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REGISTERED NUMBER: 10434421 (England and Wales)















Group Strategic Report, Directors' Report and

Consolidated Financial Statements for the Year Ended 30 June 2024

for

Pasco Group Holdings Limited

Pasco Group Holdings Limited (Registered number: 10434421)






Contents of the Consolidated Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Group Strategic Report 2

Directors' Report 4

Report of the Independent Auditors 6

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 14

Consolidated Statement of Changes in Equity 15

Company Statement of Changes in Equity 16

Consolidated Cash Flow Statement 17

Company Cash Flow Statement 18

Notes to the Consolidated Financial Statements 19


Pasco Group Holdings Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: M Pasco
R Pasco
Mrs S J Pasco





REGISTERED OFFICE: 2nd Floor Grove House
55 Lowlands Road
Harrow
Middlesex
HA1 3AW





REGISTERED NUMBER: 10434421 (England and Wales)





AUDITORS: RA Audit Services Limited (Statutory Auditor)
2nd Floor
Grove House
55 Lowlands Road
Harrow
Middlesex
HA1 3AW

Pasco Group Holdings Limited (Registered number: 10434421)

Group Strategic Report
for the Year Ended 30 June 2024

The directors present their strategic report of the company and the group for the year ended 30 June 2024.

REVIEW OF BUSINESS
Pasco Group Holdings Limited is the parent of a group companies. Its subsidiaries operate as a Subway Franchisee in the Bristol and surrounding area. The group also owns some investment properties.

The key performance indicators for the period ended 30 June 2023 are as follows:



YE
30.06.24
YE
30.06.23

£ £
Turnover 9,007,042 9,469,653
Operating Profit/(Loss) 108,171 (890,465)
Profit/(Loss) for the financial year 74,404 (971,619)
Shareholders' equity 2,174,450 2,196,045

The group has performed broadly in line with the Director's expectation and continues to sustain in a highly competitive fast changing environment and global pandemic environment. During the year, the group sold 6 subway stores and is in the process of selling rest of the stores and actively looking for buyers.

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks facing the business are:

Financial risks
The exposure to credit risk is not high as all the group consumer sales are paid for by the customer at the point of order with the payment being made by the major online payment providers typically within 3 days. The rapid receipt of cash from customers also reduces the exposure to risks surrounding cash flows allowing the company to maintain sufficient cash reserves to meet its payments as they fall due. The group monitors the financial risks carefully and has strategies in place to manage these effectively.

Competitive risks
The fast food market is a competitive and over-crowded market, however due to a strong brand and established position in the market place Subway is able to mitigate these risks. Performance is carefully monitored across all stores via a daily review of a specific range of KPIs.

Commercial risks
The principal activity within the group is the managing Subway branches. The main commercial risks facing the business is ensuring the procedures and standards required by Subway are satisfied, so the customer journey is consistent across all the franchises. The business has in place policies and procedures to ensure that on an ongoing basis its commercial risks are carefully monitored and mitigated against.


Pasco Group Holdings Limited (Registered number: 10434421)

Group Strategic Report
for the Year Ended 30 June 2024

GOING CONCERN
At the time of approving the financial statements, the directors have a reasonable expectation that the group 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.

ON BEHALF OF THE BOARD:





R Pasco - Director


25 March 2025

Pasco Group Holdings Limited (Registered number: 10434421)

Directors' Report
for the Year Ended 30 June 2024

The directors present their report with the financial statements of the company and the group for the year ended 30 June 2024.

PRINCIPAL ACTIVITY
The principal activity of the ultimate parent company continued to be that of a holding company.

The principal activities of the subsidiaries were that of a restaurant and take-away business and development agent. During the year, the group sold it's development agent licence to third party and ceased to receive the income relating to that.

The group also receives rental income from investment property.

DIVIDENDS
During the year, the company paid dividends of £90,000 to Ordinary Z shares and £6,000 to Ordinary D shares.

During previous year, the company paid dividends of £10,101 to Ordinary C shares, £23,994 to Ordinary E shares and £10,000 to Ordinary Z shares.

FUTURE DEVELOPMENTS
The management is focusing on investment arm of the business and is in the process of selling subway stores.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report.

M Pasco
R Pasco
Mrs S J Pasco

Other changes in directors holding office are as follows:

S Pasco - deceased 29 February 2024

FINANCIAL RISK MANAGEMENT
Interest rate risk
The group borrows from its bankers using terms loans whose tenure depends on the nature of asset and management's view of the future direction on interest rate. The Group and its subsidiaries are mitigating risk by controlling on regular cashflow.

