Company Registration No. 05558971 (England and Wales)
Prestige Pet Products UK Limited
Unaudited accounts
for the year ended 29 September 2019
Prestige Pet Products UK Limited
Statement of financial position
as at 29 September 2019
Tangible assets
6,757
7,949
Cash at bank and in hand
240,945
185,951
Creditors: amounts falling due within one year
(100,793)
(174,006)
Net current assets
226,512
196,840
Total assets less current liabilities
233,269
204,789
Provisions for liabilities
Deferred tax
(1,510)
(1,510)
Net assets
231,759
203,279
Called up share capital
1,000
1,000
Profit and loss account
230,759
202,279
Shareholders' funds
231,759
203,279
For the year ending 29 September 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 24 March 2021 and were signed on its behalf by
Natalie Ellis
Director
Company Registration No. 05558971
Prestige Pet Products UK Limited
Notes to the Accounts
for the year ended 29 September 2019
Prestige Pet Products UK Limited is a private company, limited by shares, registered in England and Wales, registration number 05558971. The registered office is 19 Rayleigh Road, Leigh on Sea, Essex, SS9 5UU, United Kingdom.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
25% reducing balance
Fixtures & fittings
15% reducing balance
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Cash at bank and in hand 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.
Prestige Pet Products UK Limited
Notes to the Accounts
for the year ended 29 September 2019
The company has elected to apply the provision 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 provision 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.
Equity instruments issued by the company are recorded at the proceeds received, net of transactions costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
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 accounts. 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 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.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Prestige Pet Products UK Limited
Notes to the Accounts
for the year ended 29 September 2019
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Tangible fixed assets
Fixtures & fittings
At 30 September 2018
10,552
At 29 September 2019
10,552
At 30 September 2018
2,603
At 29 September 2019
3,795
At 29 September 2019
6,757
At 29 September 2018
7,949
Trade debtors
40,436
177,482
Total debtors
40,436
177,482
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Creditors: amounts falling due within one year
2019
2018
Trade creditors
31,156
41,102
Taxes and social security
23,507
21,791
Other creditors
322
14,972
Loans from directors
16,617
36,613
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Average number of employees
During the year the average number of employees was 1 (2018: 1).
