Silverfin false false 31/05/2024 01/06/2023 31/05/2024 Alistair Frost 24/05/2018 Edward Grieg-Gran 18/02/2021 Robert Grieg-Gran 28/05/2019 26 February 2025 The principal activity of the Company during the financial year was the manufacture of soft drinks. 11380994 2024-05-31 11380994 bus:Director1 2024-05-31 11380994 bus:Director2 2024-05-31 11380994 bus:Director3 2024-05-31 11380994 2023-05-31 11380994 core:CurrentFinancialInstruments 2024-05-31 11380994 core:CurrentFinancialInstruments 2023-05-31 11380994 core:ShareCapital 2024-05-31 11380994 core:ShareCapital 2023-05-31 11380994 core:SharePremium 2024-05-31 11380994 core:SharePremium 2023-05-31 11380994 core:RetainedEarningsAccumulatedLosses 2024-05-31 11380994 core:RetainedEarningsAccumulatedLosses 2023-05-31 11380994 core:OtherResidualIntangibleAssets 2023-05-31 11380994 core:OtherResidualIntangibleAssets 2024-05-31 11380994 core:LeaseholdImprovements 2023-05-31 11380994 core:PlantMachinery 2023-05-31 11380994 core:Vehicles 2023-05-31 11380994 core:OfficeEquipment 2023-05-31 11380994 core:LeaseholdImprovements 2024-05-31 11380994 core:PlantMachinery 2024-05-31 11380994 core:Vehicles 2024-05-31 11380994 core:OfficeEquipment 2024-05-31 11380994 core:CostValuation 2023-05-31 11380994 core:AdditionsToInvestments 2024-05-31 11380994 core:CostValuation 2024-05-31 11380994 bus:OrdinaryShareClass1 2024-05-31 11380994 bus:OrdinaryShareClass2 2024-05-31 11380994 2023-06-01 2024-05-31 11380994 bus:FilletedAccounts 2023-06-01 2024-05-31 11380994 bus:SmallEntities 2023-06-01 2024-05-31 11380994 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 11380994 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 11380994 bus:Director1 2023-06-01 2024-05-31 11380994 bus:Director2 2023-06-01 2024-05-31 11380994 bus:Director3 2023-06-01 2024-05-31 11380994 core:OtherResidualIntangibleAssets core:TopRangeValue 2023-06-01 2024-05-31 11380994 core:LeaseholdImprovements core:BottomRangeValue 2023-06-01 2024-05-31 11380994 core:LeaseholdImprovements core:TopRangeValue 2023-06-01 2024-05-31 11380994 core:PlantMachinery core:BottomRangeValue 2023-06-01 2024-05-31 11380994 core:PlantMachinery core:TopRangeValue 2023-06-01 2024-05-31 11380994 core:Vehicles core:BottomRangeValue 2023-06-01 2024-05-31 11380994 core:Vehicles core:TopRangeValue 2023-06-01 2024-05-31 11380994 core:OfficeEquipment core:BottomRangeValue 2023-06-01 2024-05-31 11380994 core:OfficeEquipment core:TopRangeValue 2023-06-01 2024-05-31 11380994 2022-06-01 2023-05-31 11380994 core:OtherResidualIntangibleAssets 2023-06-01 2024-05-31 11380994 core:LeaseholdImprovements 2023-06-01 2024-05-31 11380994 core:PlantMachinery 2023-06-01 2024-05-31 11380994 core:Vehicles 2023-06-01 2024-05-31 11380994 core:OfficeEquipment 2023-06-01 2024-05-31 11380994 core:Subsidiary1 2023-06-01 2024-05-31 11380994 core:Subsidiary1 1 2023-06-01 2024-05-31 11380994 core:Subsidiary1 1 2022-06-01 2023-05-31 11380994 core:Subsidiary2 2023-06-01 2024-05-31 11380994 core:Subsidiary2 1 2023-06-01 2024-05-31 11380994 core:Subsidiary2 1 2022-06-01 2023-05-31 11380994 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 11380994 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 11380994 bus:OrdinaryShareClass2 2023-06-01 2024-05-31 11380994 bus:OrdinaryShareClass2 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure decimalUnit xbrli:shares

Company No: 11380994 (England and Wales)

PENTIRE DRINKS LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2024
Pages for filing with the registrar

PENTIRE DRINKS LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

PENTIRE DRINKS LIMITED

BALANCE SHEET

As at 31 May 2024
PENTIRE DRINKS LIMITED

BALANCE SHEET (continued)

As at 31 May 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 8,739 0
Tangible assets 4 37,967 44,102
Investments 5 9 8
46,715 44,110
Current assets
Stocks 6 584,560 524,203
Debtors 7 1,030,252 676,588
Cash at bank and in hand 1,867,266 805,135
3,482,078 2,005,926
Creditors: amounts falling due within one year 8 ( 204,832) ( 556,272)
Net current assets 3,277,246 1,449,654
Total assets less current liabilities 3,323,961 1,493,764
Net assets 3,323,961 1,493,764
Capital and reserves
Called-up share capital 9 4 3
Share premium account 7,627,874 4,619,737
Profit and loss account ( 4,303,917 ) ( 3,125,976 )
Total shareholders' funds 3,323,961 1,493,764

For the financial year ending 31 May 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Pentire Drinks Limited (registered number: 11380994) were approved and authorised for issue by the Board of Directors on 26 February 2025. They were signed on its behalf by:

Edward Grieg-Gran
Director
PENTIRE DRINKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
PENTIRE DRINKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Pentire Drinks Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is

An Skyber
Trelights
Port Isaac
Cornwall
PL29 3TL
United Kingdom

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The directors have reviewed the company’s financial position and are satisfied that it remains a going concern. In making this assessment, the directors have considered the following key factors:

1. Ability to Meet Obligations: The directors are confident that the company will be able to meet its liabilities as they fall due.