Liquidity risk
the objective of the group in managing liquidity risk is to ensure that it can meet its financial obligation as and when they fall due. The group is in a position to meet its commitments and obligations as they fall due.


Pasco Group Holdings Limited (Registered number: 10434421)

Directors' Report
for the Year Ended 30 June 2024

DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the Group Strategic Report, the Directors' Report 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, RA Audit Services Limited (Statutory Auditor), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





R Pasco - Director


25 March 2025

Report of the Independent Auditors to the Members of
Pasco Group Holdings Limited

Opinion
We have audited the financial statements of Pasco Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement, Company Cash Flow Statement and 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).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 June 2024 and of the group's 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 opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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 group's and the parent 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
Pasco Group Holdings Limited


Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Directors' Report, 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 Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Directors' Report 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 Directors' Responsibilities Statement set out on page five, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Pasco Group Holdings Limited


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:

Irregularities including fraud are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

The client partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify and recognise non-compliance with applicable laws and regulations.

1) We identified the laws and regulations applicable to the company through discussions with directors, key management personnel and from our commercial knowledge and experience.
2) We focused on specific laws and regulations which we considered may have a direct effect on financial statements or the operations of the company including Companies Act 2006, current taxation legislation, data protection, anti-bribery and money laundering, food safety, employment and health and safety legislation.
3) We assessed the extent of compliance with the laws and regulations identified above through making enquiries of
management.
4) Identified laws and regulations were communicated with the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by;
1) Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual suspected and alleged fraud and
2) Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
1) Performed analytical procedures to identify any unusual and unexpected relationships,
2) Tested journal entries to identify unusual transactions,
3) Investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
1) Agreeing financial statements disclosures to underlying supporting documentation.
2) Enquiring of management as to actual and potential litigation and claims and
3) Reviewing correspondence with HMRC, enquiring of management over health and safety.


Report of the Independent Auditors to the Members of
Pasco Group Holdings Limited

There are inherent limitations in our audit procedures described above. Auditing standards also limit the audit procedures required to identifying non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion

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/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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.




Abdul Hafeez FCA FCCA (Senior Statutory Auditor)
for and on behalf of RA Audit Services Limited (Statutory Auditor)
2nd Floor
Grove House
55 Lowlands Road
Harrow
Middlesex
HA1 3AW

25 March 2025

Pasco Group Holdings Limited (Registered number: 10434421)

Consolidated Income Statement
for the Year Ended 30 June 2024

30.6.24 30.6.23
Notes £    £   

TURNOVER 4 9,007,042 9,469,653

Cost of sales 6,572,798 7,112,515
GROSS PROFIT 2,434,244 2,357,138

Administrative expenses 2,346,071 3,263,447
88,173 (906,309 )

Other operating income 5 19,998 15,844
OPERATING PROFIT/(LOSS) 7 108,171 (890,465 )

Interest receivable and similar
income

190

-
108,361 (890,465 )

Interest payable and similar
expenses

9

96,605

94,666
PROFIT/(LOSS) BEFORE TAXATION 11,756 (985,131 )

Tax on profit/(loss) 10 (62,648 ) (13,512 )
PROFIT/(LOSS) FOR THE
FINANCIAL YEAR

74,404

(971,619

)
Profit/(loss) attributable to:
Owners of the parent 74,404 (971,619 )

Pasco Group Holdings Limited (Registered number: 10434421)

Consolidated Other Comprehensive Income
for the Year Ended 30 June 2024

30.6.24 30.6.23
Notes £    £   

PROFIT/(LOSS) FOR THE YEAR 74,404 (971,619 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

74,404

(971,619

)

Total comprehensive income attributable to:
Owners of the parent 74,404 (971,619 )

Pasco Group Holdings Limited (Registered number: 10434421)

Consolidated Balance Sheet
30 June 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 13 2,225,162 2,884,621
Tangible assets 14 1,138,050 1,648,132
Investments 15 - -
Investment property 16 2,286,216 1,537,710
5,649,428 6,070,463

CURRENT ASSETS
Stocks 17 60,879 91,830
Debtors 18 2,429,091 2,994,338
Cash at bank and in hand 141,700 468,238
2,631,670 3,554,406
CREDITORS
Amounts falling due within one year 19 1,822,565 2,750,384
NET CURRENT ASSETS 809,105 804,022
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,458,533

6,874,485

CREDITORS
Amounts falling due after more than
one year

20

(3,961,725

)

(4,293,434

)

