IRIS Accounts Production v25.1.0.734 11104088 Board of Directors 1.1.24 31.12.24 31.12.24 Medium entities true false true true false false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh111040882023-12-31111040882024-12-31111040882024-01-012024-12-31111040882022-12-31111040882023-01-012023-12-31111040882023-12-3111104088ns15:EnglandWales2024-01-012024-12-3111104088ns14:PoundSterling2024-01-012024-12-3111104088ns10:Director12024-01-012024-12-3111104088ns10:PrivateLimitedCompanyLtd2024-01-012024-12-3111104088ns10:MediumEntities2024-01-012024-12-3111104088ns10:Audited2024-01-012024-12-3111104088ns10:Medium-sizedCompaniesRegimeForDirectorsReport2024-01-012024-12-3111104088ns10:Medium-sizedCompaniesRegimeForAccounts2024-01-012024-12-3111104088ns10:FullAccounts2024-01-012024-12-311110408812024-01-012024-12-3111104088ns10:Director22024-01-012024-12-3111104088ns10:Director32024-01-012024-12-3111104088ns10:Director42024-01-012024-12-3111104088ns10:Director52024-01-012024-12-3111104088ns10:Director72024-01-012024-12-3111104088ns10:Director82024-01-012024-12-3111104088ns10:RegisteredOffice2024-01-012024-12-3111104088ns10:Director62024-01-012024-12-311110408812024-01-012024-12-311110408812023-01-012023-12-3111104088ns5:CurrentFinancialInstruments2024-12-3111104088ns5:CurrentFinancialInstruments2023-12-3111104088ns5:Non-currentFinancialInstruments2024-12-3111104088ns5:Non-currentFinancialInstruments2023-12-3111104088ns5:ShareCapital2024-12-3111104088ns5:ShareCapital2023-12-3111104088ns5:SharePremium2024-12-3111104088ns5:SharePremium2023-12-3111104088ns5:FurtherSpecificReserve1ComponentTotalEquity2024-12-3111104088ns5:FurtherSpecificReserve1ComponentTotalEquity2023-12-3111104088ns5:RetainedEarningsAccumulatedLosses2024-12-3111104088ns5:RetainedEarningsAccumulatedLosses2023-12-3111104088ns5:ShareCapital2022-12-3111104088ns5:RetainedEarningsAccumulatedLosses2022-12-3111104088ns5:SharePremium2022-12-3111104088ns5:FurtherSpecificReserve1ComponentTotalEquity2022-12-3111104088ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3111104088ns5:FurtherSpecificReserve1ComponentTotalEquity2023-01-012023-12-3111104088ns5:ShareCapital2023-01-012023-12-3111104088ns5:SharePremium2023-01-012023-12-3111104088ns5:RetainedEarningsAccumulatedLosses2024-01-012024-12-3111104088ns5:FurtherSpecificReserve1ComponentTotalEquity2024-01-012024-12-3111104088ns5:ShareCapital2024-01-012024-12-3111104088ns5:SharePremium2024-01-012024-12-311110408812024-01-012024-12-3111104088ns5:IntangibleAssetsOtherThanGoodwill2024-01-012024-12-3111104088ns5:PatentsTrademarksLicencesConcessionsSimilar2024-01-012024-12-3111104088ns5:ComputerSoftware2024-01-012024-12-3111104088ns5:LeaseholdImprovements2024-01-012024-12-3111104088ns5:PlantMachinery2024-01-012024-12-3111104088ns5:FurnitureFittings2024-01-012024-12-3111104088ns5:ComputerEquipment2024-01-012024-12-3111104088ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2024-01-012024-12-3111104088ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2023-01-012023-12-3111104088ns10:HighestPaidDirector2024-01-012024-12-3111104088ns10:HighestPaidDirector2023-01-012023-12-3111104088ns5:OwnedAssets2024-01-012024-12-3111104088ns5:OwnedAssets2023-01-012023-12-3111104088ns5:PatentsTrademarksLicencesConcessionsSimilar2023-01-012023-12-3111104088ns5:ComputerSoftware2023-01-012023-12-3111104088112024-01-012024-12-3111104088112023-01-012023-12-3111104088122024-01-012024-12-3111104088122023-01-012023-12-3111104088132024-01-012024-12-3111104088132023-01-012023-12-3111104088142024-01-012024-12-3111104088142023-01-012023-12-3111104088152024-01-012024-12-3111104088152023-01-012023-12-3111104088ns5:PatentsTrademarksLicencesConcessionsSimilar2023-12-3111104088ns5:ComputerSoftware2023-12-3111104088ns5:PatentsTrademarksLicencesConcessionsSimilar2024-12-3111104088ns5:ComputerSoftware2024-12-3111104088ns5:PatentsTrademarksLicencesConcessionsSimilar2023-12-3111104088ns5:ComputerSoftware2023-12-3111104088ns5:LeaseholdImprovements2023-12-3111104088ns5:PlantMachinery2023-12-3111104088ns5:FurnitureFittings2023-12-3111104088ns5:ComputerEquipment2023-12-3111104088ns5:LeaseholdImprovements2024-12-3111104088ns5:PlantMachinery2024-12-3111104088ns5:FurnitureFittings2024-12-3111104088ns5:ComputerEquipment2024-12-3111104088ns5:LeaseholdImprovements2023-12-3111104088ns5:PlantMachinery2023-12-3111104088ns5:FurnitureFittings2023-12-3111104088ns5:ComputerEquipment2023-12-3111104088ns5:WithinOneYearns5:CurrentFinancialInstruments2024-12-3111104088ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-3111104088ns5:CurrentFinancialInstruments2024-01-012024-12-3111104088ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-12-3111104088ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-12-3111104088ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2024-12-3111104088ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2023-12-3111104088ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-12-3111104088ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-12-3111104088ns5:HirePurchaseContracts2024-12-3111104088ns5:HirePurchaseContracts2023-12-3111104088ns5:WithinOneYear2024-12-3111104088ns5:WithinOneYear2023-12-3111104088ns5:BetweenOneFiveYears2024-12-3111104088ns5:BetweenOneFiveYears2023-12-3111104088ns5:AllPeriods2024-12-3111104088ns5:AllPeriods2023-12-3111104088ns5:RetainedEarningsAccumulatedLosses2023-12-3111104088ns5:SharePremium2023-12-3111104088ns5:FurtherSpecificReserve1ComponentTotalEquity2023-12-31
REGISTERED NUMBER: 11104088 (England and Wales)












STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

PLANT MEAT LIMITED

PLANT MEAT LIMITED (REGISTERED NUMBER: 11104088)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 15


PLANT MEAT LIMITED

COMPANY INFORMATION
for the year ended 31 December 2024







DIRECTORS: A D Haes
P E H Sharman
A J Shovel
C D Bull
M N J Cuddigan
J Danicourt
F De Mevius



REGISTERED OFFICE: Seven Stars House
1 Wheler Road
Coventry
CV3 4LB



REGISTERED NUMBER: 11104088 (England and Wales)



AUDITORS: HB&O Ltd
Chartered Accountants and Statutory Auditors
Seven Stars House
1 Wheler Road
Coventry
CV3 4LB



BANKERS: HSBC Innovation Banking
14-18 Finsbury Square
London
EC2A 1BR

PLANT MEAT LIMITED (REGISTERED NUMBER: 11104088)

STRATEGIC REPORT
for the year ended 31 December 2024

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS
The directors present the results for the year, which are attached in the annexed financial statements.

Turnover has increased in the year under review and margins have improved. Although the company made an operating loss, this was in line with forecasts as the company seeks to scale up its operations in the medium term, after which profits are forecast.

Directors and management remain satisfied that the underlying trading operations of the company remain solid.

PRINCIPAL RISKS AND UNCERTAINTIES
The directors do not consider the company to be exposed to any material adverse risks that are specific to the nature of the company's principal activity in the ordinary course of trading. However, measures are in place to mitigate the impact of any risks that do arise in the ordinary course of the company's business such as the risk of fluctuations in foreign exchange rates and risks associated with control over the supply chain.

FUTURE DEVELOPMENTS
Directors and management are continuing to seek ways to widen the product offering, to meet a greater number of consumer need-states, as a means to achieving greater market penetration and to grow the business.

GOING CONCERN
Within the year, the company has been successful in raising additional finance to secure its cash flow, in order to meet its obligations as they fall due. This financial headroom, as well as projected growth in its activities and anticipated economies of scale, mean that the directors and management are confident that the company will still be trading at a sustainable level for the foreseeable future.

