Caseware UK (AP4) 2024.0.164 2024.0.164 2024-07-312024-07-31falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.762023-08-01No description of principal activity70falsetruefalse 04219428 2023-08-01 2024-07-31 04219428 2022-08-01 2023-07-31 04219428 2024-07-31 04219428 2023-07-31 04219428 c:Director1 2023-08-01 2024-07-31 04219428 d:Buildings d:LongLeaseholdAssets 2023-08-01 2024-07-31 04219428 d:Buildings d:ShortLeaseholdAssets 2023-08-01 2024-07-31 04219428 d:Buildings d:ShortLeaseholdAssets 2024-07-31 04219428 d:Buildings d:ShortLeaseholdAssets 2023-07-31 04219428 d:PlantMachinery 2023-08-01 2024-07-31 04219428 d:PlantMachinery 2024-07-31 04219428 d:PlantMachinery 2023-07-31 04219428 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 04219428 d:OtherPropertyPlantEquipment 2023-08-01 2024-07-31 04219428 d:OtherPropertyPlantEquipment 2024-07-31 04219428 d:OtherPropertyPlantEquipment 2023-07-31 04219428 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 04219428 d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 04219428 d:CurrentFinancialInstruments 2024-07-31 04219428 d:CurrentFinancialInstruments 2023-07-31 04219428 d:Non-currentFinancialInstruments 2024-07-31 04219428 d:Non-currentFinancialInstruments 2023-07-31 04219428 d:CurrentFinancialInstruments d:WithinOneYear 2024-07-31 04219428 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 04219428 d:Non-currentFinancialInstruments d:AfterOneYear 2024-07-31 04219428 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-31 04219428 d:ShareCapital 2024-07-31 04219428 d:ShareCapital 2023-07-31 04219428 d:RevaluationReserve 2024-07-31 04219428 d:RevaluationReserve 2023-07-31 04219428 d:RetainedEarningsAccumulatedLosses 2024-07-31 04219428 d:RetainedEarningsAccumulatedLosses 2023-07-31 04219428 d:AcceleratedTaxDepreciationDeferredTax 2024-07-31 04219428 d:AcceleratedTaxDepreciationDeferredTax 2023-07-31 04219428 d:RetirementBenefitObligationsDeferredTax 2024-07-31 04219428 d:RetirementBenefitObligationsDeferredTax 2023-07-31 04219428 d:OtherDeferredTax 2024-07-31 04219428 d:OtherDeferredTax 2023-07-31 04219428 c:FRS102 2023-08-01 2024-07-31 04219428 c:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 04219428 c:FullAccounts 2023-08-01 2024-07-31 04219428 c:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 04219428 5 2023-08-01 2024-07-31 04219428 e:PoundSterling 2023-08-01 2024-07-31 iso4217:GBP xbrli:pure

Registered number: 04219428










PASINI LEISURE LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2024

 
PASINI LEISURE LIMITED
REGISTERED NUMBER: 04219428

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,409,020
1,643,455

  
1,409,020
1,643,455

Current assets
  

Stocks
  
64,066
71,236

Debtors
  
29,016
173,592

Cash at bank and in hand
  
3,800
3,721

  
96,882
248,549

Creditors: amounts falling due within one year
 5 
(2,621,654)
(2,159,963)

Net current liabilities
  
 
 
(2,524,772)
 
 
(1,911,414)

Total assets less current liabilities
  
(1,115,752)
(267,959)

Creditors: amounts falling due after more than one year
 6 
(515,788)
(636,799)

Provisions for liabilities
  

Deferred tax
 7 
(98,246)
(118,656)

  
 
 
(98,246)
 
 
(118,656)

Net liabilities
  
(1,729,786)
(1,023,414)


Capital and reserves
  

Called up share capital 
  
100
100

Revaluation reserve
  
139,839
209,243

Profit and loss account
  
(1,869,725)
(1,232,757)

  
(1,729,786)
(1,023,414)


Page 1

 
PASINI LEISURE LIMITED
REGISTERED NUMBER: 04219428
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2024

The directors consider 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 directors acknowledge their 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 income statement 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: 




................................................
P Tonkinson
Director

Date: 28 April 2025

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
PASINI LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

Pasini Leisure Limited is a private company limited by shares and is registered and incorporated in England and Wales. The registered office is 45 North Hill, Colchester, Essex, CO1 1PY.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

 The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have considered the company's position at the time of signing the financial statements, and in particular the company's financial strength along with the strength of the wider group. In addition, the directors have confirmed that they have received assurances from the controlling party that it will continue to financially support the company and does not intend withdraw such support in the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements.
 