PROVISIONS FOR LIABILITIES 24 (322,358 ) (385,006 )
NET ASSETS 2,174,450 2,196,045

CAPITAL AND RESERVES
Called up share capital 25 1,045,454 1,045,454
Capital redemption reserve 1,680,000 1,680,000
Fair value reserve 315,000 315,000
Retained earnings (866,004 ) (844,409 )
2,174,450 2,196,045

Pasco Group Holdings Limited (Registered number: 10434421)

Consolidated Balance Sheet - continued
30 June 2024



The financial statements were approved by the Board of Directors and authorised for issue on 25 March 2025 and were signed on its behalf by:





R Pasco - Director


Pasco Group Holdings Limited (Registered number: 10434421)

Company Balance Sheet
30 June 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 13 - -
Tangible assets 14 - -
Investments 15 5,000,454 5,000,454
Investment property 16 - -
5,000,454 5,000,454

CURRENT ASSETS
Debtors 18 1,429,109 1,481,188
Cash at bank 4,941 33,036
1,434,050 1,514,224
CREDITORS
Amounts falling due within one year 19 298,392 372,733
NET CURRENT ASSETS 1,135,658 1,141,491
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,136,112

6,141,945

CREDITORS
Amounts falling due after more than
one year

20

3,320,000

3,320,000
NET ASSETS 2,816,112 2,821,945

CAPITAL AND RESERVES
Called up share capital 25 1,045,454 1,045,454
Capital redemption reserve 1,680,000 1,680,000
Retained earnings 90,658 96,491
2,816,112 2,821,945

Company's profit for the financial
year

90,167

39,395

The financial statements were approved by the Board of Directors and authorised for issue on 25 March 2025 and were signed on its behalf by:




R Pasco - Director


Pasco Group Holdings Limited (Registered number: 10434421)

Consolidated Statement of Changes in Equity
for the Year Ended 30 June 2024

Called up Capital Fair
share Retained redemption value Total
capital earnings reserve reserve equity
£    £    £    £    £   
Balance at 1 July 2022 1,045,454 127,210 1,680,000 294,362 3,147,026

Changes in equity
Total comprehensive income - (971,619 ) - 20,638 (950,981 )
Balance at 30 June 2023 1,045,454 (844,409 ) 1,680,000 315,000 2,196,045

Changes in equity
Dividends - (96,000 ) - - (96,000 )
Total comprehensive income - 74,404 - - 74,404
Balance at 30 June 2024 1,045,454 (866,005 ) 1,680,000 315,000 2,174,449

Pasco Group Holdings Limited (Registered number: 10434421)

Company Statement of Changes in Equity
for the Year Ended 30 June 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 July 2022 1,045,454 101,191 1,680,000 2,826,645

Changes in equity
Dividends - (44,095 ) - (44,095 )
Total comprehensive income - 39,395 - 39,395
Balance at 30 June 2023 1,045,454 96,491 1,680,000 2,821,945

Changes in equity
Dividends - (96,000 ) - (96,000 )
Total comprehensive income - 90,167 - 90,167
Balance at 30 June 2024 1,045,454 90,658 1,680,000 2,816,112

Pasco Group Holdings Limited (Registered number: 10434421)

Consolidated Cash Flow Statement
for the Year Ended 30 June 2024

30.6.24 30.6.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 30 337,986 (148,551 )
Interest paid (86,742 ) (87,442 )
Interest element of hire purchase
payments paid

(9,863

)

(7,224

)
Tax paid (173,614 ) 5,210
Net cash from operating activities 67,767 (238,007 )

Cash flows from investing activities
Purchase of intangible fixed assets - (934 )
Purchase of tangible fixed assets (159,735 ) (213,978 )
Purchase of investment property (748,506 ) (537,710 )
Sale of intangible fixed assets 238,101 -
Sale of tangible fixed assets 188,733 45,615
Sale of fixed asset investments 599,800 -
Interest received 190 -
Net cash from investing activities 118,583 (707,007 )

Cash flows from financing activities
Loan repayments in year (480,906 ) (444,242 )
Capital repayments in year 70,226 37,948
Amount withdrawn by directors (6,668 ) -
Share issue - (1 )
Equity dividends paid (96,000 ) -
Net cash from financing activities (513,348 ) (406,295 )

Decrease in cash and cash equivalents (326,998 ) (1,351,309 )
Cash and cash equivalents at
beginning of year

31

468,238

1,819,547

Cash and cash equivalents at end
of year

31

141,700

468,238

Pasco Group Holdings Limited (Registered number: 10434421)

Company Cash Flow Statement
for the Year Ended 30 June 2024

30.6.24 30.6.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 30 (21,528 ) (38,493 )
Net cash from operating activities (21,528 ) (38,493 )

