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Registered number: 07816026














PETRICCA HOLDING LTD
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

 
PETRICCA HOLDING LTD
 
 
COMPANY INFORMATION


Director
S Petricca 




Company secretary
Kingsley Secretaries Limited



Registered number
07816026



Registered office
22 St. Dunstans House
133 -137 Fetter Lane

London

EC4A 1BF




Independent auditors
Sopher + Co LLP
Chartered Accountants & Statutory Auditors

5 Elstree Gate

Elstree Way

Borehamwood

Hertfordshire

WD6 1JD





 
PETRICCA HOLDING LTD
 

CONTENTS



Page
Group Strategic Report
 
1 - 3
Director's Report
 
4 - 5
Independent Auditors' Report
 
6 - 9
Consolidated Statement of Comprehensive Income
 
10
Consolidated Statement of Financial Position
 
11
Company Statement of Financial Position
 
12
Consolidated Statement of Changes in Equity
 
13
Company Statement of Changes in Equity
 
14
Consolidated Statement of Cash Flows
 
15
Consolidated Analysis of Net Debt
 
16
Notes to the Financial Statements
 
17 - 25


 
PETRICCA HOLDING LTD
 
 
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 30 APRIL 2024

Introduction
 
The director presents his strategic report for the period ended 30 April 2024.

Business review
 
The Company is the parent company of Petricca & Co Capital Limited, which is authorised by the Financial Conduct Authority (FCA) to advise on and arrange investment business and operate as a full scope AIFM under AIFMD 2011/61/EU and its implementing regulations.
The AIFM's business developed in line with the board's expectations and the results for the year and the financial position at the period end were considered satisfactory given industry conditions and general economic uncertainties.
The AIFM continues to look for opportunities both in the UK and overseas, particularly targeting Europe for expansion. Therefore, the director expects that the Group will grow its business both in its core market and new markets and this will lead to improvement in the Group's financial results and significant growth in all the key performance indicators of client numbers, client deposits and trade volumes. The director acknowledges that there has been serious disruption to the global economy and valuations of investments have been subject to volatility, but the Group has access to capital to deal with them.
For the UK market the Group has executed management notification for certain UK new alternative investment funds. Some of them, already authorised by the FCA, relates to the art precious industry and e-sports.
These are investment strategies on alternative innovative asset classes for the Group, which previously mainly focused on real estate. The Group has the expertise and strategic human resources who are experienced in these industries. To this end, the lead portfolio manager of the Fund will be Mr Stefano Petricca and the Group is planning to add other certified persons to provide additional resources in managing the Funds. The role of the AIFM’s Portfolio Management function is to consider the research provided against the mandate of any fund to determine whether the investment criteria are met. Given the size of the business and the scope of the Funds in pipeline the director believes this to be proportionate and will allow for sufficient challenge before investment decisions are made.
In line with the new geopolitical situation between Europe and the UK which, beyond the latest political change with a change at the top for England, seems to remain firm in substance to the will expressed by the Brexit vote, the Group has, consequently, established the development and management of funds by means of a clear separation by "industries": real estate in Luxembourg, alternative, specialized and innovative funds tout court, in the UK; exploiting on the one hand the leverage of managerial consolidation in the capital of investment funds, i.e. the Grand Duchy, and on the other hand exploiting the leverage of the most sophisticated and open Anglo-Saxon market for pioneering funds linked to eGame, NTFs, Art and Diamonds: in general, new asset classes managed with innovative formulas and with promising performance for investors.

Key performance indicators
 
Key performance indicators are turnover for the 18 months period of £610,713 (year ended 31 October 2022 - £370,384) and profit before tax of £19,760 (2022 - £9,937). At the period end the Group had net liabilities of £25,437 (2022 - £42,350), fully supported by an interest-free, unsecured loan of £325,410 (2022 - £318,870) provided by the director.

Page 1

 
PETRICCA HOLDING LTD
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024

Financial instruments
 
In the  ordinary course of business, the AIFM is exposed to a number of risks, which are assessed at least annually. The main areas of risk are: -
a)  Financial risks, including, market risk, credit risk, and liquidity risk;
b)  Legal reputation;
c)  Compliance risk;
d)  Process/operational risks;

Market, credit, liquidity and operational risk and uncertainties
 
The AIFM's operations are exposed to financial risks including credit, currency fluctuation and liquidity risks.
Market risk exists as we operate in a competitive sector with volatile market conditions. On-going monitoring and research enable us to mitigate this risk.
 