As such, the directors believe the company to be a going concern and have adopted this assumption in preparing the financial statements, having considered any material uncertainties in this regard for a period of at least 12 months from the date of approval of these financial statements.

ON BEHALF OF THE BOARD:





M N J Cuddigan - Director


31 March 2025

PLANT MEAT LIMITED (REGISTERED NUMBER: 11104088)

REPORT OF THE DIRECTORS
for the year ended 31 December 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the manufacture and sale of plant-based protein products.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

A D Haes
P E H Sharman
A J Shovel
C D Bull

Other changes in directors holding office are as follows:

M N J Cuddigan - appointed 12 June 2024
Ms E J Falconer - appointed 12 June 2024 - resigned 4 December 2024
J Danicourt - appointed 12 June 2024

F De Mevius was appointed as a director after 31 December 2024 but prior to the date of this report.

DISCLOSURE IN THE STRATEGIC REPORT
The company's review of business, principal risks and uncertainties and future developments are disclosed within the strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PLANT MEAT LIMITED (REGISTERED NUMBER: 11104088)

REPORT OF THE DIRECTORS
for the year ended 31 December 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





M N J Cuddigan - Director


31 March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PLANT MEAT LIMITED

Opinion
We have audited the financial statements of Plant Meat Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The 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 company's affairs as at 31 December 2024 and of its loss for the year 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 directors' 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 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 directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our 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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PLANT MEAT LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' 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 Statement of Directors' Responsibilities set out on page three, the directors are 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 directors determine 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 directors are responsible for assessing the 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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 a Report of the Auditors 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 financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The audit process includes an assessment of the entity's risk environment, through enquiry of and discussion with management, including an assessment of any key laws and regulations with which the company must comply in the ordinary course of its business.

Additionally, the overall risks of irregular transactions occurring are assessed following our observations and confirmation of the design and implementation of management's controls. Whilst we are mindful of these risks, our audit focus is geared towards the risk of material misstatement in the financial statements as a whole.

As such, our procedures cannot guarantee that all transactions have been fully compliant with all relevant laws and regulations, including those regulations relating to fraud, as our procedures are not designed to detect all instances of non-compliance. By definition, the risk of our detection of non-compliance is greater where compliance with a law or regulation is removed from the events and transactions reflected in the financial statements. The risk is also greater regarding irregularities due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PLANT MEAT LIMITED


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 2006. Our 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 a Report of the Auditors 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.




Wayne Gutteridge FCA (Senior Statutory Auditor)
for and on behalf of HB&O Ltd
Chartered Accountants and Statutory Auditors
Seven Stars House
1 Wheler Road
Coventry
CV3 4LB

31 March 2025

PLANT MEAT LIMITED (REGISTERED NUMBER: 11104088)

INCOME STATEMENT
for the year ended 31 December 2024

2024 2023
Notes £    £   

TURNOVER 3 18,282,870 17,316,874

Cost of sales 16,037,913 18,724,252
GROSS PROFIT/(LOSS) 2,244,957 (1,407,378 )

Administrative expenses 8,506,763 10,154,881
(6,261,806 ) (11,562,259 )

Other operating income 57,078 1,585
OPERATING LOSS 5 (6,204,728 ) (11,560,674 )

Interest receivable and similar income 95,160 1,471
(6,109,568 ) (11,559,203 )

Interest payable and similar expenses 6 332,393 379,171
LOSS BEFORE TAXATION (6,441,961 ) (11,938,374 )

Tax on loss 7 (309,020 ) (589,854 )
LOSS FOR THE FINANCIAL YEAR (6,132,941 ) (11,348,520 )

PLANT MEAT LIMITED (REGISTERED NUMBER: 11104088)

OTHER COMPREHENSIVE INCOME
for the year ended 31 December 2024

2024 2023
Notes £    £   

LOSS FOR THE YEAR (6,132,941 ) (11,348,520 )


OTHER COMPREHENSIVE INCOME
Share based payments 6,459 25,995
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

6,459

25,995
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(6,126,482

)

(11,322,525

)

PLANT MEAT LIMITED (REGISTERED NUMBER: 11104088)

BALANCE SHEET
31 December 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 8 132,554 44,512
Tangible assets 9 2,027,377 2,124,883
2,159,931 2,169,395