Cash flows from investing activities
Dividends received 96,000 44,095
Net cash from investing activities 96,000 44,095

Cash flows from financing activities
Amount withdrawn by directors (6,567 ) -
Equity dividends paid (96,000 ) (44,095 )
Net cash from financing activities (102,567 ) (44,095 )

Decrease in cash and cash equivalents (28,095 ) (38,493 )
Cash and cash equivalents at
beginning of year

31

33,036

71,529

Cash and cash equivalents at end
of year

31

4,941

33,036

Pasco Group Holdings Limited (Registered number: 10434421)

Notes to the Consolidated Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Pasco Group Holdings 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 General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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 modified to include certain financial instruments and investment properties at fair value.

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

Basis of consolidation
The consolidated financial statements incorporate those of Pasco Group Holdings Limited and all of its group subsidiaries. These are the entities the group controls through its power to govern the financial and operating policies so as to obtain economic benefits. Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date control passes. All financial statements are made upto 30 June 2024.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies into line with those used by other members of the group.

Cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill.

Pasco Group Holdings Limited (Registered number: 10434421)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Turnover
Turnover comprises the fair value of the sale of goods to external customers, net of value added tax, and returns. Revenue is recognised on the sale of goods when the significant risks and rewards of ownership of goods have passed to the buyer and the amount of revenue can be measured reliably. Revenue on goods delivered is recognised when the customer accepts delivery. Revenue also includes rental income from the investment properties.

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.

Patents and licences are being amortised evenly over their estimated useful life of seven years.

Goodwill
Positive goodwill relates to amounts capitalized on acquisitions of Triangle, Abbeywood and Southgate branches as of 1 December 2014 within Subway Store Development Ltd. The goodwill has been valued based on an independent third party valuation and is being amortised over its estimated useful life of 10 years. Acquired goodwill is written off in equal annual instalments over its estimated useful economic life. The economic life does not exceed 10 years,which the directors believe represents a true and fair view of the economic life, unless a reliable estimate of its useful economic life can be formed.

Goodwill arising on business combination is recognised in the consolidated financial statements. Goodwill calculated is the excess of consideration over the net assets acquired in the combination. Management made a reliable estimate of the useful life of goodwill being amortised over 10 years.

Patents and licences
Patents and licences relate to payments made for the right to discharge the operation of the franchise. They are amortised to the Income Statement over their estimated economic useful life.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Long leasehold - 15% on cost and 4% on cost
Improvements to property - 15% on cost
Motor vehicles - 25% on cost
Computer equipment - straight line over 3 years and 33% on cost

Tangible fixed assets are initially stated at cost and subsequently at cost less any depreciation and impairment losses.

Pasco Group Holdings Limited (Registered number: 10434421)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Investment property
Investment property which is property held to earn rentals and/or for capital appreciation is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss account.

Stocks
Stocks includes unused raw materials and consumables at the year end. Raw materials and consumables are valued at the lower of cost and net realisable value. Cost is based on the purchase cost on a first in, first out basis. Cost of raw materials is determined by reference to the standard quantity in issue to each restaurant.

Pasco Group Holdings Limited (Registered number: 10434421)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

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.

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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.


Pasco Group Holdings Limited (Registered number: 10434421)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Operating leases
Rentals payable under operating leases, including any lease incentives received, are charged to income 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 the economic benefits from the lease asset are consumed.

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 overdraft as applicable. Bank overdrafts are shown within borrowings in current liabilities as applicable..

Pasco Group Holdings Limited (Registered number: 10434421)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

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 no longer at the discretion of the company.

Preference shares

Redeemable preference shares are classified as liabilities in accordance with section 22 (liabilities and equity) as they are redeemable at the option of the holder and carry a right to a return.

Non - redeemable preference shares are classified as equity in accordance with section 22 (liabilities and equity) as they are non-redeemable shares.

Other operating income

Other operating income includes rent receivable, government grants, insurance claims receivable and other discounts receive din the normal course of the business.

3. JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the group's accounting policies, the directors are required to make judgments estimates and assumptions about the carrying amount of the assets and liabilities that are not readily apparent from other are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key Sources of estimation uncertainty
The following judgements have had the most significant effect on amounts recognised in the financial statements.

Useful lives of intangible fixed assets
Intangible fixed assets consist of goodwill and patents and licences. The annual amortisation charge depends on estimated useful economic life of the asset. The directors regularly review the remaining useful life of these assets. Changes in asset's useful economic life can have a significant impact on amortisation charge for the period. Detail of the useful economic life is included in accounting policies. The level of provision required is disclosed in note 13 to the accounts.