2. Financial Performance: The company recorded a net loss for the year, reflecting strategic investments aimed at future growth.

3. Capital and Funding: The company has plans to raise additional capital in the coming year to ensure it remains adequately resourced.

4. Growth and Strategy: The directors are confident in the company’s strategic direction and its ability to meet growth objectives.

Having taken these factors into account, and recognising the inherent uncertainties involved, the directors are satisfied that it remains appropriate to prepare these financial statements on a going concern basis, considering a period of at least 12 months from the date of approval of the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption in section 399 of the Companies Act 2006 not to prepare consolidated accounts, because the group it heads qualifies as small. The financial statements present information about the Company as an individual entity only.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Employee benefits

Defined contribution schemes
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Leasehold improvements 1 - 2 years straight line
Plant and machinery 1 - 2 years straight line
Vehicles 5 - 8 years straight line
Office equipment 1 - 2 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Statement of Income and Retained Earnings. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Key sources of estimation uncertainty

In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key estimates that have a significant effect on the amounts recognised in the financial statements are described below:

Fixed Assets
Fixed assets are carried at cost, less accumulated depreciation and any subsequent accumulated impairment loss. This requires an estimation in the depreciation rates used as well as assessment of the ongoing economic contribution of the assets as to whether an indicator of impairment has occurred. The carrying value at the year-end is £46,706 (2023: £44,102).

Debtor recoverability
Trade debtors are valued at transaction price less any bad debt provision. This requires estimation regarding recoverability of the amounts receivable. The carrying amount is £318,470 (2023: £378,860).

Amounts due from group undertakings are valued at transaction price between the three entities. This requires estimation regarding the recoverability of the amount receivable. The carrying amount is £674,458 (2023: £246,258).

The key accounting judgment in the financial statements relates to the going concern assessment as described in the above accounting policy.

Aside from the above, the directors do not consider that significant estimates or judgements have been made during the preparation of the financial statements impacting the results and position reported.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 12 14

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 June 2023 0 0
Additions 9,458 9,458
At 31 May 2024 9,458 9,458
Accumulated amortisation
At 01 June 2023 0 0
Charge for the financial year 719 719
At 31 May 2024 719 719
Net book value
At 31 May 2024 8,739 8,739
At 31 May 2023 0 0

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 June 2023 0 5,254 40,000 23,174 68,428
Additions 8,931 110 0 9,145 18,186
Disposals 0 ( 5,255) 0 ( 22,075) ( 27,330)
At 31 May 2024 8,931 109 40,000 10,244 59,284
Accumulated depreciation
At 01 June 2023 0 3,940 5,417 14,969 24,326
Charge for the financial year 7,487 1,396 5,000 9,271 23,154
Disposals 0 ( 5,255) 0 ( 20,908) ( 26,163)
At 31 May 2024 7,487 81 10,417 3,332 21,317
Net book value
At 31 May 2024 1,444 28 29,583 6,912 37,967
At 31 May 2023 0 1,314 34,583 8,205 44,102

5. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 June 2023 8
Additions 1
At 31 May 2024 9
Carrying value at 31 May 2024 9
Carrying value at 31 May 2023 8

Investments in shares

Name of entity Registered office Principal activity Class of
shares
Ownership
31.05.2024
Ownership
31.05.2023
Pentire Drinks Inc. 1209 Orange Street, Wilmington, New Castle, Delaware, 19801 Retail of soft drinks Ordinary 100.00% 100.00%
Pentire Drinks B.V Joop Geesinkweg 501, 1114AB, Amsterdam Retail of soft drinks Ordinary 100.00% 0.00%

6. Stocks

2024 2023
£ £
Stocks 584,560 524,203

7. Debtors

2024 2023
£ £
Trade debtors 318,470 378,860
Amounts owed by Group undertakings 674,458 246,258
Corporation tax 0 16,323
Other debtors 37,324 35,147
1,030,252 676,588

8. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 130,762 224,551
Accruals 6,051 5,501
Other taxation and social security 26,182 17,372
Other creditors 41,837 308,848
204,832 556,272

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2,834,160 Ordinary shares of £ 0.00000125 each (2023: 2,343,528 shares of £ 0.00000125 each) 3.55 2.93
165,163 A Ordinary shares of £ 0.000001197 each (2023: 83,539 shares of £ 0.000001197 each) 0.20 0.10
3.75 3.03

During the year the company allotted 490,632 (2023: 15,422) £0.00000125 Ordinary shares and 81,624 (2023: 83,539) A Ordinary shares for total consideration of £3,008,138 (2023: £582,300).

10. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Director 1 1,320 0

As at 31 May 2024, the company was owed £1,320 (2023 - £nil). The loans are interest free and repayable on demand.

11. Share-based payments

Enterprise Management Incentive Share Option Scheme

The company operated a share option scheme in which one employee participated - the Enterprise Management Incentive Share Option Scheme 2021 ("2021 EMI Scheme") set up in February 2021. Under the 2021 EMI scheme, the company has granted options over Ordinary Shares in the company. The directors granted options to one employee, with an exercise price of £0.0978 per option.

On the 27 September 2023 the options were partially exercised by the sole employee in the scheme.

As at 31 May 2024, the number of un-exercised options remaining was 52,015 (2023 - 121,200).

The movements in the number of share options during the year were as follows:

2024 2023
£ £
Outstanding, start of period 121,200 121,200
Forfeited during the period 0 0
Exercised during the period 69,185 0
Expired during the period 0 0
Outstanding, end of period 52,015 121,200