Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2022
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JAB PET HOLDINGS LTD
CONTENTS
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JAB PET HOLDINGS LTD
COMPANY INFORMATION
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JAB PET HOLDINGS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The directors present their strategic report on the company for the year ended 31 December 2022. The principal activity of the company during the period is that of a holding company.
JAB Pet Holdings Ltd. (the “Company) is an intermediate holding company and a wholly owned subsidiary of JAB Pet Services B.V. (together the “Group” or “JAB Pet Services”). JAB Pet Services is the global investment platform which is focused on building a fully integrated, omni-channel, multi-brand pet insurance offering which operates through breeder, direct-to-consumer, veterinary, mass retail and employee benefits channels with owned brands and third-party brands / white labels.
In 2022 various business transactions closed. In June 2022, the previously announced transaction between BNP Paribas Cardif and JAB was completed, resulting in the creation of Pinnacle Pet Group focused on the marketing, distribution and underwriting of pet insurance in Europe for both company-owned brands and white-label partnerships. After the close of this transaction, we announced the acquisition of Veterfina’s and AGILA’s pet insurance businesses, which are both well-established players in the European pet insurance category. Further in October 2022 the Independence Pet Group, our North American pet insurance platform, acquired Fairfax Financial Holdings' global pet insurance businesses, Crum & Forster Pet Insurance Group (C&F Pet) and Pethealth Inc. C&F Pet markets serves as the underwriter for numerous owned, licensed, and third-party brands in the United States, including ASPCA Pet Health Insurance, 24Petprotect, Hartville, Spot, Pumpkin and Petco pet insurance plans, as well as Pets Plus Us in Canada. Pethealth Inc. provides wellbeing and safety solutions to shelters and pet owners. Through both acquisitions, the investments held by the Company in Independence Pet Holdings, Inc. and Pinnacle Pet Holdings Limited were expanded.
Management of the business and the execution of the Company’s growth strategies are subject to several risks.
The principal risks and uncertainties are integrated with the principal risks of the Group and are not managed separately. Accordingly, the principal risks and uncertainties of the Group, which include those of the Company, are discussed on pages 24 and 25 within the publicly available JAB Holding Company s.a r.l.’s Annual Report 2022 in which JAB Pet Services B.V. is consolidated.
The financial key performance indicators are integrated with the Group and are not managed separately for this intermediate holding company. The financial performance of the Group, which include those of the Company, are discussed in note 3.1.1. Investment in Subsidiaries within the JAB Holding Company s.a r.l.’s Annual Report 2022.
The directors are mindful of environmental issues and have sought to minimise the impact of the company's activities on the environment.
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JAB PET HOLDINGS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
Section 172 (1)(a) to (f) requires the directors to act in the way they consider would be most likely to promote the
success of the company for the benefit of its members, as a whole, with regard to the following matters: a) The likely consequences of any decision in the long-term The directors believe that they have acted in the way they consider, in good faith, to promote the long-term success of the Company. b) The interests of the company's employees The Company does not have employees. c) The need to foster the company's business relationships with suppliers, customers and others The directors aim to work in partnership with suppliers to ensure that they reflect similar values and behaviours to those promoted by the Company. d) The impact of the company's operations on the community and environment. The Group has adopted a Human Rights policy which is referenced to on page 24 of the JAB Holding Company s.a r.l.’s Annual Report 2022 and publicly available on the company website of JAB Holding Company s.a r.l. e) The desirability of the company maintaining a reputation for high standards of business conduct The Company follows the Code of Conduct established by JAB Holding Company s.a r.l. which is referenced to on page 24 of the JAB Holding Company s.a r.l.’s Annual Report 2022 and publicly available on the company website of JAB Holding Company s.a r.l. f) The need to act fairly as between members of the company The company is a wholly owned subsidiary of JAB Pet Services B.V. and both entities have some of the same directors.
This report was approved by the board and signed on its behalf.
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JAB PET HOLDINGS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The directors present their report and the financial statements for the year ended 31 December 2022.
The loss for the year, after taxation, amounted to $2,755,784 (2021 - loss $615,238).
The directors do not recommend a dividend.
The directors who served during the year were:
The Company's energy usage is below 40,000 kWh and qualifies as a low energy user.
