REGISTERED NUMBER: |
Financial Statements for the Year Ended 30 June 2024 |
for |
Pasco Group Retail Limited |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Stocks | 7 |
Debtors | 8 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
10 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 13 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 14 |
Retained earnings |
SHAREHOLDERS' FUNDS |
Pasco Group Retail Limited (Registered number: 10234273) |
Balance Sheet - continued |
30 June 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
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 licences | 7 years |
Goodwill | 10 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 |
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 |
Disposals | ( |
) | ( |
) | ( |
) |
At 30 June 2024 |
AMORTISATION |
At 1 July 2023 |
Amortisation for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
5. | TANGIBLE FIXED ASSETS |
Improvements |
Long | to | Plant and |
leasehold | property | machinery |
£ | £ | £ |
COST |
At 1 July 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
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 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 July 2023 |
Additions |
Disposals | ( |
) |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
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 |
Additions |
Disposals | ( |
) |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
7. | STOCKS |
30.6.24 | 30.6.23 |
£ | £ |
Stocks |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Trade debtors |
Payments on account | 16,091 | 16,478 |
Amounts owed by group undertakings |
Other debtors |
other debtors- holding account | 613 | - |
Prepayments and accrued income |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Hire purchase contracts (see note 11) |
Advance from customer |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
VAT | 108,808 | 325,023 |
Net wages |
Accruals and deferred income |
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) |
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 |
Between one and five years |
Non-cancellable | operating leases |
30.6.24 | 30.6.23 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
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 |
Provided during year | ( |
) |
Balance at 30 June 2024 |
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: | £ | £ |
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. |
for and on behalf of |
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. |