Useful lives of tangible fixed assets
The costs of tangible fixed assets less their residual value are depreciated over their estimated useful economic lives which are estimated by the director. Changes in the expected level of usage and technological developments could impact on the useful economic lives of these assets; therefore, further depreciation charges could be revised. The level of provision required is disclosed in note 14 to the accounts.

Pasco Group Holdings Limited (Registered number: 10434421)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

4. TURNOVER

An analysis of the company's turnover is as follows:

2024 2023
Turnover analysed by class of business £    £   
Restaurant and take away business 8,948,142 9,412,846
Property rental 58,900 56,807
9,007,042 9,469,653

5. OTHER OPERATING INCOME
30.6.24 30.6.23
£    £   
Sundry receipts 19,998 15,844

6. EMPLOYEES AND DIRECTORS
30.6.24 30.6.23
£    £   
Wages and salaries 2,578,553 2,781,970
Social security costs 180,886 178,028
Other pension costs 42,413 33,811
2,801,852 2,993,809

The average number of employees during the year was as follows:
30.6.24 30.6.23

Directors 3 4
Admin staff 7 2
Store workers 167 200
177 206

The average number of employees for the company including the directors were 3 (2023: 4).

30.6.24 30.6.23
£    £   
Directors' remuneration 15,600 31,200

Pasco Group Holdings Limited (Registered number: 10434421)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

7. OPERATING PROFIT/(LOSS)

The operating profit (2023 - operating loss) is stated after charging/(crediting):

30.6.24 30.6.23
£    £   
Depreciation - owned assets 299,006 316,732
Depreciation - assets on hire purchase contracts 41,110 48,292
Profit on disposal of fixed assets (677,055 ) (19,266 )
Goodwill amortisation 633,840 636,505
Patents and licences amortisation 5,740 7,819
Auditors' remuneration 12,063 11,201

8. EXCEPTIONAL ITEMS
30.6.24 30.6.23
£    £   
Exceptional items - (25,506 )

9. INTEREST PAYABLE AND SIMILAR EXPENSES
30.6.24 30.6.23
£    £   
Bank loan interest 80,004 78,147
Interest payable 6,738 9,295
Hire purchase interest 9,863 7,224
96,605 94,666

10. TAXATION

Analysis of the tax credit
The tax credit on the profit for the year was as follows:
30.6.24 30.6.23
£    £   
Deferred tax (62,648 ) (13,512 )
Tax on profit/(loss) (62,648 ) (13,512 )

Pasco Group Holdings Limited (Registered number: 10434421)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

10. TAXATION - continued

Reconciliation of total tax credit included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

30.6.24 30.6.23
£    £   
Profit/(loss) before tax 11,756 (985,131 )
Profit/(loss) multiplied by the standard rate of corporation tax
in the UK of 25 % (2023 - 19 %)

2,939

(187,175

)

Effects of:
Expenses not deductible for tax purposes - 5,216
Income not taxable for tax purposes (53,998 ) (16,597 )
Depreciation in excess of capital allowances 66,896 8,486
Utilisation of tax losses - 62,277
Deferred tax movement (62,648 ) (13,512 )
Group adjustments (15,837 ) 127,793
Total tax credit (62,648 ) (13,512 )

11. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


12. DIVIDENDS

Company 30.06.24 30.06.23
£ £
C Ordinary shares - 10,101

D Ordinary shares 6,000 23,994

E ordinary shares - -

Z ordinary shares 90,000 10,000
96,000 44,095


Pasco Group Holdings Limited (Registered number: 10434421)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

13. INTANGIBLE FIXED ASSETS

Group
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 July 2023 6,365,054 77,154 6,442,208
Disposals (213,333 ) (69,470 ) (282,803 )
At 30 June 2024 6,151,721 7,684 6,159,405
AMORTISATION
At 1 July 2023 3,498,696 58,891 3,557,587
Amortisation for year 633,840 5,740 639,580
Eliminated on disposal (202,668 ) (60,256 ) (262,924 )
At 30 June 2024 3,929,868 4,375 3,934,243
NET BOOK VALUE
At 30 June 2024 2,221,853 3,309 2,225,162
At 30 June 2023 2,866,358 18,263 2,884,621

