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REGISTERED NUMBER: 02804464 (England and Wales)















Pan European Potato Enterprise
Limited

Unaudited Financial Statements

for the Year Ended 31 July 2023






Pan European Potato Enterprise
Limited (Registered number: 02804464)

Contents of the Financial Statements
for the year ended 31 July 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Pan European Potato Enterprise
Limited

Company Information
for the year ended 31 July 2023







Directors: Olivia Castella
Juan Castella
Catherine Burling





Registered office: 24 Lancaster Gardens
Wimbledon
London
SW19 5DG





Registered number: 02804464 (England and Wales)






Pan European Potato Enterprise
Limited (Registered number: 02804464)

Balance Sheet
31 July 2023

2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 4 47,396 20,725
Investments 5 89,349 100,345
136,745 121,070

Current assets
Stocks 1,125 57,366
Debtors 6 19,367 532,052
Cash at bank 1,047,573 760,809
1,068,065 1,350,227
Creditors
Amounts falling due within one year 7 48,592 302,246
Net current assets 1,019,473 1,047,981
Total assets less current liabilities 1,156,218 1,169,051

Capital and reserves
Called up share capital 8 154,449 205,002
Capital redemption reserve 9 112,468 61,915
Retained earnings 9 889,301 902,134
Shareholders' funds 1,156,218 1,169,051

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

The members have not required the Company to obtain an audit of its financial statements for the year ended 31 July 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 October 2023 and were signed on its behalf by:





Juan Castella - Director


Pan European Potato Enterprise
Limited (Registered number: 02804464)

Notes to the Financial Statements
for the year ended 31 July 2023


1. Statutory information

Pan European Potato Enterprise 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.

The presentational currency of these financial statements is the Pound Sterling (£).

These financial statements are rounded to the nearest £.

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.

Set out below is a summary of principal accounting policies, all of which have been consistently applied throughout the year and the preceding year (except as otherwise stated).

Significant judgements and estimates
In applying the Company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.

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, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.

Critical judgements in applying the Company's accounting policies
The critical judgement that the directors have made in the process of applying the Company's accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below:

(i) Assessing indicators and impairment
In assessing whether there have been any indicators or impairment of assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience or recoverability. There have been no indicators or impairments identified during the current financial period.

Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of estimation uncertainty that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below:

(i) Recoverability of receivables
The Company establishes a provision for receivables that are estimated not to be recoverable. When assessing recoverability the directors consider factors such as the aging of the receivables, past experience and recoverability, and the credit profile of individual or groups of customers.

Pan European Potato Enterprise
Limited (Registered number: 02804464)

Notes to the Financial Statements - continued
for the year ended 31 July 2023


2. Accounting policies - continued

(ii) Determining residual values and useful economic lives of tangible assets
The Company depreciates tangible assets over their estimated useful lives. The estimation of the useful lives is based on historical performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes. Judgement is applied by management when determining the residual values for tangible assets. When determining the residual value management aim to assess the amount that the Company would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful economic life. Where possible this is done with reference to external market prices.

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

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding trade discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods
Turnover 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 turnover 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - 33% on cost and 9.09% on cost
Motor vehicles - 4% on cost

Investments in subsidiaries and associates
Investments in subsidiary and associate undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The Company has chosen to adopt Sections 11 of FRS 102 in respect of financial instruments.

(i) Financial assets
Basic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

Pan European Potato Enterprise
Limited (Registered number: 02804464)

Notes to the Financial Statements - continued
for the year ended 31 July 2023


2. Accounting policies - continued

If there is 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.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price.

Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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.

(ii) Financial liabilities
Basic financial liabilities, including trade and other payables, 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 receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pan European Potato Enterprise
Limited (Registered number: 02804464)

Notes to the Financial Statements - continued
for the year ended 31 July 2023


2. Accounting policies - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.

Operating leases are leases that do not transfer the risks and rewards of ownership.

Leases of assets that transfer substantially all the risks and rewards incidental to ownership are classified as finance leases.

Finance leases are capitalised at commencement of the lease as assets at the fair value of the leased asset or, if lower, the present value of the minimum lease payments calculated using the interest rate implicit in the lease. Where the implicit rate cannot be determined the Group's incremental borrowing rate is used. Incremental direct costs, incurred in negotiating and arranging the lease, are included in the cost of the asset.

Assets are depreciated over the shorter of the lease term and the estimated useful life of the asset. Assets are assessed for impairment at each reporting date.

The capital element of lease obligations is recorded as a liability on inception of the arrangement. Lease payments are apportioned between capital repayment and finance charge, using the effective interest rate method, to produce a constant rate of charge on the balance of the capital repayments outstanding.

