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Registered number: 08729372














PETRA CAPITAL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

 
PETRA CAPITAL LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1
Notes to the Financial Statements
 
2 - 4


 
PETRA CAPITAL LIMITED
REGISTERED NUMBER:08729372

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
4,214,458
4,303,217

Bank and cash balances
  
28,376
120,950

  
4,242,834
4,424,167

  

Creditors: amounts falling due within one year
 5 
(3,930,614)
(4,187,032)

Net current assets
  
 
 
312,220
 
 
237,135

  

Net assets
  
312,220
237,135


Capital and reserves
  

Called up share capital 
  
50,000
50,000

Profit and loss account
  
262,220
187,135

  
312,220
237,135


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 on 11 March 2024.




R Schreiber
Director

The notes on pages 2 to 4 form part of these financial statements.

Page 1

 
PETRA CAPITAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

The Company's legal form is that of a limited company incorporated in the United Kingdom. The Company's registered office is 48 Pall Mall, London, SW1Y 5JG.
The principal activity of the Company is to be that of the provision of trade finance.

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

Basic financial instruments

Basic financial instruments include trade and other debtors, trade and other creditors, cash and bank balances, bank and related party facilities.
Trade and other debtors are recognised initially at the 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 and other 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 interest.
Cash and cash equivalents comprise cash balances and call deposits.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is £ sterling.

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.

 
2.4

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.

Page 2

 
PETRA CAPITAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.5

Interest income

Interest and similar income is recognised in the Statement of Comprehensive Income using the effective interest method.

 
2.6

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 reporting date in the countries where the Company operates and generates income.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2021 -2).


4.


Debtors

2022
2021
£
£


Amounts owed by group undertakings
4,214,458
4,232,913

Called up share capital not paid
-
37,500

Prepayments and accrued income
-
32,804

4,214,458
4,303,217


Page 3

 
PETRA CAPITAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

5.


Creditors: Amounts falling due within one year

2022
2021
£
£

Other facilities
-
3,730,000

Trade creditors
-
385,447

Amounts owed to group undertakings
3,873,969
24,814

Other taxation and social security
56,645
38,521

Accruals and deferred income
-
8,250

3,930,614
4,187,032


Amounts owed to group undertakings includes an amount received of £3,730,000 (2021: £3,730,000) from an entity under common control. Interest is payable at the rate of 5.85% plus 1 month Libor.
The other facilities and trade creditors balances in the prior year relate to amounts owed to group undertakings.


6.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2022 was unqualified.

The audit report was signed on 11 March 2024 by Sean Brennan FCCA (Senior Statutory Auditor) on behalf of Sopher + Co LLP.


7.


Controlling party

The immediate parent company of the Company is Petra Group Holdings Limited, a company incorporated in the Cayman Islands. 
The ultimate parent entity is BlueCompass Management Partners LP, an entity incorporated in the Cayman Islands.

 
Page 4