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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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PASTA EVANGELISTS LTD
COMPANY INFORMATION
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PASTA EVANGELISTS LTD
CONTENTS
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PASTA EVANGELISTS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their annual report and the audited financial statements for the period ended 31 December 2024 together with an update of activity for the subsequent period to the date of the filing of the financials statements.
Principal activity The principal activity of the Company is the production and sales of fresh pastas and sauces through our network of company and franchisee-operated restaurants. In 2024 the Company launched new High Street and travel hub restaurant concepts, opening new restaurants in Chiswick, Greenwich, Manchester Airport and Richmond, the Company produces its fresh pasta and sauces in-house from its production unit in west London.
The Company has achieved 3% revenue growth in the year to 31 December 2024, with turnover increasing by £0.9 million from £32.2 million to £33.2 million.
The Company has continued to execute its strategy of being the authority in fresh pasta and sauces by designing and opening new High Street and travel hub restaurant concepts in the UK. In 2024 the Company expanded from its established locations in Farringdon and the Pasta Bar in Harrods with the opening of 4 new restaurants in Chiswick, Greenwich, Manchester Airport and Richmond. This includes 2 restaurants which are owned and operated by the first franchise partner to Pasta Evangelists. In total the Company operates from 51 restaurant and local food delivery locations across the UK, and in 2024 sold almost 3 million fresh pasta and sauce meals to customers in the UK.
The directors consider the key performance indicators of the business to be turnover growth and gross profit as percentage of sales. These are summarised below:
Year ended Year ended Unit 31 December 2024 31 December 2023 Turnover £ 33,192,950 32,247,162 Gross profit as a % of sales % 59.5% 48.7% The directors are pleased with the performance of the Company for the year ended 31 December 2024 and its success in helping to drive more customers to a great experience in fresh pasta.
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PASTA EVANGELISTS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors are aware of the continued macroeconomic risks that face the business and wider market. The uncertainties around the UK economy, cost inflation are being closely monitored for potential impacts on supply and demand. There is a robust forecasting process in place. The Company is well placed to take a necessary action to respond to the risks identified. The Company has shown a diverse range of revenue channels in order to mitigate risks.
General economic factors and highly competitive sector The economic conditions in which we operate can adversely impact disposal income and consumer confidence and we also operate in a highly competitive sector with new brands and concepts continually coming to market. To mitigate against these risks, the Company emphasises the importance of ensuring consistent high-quality experience for all customers, listen carefully to feedback and be continually focused on ensuring our brand offering is in tune with developing trends. In addition, the expansion of our brands and geographical spread across the UK also acts as a natural hedge against these risks. Operating risks The Company is reliant on its digital product, logistics and warehouse operations. The Company has a framework of policies and controls in place to ensure minimal downtime and disruption to the operation, as well as a robust testing programme and contingency plans. The Company has in place reliable security measures to safeguard the information it holds in order to deliver its service to customers. Credit risk There is little to no credit risk with the majority of customers paying by credit card online or in store. The Company controls this risk by use of appropriate credit checks, limits and monitoring procedures. Liquidity risk The Company monitors cash flow as part of its day-to-day control procedures and ensures that appropriate funding is available. The Company receives funding from its majority shareholder and its subsidiaries and does not have any other external credit lines. Interest rate risk The Company has interest bearing liabilities comprising intercompany balances, with interests at market rate. The Company has no significant interest bearing assets. The Company monitors the return of interest bearing liabilities on a regular basis to ensure appropriate rate on these liabilities is paid. Food safety risks The Company depends on suppliers providing fresh ingredients that are essential to the product. The Company has in place a robust Food Safety Management System to mitigate risks associated with product recall and consumer harm.
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PASTA EVANGELISTS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
In addition to financial performance, the Company closely monitors a range of operational and non-financial indicators that reflect service quality, customer satisfaction and long-term sustainability. Sales growth, average spending per head, order volume and delivery time remain key drivers of operational efficiency and are benchmarked against industry comparators. Customer satisfaction is tracked through online review ratings which provides timely insight into the quality of service delivery and brand reputation. Employee retention and training completion rates are also key indicators in an industry where service quality depends on staff expertise and engagement. Finally, the Company monitors its environmental performance, including energy consumption and progress against waste reduction targets, as part of its commitment to responsible and sustainable operations.
The directors have regard to the matters set out in section 172(1) (a) to (f) of the Companies Act 2006 and confirm their duty to promote the success of the Company for the benefit of its members as a whole. In making decisions, the directors have carefully considered the long-term impact, the interests of employees, relationships with suppliers and customers, and the Company's wider social and environmental responsibilities. The board remains committed to maintaining high standards of governance and acting fairly in the best interests of stakeholders while fostering sustainable growth for the Company. A summary of examples of stakeholder groups and action that management has taken to develop engagement is presented in the Directors’ Report.