Credit risk exists as the Group, in the context of its advice investment activity, does not generally receive its fees immediately after the deals are arranged or when investment advice is provided, as the AIF as duly managed by the AIFM would not be able to pay AIFM running fees without disposals as agreed under the AIF’s Rules and any agreement with the AIF’s Unitholders.
Currency risk exists in the form of deals arranged with currencies other than pounds sterling.
Liquidity risk is minimised as the Group closely monitors its expenditure and capital requirements. Monthly management accounts are prepared, and cost control is also maintained. The director monitors the Group's liquidity needs daily and review at least annually the ICARA. The Group's liquidity is supported by directors' loans if required.
Compliance risk is mitigated by full due diligence on the Group's prospective clients/AIF’s Unitholders in compliance with the provisions of the applicable legislation. For example, in compliance with the provisions of the relevant legislation, a specific procedure is adopted concerning anti-money laundering and counter-terrorism requirements (hereinafter the "Anti-Money Laundering Procedure"). The Anti-Money Laundering Procedure governs in detail the activities that each structure, unit or person in charge is required to put in place for the prevention of "money laundering" and the fight against terrorism in terms of identification and adequate verification of customers and beneficial owners (Customer due diligence); registrations, reports, communication obligations, training and training of employees and officers and control systems.
Process/operational risk is mitigated by the implementation of policies and procedures in order to identify, measure, manage and adequately monitor operational risks deriving from the risk of losses resulting from inadequate internal processes, human error, shortcomings in operating systems or due to external events, including risks from professional responsibilities, to which the Group is, or it could be reasonably exposed. A first modality of mitigation is focused on the relevance of the organisational structure, in terms of optimisation of the processes and interventions to minimize the probability that operational risks, at least those of internal type, come to manifest themselves. The operating risks identified in this way are formalised - according to a top-down logic - through a mapping of operational risks at a centralised level, which is approved by the director of the Group which also defines the overall framework for managing operational risks, establishing regulations and organisational processes for the measurement, management and control of the same. The Group, through its internal Risk Management function, has the task of periodically checking the overall operating risk profile of the Group, arranging any corrective actions, coordinating and monitoring the effectiveness of the main mitigation activities and approving the strategies for transfer of operational risk, in accordance with the updating of the Group policy.


 
Page 2

 
PETRICCA HOLDING LTD
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024

Other risks include: -
The war in Ukraine
The situation in the Ukraine is still causing changes in the international political scenario. There is uncertainty about the medium-term consequences that the actions taken by the parties involved will have on the European economy in general. Based on current information the director does not anticipate any long term adverse impact on the Group.

Director's statement of compliance with duty to promote the success of the Group
 
The director considers that he has acted in the way he considers, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in S172(1)(a-f) of the Act) in the decisions taken during the financial period ended 30 April 2024.
In coming to this conclusion, the director has considered the following:
• Consideration of long-term consequences are an inherent part of the Company's decision-making processes. As a privately-owned company, the director considers that the interests of the Company and its shareholders are aligned in seeking sustainable value creation over the longer term through the Company's operations, promoting long term strategic decision-making.
• The Company, via its subsidiary, operates in the Financial Sector which is characterised by long term relationships with stakeholders and is driven largely by maintaining strong relationships. Maintaining a reputation for high standards of business conduct is vital and the Company expects all parties with whom it transacts always act with integrity, openly, honestly and ethically. The Company has zero tolerance to fraud and maintains effective oversight and scrutiny processes, executed with independence and impartiality. 
• When taking decisions, the director considers the potential impact the decisions taken may have on the environment and socially. Given the size of the business the impact of the Company’s operations on the community and environment is not considerable.
• The integrity of the Company is underpinned with policies in relation to bribery and corruption, data protection, equality, diversity, fraud and whistleblowing, each of which is reinforced through appropriate training.  
• S Petricca, a director of the Company, is also the controlling shareholder and believes that his interests are aligned with those of the Company.


This report was approved by the board on 31 January 2025 and signed on its behalf.



S Petricca
Director

Page 3

 
PETRICCA HOLDING LTD
 
 
DIRECTOR'S REPORT
FOR THE PERIOD ENDED 30 APRIL 2024

The director presents his report and the financial statements for the period ended 30 April 2024.

Director

The director who served during the period was:

S Petricca 

Results and dividends

The Group's profit for the period, after taxation, amounted to £16,913 (2022 - £9,937).

Director's responsibilities statement

The director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Future developments

Other than the developments mentioned in the strategic report there are no significant future developments.