CURRENT ASSETS
Stocks 10 1,606,234 1,699,348
Debtors 11 4,357,822 5,190,106
Cash at bank 5,327,070 2,167,626
11,291,126 9,057,080
CREDITORS
Amounts falling due within one year 12 4,567,663 6,585,831
NET CURRENT ASSETS 6,723,463 2,471,249
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,883,394

4,640,644

CREDITORS
Amounts falling due after more than one
year

13

75,283

2,107,903
NET ASSETS 8,808,111 2,532,741

CAPITAL AND RESERVES
Called up share capital 18 7 5
Share premium 19 43,503,340 31,101,490
Other reserves 19 90,433 83,974
Retained earnings 19 (34,785,669 ) (28,652,728 )
8,808,111 2,532,741

The financial statements were approved by the Board of Directors and authorised for issue on 31 March 2025 and were signed on its behalf by:





M N J Cuddigan - Director


PLANT MEAT LIMITED (REGISTERED NUMBER: 11104088)

STATEMENT OF CHANGES IN EQUITY
for the year ended 31 December 2024

Called up
share Retained Share Other Total
capital earnings premium reserves equity
£    £    £    £    £   
Balance at 1 January 2023 5 (17,304,208 ) 30,080,656 57,979 12,834,432

Changes in equity
Total comprehensive income - (11,348,520 ) - 25,995 (11,322,525 )
Issue of share capital - - 1,020,834 - 1,020,834
Balance at 31 December 2023 5 (28,652,728 ) 31,101,490 83,974 2,532,741

Changes in equity
Total comprehensive income - (6,132,941 ) - 6,459 (6,126,482 )
Issue of share capital 2 - 12,401,850 - 12,401,852
Balance at 31 December 2024 7 (34,785,669 ) 43,503,340 90,433 8,808,111

PLANT MEAT LIMITED (REGISTERED NUMBER: 11104088)

CASH FLOW STATEMENT
for the year ended 31 December 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (6,615,279 ) (9,224,542 )
Interest paid (332,393 ) (379,171 )
Tax paid - 915,416
Net cash from operating activities (6,947,672 ) (8,688,297 )

Cash flows from investing activities
Purchase of intangible fixed assets (94,193 ) (9,194 )
Purchase of tangible fixed assets (357,789 ) (174,641 )
Sale of tangible fixed assets 18,577 -
Interest received 95,160 1,471
Net cash from investing activities (338,245 ) (182,364 )

Cash flows from financing activities
New loans in year - 5,000,000
Loan repayments in year (1,934,110 ) (1,122,810 )
Capital repayments in year (22,381 ) -
Share issue 12,401,852 1,020,834
Net cash from financing activities 10,445,361 4,898,024

Increase/(decrease) in cash and cash equivalents 3,159,444 (3,972,637 )
Cash and cash equivalents at beginning of
year

2

2,167,626

6,140,263

Cash and cash equivalents at end of year 2 5,327,070 2,167,626

PLANT MEAT LIMITED (REGISTERED NUMBER: 11104088)

NOTES TO THE CASH FLOW STATEMENT
for the year ended 31 December 2024

1. RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Loss before taxation (6,441,961 ) (11,938,374 )
Depreciation charges 275,905 236,962
Loss on disposal of fixed assets 289,044 448,082
Share based payments 6,459 25,995
Finance costs 332,393 379,171
Finance income (95,160 ) (1,471 )
(5,633,320 ) (10,849,635 )
Decrease in stocks 93,114 1,082,655
Decrease/(increase) in trade and other debtors 1,141,304 (1,446,775 )
(Decrease)/increase in trade and other creditors (2,216,377 ) 1,989,213
Cash generated from operations (6,615,279 ) (9,224,542 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024
31.12.24 1.1.24
£    £   
Cash and cash equivalents 5,327,070 2,167,626
Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 2,167,626 6,140,263


PLANT MEAT LIMITED (REGISTERED NUMBER: 11104088)

NOTES TO THE CASH FLOW STATEMENT
for the year ended 31 December 2024

3. ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

Other
non-cash
At 1.1.24 Cash flow changes At 31.12.24
£    £    £    £   
Net cash
Cash at bank 2,167,626 3,159,444 5,327,070
2,167,626 3,159,444 5,327,070
Debt
Finance leases - 22,381 - (99,699 )
Debts falling due
within 1 year (1,769,287 ) (173,793 ) - (1,943,080 )
Debts falling due
after 1 year (2,107,903 ) 2,107,903 - -
(3,877,190 ) 1,956,491 - (2,042,779 )
Total (1,709,564 ) 5,115,935 - 3,284,291

PLANT MEAT LIMITED (REGISTERED NUMBER: 11104088)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2024

1. STATUTORY INFORMATION

Plant Meat Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The company's principal place of business is:

2nd Floor
The Clockwork Building
45 Beavor Lane
London
W6 9AR

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year.

