Company registration number 10267753 (England and Wales)
Conifer Ventures Limited
Audited Financial Statements
For the year ended
30 September 2024
Conifer Ventures Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
Conifer Ventures Limited
Statement Of Financial Position
As at 30 September 2024
- 1 -
2024
2023
Notes
$
$
$
$
Current assets
Debtors
4
215,676
287,353
Cash at bank and in hand
757,159
1,989,287
972,835
2,276,640
Creditors: amounts falling due within one year
5
(293,127)
(222,840)
Net current assets
679,708
2,053,800
Capital and reserves
Called up share capital
7
518,534
518,534
Share premium account
6
82,966
82,966
Profit and loss reserves
8
78,208
1,452,300
Total equity
679,708
2,053,800

The notes on pages 2 to 5 form part of these financial statements.

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

The financial statements were approved by the board of directors and authorised for issue on 17 February 2025 and are signed on its behalf by:
D. Moir
Director
Company registration number 10267753
Conifer Ventures Limited
Notes To The Financial Statements
For the year ended 30 September 2024
- 2 -
1
General information

Conifer Ventures Limited is a private company limited by shares incorporated in England and Wales. The registered office is Dixcart House, Addlestone Road, Bourne Business Park, Addlestone, Surrey, KT15 2LE.

2
Accounting policies
2.1
Accounting convention

The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.

The financial statements are prepared in USD, 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. The principal accounting policies adopted are set out below.

As permitted by FRS 101, the company has taken advantage of the following disclosure exemptions from the requirements of IFRS:

Where required, equivalent disclosures are given in the group accounts of Starbucks Corporation. The group accounts of Starbucks Corporation are available to the public and can be obtained as set out in note 11.

2.2
Going concern

The company recorded positive EBITDA in years ended 30 September 2024 and the directors expect continued profitability through the year ended 30 September 202true5. During the year ended 30 September 2024, the company reorganized the shareholder composition which in turn has changed the operating activities of the business. The directors understand that with these changes, the company will not maintain the same level of profitability as in previous years. Despite the changes, the company remains well placed to manage business risks successfully and has sufficient cash flow to continue operating for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements.

2.3
Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales-related taxes.

 

The turnover shown in the financial statements relates to royalty fees receivable during the year in respect of the Princi intellectual property. Royalty revenue is recognised on an accrual basis in accordance with the substance of the relevant agreement. Royalty fees are based on a percentage of the relevant company's takings for the period, in accordance with the respective agreements in place with each individual company using the intellectual property.

2.4
Cash at bank and in hand

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

Conifer Ventures Limited
Notes To The Financial Statements (Continued)
For the year ended 30 September 2024
2
Accounting policies
(Continued)
- 3 -
2.5
Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

2.6
Taxation

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.

The Organisation for Economic Cooperation and Development has released guidance establishing a 15% global minimum tax applied on a country-by-country basis for multinational entities under Pillar Two of its Base Erosion and Profit Shifting initiative. As of 29 September 2024, the United Kingdom have enacted legislation to adopt Pillar Two effective for fiscal years beginning on or after 31 December 2023. This global minimum tax will not be effective for the Company until fiscal 2025. In accordance with the amendments to IAS 12, the Company has applied the temporary exemption from accounting for deferred taxes related to Pillar Two income taxes. Consequently, no deferred tax liabilities or assets have been recognised in respect of these rules. The Company does not expect a material impact as a result of the Pillar Two legislation as it is expected to qualify for the transitional safe harbour provisions. The Company continues to monitor regulatory developments with respect to this initiative for potential impacts.

2.7
Foreign exchange

Transactions in currencies other than USD 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.

3
Employees

The company employed no persons during the current and preceding year.

4
Debtors
2024
2023
$
$
VAT recoverable
295
348
Prepayments and accrued income
215,381
287,005
215,676
287,353
Conifer Ventures Limited
Notes To The Financial Statements (Continued)
For the year ended 30 September 2024
- 4 -
5
Creditors
2024
2023
$
$
Trade creditors
9,673
-
0
Accruals and deferred income
72,693
21,157
Taxation and social security
210,761
201,683
293,127
222,840
6
Share premium account
2024
2023
$
$
At the beginning and end of the year
82,966
82,966

This reserve records the amount above the nominal value received for shares sold, less transaction costs.

7
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
$
$
Issued and fully paid
P Ordinary Shares of $1.293103 each
-
200,500
-
259,267
S Ordinary Shares of $1.293103 each
401,000
200,500
518,534
259,267
401,000
401,000
518,534
518,534

The three classes of share rank pari passu and have full voting, dividend and capital distribution rights.

 

On 6 August 2024 200,500 of the company's P Ordinary Shares were redesignated as S Ordinary Shares.

8
Profit and loss reserves

This reserve records retained earnings and accumulated losses.

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:
Julia Wigram FCA
Statutory Auditor:
Dixcart Audit LLP
Date of audit report:
17 February 2025
Conifer Ventures Limited
Notes To The Financial Statements (Continued)
For the year ended 30 September 2024
- 5 -
10
Related party transactions

On 6 August 2024 the company assigned the Intellectual property it held in respect of the Princi brand to Princi Spirito Di Milano SRL, a company of which R. Princi is a director, for cash consideration of £500 ($639).

11
Controlling party

The parent company is Starbucks EMEA Holdings Ltd, incorporated in UK. The ultimate parent company and controlling party is Starbucks Corporation, incorporated in USA and listed on NASDAQ.

 

The parent of the largest and smallest group for which consolidated accounts including Conifer Ventures Limited are drawn up is Starbucks Corporation, copies of which can be obtained from its registered office at 2401 Utah Avenue South, Seattle, WA 98134, USA.

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