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Registered number: 12219693 UNTAMED CAT FOOD LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
UNTAMED CAT FOOD LIMITED REGISTERED NUMBER: 12219693 BALANCE SHEET AS AT 31 DECEMBER 2024
|  |  |  | As restated
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 5 |  | 265,108 |  | 143,405
Tangible assets | 6 |  | 28,916 |  | 9,003
|  |  | 294,024 |  | 152,408
Current assets |  |  |  |  |
Stocks | 7 | 6,439,687 |  | 2,602,791 |
Debtors | 8 | 589,215 |  | 186,966 |
Cash at bank and in hand |  | 3,231,506 |  | 2,075,551 |
|  | 10,260,408 |  | 4,865,308 |
Creditors: Amounts falling due within one year | 9 | (3,652,983) |  | (1,637,195) |
Net current assets |  |  | 6,607,425 |  | 3,228,113
Total assets less current liabilities |  |  | 6,901,449 |  | 3,380,521
Provisions for liabilities |  |  |  |  |
Deferred tax |  | (1,711) |  | (1,711) |
|  |  | (1,711) |  | (1,711)
Net assets |  |  | 6,899,738 |  | 3,378,810
Capital and reserves |  |  |  |  |
Called up share capital | 11 |  | 313 |  | 264
Share premium account |  |  | 13,215,828 |  | 7,671,167
Profit and loss account |  |  | (6,316,403) |  | (4,292,621)
|  |  | 6,899,738 |  | 3,378,810
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by: Page 1
UNTAMED CAT FOOD LIMITED REGISTERED NUMBER: 12219693 BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024
................................................ Mr Marco Pacifici
Director
Date: 18 September 2025
The notes on pages 4 to 14 form part of these financial statements. Page 2
UNTAMED CAT FOOD LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2023 | 146 | 1,668,798 | (2,039,185) | (370,241)
Loss for the year | - | - | (2,253,436) | (2,253,436)
Shares issued during the year | 118 | 6,002,369 | - | 6,002,487
At 1 January 2024 | 264 | 7,671,167 | (4,292,621) | 3,378,810
Comprehensive income for the year |  |  |  |
Loss for the year | - | - | (2,023,782) | (2,023,782)
Shares issued during the year | 49 | 5,544,661 | - | 5,544,710
At 31 December 2024 | 313 | 13,215,828 | (6,316,403) | 6,899,738
| The notes on pages 4 to 14 form part of these financial statements.
Page 3
UNTAMED CAT FOOD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Untamed Cat Food Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12219693. The registered office is 12 New Fetter Lane, London, United Kingdom, EC4A 1JP. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006 The following principal accounting policies have been applied:
| 2.2 | Going concern
The directors have assessed the company’s ability to continue as a going concern and confirm that they have not identified any material uncertainties related to events or conditions that may cast significant doubt on the company’s ability to continue operating for the foreseeable future. In carrying out this assessment, the directors have reviewed the company’s latest cash flow forecasts, which reflect current trading performance and reasonable expectations of future performance. The forecasts demonstrate that the company has adequate resources to meet its liabilities as they fall due for at least twelve months from the date of approval of these financial statements. After the year end, in March 2025, the company successfully closed a funding round. This additional capital has further strengthened the company’s financial position and liquidity. Accordingly, the financial statements have been prepared on a going concern basis.
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. The directors consider the above criteria to have been met when the goods are dispatched and as such, revenue is recognised at this point. Page 4
UNTAMED CAT FOOD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.4 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. The estimated useful lives range as follows:
|  |  |  | Other intangible fixed assets | - | 5 | years
Other intangible assets are branding costs including website design.
| 2.5 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Office equipment | - | 25% | reducing balance
|  |  |  | Computer equipment | - | 25% | reducing balance
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.6 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. Page 5
UNTAMED CAT FOOD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.7 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
| 2.8 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Page 6
UNTAMED CAT FOOD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.9 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.10 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.11 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.12 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.13 | Debtors
Short-term debtors are measured at transaction price, less any impairment.
| 2.14 | Cash
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
| 2.15 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.16 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.17 | Financial instruments
Page 7
UNTAMED CAT FOOD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.17 | Financial instruments (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Basic 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 the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the Page 8
UNTAMED CAT FOOD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.17 | Financial instruments (continued)
risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In preparing the financial statements, the directors are required to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income, and expenses. 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 and in any future periods affected. Inventory Provision The directors assess the carrying value of inventory at each reporting date to determine whether any provision is required for obsolete, slow-moving, or impaired stock. This assessment is based on factors such as historical sales trends, expected future demand, and the condition and age of the stock. As at the reporting date, the directors have concluded that no provision is required. However, this remains an area of judgment, and the position is reviewed regularly to ensure the carrying value of inventory reflects the lower of cost and net realisable value.
