Caseware UK (AP4) 2024.0.164 2024.0.164 2024-06-302024-06-30truefalse2023-07-01false2628true 02078808 2023-07-01 2024-06-30 02078808 2022-07-01 2023-06-30 02078808 2024-06-30 02078808 2023-06-30 02078808 c:Director1 2023-07-01 2024-06-30 02078808 d:FurnitureFittings 2023-07-01 2024-06-30 02078808 d:FurnitureFittings 2024-06-30 02078808 d:FurnitureFittings 2023-06-30 02078808 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 02078808 d:OfficeEquipment 2023-07-01 2024-06-30 02078808 d:OfficeEquipment 2024-06-30 02078808 d:OfficeEquipment 2023-06-30 02078808 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 02078808 d:ComputerEquipment 2023-07-01 2024-06-30 02078808 d:ComputerEquipment 2024-06-30 02078808 d:ComputerEquipment 2023-06-30 02078808 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 02078808 d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 02078808 d:CopyrightsPatentsTrademarksServiceOperatingRights 2024-06-30 02078808 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-06-30 02078808 d:CurrentFinancialInstruments 2024-06-30 02078808 d:CurrentFinancialInstruments 2023-06-30 02078808 d:Non-currentFinancialInstruments 2024-06-30 02078808 d:Non-currentFinancialInstruments 2023-06-30 02078808 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 02078808 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 02078808 d:Non-currentFinancialInstruments d:AfterOneYear 2024-06-30 02078808 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 02078808 d:ShareCapital 2024-06-30 02078808 d:ShareCapital 2023-06-30 02078808 d:RetainedEarningsAccumulatedLosses 2024-06-30 02078808 d:RetainedEarningsAccumulatedLosses 2023-06-30 02078808 c:OrdinaryShareClass1 2023-07-01 2024-06-30 02078808 c:OrdinaryShareClass1 2024-06-30 02078808 c:OrdinaryShareClass2 2023-07-01 2024-06-30 02078808 c:OrdinaryShareClass2 2024-06-30 02078808 c:OrdinaryShareClass3 2023-07-01 2024-06-30 02078808 c:OrdinaryShareClass3 2024-06-30 02078808 c:OrdinaryShareClass4 2023-07-01 2024-06-30 02078808 c:OrdinaryShareClass4 2024-06-30 02078808 c:OrdinaryShareClass5 2023-07-01 2024-06-30 02078808 c:OrdinaryShareClass5 2024-06-30 02078808 c:FRS102 2023-07-01 2024-06-30 02078808 c:Audited 2023-07-01 2024-06-30 02078808 c:FullAccounts 2023-07-01 2024-06-30 02078808 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 02078808 c:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 02078808 4 2023-07-01 2024-06-30 02078808 6 2023-07-01 2024-06-30 02078808 e:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 02078808










PAVILION PUBLISHING AND MEDIA LTD.










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024

 
PAVILION PUBLISHING AND MEDIA LTD.
REGISTERED NUMBER: 02078808

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 6 
3,741
16,408

  
3,741
16,408

Current assets
  

Stocks
 7 
230,601
237,956

Debtors: amounts falling due within one year
 8 
258,511
216,628

Cash at bank and in hand
 9 
11,759
27,024

  
500,871
481,608

Creditors: amounts falling due within one year
 10 
(493,591)
(417,069)

Net current assets
  
 
 
7,280
 
 
64,539

Total assets less current liabilities
  
11,021
80,947

Creditors: amounts falling due after more than one year
 11 
(11,021)
(80,947)

  

Net assets
  
-
-


Capital and reserves
  

Called up share capital 
 12 
454
454

Profit and loss account
  
(454)
(454)

  
-
-


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 income and retained earnings 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 on 16 December 2024.


................................................
P O'Hara
Director

The notes on pages 3 to 12 form part of these financial statements.
Page 1

 
PAVILION PUBLISHING AND MEDIA LTD.
REGISTERED NUMBER: 02078808
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024


Page 2

 
PAVILION PUBLISHING AND MEDIA LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Pavilion Publishing and Media Ltd. is a private Company limited by shares incorporated in England and Wales (no. 02078808). The Company's registered office is Cairns House, 10 Station Road, Teddington, Middlesex, TW11 9AA. The principal activity of the Company is the provision of knowledge and publishing services.

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 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 following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

 
2.3

Going concern

At 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.
The Company meets its day to day working capital requirements through a long-term overdraft facility. The overdraft facility was most recently renewed for a period to 30 June 2025. There is no indication that the current facility cannot be serviced, and the Company has prepared formal financial statements and cashflow forecasts to 30 June 2026 to support this. The forecasts prepared to date show the Company to be able to maintain their facilities up to the renewal date.
In addition, the forecasts have been prepared on both an expected case as well as a downside case which builds in the financial impact of downside risk events, including the failure to renew the overdraft facility. Under this scenario, the Company’s ability to generate sufficient funds to meet short term operating cash requirements is reliant upon the Company’s ability to sell certain assets it holds, or to obtain alternative financing.