As permitted by s414c(11) of the Companies Act 2006, the directors have elected to disclose information, required to be in the directors' report by Schedule 7 of the 'Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008', in the strategic report.
This report was approved by the board and signed on its behalf.
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JAB PET HOLDINGS LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022
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 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards 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 to 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.
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JAB PET HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JAB PET HOLDINGS LTD
FOR THE YEAR ENDED 31 DECEMBER 2022
We have audited the financial statements of JAB Pet Holdings Ltd (the 'Company') for the year ended 31 December 2022, which comprise the profit and loss account, the balance sheet, the statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (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's 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these 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.
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.
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JAB PET HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JAB PET HOLDINGS LTD (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
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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JAB PET HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JAB PET HOLDINGS LTD (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
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 the 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
∙we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company's industry;
∙we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment and health and safety legislation;
∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and
∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
∙performed analytical procedures to identify any unusual or unexpected relationships;
∙tested journal entries to identify unusual transactions;
∙assessed whether judgements and assumptions made in determining the accounting estimates, set out in Note 3, were indicative of potential bias; and
∙investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
∙agreeing financial statement disclosures to underlying supporting documentation;
∙reading the minutes of meetings of those charged with governance; and
∙enquiring of management as to actual and potential litigation and claims.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.
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JAB PET HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JAB PET HOLDINGS LTD (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
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 auditor's report.
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
Chartered Accountants
Statutory Auditor
16 Great Queen Street
Covent Garden
WC2B 5AH
Date:
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JAB PET HOLDINGS LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2022
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JAB PET HOLDINGS LTD
BALANCE SHEET
AS AT 31 DECEMBER 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 25 form part of these financial statements.
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JAB PET HOLDINGS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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JAB PET HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
JAB Pet Holdings Ltd is a holding company.
The company is a private company limited by shares and incorporated in England and Wales. The address of its registered office and principal place of business is 14th Floor, 20 Eastbourne Terrace, London, W2 6LG. The company was incorporated on 18 May 2021. The comparative information in these financial statements is in respect of the period from 18 May 2021 to 31 December 2021 and is therefore not directly comparable. The financial statements are presented in US dollars ($), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest $.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see Note 3).
Section 401 Exemption
The company was, at the end of the year, a wholly-owned subsidiary of JAB Holding Company S.à r.l, whose registered address is 4, Rue Jean Monnet, L-2180 Luxembourg. JAB Holding Company S.à r.l prepares consolidated financial statements, in which the company is included, that are equivalent to UK requirements. In accordance with the exemption given in Section 401 of the Companies Act 2006, the company is not required to produce, and has not published, consolidated accounts.
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102:
∙Section 3 Financial Statement Presentation paragraph 3.17(d) (inclusion of statement of cash flows);
∙Section 7 Statement of Cash Flows (inclusion of statement of cash flows);
∙Section 11 Financial Instruments paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c) (disclosures relating to financial instruments);
∙Section 33 Related Party Disclosures paragraph 33.7 (disclosures of key management personnel compensation).
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis notwithstanding the fact that the company has incurred a loss for the period. The directors consider this basis to be appropriate as the company has sufficient facilities available from its shareholders to fund its working capital requirements for a period of at least twelve months from the date these financial statements were approved.
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JAB PET HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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JAB PET HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years. 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 arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. 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. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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JAB PET HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the Company would receive for the asset if it were to be sold at the reporting date. For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. Derecognition of financial assets and financial liabilities Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. Offsetting of financial assets and financial liabilities Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.
Ordinary shares are classified as equity.
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JAB PET HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
The Company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the Company becomes 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.
The Company’s policies for its major classes of financial assets and financial liabilities are set out below.
Financial assets
Basic financial assets, including trade and other debtors, and cash and bank balances are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Financial liabilities
Basic financial liabilities, including trade and other creditors, and bank overdrafts, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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JAB PET HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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. Key sources of estimation uncertainty The key assumptions concerning the future and other key sources of estimation uncertainty at the balance sheet date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below: Valuation of unquoted investments The most critical estimates, assumptions and judgements relate to the determination of carrying value of investments at cost less accumulated impairment. This valuation method is applied for underlying investments which are not quoted in an active market. In using the market-multiple method, to determine the fair value of an underlying investment, a market multiple is established based on a selected group of comparable publicly traded peer group companies that is considered representative of the underlying investment. Determination of the peer group companies is generally based on the risk profile, growth prospect, strength of brand or brand portfolio, leverage and certain other financial characteristics (e.g. market capitalization, EBITDA margin levels, market leadership, recession resilience, etc).
