Company No:
Contents
Note | 2022 | 2021 | ||
£ | £ | |||
Fixed assets | ||||
Investments | 3 |
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1 | 1 | |||
Current assets | ||||
Debtors | ||||
- due within one year | 4 |
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- due after more than one year | 4 |
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Cash at bank and in hand |
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1,688,523 | 1,151,412 | |||
Creditors: amounts falling due within one year | 5, 8 | (
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Net current assets | 1,531,678 | 1,062,561 | ||
Total assets less current liabilities | 1,531,679 | 1,062,562 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital | 7 |
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Share premium account |
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Profit and loss account | (
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Percuro Primal Pet Food Ltd (registered number:
Brett Vye
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Percuro Primal Pet Food Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Sandall House Farm Narrow Lane, Lowsonford, Henley-In-Arden, B95 5HN, England, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources, including the continued support of its shareholders to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.
Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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.
Convertible loan notes
The component parts of compound instruments issued by the Company are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement. On initial recognition, the financial liability component is recorded at its fair value. At the date of issue, in the case of a convertible bond denominated in the functional currency of the issuer that may be converted into a fixed number of equity shares, the fair value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument. The equity component is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognised and included in the equity reserve within equity and is not subsequently remeasured.
Transaction costs are apportioned between the liability and equity components of the convertible instrument based on their relative fair values at the date of issue. The portion relating to the equity component is charged directly against equity.
2022 | 2021 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Investments in subsidiaries
2022 | |
£ | |
Cost | |
At 01 January 2022 |
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At 31 December 2022 |
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Carrying value at 31 December 2022 |
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Carrying value at 31 December 2021 |
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2022 | 2021 | ||
£ | £ | ||
Debtors: amounts falling due within one year | |||
Amounts owed by own subsidiaries |
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Other debtors |
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Debtors: amounts falling due after more than one year | |||
Amounts owed by own subsidiaries |
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2022 | 2021 | ||
£ | £ | ||
Trade creditors |
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Convertible loan notes |
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Other creditors |
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The Company issued £150,000 of convertible loan notes on 22 December 2022. The convertible loan notes are convertible into ordinary shares of the Company at any time between the date of issue of the notes and their settlement date. On issue, the loan notes were convertible at 1 share per £0.40 loan note. If the notes have not been converted, they will be redeemed on April 2023 at par. Interest of 15% will be paid annually up until that settlement date.
The net proceeds received from the issue of the convertible loan notes have been split between the liability element and an equity component, representing the fair value of the embedded option to convert the liability into equity of the Company, as follows:
2022 | |
£ | |
Nominal value of convertible loan notes issued | (2) |
Equity component | (149,998) |
Liability components at date of issue | (150,000) |
Interest charged | 0 |
Interest paid | 0 |
Liability component at 31 December 2022 | (
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The liability component has been classified as basic and is consequently measured at amortised cost. The interest charged for the financial year is calculated by applying an effective interest rate of 15% to the liability component.
2022 | 2021 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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There are two charges registered at Companies House that remain outstanding at the balance sheet date. The charges entitle the lender by way of fixed and floating charges over all assets and property of the company.