Critical estimates and judgements
i) Share based payments

Share based payments have been made to the employees of the company. As disclosed in the Share Based Payments accounting policy note below, the fair value of any vested share options is recognised in the income statement and for the accounting year ended 31 December 2024.

ii) Inventory provisioning

The company purchases, manufactures and sells vegan meat products, of which raw material costs are a significant part. When calculating the inventory provision, management consider various factors including but not limited to: Quality control checks; ageing and saleability of items; and obsolescence of ingredients in current offerings These criteria assist management in determining the appropriate provisioning required. See note 10 for the net carrying amount of the stock and associated impairment provision.

iii) Impairment of debtors

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 11 for the net carrying amount of the debtors and associated impairment provision.

No other significant estimates or judgements were made in the preparation of the financial statements.

PLANT MEAT LIMITED (REGISTERED NUMBER: 11104088)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT, discounts and rebates. Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on despatch of the goods.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Intellectual Property are being amortised evenly over their estimated useful life of ten years.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to properties - Over 5 years and Straight line over 20 years
Plant & machinery - Over 5 years and Straight line over 20 years
Fixtures & fittings - Over 3 years
Computer equipment - Straight line over 3 years

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase and other costs incurred in bringing stock to its present location and condition, including import costs, duties and carriage.

Financial instruments
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk to changes in value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


PLANT MEAT LIMITED (REGISTERED NUMBER: 11104088)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currency translation and operations
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Employee benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Share based payments
The company operates an equity-settled compensation plan for its employees. The fair value of the employee services received in exchange for the grant of the options is recognised as an expense in the company. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted at the date of grant, excluding the impact of any non-market vesting conditions (for example, profitability and sales growth targets). Non-market vesting conditions are included in assumptions about the number of options that are expected to vest. At each statement of financial position date the company revises its estimates of the number of options that are expected to vest. It recognises the impact of the revision to the original estimates, if any, in the income statement. The credit entry is taken to reserves because the share options are equity-settled.

The share options are exercisable on the share capital of the company.

Going concern
The financial statements have been prepared on a going concern basis. The company incurred losses during the year. However, the directors believe that there are sufficient future cashflows which will enable the company to continue to pay its debts as they fall due.

Furthermore, the directors are confident that as the company scales up, it will be able to begin trading profitably in the short to medium term, in line with the overall strategy and detailed projections in place.

As such, the directors do not believe there are any material uncertainties surrounding the company's continued ability to trade and therefore continue to adopt the going concern basis of accounting in preparing the financial statements.

PLANT MEAT LIMITED (REGISTERED NUMBER: 11104088)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024

3. TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 18,043,676 17,067,192
Europe 239,194 249,682
18,282,870 17,316,874

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 3,837,382 4,080,846
Social security costs 453,021 494,491
Other pension costs 62,297 85,716
4,352,700 4,661,053

The average number of employees during the year was as follows:
2024 2023

Directors 4 4
Operations 52 61
56 65

2024 2023
£    £   
Directors' remuneration 411,320 297,833
Directors' pension contributions to money purchase schemes 3,408 2,715

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 2

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 144,549 126,000
Pension contributions to money purchase schemes 771 1,357

PLANT MEAT LIMITED (REGISTERED NUMBER: 11104088)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024

5. OPERATING LOSS

The operating loss is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 269,754 230,095
Loss on disposal of fixed assets 289,044 448,082
Intellectual Property amortisation 6,123 5,278
Computer software amortisation 28 1,589
Foreign exchange differences (13,183 ) 50,430
Impairment of trade debtors (28,638 ) 48,268
Auditors' remuneration 22,265 31,675
Rent and other leases 519,758 406,884
Research and development 1,245,127 1,331,011
Share based payments 6,459 25,995

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Interest paid 332,393 379,171

7. TAXATION

Analysis of the tax credit
The tax credit on the loss for the year was as follows:
2024 2023
£    £   
Current tax:
R&D corporation tax refund (309,020 ) (589,854 )
Tax on loss (309,020 ) (589,854 )

UK corporation tax has been charged at 25% (2023 - 23.50%).