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JAB PET HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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JAB PET HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
8.Taxation (continued)
In the Spring Budget 2021, the UK Government announced that from 1 April 2023 the corporation tax rate would increase to 25% for companies with profits of over £250,000. A small profits rate will also be introduced for companies with profits of £50,000 or less so that they will continue to pay corporation tax at 19%. From this date companies with profits between £50,000 and £250,000 will pay tax at the main rate reduced by a marginal relief providing a gradual increase in the effective corporation tax rate. This new law was substantively enacted on 24 May 2021. Deferred taxes at the balance sheet date have been measured using these enacted tax rates and reflected in these financial statements.
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JAB PET HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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JAB PET HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Subsidiary undertakings (continued)
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JAB PET HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
There are two classes of ordinary shares, Ordinary A shares and Ordinary B shares. Ordinary A shares hold voting rights and B Ordinary shares hold non-voting rights. There are no restrictions on the distribution of dividends and the repayment of capital.
On 16 February 2022 the company issued 127,500 ordinary shares of $0.01 each at $100 per share, in order to fund the acquisition of its investment. On 30 June 2022 the company issued 4,817,459 ordinary shares of $0.01 each at $100 per share, in order to fund the acquisition of its investment. On 20 September 2022 the company changed the entire share class from 10,750,793 ordinary shares of $0.01 each in issue to 10,750,793 ordinary A shares of $0.01 each. On the same day the company created a new class of shares with the designation "B Ordinary Shares" of US$0.01 each. On 14 October 2022 the company issued 100,000 ordinary A shares of $0.01 each at $100 per share, in order to fund the acquisition of its investment. On 31 October 2022 the company issued 10,397,680 ordinary A shares of $0.01 each at $100 per share, in order to fund the acquisition of its investment. On 25 November 2022 the company issued 80,250 ordinary B shares of $0.01 each at $100 per share, in order to fund the acquisition of its investment. On 29 November 2022 the company issued 15,000 ordinary B shares of $0.01 each at $100 per share, in order to fund the acquisition of its investment. On 30 November 2022 the company issued 37,500 ordinary B shares of $0.01 each at $100 per share, in order to fund the acquisition of its investment.
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JAB PET HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Share premium account
On 29 March 2023 the company issued 353,000 ordinary A shares of $0.01 each at $100 per share, in order to fund the acquisition of its investment. On 29 March 2023 the company made an investment into a subsidiary which issued 314,448.6015 Class A shares of $0.01 and 314,448.6015 Class B shares of $0.01 for cash at $0.01 and $112.25 per share respectively. On 4 May 2023 the company repaid the $252,547,945 long term debenture loans in full. On 15 May 2023 the company made an investment into a new subsidiary which issued 185,600.5066 Class A shares of $0.01 and 991,105.7051 Class B shares of $0.01 for cash at $0.01 and $100.00 per share respectively. On 6 June 2023 the company issued 2,500 ordinary B shares of $0.01 each at $100 per share, in order to fund the acquisition of its investment. On 13 June 2023 the company made a further investment into a subsidiary which issued 311,776.2337 Class A shares of $0.01 and 311,776.2337 Class B shares of $0.01 for cash at $0.01 and $112.25 per share respectively. On 30 June 2023 the company issued 7,897,000 ordinary A shares of $0.01 each at $100 per share, in order to fund the acquisition of its investment. On 11 July 2023 the company made a further investment into the same new subsidiary which issued 14,998.5001 Class A shares of $0.01 and 80,091.9908 Class B shares of $0.01 for cash at $0.01 and $100.00 per share respectively. On 13 September 2023 the company made a further investment into a subsidiary which issued 557,634.0638 Class A shares of $0.01 and 557,634.0638 Class B shares of $0.01 for cash at $0.01 and $112.25 per share respectively.
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JAB PET HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
The immediate parent undertaking is JAB Pet Services BV, a company registered in the Netherlands.
The parent undertaking of the smallest group of undertakings for which group financial statements are drawn up and of which the company is a member is
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