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Page 4

 
PETRICCA HOLDING LTD
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024

Subsequent events

There have been no significant events affecting the Group since the year end.

Auditors

Sopher + Co LLP were appointed as auditors on 22 October 2024. Under section 487(2) of the Companies Act 2006Sopher + Co LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier. 

This report was approved by the board on 31 January 2025 and signed on its behalf.
 





S Petricca
Director

Page 5

 
PETRICCA HOLDING LTD
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PETRICCA HOLDING LTD
 

Opinion


We have audited the financial statements of Petricca Holding Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 30 April 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 30 April 2024 and of the Group's profit for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.


Page 6

 
PETRICCA HOLDING LTD
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PETRICCA HOLDING LTD (CONTINUED)

Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group Strategic Report and the Director's Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Director's Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Director's Responsibilities Statement set out on page 4, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the director is responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
PETRICCA HOLDING LTD
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PETRICCA HOLDING LTD (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; 
we identified the laws and regulations applicable to the Group/Company through discussions with the director and other management, and from our commercial knowledge and experience of the financial sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Group/Company, including the Companies Act 2006, taxation legislation and Financial Conduct Authority rules and regulations applicable to the Group/Company;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and 
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 

We assessed the susceptibility of the Group's/Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: 

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; 
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and 
understanding the design of the Group's/Company’s remuneration policies. 

To address the risk of fraud through management bias and override of controls, we: 
 
performed analytical procedures to identify any unusual or unexpected relationships; 
tested journal entries to identify unusual transactions; 
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and 
investigated the rationale behind significant or unusual transactions. 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 
 
agreeing financial statement disclosures to underlying supporting documentation; 
enquiring of management as to actual and potential litigation and claims; and 
reviewing correspondence with HMRC, relevant regulators and the Group's/Company’s legal advisors. 

There are inherent limitations in our audit procedures described above. The more removed that laws and
Page 8

 
PETRICCA HOLDING LTD
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PETRICCA HOLDING LTD (CONTINUED)

regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the director and other management and the inspection of regulatory and legal correspondence, if any. 
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Other matters 
 

The comparative figures and information are unaudited.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Stephen Iseman FCA (Senior Statutory Auditor)
  
for and on behalf of
Sopher + Co LLP
 
Chartered Accountants
Statutory Auditors
  
5 Elstree Gate
Elstree Way
Borehamwood
Hertfordshire
WD6 1JD

31 January 2025
Page 9

 
PETRICCA HOLDING LTD
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 APRIL 2024

Period ended
30 April
Year ended
31 October
2024
2022
Note
£
£

  

Turnover
 4 
610,713
370,384

Administrative expenses
  
(595,403)
(360,257)

Interest receivable and similar income
 8 
4,450
-

Interest payable and similar expenses
  
-
(190)

Profit before tax
  
19,760
9,937

Taxation
  
(2,847)
-

Profit for the financial period
  
16,913
9,937

Profit for the year attributable to:
  

Owners of the parent company
  
16,913
9,937

There was no other comprehensive income for 2024 (2022:£NIL).

The notes on pages 17 to 25 form part of these financial statements.

Page 10

 
PETRICCA HOLDING LTD
REGISTERED NUMBER:07816026

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

30 April
31 October
2024
2022
Note
£
£

Fixed assets
  

Intangible assets
  
734
2,938

Tangible assets
 11 
2,006
6,259

  
2,740
9,197

Current assets
  

Debtors: amounts falling due within one year
 13 
664,333
416,262

Cash at bank and in hand
  
8,519
38,602

Current liabilities
  
672,852
454,864

Creditors: amounts falling due within one year
 14 
(701,029)
(506,411)

Total assets less current liabilities
  
 
 
(25,437)
 
 
(42,350)

Net liabilities
  
(25,437)
(42,350)


Capital and reserves
  

Called up share capital 
 15 
100
100

Profit and loss account
 16 
(25,537)
(42,450)

  
(25,437)
(42,350)


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 January 2025.




S Petricca
Director

The notes on pages 17 to 25 form part of these financial statements.

Page 11

 
PETRICCA HOLDING LTD
REGISTERED NUMBER:07816026

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

30 April
31 October
2024
2022
Note
£
£

Fixed assets
  

Investments
 12 
270,000
270,000

Current assets
  

Debtors: amounts falling due within one year
 13 
7,676
6,561

Current liabilities
  

Creditors: amounts falling due within one year
 14 
(332,310)
(321,210)

Net current liabilities
  
 
 
(324,634)
 
 
(314,649)

  

Net liabilities
  
(54,634)
(44,649)


Capital and reserves
  

Called up share capital 
 15 
100
100

Profit and loss account carried forward
  
(54,734)
(44,749)

  
(54,634)
(44,649)


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 January 2025.