Reconciliation of total tax credit included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Loss before tax (6,441,961 ) (11,938,374 )
Loss multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 23.500%)

(1,610,490

)

(2,805,518

)

Effects of:
Expenses not deductible for tax purposes 16,575 116,501
Depreciation in excess of capital allowances - 14,290
Losses not utilised 1,593,915 2,674,727
Research and development tax refund (309,020 ) (589,854 )
Total tax credit (309,020 ) (589,854 )

PLANT MEAT LIMITED (REGISTERED NUMBER: 11104088)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024

7. TAXATION - continued

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Share based payments 6,459 - 6,459

2023
Gross Tax Net
£    £    £   
Share based payments 25,995 - 25,995

The company has trading losses available of c£33.0million to offset against future trading profits of the same trade. No deferred tax asset has been recognised on these losses as it cannot be anticipated with any certainty when they will be capable of being utilised.

8. INTANGIBLE FIXED ASSETS
Intellectual Computer
Property software Totals
£    £    £   
COST
At 1 January 2024 60,437 7,943 68,380
Additions 94,193 - 94,193
At 31 December 2024 154,630 7,943 162,573
AMORTISATION
At 1 January 2024 15,953 7,915 23,868
Amortisation for year 6,123 28 6,151
At 31 December 2024 22,076 7,943 30,019
NET BOOK VALUE
At 31 December 2024 132,554 - 132,554
At 31 December 2023 44,484 28 44,512

PLANT MEAT LIMITED (REGISTERED NUMBER: 11104088)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024

9. TANGIBLE FIXED ASSETS
Improvements
to Plant & Fixtures Computer
properties machinery & fittings equipment Totals
£    £    £    £    £   
COST
At 1 January 2024 141,132 2,323,108 56,468 76,655 2,597,363
Additions 107,870 345,412 14,860 11,727 479,869
Disposals (153,805 ) (233,698 ) (7,480 ) (2,653 ) (397,636 )
At 31 December 2024 95,197 2,434,822 63,848 85,729 2,679,596
DEPRECIATION
At 1 January 2024 14,105 358,962 39,551 59,862 472,480
Charge for year 9,997 226,706 17,662 15,389 269,754
Eliminated on disposal (20,611 ) (60,201 ) (6,995 ) (2,208 ) (90,015 )
At 31 December 2024 3,491 525,467 50,218 73,043 652,219
NET BOOK VALUE
At 31 December 2024 91,706 1,909,355 13,630 12,686 2,027,377
At 31 December 2023 127,027 1,964,146 16,917 16,793 2,124,883

10. STOCKS
2024 2023
£    £   
Stocks 1,606,234 1,699,348

An impairment loss of £181,965 (2023: £1,218,922) was recognised in cost of sales against stock during the year.

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,635,046 3,201,297
Other debtors 121,578 730,470
Tax 309,020 -
VAT 268,774 378,897
Prepayments and accrued income 1,023,404 879,442
4,357,822 5,190,106

An impairment movement of £28,638 (2023: loss of £48,268) was recognised against trade debtors during the year.

All debtors are financial assets measured at amortised cost.

PLANT MEAT LIMITED (REGISTERED NUMBER: 11104088)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other loans (see note 14) 1,943,080 1,769,287
Hire purchase contracts (see note 15) 24,416 -
Trade creditors 1,320,483 3,527,200
Social security and other taxes 109,159 137,411
Other creditors 18,573 13,894
Accruals and deferred income 1,151,952 1,138,039
4,567,663 6,585,831

All creditors are financial liabilities measured at amortised cost.

