Company Registration No. 04327355 (England and Wales)
Marshalls Pet Food Store Limited
Unaudited accounts
for the year ended 28 February 2021
Marshalls Pet Food Store Limited
Unaudited accounts
Contents
Marshalls Pet Food Store Limited
Company Information
for the year ended 28 February 2021
Directors
Mr. N Marshall
Mrs. E Marshall
Company Number
04327355 (England and Wales)
Registered Office
Marshalls Pet Food Store Ltd
Reading Road
Burghfield Common, Reading
Berkshire
RG7 3BL
United Kingdom
Accountants
Ocelot Accounting Ltd
Arena Business Centres
Holyrood Close
Poole
Dorset
BH17 7FJ
Marshalls Pet Food Store Limited
Statement of financial position
as at 28 February 2021
Tangible assets
14,862
21,364
Cash at bank and in hand
68,442
47,016
Creditors: amounts falling due within one year
(61,842)
(67,805)
Net current assets
67,252
22,661
Total assets less current liabilities
82,114
44,025
Provisions for liabilities
Deferred tax
(2,834)
(2,657)
Called up share capital
100
100
Profit and loss account
79,180
41,268
Shareholders' funds
79,280
41,368
For the year ending 28 February 2021 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 directors acknowledge their 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 of Directors and authorised for issue on 23 October 2021 and were signed on its behalf by
Mrs. E Marshall
Director
Company Registration No. 04327355
Marshalls Pet Food Store Limited
Notes to the Accounts
for the year ended 28 February 2021
Marshalls Pet Food Store Limited is a private company, limited by shares, registered in England and Wales, registration number 04327355. The registered office is Marshalls Pet Food Store Ltd, Reading Road, Burghfield Common, Reading, Berkshire, RG7 3BL, United Kingdom.
2
Compliance with accounting standards
These financial statements have been prepared in accordance with 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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true
and fair view.
The financial statements are prepared in sterling , which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
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.
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.
Tangible fixed assets and depreciation
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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.
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:
Plant & machinery
15% reducing balance
Motor vehicles
25% reducing balance
Fixtures & fittings
15% reducing balance
Computer equipment
15% reducing balance
Stocks 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 stocks to their present location and condition.
Cash and cash equivalents
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.
Marshalls Pet Food Store Limited
Notes to the Accounts
for the year ended 28 February 2021
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.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
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 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.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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 lease s asset are consumed.
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Intangible fixed assets
Other
At 28 February 2021
30,000
At 28 February 2021
30,000
Marshalls Pet Food Store Limited
Notes to the Accounts
for the year ended 28 February 2021
5
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 March 2020
3,549
34,596
1,530
9,876
49,551
Additions
750
-
2,250
2,970
5,970
Disposals
-
(34,596)
-
-
(34,596)
At 28 February 2021
4,299
-
3,780
12,846
20,925
At 1 March 2020
1,116
24,304
829
1,938
28,187
Charge for the year
403
679
247
1,530
2,859
On disposals
-
(24,983)
-
-
(24,983)
At 28 February 2021
1,519
-
1,076
3,468
6,063
At 28 February 2021
2,780
-
2,704
9,378
14,862
At 29 February 2020
2,433
10,292
701
7,938
21,364
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Debtors: amounts falling due within one year
2021
2020
Accrued income and prepayments
-
650
7
Creditors: amounts falling due within one year
2021
2020
Trade creditors
32,210
28,191
Taxes and social security
15,907
9,520
Loans from directors
-
22,619
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
Marshalls Pet Food Store Limited
Notes to the Accounts
for the year ended 28 February 2021
9
Operating lease commitments
2021
2020
At 28 February 2021 the company has total minimum future payment commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Within one year
3,565
1,710
Within two to five years
60,750
50,750
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Average number of employees
During the year the average number of employees was 9 (2020: 9).