Page 3

 
PAVILION PUBLISHING AND MEDIA LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.4

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.

 
2.5

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

Page 4

 
PAVILION PUBLISHING AND MEDIA LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.6

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.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.9

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.

Page 5

 
PAVILION PUBLISHING AND MEDIA LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.10

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.

 
2.11

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:

Fixtures and fittings
-
20% Straight line
Office equipment
-
33% Straight line
Computer equipment
-
33% Straight line

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.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.13

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 6

 
PAVILION PUBLISHING AND MEDIA LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.14

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.

 
2.15

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.

 
2.16

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.


Judgements in applying accounting policies and key sources of estimation uncertainty

Stocks are stated at the lower of cost and net realisable value, which is determined with reference to expected selling prices for the goods in question.


4.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Sales and marketing
3
3



Administrative
23
25

26
28

Page 7

 
PAVILION PUBLISHING AND MEDIA LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Intangible assets




Other intangible assets

£



Cost


At 1 July 2023
15,000



At 30 June 2024

15,000



Amortisation


At 1 July 2023
15,000



At 30 June 2024

15,000



Net book value



At 30 June 2024
-



At 30 June 2023
-



Page 8

 
PAVILION PUBLISHING AND MEDIA LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Tangible fixed assets





Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 July 2023
882
1,742
722,813
725,437



At 30 June 2024

882
1,742
722,813
725,437



Depreciation


At 1 July 2023
882
1,742
706,405
709,029


Charge for the year on owned assets
-
-
12,667
12,667



At 30 June 2024

882
1,742
719,072
721,696



Net book value



At 30 June 2024
-
-
3,741
3,741



At 30 June 2023
-
-
16,408
16,408


7.


Stocks

2024
2023
£
£

Work in progress
24,906
17,599

Finished goods
205,695
220,357

230,601
237,956


Page 9

 
PAVILION PUBLISHING AND MEDIA LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

8.


Debtors

2024
2023
£
£


Trade debtors
184,607
129,547

Amounts owed by group undertakings
41,126
41,126

Other debtors
15,386
22,998

Prepayments and accrued income
17,392
22,957

258,511
216,628



9.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
11,759
27,024

11,759
27,024



10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
42,840
50,323

Amounts owed to group undertakings
76,447
14,625

Other taxation and social security
19,780
21,031

Other creditors
36,702
7,210

Accruals and deferred income
317,822
323,880

493,591
417,069


Page 10

 
PAVILION PUBLISHING AND MEDIA LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Amounts owed to group undertakings
11,021
80,947

11,021
80,947


The Company's bank facilities are secured by the following:
 - A debenture, including fixed and floating charges, over the Company's assets dated 7 March 2024.


12.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



150 Ordinary shares of £1.00 each
150
150
1 "A" Ordinary share of £1.00
1
1
1 "B" Ordinary share of £1.00
1
1
1 "C" Ordinary share of £1.00
1
1
300 "D" Ordinary shares of £1.00 each
300
300
1 "E" Ordinary share of £1.00
1
1

454

454



13.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £35,449 (2023 - £38,261). Contributions totalling £6,702 (2023 - £7,099) were payable to the fund at the balance sheet date and are included in creditors.


14.


Related party transactions

The Company has taken advantage of the exemption available under FRS102 Section 1A not to disclose transactions with other wholly owned group undertakings.
Included within other creditors is £30,000 (2023 - £Nil) due to certain directors of the company. These amounts are unsecured, interest-free and repayable on demand.
Key Management Personnel
All directors and certain senior employees who have authority and responsibility for planning, directing and controlling the activities of the Company are considered to be key management. The Company has taken advantage of the exemption within section 1A of FRS102 not to disclose key management personnel remuneration.

Page 11

 
PAVILION PUBLISHING AND MEDIA LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

15.


Controlling party

The smallest and largest group, of which the Company is a member, for which consolidated financial statements are drawn up is that headed by OLM Group Limited, a company incorporated in England and Wales, with its registered office at Cairns House, 10 Station Road, Teddington, Middlesex, TW11 9AA.
The ultimate controlling party is P O'Hara, by virtue of his majority shareholding in OLM Group Limited.


16.


Auditors' information

The auditors' report on the financial statements for the year ended 30 June 2024 was unqualified.

The audit report was signed on 16 December 2024 by Andrew Cameron (Senior Statutory Auditor) on behalf of Ryecroft Glenton.

 
Page 12