This report was approved by the board and signed on its behalf.
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PASTA EVANGELISTS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors of Pasta Evangelists Limited, incorporated under the Companies Act 2006 as a private Company on 19th May 2016, present their report and the financial statements for the year ended 31 December 2024.
This report has been prepared in accordance with Financial Reporting Standard 101 "Reduced Disclosure Framework".
The loss for the year, after taxation, amounted to £16,410,569 (2023 - loss £14,685,159).
No dividend distributed or proposed in 2024 (2023: £Nil).
The directors who served during the year were:
The directors are confident in the strategy of being the authority in fresh pasta and sauces. The Company is forecasting to rapidly grow its business by opening new restaurants, both company and franchisee-operated. Coupled with efficient costs from in-house production of the fresh pasta and sauce used in our restaurants, this creates a sustainable and expandable business model that is not reliant on global trends regarding eCommerce.
The Company continues to invest in product development in its new, state of the art fresh pasta and sauce factory. Further to this, our team continues to improve our food recipes and product packaging to improve the customer experience.
The Company is also investing in its technology stack, testing the integration of technology and in-person service in our restaurants, and developing the enterprise resource management ‘backbone’ throughout the business operations.
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PASTA EVANGELISTS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company continues to focus on building channels that ensure the Company is effectively listening and responding to employees. In doing so, the Company is able to identify opportunities to better meet employee needs, help them with their career progression and to build the skills required to continue helping the business thrive.
Employment engagement The Company maintains a number of communication forums that provide employees with information on matters of concern to them as employees, including the financial and economic factors affecting the performance of the Company. These include:
∙The Company holds a weekly whole-team meeting to share weekly trading results and other developments in the business with employees.
∙Each year the Company carries out an employee engagement survey which all employees are invited to complete, on an anonymous basis, to capture feedback from employees. The results of this survey are reviewed by the Board of Directors to inform ways to improve communication and engagement with employees.
∙The annual employee engagement survey is followed up with focus groups with representatives from different teams to discuss in more detail the findings from the survey and inform the Company’s actions in response.
Employee performance review and development
∙The People Team coordinates the annual appraisal and annual objective-setting process for employees, which is carried out by Line Managers with each of their team members.
∙Line Managers hold regular individual and team meetings to review progress against objectives discuss in greater detail issues affecting a specific team or employee.
∙The Company is committed to performance-related remuneration to align employees performance and the growth of the Company. This includes bonuses based on employees’ performance against their objectives, and a share scheme.
Employment of disabled persons The Company is committed to a policy of recruitment and promotion on the basis of aptitude and ability without discrimination of any kind. Particular attention is given to the training and promotion of disabled employees and employees who have become disabled while employed by the Company to ensure that their career development is not unfairly restricted by their disability or perceptions of it.
As a Company dependent on suppliers to deliver for all of our stakeholders the highest quality ingredients, we strive to manage these relationships as closely as possible to ensure they meet our highest standards of food safety and quality across our operations and require both our suppliers and partners to operate to the same high standards.
As a hospitality brand, we place great emphasis on our customer experience and focus on service, quality and design. We regularly review feedback from customers and review product development to better meet customer needs.
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PASTA EVANGELISTS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company has made qualifying third party indemnity payments for the benefit of its directors during the year. The directors remain indemnified at the date of this report.
A full analysis of these risk is let out in the Strategic Report.
Post balance sheet events The Company has evaluated subsequent events through the date on which the financial statements were issued and there are no post balance sheet events to disclose.
The following relates to Pasta Evangelists Ltd, a subsidiary company, being that it was the only company within the group to fall into scope for Streamlined Energy and Carbon Reporting (SECR) for the year.
The Company assess its Greenhouse Gas (GHG) emissions in accordance with the UK Government's 'Environmental Reporting Guidelines: Including Streamlined Energy .and Carbon Reporting Guidance’. GHG emissions have been assessed according to the ISO 14064-1:2018 standard and have used the 2023 emission conversion factors published by Department for Environment, Food and Rural Affairs (Defra) and the Department for Business Energy & Industrial Strategy (BEIS). Both the location-based .and market-based approaches have been used for assessing Scope 2 emissions· from electricity usage. The calculations have been approved by a PAS51215 compliant body. The table below summarises the GHG emissions for reporting year: 1st January 2024 to 31st December 2024. The Directors present the Streamlined Energy and Carbon Report for 2024 only, as 2023 information is not available as the Company was not in scope last year.