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other loans (see note 14) - 2,107,903
Hire purchase contracts (see note 15) 75,283 -
75,283 2,107,903

14. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Other loans 1,943,080 1,769,287

Amounts falling due between two and five years:
Other loans - 2-5 years - 2,107,903

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 24,416 -
Between one and five years 75,283 -
99,699 -

PLANT MEAT LIMITED (REGISTERED NUMBER: 11104088)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024

15. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2024 2023
£    £   
Within one year 99,576 223,117
Between one and five years 170,109 265,540
269,685 488,657

16. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Other loans 1,943,080 3,877,190

Other loans are secured by way of a fixed and floating charge over the assets of the company.

The loans permitted a drawdown of £5 million and the repayment terms are for a fixed amount over a period of 30 months. The loans incur interest at a fixed rate of 9.5% per annum.

17. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 502,120 531,220
Tax losses (502,120 ) (531,220 )
- -

PLANT MEAT LIMITED (REGISTERED NUMBER: 11104088)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number: Class: Nominal 2024 2023
value: £ £
932,491 Ordinary shares £0.0000032 3 3
487,951 Preferred "A" shares £0.0000032 2 2
111,171 Preferred "B" shares £0.0000032 - -
474,969 Preferred "C" shares £0.0000032 2 -
10,000 Growth shares £0.0000032 - -
7 5

During the year, the following shares were issued at a premium for cash:-

- 13,539 Ordinary shares with a nominal value of £0.0000032 per share were issued for cash at 26p per share.

- 417,682 Preferred "C" shares with a nominal value of £0.0000032 per share were issued for cash at £28.73 per share.

- 57,287 Preferred "C" shares with a nominal value of £0.0000032 per share were issued for cash at £24.42 per share.

All ordinary shares rank pari passu with respect to voting rights, the rights to distribution of dividends and the repayment of capital.

Preferred "A", preferred "B", and preferred "C" shares all carry the right to receive notice of and to attend, speak and vote at all general meetings of the company and to receive and vote on proposed written resolutions of the company. All carry the right to share in a distribution on a pro-rata basis pari passu with equity shareholders.

Growth shares are non voting and have no rights to dividends but do have rights to the repayment of capital.

19. RESERVES
Retained Share Other
earnings premium reserves Totals
£    £    £    £   

At 1 January 2024 (28,652,728 ) 31,101,490 83,974 2,532,736
Deficit for the year (6,132,941 ) (6,132,941 )
Cash share issue - 12,401,850 - 12,401,850
Share based payments - - 6,459 6,459
At 31 December 2024 (34,785,669 ) 43,503,340 90,433 8,808,104

Retained earnings

This reserve represents all current and prior year retained profits and losses.

Share premium

This reserve represents the amount above the nominal value received for shares issued, less transaction costs.

Other reserves

This reserve represents amounts which have arisen through share based payments.

PLANT MEAT LIMITED (REGISTERED NUMBER: 11104088)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024

20. PENSION COMMITMENTS

During the year under review £62,297 (2023: £85,716) was charged to the profit and loss account in respect of pension costs. The were outstanding contributions of £17,563 (2023: £14,294) at the year end.

21. CONTINGENT LIABILITIES

The company has a fixed and floating charge dated 18 November 2022 in favour of Kreos Capital VII (UK) Limited over all of its property and undertakings.

In the event of certain circumstances occurring known as an "Exit Event", Kreos Capital VII (UK) has the right, in accordance with a warranty share instrument, to subscribe for shares in the company.

The company has a fixed and floating charge dated 21 February 2024 in favour of Cynergy Business Finance Limited over all of its property and undertakings.

22. SHARE-BASED PAYMENT TRANSACTIONS

Certain employees of the company participate in the company's equity compensation plan. The plan is administered by the company's Board of Directors, which has the authority to determine which individuals are granted stock option awards. Upon exercise, the option awards are settled in shares and cannot be settled in cash. The costs of this scheme are disclosed in the preceding notes and have been made in order to match relevant expenditure and changes in equity.

A summary of stock option activity for company employees for the year ended 31 December 2024 is as follows:




Option shares
Weighted average
exercise price
Outstanding at 1 January 2024182,498 £0.26
Granted6,478 £0.26
Exercised- -
Forfeited or expired- £0.26
Outstanding at 31 December 2024188,976 £0.26
Exercisable at 31 December 202469,564£0.26

23. RELATED PARTY DISCLOSURES

Key management are considered to be the directors, whose remuneration is disclosed in a preceding note of these financial statements.

24. CONTROL

The company has no overall controlling party.