Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 3 |
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Tangible assets | 4 |
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Investments | 5 |
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46,715 | 44,110 | |||
Current assets | ||||
Stocks | 6 |
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Debtors | 7 |
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Cash at bank and in hand |
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3,482,078 | 2,005,926 | |||
Creditors: amounts falling due within one year | 8 | (
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Net current assets | 3,277,246 | 1,449,654 | ||
Total assets less current liabilities | 3,323,961 | 1,493,764 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital | 9 |
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Share premium account |
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Profit and loss account | (
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Pentire Drinks Limited (registered number:
Edward Grieg-Gran
Director |
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.
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 £.
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 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 from the sale of goods is recognised when the goods are physically delivered to the customer.
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.
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.
Other intangible assets |
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Leasehold improvements |
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Plant and machinery |
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Vehicles |
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Office equipment |
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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.
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.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Other intangible assets | Total | ||
£ | £ | ||
Cost | |||
At 01 June 2023 |
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Additions |
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At 31 May 2024 |
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Accumulated amortisation | |||
At 01 June 2023 |
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Charge for the financial year |
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At 31 May 2024 |
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Net book value | |||
At 31 May 2024 |
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At 31 May 2023 |
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Leasehold improve- ments |
Plant and machinery | Vehicles | Office equipment | Total | |||||
£ | £ | £ | £ | £ | |||||
Cost | |||||||||
At 01 June 2023 |
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Additions |
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Disposals |
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At 31 May 2024 |
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Accumulated depreciation | |||||||||
At 01 June 2023 |
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Charge for the financial year |
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Disposals |
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At 31 May 2024 |
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Net book value | |||||||||
At 31 May 2024 |
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At 31 May 2023 |
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Investments in subsidiaries
2024 | |
£ | |
Cost | |
At 01 June 2023 |
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Additions |
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At 31 May 2024 |
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Carrying value at 31 May 2024 |
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Carrying value at 31 May 2023 |
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Investments in shares
Name of entity | Registered office | Principal activity | Class of shares |
Ownership 31.05.2024 |
Ownership 31.05.2023 |
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1209 Orange Street, Wilmington, New Castle, Delaware, 19801 | Retail of soft drinks |
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Joop Geesinkweg 501, 1114AB, Amsterdam | Retail of soft drinks |
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2024 | 2023 | ||
£ | £ | ||
Stocks |
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2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by Group undertakings |
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Corporation tax |
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Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Trade creditors |
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Accruals |
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Other taxation and social security |
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Other creditors |
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2024 | 2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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3.75 | 3.03 |
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.
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 |