14. TANGIBLE FIXED ASSETS

Group
Improvements
Long to Plant and
leasehold property machinery
£    £    £   
COST
At 1 July 2023 384,425 950,748 1,838,815
Additions - - 12,105
Disposals (90,168 ) (105,107 ) (584,837 )
At 30 June 2024 294,257 845,641 1,266,083
DEPRECIATION
At 1 July 2023 119,058 496,591 1,006,181
Charge for year 22,634 62,800 188,443
Eliminated on disposal (30,951 ) (47,561 ) (349,324 )
At 30 June 2024 110,741 511,830 845,300
NET BOOK VALUE
At 30 June 2024 183,516 333,811 420,783
At 30 June 2023 265,367 454,157 832,634

Pasco Group Holdings Limited (Registered number: 10434421)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

14. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 July 2023 395,614 211,210 44,042 3,824,854
Additions - 136,448 11,182 159,735
Disposals (147,268 ) (101,773 ) (7,438 ) (1,036,591 )
At 30 June 2024 248,346 245,885 47,786 2,947,998
DEPRECIATION
At 1 July 2023 386,962 130,119 37,812 2,176,723
Charge for year 19,163 41,110 5,966 340,116
Eliminated on disposal (170,353 ) (101,773 ) (6,929 ) (706,891 )
At 30 June 2024 235,772 69,456 36,849 1,809,948
NET BOOK VALUE
At 30 June 2024 12,574 176,429 10,937 1,138,050
At 30 June 2023 8,652 81,091 6,230 1,648,131

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 July 2023 196,773
Additions 136,448
Disposals (101,773 )
At 30 June 2024 231,448
DEPRECIATION
At 1 July 2023 115,683
Charge for year 41,110
Eliminated on disposal (101,773 )
At 30 June 2024 55,020
NET BOOK VALUE
At 30 June 2024 176,428
At 30 June 2023 81,090

Pasco Group Holdings Limited (Registered number: 10434421)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

15. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 July 2023
and 30 June 2024 5,000,454
NET BOOK VALUE
At 30 June 2024 5,000,454
At 30 June 2023 5,000,454

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Pasco Group Limited
Registered office: 2nd Floor, Grove House, 55 Lowlands Road,Harrow, Middlesex, HA1 3AW
Nature of business: Investment holding company
%
Class of shares: holding
Ordinary 100.00
30.6.24 30.6.23
£    £   
Aggregate capital and reserves 1,406,866 41,574
Profit/(loss) for the year 1,461,292 (3,152 )

Pasco Group Retail Limited
Registered office: 2nd Floor, Grove House, 55 Lowlands Road,Harrow, Middlesex, HA1 3AW
Nature of business: Restaurant and take-away
%
Class of shares: holding
Ordinary - indirect 100.00
30.6.24 30.6.23
£    £   
Aggregate capital and reserves 102,641 429,314
Loss for the year (206,679 ) (247,015 )

Pasco Group Holdings Limited (Registered number: 10434421)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

15. FIXED ASSET INVESTMENTS - continued

Pasco Group Franchising Limited
Registered office: 2nd Floor, Grove House, 55 Lowlands Road,Harrow, Middlesex, HA1 3AW
Nature of business: Development Agent
%
Class of shares: holding
Ordinary - indirect 100.00
30.6.24 30.6.23
£    £   
Aggregate capital and reserves 522,585 2,256,256
Loss for the year (1,733,671 ) (33,305 )

Subway Store Development Limited
Registered office: 2nd Floor, Grove House, 55 Lowlands Road,Harrow, Middlesex, HA1 3AW
Nature of business: Restaurant
%
Class of shares: holding
Ordinary - indirect 100.00
30.6.24 30.6.23
£    £   
Aggregate capital and reserves (177,046 ) (144,794 )
Loss for the year (32,252 ) (34,200 )

Pasco Group Commercial Limited
Registered office: 2nd Floor, Grove House, 55 Lowlands Road,Harrow, Middlesex, HA1 3AW
Nature of business: Non-trading
%
Class of shares: holding
Ordinary - indirect 100.00
30.6.24 30.6.23
£    £   
Aggregate capital and reserves 1,296,707 (26,461 )
Profit/(loss) for the year 1,323,168 (19,998 )

Pasco Group Residential Limited
Registered office: 2nd Floor, Grove House, 55 Lowlands Road,Harrow, Middlesex, HA1 3AW
Nature of business: Non-trading
%
Class of shares: holding
Ordinary - indirect 100.00
30.6.24 30.6.23
£    £   
Aggregate capital and reserves 535 (950 )
Profit/(loss) for the year 1,485 (750 )

Pasco Group Holdings Limited (Registered number: 10434421)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

15. FIXED ASSET INVESTMENTS - continued

Vast Consulting Limited
Registered office: 2nd Floor, Grove House, 55 Lowlands Road,Harrow, Middlesex, HA1 3AW
Nature of business: Dormant
%
Class of shares: holding
Ordinary - indirect 100.00
30.6.24 30.6.23
£    £   
Aggregate capital and reserves (8,607 ) 1
Loss for the year/period (8,608 ) -


AUDIT EXEMPTION OF SUBSIDIARIES

For the financial year ended 30 June 2024, Subway Store Development Limited, Pasco Group Commercial Limited, Vast Consulting Limited, Pasco Group Limited and Pasco Group Residential Limited have has claimed exemption from audit under S479A 2 (d) of the companies act relating to subsidiary companies.

16. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 July 2023 1,537,710
Additions 748,506
At 30 June 2024 2,286,216
NET BOOK VALUE
At 30 June 2024 2,286,216
At 30 June 2023 1,537,710

The investment property has been shown at the fair value as at balance sheet date which has been valued by the director.

The historical cost of the investment property above is £1,866,216 (2023 : £1,117,710).

17. STOCKS

Group
30.6.24 30.6.23
£    £   
Stocks 60,879 91,830

Pasco Group Holdings Limited (Registered number: 10434421)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

18. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.6.24 30.6.23 30.6.24 30.6.23
£    £    £    £   
Trade debtors 42,443 67,516 - -
Payment on account 16,091 16,478 - -
Amounts owed by group undertakings - - 1,429,109 1,481,188
Other debtors 2,087,949 2,583,632 - -
Holding account debtor 613 - - -
Prepayments and accrued income 281,842 326,584 - -
Prepayments 153 128 - -
2,429,091 2,994,338 1,429,109 1,481,188

19. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.6.24 30.6.23 30.6.24 30.6.23
£    £    £    £   
Bank loans and overdrafts (see note 21)
378,506

444,242

-

-
Hire purchase contracts (see note 22)
31,341

44,579

-

-
Payments on account 40,364 39,407 - -
Trade creditors 521,647 600,714 - 11,397
Tax 1,584 175,198 - -
Social security and other taxes 118,671 258,437 - -
VAT 112,508 327,711 - -
Other creditors 136,007 318,265 - 57,232
Directors' current accounts 249,692 256,360 293,787 300,354
Accruals and deferred income 232,245 285,471 4,605 3,750
1,822,565 2,750,384 298,392 372,733

20. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR

Group Company
30.6.24 30.6.23 30.6.24 30.6.23
£    £    £    £   
Bank loans (see note 21) 477,621 892,794 - -
Preference shares (see note 21) 3,320,000 3,320,000 3,320,000 3,320,000
Hire purchase contracts (see note 22)
164,104

80,640

-

-
3,961,725 4,293,434 3,320,000 3,320,000

Pasco Group Holdings Limited (Registered number: 10434421)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

21. LOANS

An analysis of the maturity of loans is given below:

Group Company
30.6.24 30.6.23 30.6.24 30.6.23
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 378,506 444,242 - -
Amounts falling due between one and two years:
Bank loan due > 1 Year 112,673 224,150 - -
Preference shares 3,320,000 3,320,000 3,320,000 3,320,000
3,432,673 3,544,150 3,320,000 3,320,000
Amounts falling due between two and five years:
Bank loans - 2-5 years 142,351 409,345 - -
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 222,597 259,299 - -

The 3% Redeemable preference shares have their full particulars set out in the company's articles of association.

22. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
30.6.24 30.6.23
£    £   
Net obligations repayable:
Within one year 31,341 44,579
Between one and five years 164,104 80,640
195,445 125,219

Pasco Group Holdings Limited (Registered number: 10434421)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

22. LEASING AGREEMENTS - continued

Group
Non-cancellable operating leases
30.6.24 30.6.23
£    £   
Within one year 542,534 542,534
Between one and five years 1,536,074 1,536,074
In more than five years 860,006 1,402,540
2,938,614 3,481,148

The cost of lease expense recognised in the year is £652,664 (2023: £587,957).

23. SECURED DEBTS

Hire Purchase is in relation to company vehicles and secured against group vehicles.

The group has provided guarantees in respect of outstanding bank loans within the group. The bank loans are secured by way of a debenture including fixed charge over all investment property, first fixed charge over book and other debts, chattels, goodwill and uncalled capital both present and future over all assets and undertaking both present and future dated 23 January 2018. Composite Company unlimited multilateral guarantee dated 18th January 2018 given by Subway Store Development Ltd, Pasco Group Ltd, Pasco Group Retail Ltd, Pasco Group Franchising Ltd and Pasco Group Holdings Ltd. As at 30 June 2024, the outstanding bank loans for the group amounted to £856,127 (2023: £1,337,036).