S Petricca
Director

The notes on pages 17 to 25 form part of these financial statements.

Page 12

 
PETRICCA HOLDING LTD
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 APRIL 2024


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£


At 1 November 2021
100
(52,387)
(52,287)
(52,287)



Profit for the year
-
9,937
9,937
9,937



At 1 November 2022
100
(42,450)
(42,350)
(42,350)



Profit for the period
-
16,913
16,913
16,913


At 30 April 2024
100
(25,537)
(25,437)
(25,437)


The notes on pages 17 to 25 form part of these financial statements.

Page 13

 
PETRICCA HOLDING LTD
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 APRIL 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 November 2021
100
(40,699)
(40,599)



Loss for the year
-
(4,050)
(4,050)



At 1 November 2022
100
(44,749)
(44,649)



Loss for the period
-
(9,985)
(9,985)


At 30 April 2024
100
(54,734)
(54,634)


The notes on pages 17 to 25 form part of these financial statements.

Page 14

 
PETRICCA HOLDING LTD
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 APRIL 2024

Period ended
30 April
Year ended
31 October
2024
2022
£
£

Cash flows from operating activities

Profit for the financial period
16,913
9,937

Adjustments for:

Amortisation of intangible assets
2,204
1,469

Depreciation of tangible assets
4,253
3,066

Interest payable
-
190

Interest receivable
(4,450)
-

Taxation charge
2,847
-

Increase in debtors
(248,071)
(157,764)

Increase in creditors
191,853
111,154

Corporation tax paid
(82)
-

Net cash used in operating activities

(34,533)
(31,948)


Cash flows from investing activities

Purchase of tangible fixed assets
-
(8,356)

Interest received
4,450
-

Net cash from/(used in) investing activities

4,450
(8,356)

Cash flows from financing activities

Interest paid
-
(190)

Net cash used in financing activities
-
(190)

Net decrease in cash and cash equivalents
(30,083)
(40,494)

Cash and cash equivalents at beginning of period
38,602
79,096

Cash and cash equivalents at the end of period
8,519
38,602


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
8,519
38,602


The notes on pages 17 to 25 form part of these financial statements.

Page 15

 
PETRICCA HOLDING LTD
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 30 APRIL 2024




At 1 November 2022
Cash flows
At 30 April 2024
£

£

£

Cash at bank and in hand

38,602

(30,083)

8,519

Debt due within 1 year

(318,870)

(21,435)

(340,305)


(280,268)
(51,518)
(331,786)

The notes on pages 17 to 25 form part of these financial statements.

Page 16

 
PETRICCA HOLDING LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

1.


General information

Petricca Holding Limited is a private company, limited by shares, incorporated in England and Wales. Its registered office is 22 St. Dunstans House, 133 -137 Fetter Lane, London, EC4A 1BF. The principal place of business is Ground Floor, 13 Charles II Street, London, SW1Y 4QU.
The principal activity of the Company is that of an investment holding company. The subsidiary's principal activity continued to be that of fund administration services and consultancy. 

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Revenue

Turnover comprises revenue from advisory services, exclusive of Value Added Tax.
Advisory service revenue is recognised when contractual obligations have been met and revenue can be reliably measured.

Page 17

 
PETRICCA HOLDING LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.4

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.

 
2.5

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 and the Group operate and generate income.


 
2.6

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life of 10 years.

 
2.7

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 18

 
PETRICCA HOLDING LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.7
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:

Fixtures, fittings and computer equipment
-
33%
Straight Line method

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.

 
2.8

Investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

Debtors

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

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty.

 
2.11

Creditors

Short-term creditors are measured at the transaction price.

 
2.12

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to related parties.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the opinion of the director there are no key sources of estimation uncertainty involved in the preparation of these financial statements.

Page 19

 
PETRICCA HOLDING LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


Period ended
30 April
Year ended
31 October
2024
2022
£
£

Advisory services
610,713
370,384


All turnover arose from trading within the European Union.


5.


Operating profit

The operating profit is stated after charging:

Period ended
30 April
Year ended
31 October
2024
2022
£
£

Exchange differences
6,906
(9,423)


6.