Going concern
These financial statements have been prepared on a going concern basis.

The current economic conditions present increased risks for all businesses. In response to such conditions, the directors has carefully considered these risks including an assessment on uncertainty on future trading projection for a period of at least 12 months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis.

Based on assessment, the directors considers that the Company maintains an appropriate level of liquidity, sufficient to meet the demands of the business including any capital and servicing obligations and external debt liabilities.

In addition, the Company's assets are assessed for recoverability on a regular basis, and the directors consider that the Company is not exposed to losses on these assets which would affect their decision to adopt the going concern basis.

The director's has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubts upon the Company's ability to continue as a going concern. Thus, the director has continued to adopt the going concern basis of accounting in preparing these financial statements.

3. Employees and directors

The average number of employees during the year was 2 (2022 - 6 ) .

Pan European Potato Enterprise
Limited (Registered number: 02804464)

Notes to the Financial Statements - continued
for the year ended 31 July 2023


4. Tangible fixed assets
Fixtures
and Motor
fittings vehicles Totals
£ £ £
Cost
At 1 August 2022 76,845 78,844 155,689
Additions - 45,055 45,055
At 31 July 2023 76,845 123,899 200,744
Depreciation
At 1 August 2022 56,697 78,267 134,964
Charge for year 15,304 3,080 18,384
At 31 July 2023 72,001 81,347 153,348
Net book value
At 31 July 2023 4,844 42,552 47,396
At 31 July 2022 20,148 577 20,725

5. Fixed asset investments
Shares in Interest in
group joint Interest in Other
undertakings venture associate investments Totals
£ £ £ £ £
Cost
At 1 August 2022 94,291 6,054 - 88,630 188,975
Additions 99 - - - 99
Disposals (5,041 ) (6,054 ) - - (11,095 )
Reclassification/transfer (20 ) - 20 - -
At 31 July 2023 89,329 - 20 88,630 177,979
Provisions
At 1 August 2022
and 31 July 2023 - - - 88,630 88,630
Net book value
At 31 July 2023 89,329 - 20 - 89,349
At 31 July 2022 94,291 6,054 - - 100,345

Shares in group undertakings includes a 90% (2022: 95%) include an investment in Pepsur Marketing SRL, a company registered in Spain. During the year, the Company disposed of a 5% shareholding in the company and has a net book value of £89,329 (2022: £94,291).

Additionally, within shares in group undertakings was an investment of 20% (2022: 100%) in Agripep UK Limited, a company registered in England and Wales. This has now been reclassed to shares in associates. During the year the Company acquired 99 Ordinary Shares at nominal value of £1. Subsequently, 80 Ordinary shares were sold. While Agripep UK Limited subsequently issued bonus shares equivalent to 100 Ordinary Shares for every 1 share held, in line with the disclosed policy, the directors have continued to hold at cost of £20.

During the year, the Company disposed of all remaining shares (2022: 10%) in Cygnet PEP Limited, a company registered in Scotland. This investment is represented within interest in joint ventures.

Pan European Potato Enterprise
Limited (Registered number: 02804464)

Notes to the Financial Statements - continued
for the year ended 31 July 2023


6. Debtors: amounts falling due within one year
2023 2022
£ £
Trade debtors 5,616 363,919
Amounts owed by group undertakings - 150,000
Other debtors 13,751 18,133
19,367 532,052

7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 1,996 77,587
Taxation and social security 28,689 34,736
Other creditors 17,907 189,923
48,592 302,246

8. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
154,449 Ordinary A £1 154,449 205,002

9. Reserves
Capital
Retained redemption
earnings reserve Totals
£ £ £

At 1 August 2022 902,134 61,915 964,049
Profit for the year 618,197 - 618,197
Dividends (60,000 ) - (60,000 )
Purchase of own shares (571,030 ) 50,553 (520,477 )
At 31 July 2023 889,301 112,468 1,001,769

During the year, the Company purchased from its shareholders 50,553 A Ordinary Shares of nominal value £50,553. The aggregate amount paid for the cancelled shares was £571,030 out of distributable profits and the shares were subsequently upon cancellation.

10. Related party disclosures

Pan European Potato Enterprise Ltd (PEP) bought back shares and subsequently cancelled shares held by related parties, Patricia Pinedo, Richard Spendelow and Vincent Lumb. All individuals are related by virtue of common ownership of Agripep UK Ltd and PEP during the year. Juan Castella is now the sole shareholder in the Company at the year end.

The Company sold 80% of Agripep UK Ltd shares to Patricia Pinedo and Richard Spendelow (40% each) and retained 20% of Agripep UK Ltd Shares.