24. PROVISIONS FOR LIABILITIES

Group
30.6.24 30.6.23
£    £   
Deferred tax 322,358 385,006

Group
Deferred
tax
£   
Balance at 1 July 2023 385,006
Credit to Income Statement during year (62,648 )
Balance at 30 June 2024 322,358

The deferred tax balance relates to accelerated capital allowances.

Pasco Group Holdings Limited (Registered number: 10434421)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

25. CALLED UP SHARE CAPITAL

Allotted, issue and fully paid:
Number: Class: Nominal 30.06.23 30.06.22
value: £ £
400 Ordinary shares A £1 400 400
2 Ordinary shares B £1 2 2
2 Ordinary shares C £1 2 2
2 Ordinary shares D £1 2 2
2 Ordinary shares E £1 2 2
46 Ordinary shares Z £1 46 46

1,045,000
6% Non-Redeemable
preference

£1

1,045,000


1.045,000
shares
1.045,454 1,45,454

Ordinary shares A and Ordinary shares Z have full voting rights. The rest of the shares do not posses any voting rights.

26. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Group

Included in other creditors is directors' current account balance of £249,694 (2023: £256,259). This balance is interest free and repayable on demand.

Company

Included in other creditors is directors' current account balance of £293,694 (2023: £300,354). This balance is interest free and repayable on demand.

27. RELATED PARTY DISCLOSURES

Group

Included in accounts is debtor balance of £2,011,633 (2023: £2,521,202) and £12,480 (2023: £Nil) due from Taupo Group Holdings Limited and Vast Equity One Limited respectively, companies connected to the directors.

Other creditors include £57,232 (2023: £57,232) due to Taupo Group Holdings Limited, a company connected to the directors.

28. POST BALANCE SHEET EVENTS

After the year end, one of the significant subsidiary has sold majority of its stores and planning to cease trading.

There are no other post balance sheet events that have take place between 30 June 2024 and the date of this report that required to be brought to the attention of shareholders.

Pasco Group Holdings Limited (Registered number: 10434421)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

29. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are S P Pasco, R Pasco and Mrs S J Pasco with no one party having overall control.

30. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED
FROM OPERATIONS
Group
30.6.24 30.6.23
£    £   
Profit/(loss) before taxation 11,756 (985,131 )
Depreciation charges 979,694 1,009,346
Profit on disposal of fixed assets (677,055 ) (19,266 )
Finance costs 96,605 94,666
Finance income (190 ) -
410,810 99,615
Decrease/(increase) in stocks 30,951 (874 )
Decrease/(increase) in trade and other debtors 565,247 (749,886 )
(Decrease)/increase in trade and other creditors (669,022 ) 502,594
Cash generated from operations 337,986 (148,551 )

Company
30.6.24 30.6.23
£    £   
Profit before taxation 90,167 39,395
Finance income (96,000 ) (44,095 )
(5,833 ) (4,700 )
Decrease/(increase) in trade and other debtors 13,092 (113 )
Decrease in trade and other creditors (28,787 ) (33,680 )
Cash generated from operations (21,528 ) (38,493 )

31. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statements in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Group Company
Year ended 30 June 2024
30.6.24 1.7.23 30.6.24 1.7.23
£    £    £    £   
Cash and cash equivalents 141,700 468,238 4,941 33,036
Year ended 30 June 2023
30.6.23 1.7.22 30.6.23 1.7.22
£    £    £    £   
Cash and cash equivalents 468,238 1,819,547 33,036 71,529

Pasco Group Holdings Limited (Registered number: 10434421)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024


32. ANALYSIS OF CHANGES IN NET DEBT

Group
At 1.7.23 Cash flow At 30.6.24
£    £    £   
Net cash
Cash at bank and in hand 468,238 (326,538 ) 141,700
468,238 (326,538 ) 141,700
Debt
Finance leases (125,219 ) (70,226 ) (195,445 )
Debts falling due within 1 year (444,242 ) 65,736 (378,506 )
Debts falling due after 1 year (4,212,794 ) 415,173 (3,797,621 )
(4,782,255 ) 410,683 (4,371,572 )
Total (4,314,017 ) 84,145 (4,229,872 )
Company
At 1.7.23 Cash flow At 30.6.24
£    £    £   
Net cash
Cash at bank 33,036 (28,095 ) 4,941
33,036 (28,095 ) 4,941
Debt
Debts falling due after 1 year (3,320,000 ) - (3,320,000 )
(3,320,000 ) - (3,320,000 )
Total (3,286,964 ) (28,095 ) (3,315,059 )