Caseware UK (AP4) 2023.0.135 2023.0.135 2024-10-312024-10-312023-11-0166No description of principal activityfalsetruetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02521323 2023-11-01 2024-10-31 02521323 c:KeyManagementIndividualGroup4 2023-11-01 2024-10-31 02521323 c:KeyManagementIndividualGroup3 2023-11-01 2024-10-31 02521323 c:KeyManagementIndividualGroup2 2023-11-01 2024-10-31 02521323 c:KeyManagementIndividualGroup1 2023-11-01 2024-10-31 02521323 2022-11-01 2023-10-31 02521323 2024-10-31 02521323 c:KeyManagementIndividualGroup4 c:OtherTransactionType4 2024-10-31 02521323 c:KeyManagementIndividualGroup3 c:OtherTransactionType3 2024-10-31 02521323 c:KeyManagementIndividualGroup2 c:OtherTransactionType2 2024-10-31 02521323 c:KeyManagementIndividualGroup1 c:OtherTransactionType1 2024-10-31 02521323 2023-10-31 02521323 d:Director1 2023-11-01 2024-10-31 02521323 c:Buildings 2023-11-01 2024-10-31 02521323 c:Buildings 2024-10-31 02521323 c:Buildings 2023-10-31 02521323 c:Buildings c:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 02521323 c:MotorVehicles 2023-11-01 2024-10-31 02521323 c:MotorVehicles 2024-10-31 02521323 c:MotorVehicles 2023-10-31 02521323 c:MotorVehicles c:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 02521323 c:FurnitureFittings 2023-11-01 2024-10-31 02521323 c:FurnitureFittings 2024-10-31 02521323 c:FurnitureFittings 2023-10-31 02521323 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 02521323 c:OfficeEquipment 2023-11-01 2024-10-31 02521323 c:OfficeEquipment 2024-10-31 02521323 c:OfficeEquipment 2023-10-31 02521323 c:OfficeEquipment c:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 02521323 c:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 02521323 c:FreeholdInvestmentProperty 2024-10-31 02521323 c:FreeholdInvestmentProperty 2023-10-31 02521323 c:CurrentFinancialInstruments 2024-10-31 02521323 c:CurrentFinancialInstruments 2023-10-31 02521323 c:Non-currentFinancialInstruments 2024-10-31 02521323 c:Non-currentFinancialInstruments 2023-10-31 02521323 c:CurrentFinancialInstruments c:WithinOneYear 2024-10-31 02521323 c:CurrentFinancialInstruments c:WithinOneYear 2023-10-31 02521323 c:Non-currentFinancialInstruments c:AfterOneYear 2024-10-31 02521323 c:Non-currentFinancialInstruments c:AfterOneYear 2023-10-31 02521323 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2024-10-31 02521323 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-10-31 02521323 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2024-10-31 02521323 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-10-31 02521323 c:Non-currentFinancialInstruments c:MoreThanFiveYears 2024-10-31 02521323 c:Non-currentFinancialInstruments c:MoreThanFiveYears 2023-10-31 02521323 c:ShareCapital 2024-10-31 02521323 c:ShareCapital 2023-10-31 02521323 c:InvestmentPropertiesRevaluationReserve 2024-10-31 02521323 c:InvestmentPropertiesRevaluationReserve 2023-10-31 02521323 c:RetainedEarningsAccumulatedLosses 2024-10-31 02521323 c:RetainedEarningsAccumulatedLosses 2023-10-31 02521323 d:FRS102 2023-11-01 2024-10-31 02521323 d:AuditExempt-NoAccountantsReport 2023-11-01 2024-10-31 02521323 d:FullAccounts 2023-11-01 2024-10-31 02521323 d:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 02521323 2 2023-11-01 2024-10-31 02521323 e:PoundSterling 2023-11-01 2024-10-31 iso4217:GBP xbrli:pure
Registered number: 02521323




















PAPA LUIGI (FRANCHISE) 1990 LIMITED



UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024













 
PAPA LUIGI (FRANCHISE) 1990 LIMITED
REGISTERED NUMBER:02521323

BALANCE SHEET
AS AT 31 OCTOBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
162,357
162,543

Investment property
 5 
550,000
550,000

  
712,357
712,543

Current assets
  

Debtors: amounts falling due within one year
 6 
264,462
269,931

Cash at bank and in hand
  
275,470
248,883

  
539,932
518,814

Creditors: amounts falling due within one year
 7 
(137,352)
(132,704)

Net current assets
  
 
 
402,580
 
 
386,110

Total assets less current liabilities
  
1,114,937
1,098,653

Creditors: amounts falling due after more than one year
 8 
(104,052)
(112,244)

Provisions for liabilities
  

Deferred tax
  
(102,541)
(102,402)

Net assets
  
908,344
884,007


Capital and reserves
  

Called up share capital 
  
10
10

Investment property reserve
  
307,204
307,204

Profit and loss account
  
601,130
576,793

  
908,344
884,007


Page 1

 
PAPA LUIGI (FRANCHISE) 1990 LIMITED
REGISTERED NUMBER:02521323
    
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mr A Scibelli
Director

Date: 2 April 2025

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
PAPA LUIGI (FRANCHISE) 1990 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

1.


