Caseware UK (AP4) 2021.0.152 2021.0.152 2021-12-312021-12-312021-01-01falseNo description of principal activity1912truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07417662 2021-01-01 2021-12-31 07417662 2020-01-01 2020-12-31 07417662 2021-12-31 07417662 2020-12-31 07417662 2020-01-01 07417662 c:Director3 2021-01-01 2021-12-31 07417662 d:CurrentFinancialInstruments 2021-12-31 07417662 d:CurrentFinancialInstruments 2020-12-31 07417662 d:Non-currentFinancialInstruments 2021-12-31 07417662 d:Non-currentFinancialInstruments 2020-12-31 07417662 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 07417662 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 07417662 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 07417662 d:Non-currentFinancialInstruments d:AfterOneYear 2020-12-31 07417662 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2021-12-31 07417662 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2020-12-31 07417662 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2021-12-31 07417662 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2020-12-31 07417662 d:ShareCapital 2021-12-31 07417662 d:ShareCapital 2020-12-31 07417662 d:SharePremium 2021-12-31 07417662 d:SharePremium 2020-12-31 07417662 d:RetainedEarningsAccumulatedLosses 2021-12-31 07417662 d:RetainedEarningsAccumulatedLosses 2020-12-31 07417662 c:FRS102 2021-01-01 2021-12-31 07417662 c:AuditExempt-NoAccountantsReport 2021-01-01 2021-12-31 07417662 c:FullAccounts 2021-01-01 2021-12-31 07417662 c:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 07417662 2 2021-01-01 2021-12-31 iso4217:GBP xbrli:pure

Registered number: 07417662









P1VITAL PRODUCTS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2021

 
P1VITAL PRODUCTS LIMITED
REGISTERED NUMBER: 07417662

BALANCE SHEET
AS AT 31 DECEMBER 2021

2021
2020
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
781,487
651,261

Cash at bank and in hand
 5 
183,263
199,729

  
964,750
850,990

Creditors: amounts falling due within one year
 6 
(757,478)
(753,894)

Net current assets
  
 
 
207,272
 
 
97,096

Total assets less current liabilities
  
207,272
97,096

Creditors: amounts falling due after more than one year
 7 
(39,276)
(48,333)

  

Net assets
  
167,996
48,763


Capital and reserves
  

Called up share capital 
  
128
128

Share premium account
  
2,160
2,160

Profit and loss account
  
165,708
46,475

  
167,996
48,763


Page 1

 
P1VITAL PRODUCTS LIMITED
REGISTERED NUMBER: 07417662
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2021

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 statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

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

................................................
J A Kingslake
Director

Date: 14 September 2022

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

Page 2

 
P1VITAL PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1.


General information

P1vital Products Limited is a private limited company incorporated in England & Wales. The registered office is Manor House, Howbery Park, Wallingford, Oxfordshire, OX10 8BA.
The principal activity of the company is that of a research and experimental development in natural sciences.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 3

 
P1VITAL PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

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.

Rendering of services

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

 
2.4

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.
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.

 
2.5

Interest income

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

Page 4

 
P1VITAL PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.6

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 Balance sheet. The assets of the plan are held separately from the Company in independently administered funds. 

 
2.7

Share based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
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.

Page 5

 
P1VITAL PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

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

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

 
2.9

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.10

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.

  
2.11

Long-term contracts

Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed
with reasonable certainty. The profit included is calculated on a prudent basis to reflect the
proportion of the work carried out at the year end, by recording turnover relates costs as contract
activity progresses. Turnover is calculated as that proportion of total contract value for which costs
iincurred to date bear to total expected costs for that contract. Full provision is made for losses on all
contracts in the year in which they are first foreseen.

 
2.12

Creditors

Short term creditors are measured at the transaction price.

 
2.13

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
Page 6

 
P1VITAL PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)


2.13
Financial instruments (continued)

third parties, loans to related parties and investments in ordinary shares.

 
2.14

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.15

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.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are
recognised when paid. Final equity dividends are recognised when approved by the shareholders at
an annual general meeting.

 
2.17

Borrowing costs

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


3.


Employees

The average monthly number of employees, including directors, during the year was 19 (2020 - 12).


4.


Debtors

2021
2020
£
£


Trade debtors
285,058
251,499

Other debtors
-
3,992

Called up share capital not paid
103
103

Prepayments and accrued income
30,791
79,009

Amounts recoverable on long term contracts
233,626
202,304

Tax recoverable
231,909
114,354

781,487
651,261


Page 7

 
P1VITAL PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

5.


Cash and cash equivalents

2021
2020
£
£

Cash at bank and in hand
183,263
199,729

183,263
199,729



6.


Creditors: Amounts falling due within one year

2021
2020
£
£

Bank loans
10,000
1,667

Trade creditors
75,200
72,652

Amounts owed to related parties
212,202
220,403

Other taxation and social security
27,756
18,386

Other creditors
6,343
7,616

Accruals and deferred income
425,977
433,170

757,478
753,894



7.


Creditors: Amounts falling due after more than one year

2021
2020
£
£

Bank loans
39,276
48,333

39,276
48,333


Page 8

 
P1VITAL PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

8.


Loans


Analysis of the maturity of loans is given below:


2021
2020
£
£

Amounts falling due within one year

Bank loans
10,000
1,667


10,000
1,667

Amounts falling due 1-2 years

Bank loans
10,000
20,000


10,000
20,000

Amounts falling due 2-5 years

Bank loans
29,276
28,333


29,276
28,333


49,276
50,000


Page 9

 
P1VITAL PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

9.


Share based payments

The company operates an Enterprise Management Incentive scheme. Share options are issues under the terms of a 3 year vesting period and require that the holder remains employed by the company throughout. At the year end options of 14,000 Ordinary B Shares to 3 employees remain in issue. The options become exercisable at various dates up to 10 years from grant and all have an exercise price of 3p per share. 

Weighted average exercise price (pence)
2021
Number
2021
Weighted average exercise price
(pence)
2020
Number
2020

Outstanding at the beginning of the year

3.00

14,000

3.00
 
14,000
 
Granted during the year


-

 
-
 
Forfeited during the year


-

 
-
 
Outstanding at the end of the year

14,000

3.00
 
14,000
 




10.


Pension commitments

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 £24,654 (2020 - £13,793). 


11.


Related party transactions

During the year the company made sales and purchases at an arm's length basis to a company with common control and key management personnel. 
The aggregate transactions during the year and the balance outstanding as at the year end is set out below: 


2021
2020
£
£

Balance outstanding due to related parties
212,202
220,403
212,202
220,403

Page 10

 
P1VITAL PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

12.


Controlling party

In the opinion of the directors it is not possible to identify a controlling party of the Company.

 
Page 11