*kgCO2e for 2024 = 2,490.60
*gross turnover for 2024 = £33,192,950
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PASTA EVANGELISTS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Estimations
∙Annual totals for transport averaged equally across months.
∙The majority of energy data consist of annual totals averaged equally across months.
∙£0.34 per kWh as an average rate for all electricity.
∙£0.11 per kWh for gas used (unless otherwise specified).
∙The method was based on annual revenue.
Energy saving measures We are committed to responsible carbon management and will practise energy efficiency throughout our organisation, wherever it’s cost effective. We have implemented the policies below for the purpose of increasing the businesses energy efficiency in the relevant financial year. 2024
∙Upgraded our BMS system in the factory.
∙LED lights across factory including chillers and freezers.
∙Installed auto closing freezer doors to make sure they are shut when not in use.
∙Alarms installed on chiller doors, which activate if left open for longer than 30 seconds.
∙Installed strip curtains on freezer doors.
∙Air compressors run on variable speeds and ramp up and down depending on demand.
∙Produce MAP gases via tanks (Liquid Co2 and N) rather than buying on pre mixed gases.
2025
∙Plan to move from diesel generators to mains power.
∙Smart meters installed in factory and across our dark kitchens (half hourly metering).
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PASTA EVANGELISTS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. 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 judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards, comprising FRS 101 have been followed, subject to any material departures disclosed and explained in the financial statements;
∙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. The directors 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. The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other Jurisdictions.
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PASTA EVANGELISTS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.
MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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PASTA EVANGELISTS LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PASTA EVANGELISTS LTD
We have audited the financial statements of Pasta Evangelists Ltd (the ‘Company’) for the year ended 31 December 2024 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in the preparation of the Company’s financial statements is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 Reduced Disclosure Framework (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our ethical responsibilities in accordance with those requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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PASTA EVANGELISTS LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PASTA EVANGELISTS LTD (CONTINUED)
The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors’ Report.
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PASTA EVANGELISTS LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PASTA EVANGELISTS LTD (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:
∙Discussions amongst the engagement team in relation to how and where fraud might occur in the financial statements and any potential indicators of fraud;
∙Enquiry of management, those charged with governance and the entity’s solicitors (or in-house legal team) around actual and potential litigation and claims;
∙Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations;
∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
∙Performing substantive analytical review procedures reconciling expected income from corroborating evidence to that which had been recorded in the financial statements to ensure that income was complete;
∙Performing substantive tests of detail over the completeness/existence of income within the financial system;
∙Evaluating the business rationale of significant transactions outside the normal course of business, and reviewing accounting estimates for bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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PASTA EVANGELISTS LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PASTA EVANGELISTS LTD (CONTINUED)
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
London, United Kingdom
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).
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PASTA EVANGELISTS LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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PASTA EVANGELISTS LTD
REGISTERED NUMBER: 10188849
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
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PASTA EVANGELISTS LTD
REGISTERED NUMBER: 10188849
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 39 form part of these financial statements.
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PASTA EVANGELISTS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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PASTA EVANGELISTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Pasta Evangelists Ltd is a private company limited by shares. The Company is registered in England and Wales. The registration number is 10188849. The registered office address is Harella House 90-98 Goswell Road London EC1V 7DF.
The financial statements are prepared in £ sterling, the functional currency, rounded to the nearest £1.
2.Accounting policies
The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these Financial Statements.
The Company has taken advantage of the following disclosure exemptions under FRS 101:
∙the requirements of paragraphs 45(b) and 46-52 of IFRS 2 Share-based payment
∙the requirements of paragraph 33(c) of IFRS 5 Non Current Assets Held For Sale and Discontinued Operations
∙the requirements of IFRS 7 Financial Instruments: Disclosures
∙the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement
∙the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
- paragraph 79(a)(iv) of IAS 1;
- paragraph 73(e) of IAS 16 Property, Plant and Equipment;
- paragraph 118(e) of IAS 38 Intangible Assets;
∙the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
∙the requirements of IAS 7 Statement of Cash Flows
∙the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
∙the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
The Company is wholly owned subsidiary of Barilla Holding S.r.l and is included in its consolidated financial statements (being the smallest consolidated Group) which are publicly available and can be obtained from the registered office address, via Mantova, 166, Parma, Italy.
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PASTA EVANGELISTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
In review of the Company’s financial forecasts, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for at least 12 months from the approval of the Annual Report. The directors received confirmation from the parent company that it will continue to provide financial support as is required for the Company to meet its obligations as they fall due for at least 12 months after the signing of these financial statements, or of the independent auditors’ report if later.