General information

Papa Luigi (Franchise) 1990 Limited (“the Company”) is a private company limited by shares incorporated in England and Wales under the Companies Act.
The registered number and address of the registered office is given in the company information.
The functional and presentational currency of the Company is pounds sterling (£) and rounded to the nearest whole pound.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 3

 
PAPA LUIGI (FRANCHISE) 1990 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
not depreciated
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
25%
reducing balance
Office equipment
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

The company does not depreciate freehold land and buildings. The director is satisfied that the holding value of the property is at least equal to its ultimate residual value. This treatment is contrary to the Companies Act 2006, which states that fixed assets should be depreciated but is, in the opinion of the director, necessary in order to give a true and fair view of the financial position of the company.

  
2.4

Investment property

Investment property is carried at fair value determined annually by the director with reference to external valuations and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Profit and Loss Account.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 4

 
PAPA LUIGI (FRANCHISE) 1990 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.7

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 5

 
PAPA LUIGI (FRANCHISE) 1990 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)


2.7
Financial instruments (continued)

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.10

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 6

 
PAPA LUIGI (FRANCHISE) 1990 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

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

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


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2023 - 6).

Page 7

 
PAPA LUIGI (FRANCHISE) 1990 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

4.


Tangible fixed assets





Freehold property
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost 


At 1 November 2023
161,800
1,550
39,065
28,773
231,188



At 31 October 2024

161,800
1,550
39,065
28,773
231,188



Depreciation


At 1 November 2023
-
1,435
39,065
28,145
68,645


Charge for the year on owned assets
-
29
-
157
186



At 31 October 2024

-
1,464
39,065
28,302
68,831



Net book value



At 31 October 2024
161,800
86
-
471
162,357



At 31 October 2023
161,800
115
-
628
162,543


5.


Investment property


Freehold investment property

£



Valuation


At 1 November 2023
550,000



At 31 October 2024
550,000

The 2024 valuations were made by the director, on an open market value for existing use basis.




Page 8

 
PAPA LUIGI (FRANCHISE) 1990 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

6.


Debtors

2024
2023
£
£


Trade debtors
6,003
11,869

Other debtors
257,193
257,193

Prepayments and accrued income
1,266
869

264,462
269,931



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
5,556
5,083

Trade creditors
379
75

Corporation tax
11,894
6,582

Other taxation and social security
4,025
4,950

Other creditors
113,098
113,514

Accruals and deferred income
2,400
2,500

137,352
132,704


At the year end the company had bank loans of £5,556 (2023: £5,083) due within one year, which are unsecured.


8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
104,052
112,244


At the year end the company had bank loans of £27,022 (2023: £35,214) due after more than one year, which are unsecured.
At the year end the company had bank loans of £77,030 (2023: £77,030) due after more than one year, secured on the assets of the company.

Page 9

 
PAPA LUIGI (FRANCHISE) 1990 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2020
£
£

Amounts falling due within 1 year

Bank loans
5,556
5,083

Amounts falling due 1-2 years

Bank loans
5,556
5,316

Amounts falling due 2-5 years

Bank loans
16,668
17,454

Amounts falling due after more than 5 years

Bank loans
81,828
89,474

109,608
117,327



10.


Related party transactions

Monies have been loaned to Belsize Developments Limited, a company in which Mr A Scibelli is a director. The balance outstanding at the year end was £84,250 (2023: £84,250). This loan is interest free and repayable on demand. This loan is shown within other debtors. 
Monies have been loaned to Kirkgate Retail Limited, a company in which Mr A Scibelli is a director and shareholder. The balance outstanding at the year end was £117,443 (2023: £117,443). This loan is interest free and repayable on demand. This loan is shown within other debtors. 
Monies have been loaned to Walton Retail Park Limited, a company in which Mr A Scibelli is a director and shareholder. The balance outstanding at the year end was £55,500 (2023: £55,500). This loan is interest free and repayable on demand. This loan is shown within other debtors.     
Monies have been loaned by Streetwise Enterprises LLP, an LLP in which the director of the company, Mr A Scibelli, is a designated member. The balance outstanding at the year end was £99,593 (2023: £99,593). This loan is interest free and repayable on demand. This loan is shown within other creditors. 
Monies have been loaned by the director, Mr A Scibelli. The balance outstanding at the year end was £7,242 (2023: £7,242). This loan is interest free and repayable on demand. This balance is shown within other creditors.

 
Page 10