Auditors' remuneration

During the period, the Group obtained the following services from the Company's auditors :


Period ended
30 April
Year ended
31 October
2024
2022
£
£

Fees payable to the Company's auditors  in respect of:

Audit of the Group's accounts
3,950
-

All other services
6,500
5,500


7.


Employees




The Group and Company have no employees other than the directors, who did not receive any remuneration (2022 - £NIL).

Page 20

 
PETRICCA HOLDING LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

8.


Interest receivable

Period ended
30 April
Year ended
31 October
2024
2022
£
£


Other interest receivable
4,450
-


9.


Taxation


Period ended
30 April
Year ended
31 October
2024
2022
£
£

Corporation tax


Current tax on profits for the year
2,847
-


Factors affecting tax charge for the period/year

The tax assessed for the period/year is lower than (2022 - lower than) the applicable (2022 - standard)  rate of corporation tax in the UK of 19% (2022 - 19%). The differences are explained below:

Period ended
30 April
Year ended
31 October
2024
2022
£
£


Profit on ordinary activities before tax
19,760
9,937


Profit on ordinary activities multiplied by the applicable rate of corporation tax in the UK of 19% (2022 - 19%)
3,754
1,888

Effects of:


Non-tax deductible amortisation of goodwill
419
279

Expenses not deductible for tax purposes
-
344

Difference between capital allowances and depreciation charge
1,064
(1,005)

Utilisation of tax losses
(2,390)
(1,506)

Total tax charge for the period/year
2,847
-


Factors that may affect future tax charges

Page 21

 
PETRICCA HOLDING LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
 
9.Taxation (continued)

The Group has tax losses of £41,610 (2022 - £54,189) available to carry forward against future profits. No deferred tax asset has been provided in respect of these losses because of uncertainty as to when they may prove recoverable.


10.


Intangible assets

Group and Company







Goodwill

£



Cost


At 1 November 2022
14,690



At 30 April 2024

14,690



Amortisation


At 1 November 2022
11,752


Charge for the period on owned assets
2,204



At 30 April 2024

13,956



Net book value



At 30 April 2024
734



At 31 October 2022
2,938



Page 22

 
PETRICCA HOLDING LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

11.


Tangible fixed assets

Group








Fixtures, fittings and computer equipment

£



Cost


At 1 November 2022
11,154



At 30 April 2024

11,154



Depreciation


At 1 November 2022
4,895


Charge for the period on owned assets
4,253



At 30 April 2024

9,148



Net book value



At 30 April 2024
2,006



At 31 October 2022
6,259


12.


Fixed asset investments

Company








Investments in subsidiary companies

£



Cost 


At 1 November 2022
270,000



At 30 April 2024
270,000

Page 23

 
PETRICCA HOLDING LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Petricca & CO Capital Ltd
Ground Floor, 13 Charles II Street, London, England, SW1Y 4QU
Ordinary
100%

The principal activity of the subsidiary continued to be that of fund administration services and consultancy.


13.


Debtors

Group
30 April
Group
31 October
Company
30 April
Company
31 October
2024
2022
2024
2022
£
£
£
£


Trade debtors
581,962
245,133
-
-

Amounts owed by group undertakings
-
-
6,276
6,276

Other debtors
13,097
19,794
-
-

Prepayments and accrued income
69,274
151,335
1,400
285

664,333
416,262
7,676
6,561



14.


Creditors: Amounts falling due within one year

Group
30 April
Group
31 October
Company
30 April
Company
31 October
2024
2022
2024
2022
£
£
£
£

Trade creditors
20,106
87,179
-
-

Corporation tax
2,765
-
-
-

Other creditors
353,015
394,542
325,410
318,870

Accruals and deferred income
325,143
24,690
6,900
2,340

701,029
506,411
332,310
321,210


Page 24

 
PETRICCA HOLDING LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

15.


Share capital

30 April
31 October
2024
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary A shares of £1 each
100
100



16.


Reserves

Profit and loss account

This reserve represents the cumulative balance of distributable profit and losses to the reporting date.


17.


Related party transactions

During the period S Petricca, the director, received consultancy fees of £223,234 (2022 - £189,268) from the subsidiary. At the reporting date S Petricca was owed £14,895 by (2022, owed £6,206 to) the subsidiary. This loan is unsecured and repayable on demand.
During the period the Company received £6,540 (2022 - £3,990) from S Petricca, the director. At the reporting date S Petricca was owed £325,410 (2022 - £318,870) by the Company which is unsecured and repayable on demand.


18.


Controlling party

S Petricca is the ultimate controlling party by virtue of his shareholding.

 
Page 25