Petrel Limited
Unaudited Financial Statements
For the period ended 21 February 2024
Pages for Filing with Registrar
Company Registration No. 01539429 (England and Wales)
Petrel Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 11
Petrel Limited
Balance Sheet
As at 21 February 2024
Page 1
As at
As at
21 February
31 May
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
48,925
52,839
Tangible assets
5
73,909
56,597
122,834
109,436
Current assets
Stock
403,203
652,134
Debtors
6
373,982
1,278,865
Cash at bank and in hand
155,272
2,462,933
932,457
4,393,932
Creditors: amounts falling due within one year
7
(1,040,559)
(1,626,483)
Net current (liabilities)/assets
(108,102)
2,767,449
Total assets less current liabilities
14,732
2,876,885
Creditors: amounts falling due after more than one year
8
(22,022)
(31,667)
Provisions for liabilities
9
(213,389)
(616,000)
Net (liabilities)/assets
(220,679)
2,229,218
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserves
(220,779)
2,229,118
Total equity
(220,679)
2,229,218
Petrel Limited
Balance Sheet (Continued)
As at 21 February 2024
Page 2
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 21 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 7 May 2025 and are signed on its behalf by:
J Morgan
Director
Company Registration No. 01539429
Petrel Limited
Notes to the Financial Statements
For the period ended 21 February 2024
Page 3
1
Accounting policies
Company information
Petrel Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Mercer Street, London, England, WC2H 9QJ.
1.1
Reporting period
The financial statements for the reporting period are presented for a period shorter than one year. Therefore the comparative amounts presented in the financial statements (including comparative notes) are not entirely comparable.
1.2
Accounting convention
These financial statements have been prepared in accordance with section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, 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.
1.3
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
The directors have based their assessment on the expected future trading performance of the company by reviewing budgets and forecasts and support provided by by its parent company, Pioneer Ideso Holdings Limited, post year end. On this basis, the Directors believe that there is adequate headroom available within the facilities available should the company require to call upon these.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
3 years useful life
Development costs
5 years useful life
Petrel Limited
Notes to the Financial Statements (Continued)
For the period ended 21 February 2024
1
Accounting policies
(Continued)
Page 4
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
Over period of lease
Plant and equipment
10-20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.7
Stock
Stock are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stock to their present location and condition.
Stock held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Petrel Limited
Notes to the Financial Statements (Continued)
For the period ended 21 February 2024
1
Accounting policies
(Continued)
Page 5
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Petrel Limited
Notes to the Financial Statements (Continued)
For the period ended 21 February 2024
1
Accounting policies
(Continued)
Page 6
1.11
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
21 February 2024
31 May 2023
Number
Number
Total
23
23
Petrel Limited
Notes to the Financial Statements (Continued)
For the period ended 21 February 2024
Page 7
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
160,021
3,207
Adjustments in respect of prior periods
32,070
Total current tax
192,091
3,207
Deferred tax
Origination and reversal of timing differences
74,814
Total tax charge
266,905
3,207
The actual charge for the period can be reconciled to the expected charge for the period based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
667,008
555,538
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
166,752
105,552
Tax effect of utilisation of tax losses not previously recognised
(4,844)
Adjustments in respect of prior years
32,070
(35,556)
Effect of change in corporation tax rate
(534)
Permanent capital allowances in excess of depreciation
369
Deferred tax adjustments in respect of prior years
67,714
42
Effect of R&D claim and transfer pricing
(61,453)
Taxation charge for the period
266,905
3,207
Petrel Limited
Notes to the Financial Statements (Continued)
For the period ended 21 February 2024
Page 8
4
Intangible fixed assets
Computer Software
Development costs
Total
£
£
£
Cost
At 1 June 2023
150,087
247,367
397,454
Additions
10,927
10,927
At 21 February 2024
161,014
247,367
408,381
Amortisation and impairment
At 1 June 2023
148,754
195,861
344,615
Amortisation charged for the period
1,701
13,140
14,841
At 21 February 2024
150,455
209,001
359,456
Carrying amount
At 21 February 2024
10,559
38,366
48,925
At 31 May 2023
1,333
51,506
52,839
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 June 2023
376,318
1,098,523
1,474,841
Additions
13,823
11,880
25,703
At 21 February 2024
390,141
1,110,403
1,500,544
Depreciation and impairment
At 1 June 2023
376,318
1,041,926
1,418,244
Depreciation charged in the period
432
7,959
8,391
At 21 February 2024
376,750
1,049,885
1,426,635
Carrying amount
At 21 February 2024
13,391
60,518
73,909
At 31 May 2023
56,597
56,597
Petrel Limited
Notes to the Financial Statements (Continued)
For the period ended 21 February 2024
Page 9
6
Debtors
21 February
31 May
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
313,124
807,984
Amounts owed by group undertakings
334,194
Prepayments and accrued income
58,825
59,840
371,949
1,202,018
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
2,033
76,847
Total debtors
373,982
1,278,865
7
Creditors: amounts falling due within one year
21 February 2024
31 May 2023
£
£
Bank loans
621,135
Trade creditors
302,101
665,850
Corporation tax
192,091
40,947
Other taxation and social security
265,987
143,624
Other creditors
280,380
154,927
1,040,559
1,626,483
Included within bank loans is £nil (2023: £621,135) owed to HSBC Bank Plc, in respect of invoice finance facilities. The Company, together with its holding company and fellow subsidiaries, has given an unlimited multi-lateral guarantee.
This charge was fully satisfied on 13 March 2024.
Petrel Limited
Notes to the Financial Statements (Continued)
For the period ended 21 February 2024
Page 10
8
Creditors: amounts falling due after more than one year
21 February
31 May
2024
2023
£
£
Other creditors
22,022
31,667
9
Provisions for liabilities
21 February
31 May
2024
2023
£
£
Dilapidations provision
213,389
616,000
Movements on provisions:
£
At 1 June 2023
616,000
Reversal of provision
(402,611)
At 21 February 2024
213,389
10
Called up share capital
21 February
31 May
21 February
31 May
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
11
Events after the reporting date
On 22 February 2024, Petrel Pioneer Limited acquired 100% of the share capital of Petrel Limited.
There are no further events after the balance sheet date that require disclosure.
12
Related party transactions
The company has taken advantage of the exemption available under section 33 of FRS 102 as a wholly owned subsidiary of Chamberlain Plc not to disclose transactions and balances with any fellow group companies.
Petrel Limited
Notes to the Financial Statements (Continued)
For the period ended 21 February 2024
Page 11
13
Parent company
The ultimate holding and controlling company at the balance sheet date is Chamberlin Plc, a company incorporated in England and Wales.
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