Based on all of this, the directors have concluded that they have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future. They therefore continue to adopt the going concern basis of accounting in preparing these financial statements.
 
The preparation of financial statements in compliance with FRS 102, Section 1A requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.

Page 3

 
PASINI LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.3

Revenue

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

Sale of goods

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

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

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

 
2.7

Pensions

Defined contribution pension plan

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

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

Page 4

 
PASINI LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.8

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 reporting 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 reporting 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 reporting date.


 
2.9

Tangible fixed assets

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

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Improvements to property
-
over the length of the lease
Short-term leasehold property
-
over the length of the lease
Plant and machinery
-
20% straight line

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

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

Page 5

 
PASINI LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.10

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.

Revaluation gains and losses net of deferred tax are recognised in profit and loss and transferred to the revaluation reserve unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
The company has made transfers from Revaluation Reserve to Realised Profits in respect of the depreciation charged on revalued assets over and above what would have been charged based on the original cost of those revalued assets.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

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.

 
2.13

Cash and cash equivalents

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

 
2.14

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.

 
2.15

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.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Page 6

 
PASINI LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)

Financial instruments are recognised in the Company's Statement of financial position 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.

Basic 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 70 (2023 - 76).

Page 7

 
PASINI LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

4.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Improvements to Property
Total

£
£
£
£



Cost or valuation


At 1 August 2023
407,096
915,846
1,264,618
2,587,560


Additions
-
21,066
-
21,066


Revaluations
(154,534)
-
-
(154,534)



At 31 July 2024

252,562
936,912
1,264,618
2,454,092



Depreciation


At 1 August 2023
150,812
492,915
300,378
944,105


Charge for the year on owned assets
17,302
85,375
72,176
174,853


Impairment losses written back
(73,886)
-
-
(73,886)



At 31 July 2024

94,228
578,290
372,554
1,045,072



Net book value



At 31 July 2024
158,334
358,622
892,064
1,409,020



At 31 July 2023
256,284
422,931
964,240
1,643,455

Cost or valuation at 31 July 2024 is as follows:

Short-term leasehold property
Plant and machinery
Improvements to Property
£
£
£




At cost
12,562
936,912
1,264,618
At valuation:



Total valuation as at 31 July 2024
240,000
-
-





252,562
936,912
1,264,618

Page 8

 
PASINI LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

           4.Tangible fixed assets (continued)

If the Short Leases and improvements had not been revalued they would have been included at the following historical cost:

2024
2023
£
£



Cost
1,281,714
1,281,714

Accumulated depreciation
(381,799)
(308,896)

Net book value
899,915
972,818

Short leases and improvements were valued on an open market basis on 31 July 2024 by the Directors.

5.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
4,151
13,085

Bank loans
80,000
80,000

Other loans
258,333
205,708

Trade creditors
312,696
262,812

Amounts owed to group undertakings
98,927
81,957

Other taxation and social security
117,598
179,792

Other creditors
1,749,949
1,336,609

2,621,654
2,159,963


Page 9

 
PASINI LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

6.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
99,121
167,500

Other loans
416,667
469,299

515,788
636,799


The following liabilities were secured:

2024
2023
£
£



Bank loans
179,121
161,345

Other loans
675,001
675,001

854,122
836,346

Details of security provided:

Other loans includes £500,001 (2023: £500,001) from trade loans which are secured by a fixed charge over the leasehold properties, and loans under promissory notes amounting to £175,000 (2023: £175,000).
The bank overdraft is secured by a fixed and floating charge over all assets which are owned by the company.
Bank loans represent loans under the Coronavirus Business Interruption Loan Scheme (CBILS). The CBILS loans are covered by Government backed guarantees to the extent of 80% of the capital balance outstanding.


7.


Deferred taxation




2024


£






At beginning of year
(118,656)


Charged to the profit or loss
20,410



At end of year
(98,246)

Page 10

 
PASINI LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
 
7.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(89,655)
(80,194)

Short term timing differences
1,949
-

Leasehold Property
(10,540)
(38,462)

(98,246)
(118,656)


8.


Directors' Transactions

During the year, the directors withdrew £99,335 (2023: £886,494) from and introduced £545,000 (2023: £912,933) to the company. At the year end there was a balance of £1,463,322 (2023: £1,017,657) due to the directors.

 
Page 11