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Company No: 14385562 (England and Wales)

PARTERRA LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2024
Pages for filing with the registrar

PARTERRA LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2024

Contents

PARTERRA LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 September 2024
PARTERRA LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 September 2024
Note 30.09.2024 30.09.2023
£ £
Current assets
Debtors 3 7,428 510
Cash at bank and in hand 244,554 121,872
251,982 122,382
Creditors: amounts falling due within one year 4 ( 7,331) ( 8,700)
Net current assets 244,651 113,682
Total assets less current liabilities 244,651 113,682
Net assets 244,651 113,682
Capital and reserves
Called-up share capital 5 10,682 9,452
Share premium account 708,257 254,561
Other reserves 7 22,561 0
Profit and loss account ( 496,849 ) ( 150,331 )
Total shareholders' funds 244,651 113,682

For the financial year ending 30 September 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 Parterra Limited (registered number: 14385562) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

Dr V Ricotti
Director

24 June 2025

PARTERRA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
PARTERRA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 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 period, unless otherwise stated.

General information and basis of accounting

Parterra 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 5 Billing School Place, Weedon, Northampton, NN7 4ED, 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 assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

The comparative amounts in the financial statements are presented for the 12 month period from incorporation on 29 September 2022 up to 30 September 2023.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

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 Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Option arrangement

Option arrangements are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes valuation model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. Option arrangements that meet the requirements are classified within equity.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date.

Financial assets
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the statement of income.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in the statement of income.

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 creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2. Employees

Year ended
30.09.2024
Period from
29.09.2022 to
30.09.2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 1 1

3. Debtors

30.09.2024 30.09.2023
£ £
Other debtors 7,428 510

4. Creditors: amounts falling due within one year

30.09.2024 30.09.2023
£ £
Trade creditors 2,768 0
Other taxation and social security 0 3,943
Other creditors 4,563 4,757
7,331 8,700

5. Called-up share capital

30.09.2024 30.09.2023
£ £
Allotted, called-up and fully-paid
1,068,202 Ordinary shares of £ 0.01 each (30.09.2023: 945,239 shares of £ 0.01 each) 10,682 9,452

On 5 April 2024 29,726 £0.01 Ordinary shares were issued for £3.70 per share.
On 10 April 2024 2,702 £0.01 Ordinary shares were issued for £3.70 per share.
On 4 July 2024 4,054 £0.01 Ordinary shares were issued for £3.70 per share.
On 4 September 2024 86,481 £0.01 Ordinary shares were issued for £3.70 per share.

6. Option arrangements

The company has granted call options under which investors of the company are permitted to buy shares in the company. In the absence of observable market prices and market data, share options granted were valued at the fair value on the grant date using the Black Scholes valuation model and vest over a period of 3 years. The share option arrangements meet the requirements to be classified as equity. The fair value of the options have been spread over the vesting period and the fair value recognised in the year is £22,561. Accordingly there is a finance cost included in the profit and loss account in respect of these options.

At the start of the year there were nil options outstanding. During the year 66,750 (2023: nil) options were granted with a weighted average exercise price of £2.59. All of these options were outstanding at year end.

The share options can only be exercised if certain conditions are met on the event of a share sale, listing or other exit event of the company.

7. Reserves

Other reserves comprise the option arrangement reserve.