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REGISTERED NUMBER: 10234273 (England and Wales)















Financial Statements for the Year Ended 30 June 2024

for

Pasco Group Retail Limited

Pasco Group Retail Limited (Registered number: 10234273)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Pasco Group Retail Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: Mrs S J Pasco
R Pasco





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





REGISTERED NUMBER: 10234273 (England and Wales)





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

Pasco Group Retail Limited (Registered number: 10234273)

Balance Sheet
30 June 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 8,642 63,595
Tangible assets 5 1,138,050 1,648,131
Investments 6 1 1
1,146,693 1,711,727

CURRENT ASSETS
Stocks 7 60,879 91,830
Debtors 8 362,797 1,433,913
Cash at bank and in hand 57,636 358,938
481,312 1,884,681
CREDITORS
Amounts falling due within one year 9 1,143,902 2,817,056
NET CURRENT LIABILITIES (662,590 ) (932,375 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

484,103

779,352

CREDITORS
Amounts falling due after more than
one year

10

(164,104

)

(70,032

)

PROVISIONS FOR LIABILITIES 13 (217,358 ) (280,006 )
NET ASSETS 102,641 429,314

CAPITAL AND RESERVES
Called up share capital 14 100 100
Retained earnings 102,541 429,214
SHAREHOLDERS' FUNDS 102,641 429,314

Pasco Group Retail Limited (Registered number: 10234273)

Balance Sheet - continued
30 June 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

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 Retail Limited (Registered number: 10234273)

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

1. STATUTORY INFORMATION

Pasco Group Retail 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 Company 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 and the basis other than going concern.

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 £.

Turnover
Turnover is recognised to the extent it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The Company operates take away and eat-in franchisee food stores. The Company recognise its turnover on sale of products to consumers.

Intangible assets
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.

Goodwill
Goodwill represents the difference between amount paid on the cost of business combination and the acquirer's interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and impairment losses. Goodwill is amortised to the Income Statement over their estimated economic useful life.

Amortisation is provided on the following bases:

Patents and licences7 years
Goodwill10 years

Pasco Group Retail Limited (Registered number: 10234273)

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

2. ACCOUNTING POLICIES - continued

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

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Plant & machinery 7 years
Fixtures and fittings 7 years
Computer equipment 3 years
Motor vehicle 4 years
Leasehold property 15 years
Improvements to properties 15 years

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.

Investments in subsidiaries
Investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised in profit or loss.

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 Retail Limited (Registered number: 10234273)

Notes to the 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, 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.

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 tax.

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


Pasco Group Retail Limited (Registered number: 10234273)

Notes to the 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 four years. Assets held under hire purchases is secured on its asset.

Rentals payable under operating lease, including any lease incentive 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 time pattern in which economic benefits from the lease asset are consumed.

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

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 177 (2023 - 206 ) .

Pasco Group Retail Limited (Registered number: 10234273)

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

4. INTANGIBLE FIXED ASSETS
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 July 2023 320,000 77,154 397,154
Disposals (213,333 ) (69,470 ) (282,803 )
At 30 June 2024 106,667 7,684 114,351
AMORTISATION
At 1 July 2023 274,668 58,891 333,559
Amortisation for year 29,334 5,740 35,074
Eliminated on disposal (202,668 ) (60,256 ) (262,924 )
At 30 June 2024 101,334 4,375 105,709
NET BOOK VALUE
At 30 June 2024 5,333 3,309 8,642
At 30 June 2023 45,332 18,263 63,595

5. TANGIBLE FIXED ASSETS
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 Retail Limited (Registered number: 10234273)

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

5. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 July 2023 395,614 178,661 44,042 3,792,305
Additions - 136,448 11,182 159,735
Disposals (147,268 ) (69,224 ) (7,438 ) (1,004,042 )
At 30 June 2024 248,346 245,885 47,786 2,947,998
DEPRECIATION
At 1 July 2023 386,962 97,570 37,812 2,144,174
Charge for year 19,163 41,110 5,966 340,116
Eliminated on disposal (170,353 ) (69,224 ) (6,929 ) (674,342 )
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 164,224
Additions 136,448
Disposals (69,224 )
At 30 June 2024 231,448
DEPRECIATION
At 1 July 2023 83,134
Charge for year 41,110
Eliminated on disposal (69,224 )
At 30 June 2024 55,020
NET BOOK VALUE
At 30 June 2024 176,428
At 30 June 2023 81,090