Functional and presentation currency
Transactions and balances
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PASTA EVANGELISTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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PASTA EVANGELISTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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PASTA EVANGELISTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme). Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period. Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.
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PASTA EVANGELISTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The estimated useful lives range as follows:
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:
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.
Right-of-use assets are measured at cost less accumulated depreciation and impairment losses. The carrying value is also adjusted for any re-measurement of the lease liability.
The lease liability is measured as the present value of the lease payment that are not paid at that date. The lease payment shall be discounted using the interest rate implicit in the lease, if that rate can be readily determined. If that rate cannot be readily determined, the lessee shall use the lessee's incremental borrowing rate.
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PASTA EVANGELISTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The purpose of IFRS 16 is to report information that faithfully represents lease transactions and provides a basis for users of financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. To meet that objective, a lessee should recognize assets and liabilities arising from a lease. The standard introduces a single lessee accounting model for leases, or the lease component of a service contract, which removed the distinction currently existing between operating and finance lease from the perspective of a lessees. All the contracts in force, with the exception of short-term lease (duration lower than 12 months) or low-value assets (with respect to the price of a single item when new) should be recognized at the lease commencement date in the statement of financial position as a 'right-of-use' asset and respective lease liability.
The right-of-use asset is classified as tangible fixed assets and subsequently depreciated in the income statement on a straight-line basis over its estimated useful life, while the lease liability varies upon payment of capital portions, with the consequent recognition of financial charges in the income statement applying the effective interest rate method (valuation at amortized cost). The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or if that rate cannot be readily determined, the lessee's marginal borrowing rate. Lease payments included in the measurement of the lease liability comprise the following:
∙fixed payments;
∙variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date;
∙amounts expected to be paid under a residual value guarantee;
∙the exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early.
The lease liability is subsequently measured at amortized cost using the effective interest method, with respective recognition of financial interest in the income statement. The standard additionally provides specific application guidelines in the case of sub-leasing.
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PASTA EVANGELISTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below:
Financial assets and financial liabilities are initially measured at fair value. Financial assets All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets. Fair value through profit or loss All of the Company's financial assets are subsequently measured at fair value at the end of each reporting period, with any fair value gains or losses being recognised in profit or loss to the extent they are not part of a designated hedging relationship. The net gain or loss recognised in profit or loss includes any dividend or interest earned on the financial asset. Impairment of financial assets The Company always recognises lifetime ECL for trade receivables and amounts due on contracts with customers. The expected credit losses on these financial assets are estimated based on the Company's historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument.
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PASTA EVANGELISTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Financial liabilities Fair value through profit or loss Financial liabilities are classified as at fair value through profit or loss, when the financial liability is held for trading, or is designated as at fair value through profit or loss. This designation may be made if such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise, or the financial liability forms part of a group of financial instruments which is managed and its performance is evaluated on a fair value basis, or the financial liability forms part of a contract containing one or more embedded derivatives, and IFRS 9 permits the entire combined contract to be designated as at fair value through profit or loss. Any gains or losses arising on changes in fair value are recognised in profit or loss to the extent that they are not part of a designated hedging relationship. At amortised cost Financial liabilities which are neither contingent consideration of an acquirer in a business combination, held for trading, nor designated as at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. This is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or where appropriate a shorter period, to the amortised cost of a financial liability. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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PASTA EVANGELISTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Analysis of turnover by country of destination:
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PASTA EVANGELISTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 28
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PASTA EVANGELISTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 29
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PASTA EVANGELISTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
There were no factors that may affect future tax charges.
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PASTA EVANGELISTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 31
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PASTA EVANGELISTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 32
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PASTA EVANGELISTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
14.Tangible fixed assets (continued)
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PASTA EVANGELISTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
14.Tangible fixed assets (continued)
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PASTA EVANGELISTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 35
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PASTA EVANGELISTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 36
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PASTA EVANGELISTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 37
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PASTA EVANGELISTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Share premium account
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £127,638 (2023: £113,641). Contributions totalling £17,876 (2023: £10,632) were payable to the fund at the balance sheet date and are included in creditors.
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PASTA EVANGELISTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
As at 31 December 2024, the immediate parent undertaking is G.e.R. Fratelli - Società per Azioni. The ultimate controlling party is Granaria S.r.l. & C. S.A.P.A, formerly Guido M. Barilla e F.lli S.r.L. & C.S.a.p.A, which changed its corporate name effective October 8, 2024. The parent undertaking of the smallest and largest group of undertakings for which Consolidated Financial Statements are drawn up is Barilla Holding S.r.l., Parma, Italy and the related copies can be obtained from the registered office address, via Mantova, 166, Parma, Italy.
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