4. | Average Number of Employees
Average number of employees, including directors, during the year was: 16 (2023: 7). Page 9
UNTAMED CAT FOOD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
5. | Intangible assets
|  | Other
|  | £
| Cost |
| At 1 January 2024 | 197,872
| Additions | 179,780
| At 31 December 2024 | 377,652
| Amortisation |
| At 1 January 2024 | 54,467
| Charge for the year | 58,077
| At 31 December 2024 | 112,544
| Net book value |
| At 31 December 2024 | 265,108
| At 31 December 2023 | 143,405
Page 10
UNTAMED CAT FOOD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
6. | Tangible fixed assets
|  | Office equipment | Computer equipment | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 January 2024 | - | 12,598 | 12,598
| Additions | 1,446 | 22,660 | 24,106
| At 31 December 2024 | 1,446 | 35,258 | 36,704
| Depreciation |  |  |
| At 1 January 2024 | - | 3,595 | 3,595
| Charge for the year | 106 | 4,087 | 4,193
| At 31 December 2024 | 106 | 7,682 | 7,788
| Net book value |  |  |
| At 31 December 2024 | 1,340 | 27,576 | 28,916
| At 31 December 2023 | - | 9,003 | 9,003
7. | Stocks
|  |  |  |  |  | As restated
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Goods in transit | 1,263,954 | 1,327,013
| Finished goods | 5,175,733 | 1,275,778
Page 11
UNTAMED CAT FOOD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
8. | Debtors
|  |  |  |  |  | As restated
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Due after more than one year |  |
| Rent deposit | 83,003 | 25,200
| Due within one year |  |
| Other debtors | 5,604 | 1,933
| Prepayments and accrued income | 500,608 | 74,833
| Tax recoverable | - | 85,000
|  | 589,215 | 186,966
9. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Loans | 680,793 | 24,218
| Trade creditors | 1,783,477 | 873,873
| Other taxation and social security | 635,623 | 326,388
| Other creditors | 328,325 | 307,915
| Accruals and deferred income | 224,765 | 104,801
|  | 3,652,983 | 1,637,195
Page 12
UNTAMED CAT FOOD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
10. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loan | 14,167 | 24,218
| Drawdown facility | 666,626 | -
|  | 680,793 | 24,218
| As at 31 December 2024, the company had drawn £666,626 on a £1,000,000 drawdown loan facility. In accordance with the agreement, the applicable interest rate is 2.6% per annum above the Bank of England base rate.
11. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1,465,063 (2023 - 1,465,063) Ordinary shares of £0.0001 each | 146 | 146
|  | 151,213 (2023 - 151,200) Series A1 shares of £0.0001 each | 15 | 15
|  | 90,407 (2023 - 90,400) Series A2 shares of £0.0001 each | 9 | 9
|  | 941,760 (2023 - 941,700) Series A3 shares of £0.0001 each | 94 | 94
|  | 499,581 Series A4 shares of £0.0001 each | 49 | -
|  |  | 313 | 264
On 19 July 2024, the company issued 4878 fully paid Series A4 shares at £9.1721 per share and 468,314 Series A4 shares at £11.1177 per share, with a nominal value of £0.0001 each. On 14 August 2024, the company issued 26,389 full paid Series A4 shares at £11.1177 per share, with a nominal value of £0.0001 each.
12. | Prior year adjustment
A prior year adjustment has been made to reclassify amounts from prepayments to stock (goods in transit) as at 31 December 2023. The adjustment relates to stock that had been shipped prior to the year end, where the Company had obtained control of the goods. These amounts should have been recognised as stock (goods in transit), not prepayments. The adjustment increases stock by £1,327,013 and reduces prepayments by £1,327,013. This adjustment has no impact on profit, net assets, or retained earnings, but affects the presentation of current assets on the balance sheet. Page 13
UNTAMED CAT FOOD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
13. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted £29,514 (2023: £8,317). Contributions totalling £6,059 (2023 - £2,632) were payable to the fund at the balance sheet date and are included in creditors.
14. | Post balance sheet events
On 25 February 2025, the company issued 216 fully paid ordinary shares at £1.11 per share, with a nominal value of £0.0001 each. On 14 April 2025, the company completed an equity fundraise through the issue of 491,850 fully paid Series B shares at £20.3313 per share, with a nominal value of £0.0001 each.
15. | Auditors' information
The auditors' report on the financial statements for the year ended 31 December 2024 was qualified. The qualification in the audit report was as follows: We were appointed as auditor of the company for the first time for the year ended 31 December 2024 and thus did not observe the counting of physical inventories at the prior period year end of 31 December 2023.. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31 December 2023, which are included in the Company Balance Sheet at £2,602,791, by using other audit procedures. Since opening inventories effect the determination of the results for the year ended 31 December 2024, we were unable to verify the valuation of the opening stock balance, and therefore determine whether adjustments might have been necessary in respect of cost of sales for the year ended 31 December 2024. Other matters The financial statements of Untamed Cat Foods Limited for the year ended 31 December 2023 were unaudited. As part of our audit of the financial statements for the year ended 31 December 2024, we have not audited the comparative figures included in these financial statements and, accordingly, we do not express an opinion on them. The audit report was signed on 18 September 2025 by William Winstone (Senior Statutory Auditor) on behalf of HaysMac LLP.
Page 14