Caseware UK (AP4) 2022.0.179 2022.0.179 2023-08-312023-08-312022-09-01falseNatural supplements11truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12785704 2022-09-01 2023-08-31 12785704 2021-09-01 2022-08-31 12785704 2023-08-31 12785704 2022-08-31 12785704 c:Director1 2022-09-01 2023-08-31 12785704 d:ComputerEquipment 2022-09-01 2023-08-31 12785704 d:ComputerEquipment 2023-08-31 12785704 d:ComputerEquipment 2022-08-31 12785704 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 12785704 d:ComputerSoftware 2023-08-31 12785704 d:ComputerSoftware 2022-08-31 12785704 d:CurrentFinancialInstruments 2023-08-31 12785704 d:CurrentFinancialInstruments 2022-08-31 12785704 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 12785704 d:CurrentFinancialInstruments d:WithinOneYear 2022-08-31 12785704 d:ShareCapital 2023-08-31 12785704 d:ShareCapital 2022-08-31 12785704 d:RetainedEarningsAccumulatedLosses 2023-08-31 12785704 d:RetainedEarningsAccumulatedLosses 2022-08-31 12785704 c:FRS102 2022-09-01 2023-08-31 12785704 c:AuditExempt-NoAccountantsReport 2022-09-01 2023-08-31 12785704 c:FullAccounts 2022-09-01 2023-08-31 12785704 c:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 12785704 d:ComputerSoftware d:ExternallyAcquiredIntangibleAssets 2022-09-01 2023-08-31 12785704 d:ComputerSoftware d:OwnedIntangibleAssets 2022-09-01 2023-08-31 iso4217:GBP xbrli:pure

Registered number: 12785704










PERFORMANCE NATURALS LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2023

 
PERFORMANCE NATURALS LTD
REGISTERED NUMBER: 12785704

BALANCE SHEET
AS AT 31 AUGUST 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
5,602
13,787

Tangible assets
 5 
700
-

  
6,302
13,787

Current assets
  

Stocks
  
22,566
11,772

Debtors: amounts falling due within one year
 6 
-
914

Cash at bank and in hand
  
66,137
15,688

  
88,703
28,374

Creditors: amounts falling due within one year
 7 
(24,558)
(10,884)

Net current assets
  
 
 
64,145
 
 
17,490

Total assets less current liabilities
  
70,447
31,277

  

Net assets
  
70,447
31,277


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
70,347
31,177

  
70,447
31,277


Page 1

 
PERFORMANCE NATURALS LTD
REGISTERED NUMBER: 12785704
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2023

The director considers 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 director acknowledges his 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 profit and loss account 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: 




Mr A P Hook
Director

Date: 20 November 2023

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
PERFORMANCE NATURALS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1.


General information

Performance Naturals Ltd is a private company limited by shares and incorporated in England and Wales (12785704). The registered office address is 85 Great Portland Street, First Floor, London, W1W 7LT.  

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
PERFORMANCE NATURALS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

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.

 
2.4

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.

 
2.5

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
PERFORMANCE NATURALS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)


2.6
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.8

Debtors

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

 
2.9

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.

 
2.10

Creditors

Short-term creditors are measured at the transaction price.

 
2.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the
Page 5

 
PERFORMANCE NATURALS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)


2.11
Financial instruments (continued)

present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 6

 
PERFORMANCE NATURALS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.12

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).


4.


Intangible assets




Computer software

£



Cost


At 1 September 2022
26,288


Additions
150



At 31 August 2023

26,438



Amortisation


At 1 September 2022
12,501


Charge for the year on owned assets
8,335



At 31 August 2023

20,836



Net book value



At 31 August 2023
5,602



At 31 August 2022
13,787



Page 7

 
PERFORMANCE NATURALS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

5.


Tangible fixed assets





Computer equipment

£



Cost or valuation


Additions
764



At 31 August 2023

764



Depreciation


Charge for the year on owned assets
64



At 31 August 2023

64



Net book value



At 31 August 2023
700



At 31 August 2022
-


6.


Debtors

2023
2022
£
£


Trade debtors
-
914



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Corporation tax
22,541
8,007

Other creditors
4
4

Accruals and deferred income
2,013
2,873

24,558
10,884


 
Page 8