Company registration number 07181919 (England and Wales)
PRETTY INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
PRETTY INVESTMENTS LIMITED
CONTENTS
Page
Accountants' report
2
Statement of financial position
3 - 4
Statement of changes in equity
5
Notes to the financial statements
6 - 12
PRETTY INVESTMENTS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 1 -
The directors are responsible for preparing the annual 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
PRETTY INVESTMENTS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PRETTY INVESTMENTS LIMITED FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Pretty Investments Limited for the year ended 31 October 2024 which comprise, the statement of financial position, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Pretty Investments Limited, as a body, in accordance with the terms of our engagement letter dated 12 January 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Pretty Investments Limited and state those matters that we have agreed to state to the board of directors of Pretty Investments Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pretty Investments Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Pretty Investments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Pretty Investments Limited. You consider that Pretty Investments Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Pretty Investments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ensors Accountants LLP
Chartered Accountants
3 St James Court
Whitefriars
Norwich
NR3 1RJ
5 March 2025
PRETTY INVESTMENTS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 OCTOBER 2024
31 October 2024
- 3 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
6
11,325,107
11,030,763
Investments
7
201,015
11,325,107
11,231,778
Current assets
Debtors
9
650,995
402,017
Cash at bank and in hand
49
15,710
651,044
417,727
Creditors: amounts falling due within one year
10
(3,688,599)
(3,525,298)
Net current liabilities
(3,037,555)
(3,107,571)
Total assets less current liabilities
8,287,552
8,124,207
Creditors: amounts falling due after more than one year
11
(7,193,862)
(7,121,849)
Provisions for liabilities
(575,960)
(575,960)
Net assets
517,730
426,398
Capital and reserves
Called up share capital
13
465,000
465,000
Profit and loss reserves
14
52,730
(38,602)
Total equity
517,730
426,398
There was no other comprehensive income for 2024 (2023 - £Nil).
The notes on pages 6 to 12 form part of these financial statements.
For the financial year ended 31 October 2024 the company was entitled to exemption from audit under section 479C of the Companies Act 2006 relating to subsidiary companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
PRETTY INVESTMENTS LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 OCTOBER 2024
31 October 2024
- 4 -
The financial statements were approved by the board of directors and authorised for issue on 25 February 2025 and are signed on its behalf by:
Mr S Webber
Director
Company registration number 07181919 (England and Wales)
PRETTY INVESTMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 5 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 November 2022
465,000
(218,512)
246,488
Year ended 31 October 2023:
Profit and total comprehensive income
-
179,910
179,910
Balance at 31 October 2023
465,000
(38,602)
426,398
Year ended 31 October 2024:
Profit and total comprehensive income
-
91,332
91,332
Balance at 31 October 2024
465,000
52,730
517,730
There was no other comprehensive income for 2024 (2023 - £Nil).
The notes on pages 6 to 12 form part of these financial statements.
PRETTY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 6 -
1
Accounting policies
Company information
Pretty Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/O Pasta Foods Ltd, Forest Way, New Costessey, Norwich, NR5 0JH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Investment property
Investment property is carried at fair value determined annually by the directors 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 Statement of Comprehensive Income.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities 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 immediately in profit or loss.
1.5
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 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.
PRETTY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 7 -
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.
1.6
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 are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
PRETTY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 8 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Finance costs are charged to the Statement of Comprehensive Income 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.
1.9
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.
1.10
Short term creditors are measured at the transactions 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
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that 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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Valuation of investment property
Investment property is valued on the basis of future rental revenue which it is expected to generate for the company. Property yields are subjective, as are amendments to this for the property location. The present value of future rental income is uncertain because future inflation and rental price changes are unknown and are therefore estimated. The present value of future costs to maintain the property are also unknown.
PRETTY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 9 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
3
4
Interest receivable and similar income
2024
2023
£
£
Interest receivable and similar income includes the following:
Income from shares in group undertakings
254,323
5
Interest payable and similar expenses
2024
2023
£
£
Interest payable and similar expenses includes the following:
Interest payable to group undertakings
168,329
6
Investment property
2024
£
Fair value
At 1 November 2023
11,030,763
Additions
294,344
At 31 October 2024
11,325,107
The 2024 valuations were made by the directors, on an open market value for existing use basis.
7
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
201,015
PRETTY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
7
Fixed asset investments
(Continued)
- 10 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 November 2023 & 31 October 2024
201,015
Impairment
At 1 November 2023
-
Impairment losses
201,015
At 31 October 2024
201,015
Carrying amount
At 31 October 2024
-
At 31 October 2023
201,015
8
Subsidiaries
Details of the company's subsidiaries at 31 October 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Pretty Properties Limited
C/O Pasta Foods Ltd, Forest Way, New Costessey, Norwich, England, NR5 0JH
Ordinary
100.00
9
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
650,057
402,017
VAT recoverable
938
650,995
402,017
Amounts owed by group undertakings are interest free, unsecured and repayable on demand.
10
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
3,664,237
3,495,930
Taxation and social security
8,368
Other creditors
24,362
21,000
3,688,599
3,525,298
PRETTY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
10
Creditors: amounts falling due within one year
(Continued)
- 11 -
Amounts owed to group undertakings are interest free, unsecured and repayable on demand.
11
Creditors: amounts falling due after more than one year
2024
2023
£
£
Amounts owed to group undertakings
7,193,862
7,121,849
Amounts owed to group undertakings are interest free and unsecured. The directors have confirmed that payment will not be requested within 12 months from the date these financial statements are approved.
12
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
575,960
575,960
There were no deferred tax movements in the year.
13
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
465,000 (2023 - 465,000) ordinary shares of £1 each
465,000
465,000
465,000
465,000
The called up share capital reserve represents the nominal value of shares issued.
14
Reserves
Profit and loss reserves
The profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments.
15
Financial commitments, guarantees and contingent liabilities
The company has guaranteed the bank debts of the group. The debts are secured by a fixed floating charge by way of an Unlimited Multilateral Guarantee over the assets of the following companies: Pretty Investments Limited, Pasta Foods Limited, Snack Creations Ltd, Pretty Properties Limited and Milton Webber Ltd. The maximum amount payable under this guarantee at 31 October 2024 is £7,700,000 (2023 - £7,700,000).
PRETTY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 12 -
16
Related party transactions
At the year end an amount totalling £21,000 (2023 - £21,000) was due to a company related by common control of one of the directors.
During the year, sales totalling £Nil (2023 - £14,840) were made to a related party by virtue of one of the directors common control. At the year end, there was £Nil (2023 - £Nil) owed by this company.
FRS 102 (paragraph 33.1A) does not require disclosure of related party transactions with other companies that are wholly owned within the same group.
17
Parent company
The immediate parent company is Milton Webber Ltd, a company incorporated in England and Wales.
The ultimate controlling party is Simon Webber by way of majority shareholding.
The smallest and largest group in which the results of the company are consolidated is that headed by Milton Webber Ltd. The address of Milton Webber Ltd's registered office is Pasta Foods Limited, Forest Way, New Costessey, Norwich, NR5 0JH. The consolidated financial statements can be obtained from Companies House.
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