Pasco Group Retail Limited (Registered number: 10234273)

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

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 July 2023 1
Additions 200
Disposals (200 )
At 30 June 2024 1
NET BOOK VALUE
At 30 June 2024 1
At 30 June 2023 1

7. STOCKS
30.6.24 30.6.23
£    £   
Stocks 60,879 91,830

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade debtors 28,897 38,778
Payments on account 16,091 16,478
Amounts owed by group undertakings 8,208 1,029,602
Other debtors 63,834 60,834
other debtors- holding account 613 -
Prepayments and accrued income 245,154 288,221
362,797 1,433,913

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Hire purchase contracts (see note 11)
31,341

41,796
Advance from customer 40,364 39,407
Trade creditors 496,434 544,331
Amounts owed to group undertakings - 969,056
Tax - 104,986
Social security and other taxes 118,671 258,437
VAT 108,808 325,023
Net wages 136,007 261,032
Accruals and deferred income 212,277 272,988
1,143,902 2,817,056

Pasco Group Retail Limited (Registered number: 10234273)

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

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
30.6.24 30.6.23
£    £   
Hire purchase contracts (see note 11)
164,104

70,032

11. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
30.6.24 30.6.23
£    £   
Net obligations repayable:
Within one year 31,341 41,796
Between one and five years 164,104 70,032
195,445 111,828

Non-cancellable operating leases
30.6.24 30.6.23
£    £   
Within one year 331,527 542,534
Between one and five years 644,138 1,536,074
In more than five years 436,799 1,402,540
1,412,464 3,481,148

The cost of lease expense recognised in the year is £594,561 (2023: £652,664).

12. SECURED DEBTS

The following secured debts are included within creditors:

30.6.24 30.6.23
£    £   
Hire purchase contracts 195,445 111,828

Hire purchase is in relation to company vehicles and secured against company vehicles.

13. PROVISIONS FOR LIABILITIES
30.6.24 30.6.23
£    £   
Deferred tax 217,358 280,006

Pasco Group Retail Limited (Registered number: 10234273)

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

13. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 July 2023 280,006
Provided during year (62,648 )
Balance at 30 June 2024 217,358

The deferred tax above relates to timing differences that have originated but not reversed at the balance sheet date.

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.24 30.6.23
value: £    £   
100 Ordinary £1 100 100

15. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.


We draw attention to Note 20 to the financial statements which explains that the the company will cease trading once all the stores are sold and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern. Our opinion is not modified in respect of this matter.

Abdul Hafeez FCA, FCCA (Senior Statutory Auditor)
for and on behalf of RA Audit Services Limited (Statutory Auditor)

16. CONTINGENT LIABILITIES

The company together with its group companies have provided guarantees in respect of outstanding bank loans in other group companies. 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 £856,128 (2023: £1,337,036).

17. RELATED PARTY DISCLOSURES

At the year end Other debtors includes balance of Pasco group Limited £Nil (2023 : £969,056 Cr) and Vast Consulting Limited : £8,208 (2023 : £Nil)

Pasco Group Retail Limited (Registered number: 10234273)

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

18. POST BALANCE SHEET EVENTS

After the year end company sold majority of its stores and currently is in the process of selling remaining stores. Once the stores are sold, the company is intending to cease trading and No provision has been made for the future costs of terminating the business unless such costs were committed at the reporting date.

19. ULTIMATE PARENT COMPANY

The company's immediate parent company is Pasco Group Limited and ultimate parent company is Pasco Group Holdings Limited, a company registered in England and Wales. The results of Pasco Group Retail Limited are included in consolidated financial statements of Pasco Group Holdings Limited which are available from their registered office address 2nd floor, Grove House, 55 Lowlands road, Harrow, HA1 3AW.