Company Registration No. 02862209 (England and Wales)
C J Petrow International Limited
Financial statements
for the year ended 31 December 2023
Pages for filing with the registrar
C J Petrow International Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 8
C J Petrow International Limited
Statement of financial position
As at 31 December 2023
1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
3,259,914
3,327,514
Current assets
Debtors
5
21,380,773
20,791,519
Cash at bank and in hand
20,968
38,531
21,401,741
20,830,050
Creditors: amounts falling due within one year
6
(114,031)
(212,084)
Net current assets
21,287,710
20,617,966
Total assets less current liabilities
24,547,624
23,945,480
Creditors: amounts falling due after more than one year
7
(23,202,751)
(22,856,643)
Net assets
1,344,873
1,088,837
Capital and reserves
Called up share capital
8
5,938,554
5,938,554
Profit and loss reserves
(4,593,681)
(4,849,717)
Total equity
1,344,873
1,088,837

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 19 September 2024 and are signed on its behalf by:
John Petrow
Director
Company Registration No. 02862209
C J Petrow International Limited
Notes to the financial statements
For the year ended 31 December 2023
2
1
Accounting policies
Company information

C J Petrow International Limited is a private company limited by shares incorporated in England and Wales. The registered office is 71 Queen Victoria Street, London, EC4V 4BE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Ongoing support is provided by Idolwood Limited, the ultimate parent company. The appropriateness of the going concern basis is dependent on this support being continued.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 

Rental income is recognised on an accruals basis.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Trademarks
10% per annum straight line basis
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses.

C J Petrow International Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
3

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Land and buildings
2% per annum straight line basis
Property improvements
25% per annum straight line basis
Computer equipment
25% per annum straight line basis
Fixtures, fittings and equipment
25% per annum straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Investment properties

Investment property, rented to group entities, which is held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Property rented to group entities is accounted for as land and buildings and depreciated at 2% per annum straight line basis.

1.7
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

 

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

C J Petrow International Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
4
Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, and loans from fellow group companies, 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. Financial liabilities classified as payable within one year are not amortised.

 

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

 

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

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.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

C J Petrow International Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
5
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
4
5
C J Petrow International Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
6
3
Intangible fixed assets
Other
£
Cost
At 1 January 2023 and 31 December 2023
52,902
Amortisation and impairment
At 1 January 2023 and 31 December 2023
52,902
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
-
0
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
3,370,173
103,835
3,474,008
Disposals
(500)
-
0
(500)
At 31 December 2023
3,369,673
103,835
3,473,508
Depreciation
At 1 January 2023
42,659
103,835
146,494
Depreciation charged in the year
67,100
-
0
67,100
At 31 December 2023
109,759
103,835
213,594
Carrying amount
At 31 December 2023
3,259,914
-
0
3,259,914
At 31 December 2022
3,327,514
-
0
3,327,514
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
753,025
970,158
Amounts owed by group undertakings and undertakings in which the company has a participating interest
20,409,745
19,820,549
Other debtors
218,003
812
21,380,773
20,791,519
C J Petrow International Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
7
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
78,344
85,669
Other taxation and social security
7,002
12,995
Other creditors
28,685
113,420
114,031
212,084
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
23,202,751
22,856,643
8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
5,938,554 ordinary shares of £1 each
5,938,554
5,938,554

The company has one class of ordinary shares which carry no fixed right to income.

9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Eunice McAdam
Statutory Auditors:
Saffery LLP
Date of audit report:
19 September 2024
10
Parent company

The parent company is Idolwood Limited, a company registered in the British Virgin Islands.

In the opinion of the directors there is no ultimate controlling party.

C J Petrow International Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
8
11
Related party transactions

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts owed to related parties
£
£
Entities with control, joint control or significant influence over the company
23,202,751
22,856,643
23,202,751
22,856,643

The following amounts were outstanding at the reporting end date:

2023
Amounts owed by related parties
£
Fellow subsidiaries of Idolwood Limited
20,409,745
2022
Amounts owed in previous period
£
Fellow subsidiaries of Idolwood Limited
19,820,549

The balances due from related parties are unsecured, will be settled in cash, and there are no fixed terms of repayment. Amounts repayable by Quality Kernels Limited and Petrow Food Industries Limited carry interest of 2.2% per annum (2022 - 2.2%) charged on the outstanding balance. The amount of interest charged to related parties for the year was £702,489 (2022 - £521,056).

 

The balances due to related parties are unsecured, will be settled in cash, and are due for repayment by 31 December 2026. Amounts payable carry interest of 3.5% per annum charged on the outstanding balance. The amount of interest payable to related parties for the year was £800,224 (2022 - £nil).

C J Petrow International Limited has guaranteed to continue to support Quality Kernels Limited and Petrow Food Industries Limited. Quality Kernels Limited and Petrow Food Industries Limited are subsidiaries of Idolwood Limited.

 

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