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REGISTERED NUMBER: 08987637 (England and Wales)









PETALITE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023






PETALITE LIMITED (REGISTERED NUMBER: 08987637)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PETALITE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: L Purnell
Dr Y Li
D H Mead
Dr S Pressas
J M Groocock





REGISTERED OFFICE: Unit 2A Forward Park
96-97 Bagot Street
Birmingham
West Midlands
B7 4BB





REGISTERED NUMBER: 08987637 (England and Wales)





ACCOUNTANTS: UHY Hacker Young (Bham) LLP
9 - 11 Vittoria Street
Birmingham
B1 3ND

PETALITE LIMITED (REGISTERED NUMBER: 08987637)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 124,167 92,673
Tangible assets 5 83,707 82,885
207,874 175,558

CURRENT ASSETS
Debtors 6 181,468 199,209
Cash at bank 1,270,573 181,514
1,452,041 380,723
CREDITORS
Amounts falling due within one year 7 331,939 167,270
NET CURRENT ASSETS 1,120,102 213,453
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,327,976

389,011

CREDITORS
Amounts falling due after more than
one year

8

30,000

1,241,872
NET ASSETS/(LIABILITIES) 1,297,976 (852,861 )

PETALITE LIMITED (REGISTERED NUMBER: 08987637)

BALANCE SHEET - continued
31 MARCH 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 344 276
Share premium 4,770,511 1,268,661
Retained earnings (3,472,879 ) (2,121,798 )
SHAREHOLDERS' FUNDS 1,297,976 (852,861 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 October 2023 and were signed on its behalf by:





D H Mead - Director


PETALITE LIMITED (REGISTERED NUMBER: 08987637)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Petalite Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The presentational and functional currency of these financial statements is sterling. All amounts in the financial statements have been rounded to the nearest £1.

Measurement convention
The financial statements are prepared on the historical cost basis except in the instance where assets and liabilities are stated at their fair value.

Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they have adopted the going concern basis of accounting in preparing these financial statements.

Basic financial instruments

Trade and other debtors / creditors

Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of instrument for a similar debt instrument.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances and call deposits.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

PETALITE LIMITED (REGISTERED NUMBER: 08987637)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Taxation
Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the profit and loss account except to the extent that it relates to items recognised directly in equity or other income, in which case it is recognised directly in equity or other income.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date.

Deferred tax is provided on timing differences which 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 is not recognised on permanent differences arising because certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are greater or smaller than the corresponding income or expense.

Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the balance sheet date.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that is it probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 31 (2022 - 19 ) .

PETALITE LIMITED (REGISTERED NUMBER: 08987637)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022 134,283
Additions 43,191
At 31 March 2023 177,474
AMORTISATION
At 1 April 2022 41,610
Charge for year 11,697
At 31 March 2023 53,307
NET BOOK VALUE
At 31 March 2023 124,167
At 31 March 2022 92,673

Intangible Fixed Assets relate to patents; these are being amortised over their estimated useful life of 10 years, in accordance with FRS102.

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022 128,200
Additions 22,554
At 31 March 2023 150,754
DEPRECIATION
At 1 April 2022 45,315
Charge for year 21,732
At 31 March 2023 67,047
NET BOOK VALUE
At 31 March 2023 83,707
At 31 March 2022 82,885

PETALITE LIMITED (REGISTERED NUMBER: 08987637)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 181,468 199,209

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 19,936 10,032
Hire purchase contracts - 3,224
Trade creditors 90,009 104,843
Taxation and social security 9,619 34,821
Other creditors 212,375 14,350
331,939 167,270

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts - 1,872
Other creditors 30,000 1,240,000
30,000 1,241,872