputerEquipment 2023-12-31 09448599 d:ComputerEquipment 2023-02-28 09448599 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-03-01 2023-12-31 09448599 d:OtherPropertyPlantEquipment 2023-03-01 2023-12-31 09448599 d:OtherPropertyPlantEquipment 2023-12-31 09448599 d:OtherPropertyPlantEquipment 2023-02-28 09448599 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-03-01 2023-12-31 09448599 d:OwnedOrFreeholdAssets 2023-03-01 2023-12-31 09448599 d:ComputerSoftware 2023-12-31 09448599 d:ComputerSoftware 2023-02-28 09448599 d:CurrentFinancialInstruments 2023-12-31 09448599 d:CurrentFinancialInstruments 2023-02-28 09448599 d:Non-currentFinancialInstruments 2023-12-31 09448599 d:Non-currentFinancialInstruments 2023-02-28 09448599 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 09448599 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 09448599 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 09448599 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 09448599 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 09448599 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-02-28 09448599 d:ShareCapital 2023-12-31 09448599 d:ShareCapital 2023-02-28 09448599 d:SharePremium 2023-12-31 09448599 d:SharePremium 2023-02-28 09448599 d:RetainedEarningsAccumulatedLosses 2023-12-31 09448599 d:RetainedEarningsAccumulatedLosses 2023-02-28 09448599 c:OrdinaryShareClass1 2023-03-01 2023-12-31 09448599 c:OrdinaryShareClass1 2023-12-31 09448599 c:FRS102 2023-03-01 2023-12-31 09448599 c:AuditExempt-NoAccountantsReport 2023-03-01 2023-12-31 09448599 c:FullAccounts 2023-03-01 2023-12-31 09448599 c:PrivateLimitedCompanyLtd 2023-03-01 2023-12-31 09448599 d:WithinOneYear 2023-12-31 09448599 d:WithinOneYear 2023-02-28 09448599 d:BetweenOneFiveYears 2023-12-31 09448599 d:BetweenOneFiveYears 2023-02-28 09448599 d:MoreThanFiveYears 2023-12-31 09448599 d:MoreThanFiveYears 2023-02-28 09448599 4 2023-03-01 2023-12-31 09448599 d:ComputerSoftware d:OwnedIntangibleAssets 2023-03-01 2023-12-31 09448599 e:PoundSterling 2023-03-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 09448599









PANTECHNICON (LONDON) LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2023

 
PANTECHNICON (LONDON) LIMITED
REGISTERED NUMBER: 09448599

BALANCE SHEET
AS AT 31 DECEMBER 2023

31 December
28 February
2023
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
2,911
3,380

Tangible assets
 5 
1,179,243
695,805

  
1,182,154
699,185

Current assets
  

Stocks
 6 
188,639
179,476

Debtors: amounts falling due within one year
 7 
340,016
1,878,131

Cash at bank and in hand
 8 
76,299
132,754

  
604,954
2,190,361

Creditors: amounts falling due within one year
 9 
(4,714,764)
(4,614,610)

Net current liabilities
  
 
 
(4,109,810)
 
 
(2,424,249)

Total assets less current liabilities
  
(2,927,656)
(1,725,064)

Creditors: amounts falling due after more than one year
 10 
(262,375)
(515,005)

  

Net liabilities
  
(3,190,031)
(2,240,069)


Capital and reserves
  

Called up share capital 
 12 
35,245
35,245

Share premium account
  
5,065,255
5,065,255

Profit and loss account
  
(8,290,531)
(7,340,569)

  
(3,190,031)
(2,240,069)


Page 1

 
PANTECHNICON (LONDON) LIMITED
REGISTERED NUMBER: 09448599
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 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 period 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
Director

Date: 26 February 2025

Page 2

 
PANTECHNICON (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

The company is a private company limited by shares, registered in England & Wales (registration number - 09448599). 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 directors had 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 directors consider 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 PERIOD ENDED 31 DECEMBER 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

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.

 
2.7

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.

 
2.8

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.

Page 4

 
PANTECHNICON (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

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.

 
2.9

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.

 
2.10

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.

 
2.11

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.

Page 5

 
PANTECHNICON (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

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.

 
2.13

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 period was 134 (2023 - 174).


4.


Intangible assets






Computer software

£



Cost


At 1 March 2023
5,633



At 31 December 2023

5,633



Amortisation


At 1 March 2023
2,253


Charge for the period on owned assets
469



At 31 December 2023

2,722



Net book value



At 31 December 2023
2,911



At 28 February 2023
3,380



Page 6

 
PANTECHNICON (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 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 2023
3,986,427
871,631
33,803
16,785
9,338
4,917,984


Additions
656,307
3,779
520
5,999
-
666,605



At 31 December 2023

4,642,734
875,410
34,323
22,784
9,338
5,584,589



Depreciation


At 1 March 2023
3,294,345
871,445
33,803
16,785
5,800
4,222,178


Charge for the period on owned assets
178,641
713
73
1,873
1,868
183,168



At 31 December 2023

3,472,986
872,158
33,876
18,658
7,668
4,405,346



Net book value



At 31 December 2023
1,169,748
3,252
447
4,126
1,670
1,179,243



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

Page 7

 
PANTECHNICON (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

6.


Stocks

31 December
28 February
2023
2023
£
£

Stocks and consumables
188,639
179,476

188,639
179,476



7.


Debtors

31 December
28 February
2023
2023
£
£


Trade debtors
23,868
23,299

Amounts owed by group undertakings
-
1,635,147

Other debtors
78,177
105,953

Prepayments and accrued income
237,971
113,732

340,016
1,878,131



8.


Cash and cash equivalents

31 December
28 February
2023
2023
£
£

Cash at bank and in hand
76,299
132,754

76,299
132,754


Page 8

 
PANTECHNICON (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

9.


Creditors: Amounts falling due within one year

31 December
28 February
2023
2023
£
£

Trade creditors
1,151,474
833,999

Amounts owed to group undertakings
716,011
-

Other taxation and social security
203,410
902,719

Other creditors
290,019
328,491

Accruals and deferred income
2,353,850
2,549,401

4,714,764
4,614,610



10.


Creditors: Amounts falling due after more than one year

31 December
28 February
2023
2023
£
£

Other loans
262,375
515,005

262,375
515,005


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


11.


Loans


Analysis of the maturity of loans is given below:


31 December
28 February
2023
2023
£
£


Amounts falling due 1-2 years

Other loans
262,376
515,004


262,376
515,004



262,376
515,004


Page 9

 
PANTECHNICON (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

12.


Share capital

31 December
28 February
2023
2023
£
£
Allotted, called up and fully paid



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



13.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

31 December
28 February
2023
2023
£
£


Not later than 1 year
557,500
557,500

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

Later than 5 years
7,944,375
8,501,875

10,731,875
11,289,375

 
Page 10