Petlife International Ltd. Filleted accounts for Companies House (small and micro)

PETLIFE INTERNATIONAL LTD. - Company Information

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COMPANY REGISTRATION NUMBER: 02837157

Petlife International Ltd.

Unaudited financial statements

30 September 2023

Petlife International Ltd.

Statement of financial position

30 September 2023

	2023		2022
Note	£	£	£	£

Fixed assets

Tangible assets	6		327,629		90,250

Current assets

Stocks		946,757	738,872
Debtors	7	905,023	793,612
Cash at bank and in hand		80,785	210,866
		-----------	-----------
		1,932,565	1,743,350

Creditors: Amounts falling due within one year	8	( 1,629,129)		( 1,066,906)
		-----------		-----------
Net current assets			303,436		676,444
			---------		---------
Total assets less current liabilities			631,065		766,694

Creditors: Amounts falling due after more than one year	9		( 24,064)		( 31,071)

Provisions

Taxation including deferred tax	16,356	( 8,839)
	---------	---------
Net assets	623,357	726,784
	---------	---------

Capital and reserves

Called up share capital	60,040	60,040
Share premium account	18,000	18,000
Capital redemption reserve	123,960	123,960
Profit and loss account	421,357	524,784
	---------	---------
Shareholders funds	623,357	726,784
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Petlife International Ltd.

Statement of financial position (continued)

30 September 2023

These financial statements were approved by the board of directors and authorised for issue on 19 March 2024 , and are signed on behalf of the board by:

J A Hancock
Director

Company registration number: 02837157

Petlife International Ltd.

Notes to the financial statements

Year ended 30 September 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 2 Cavendish Road, Bury St Edmunds, Suffolk, IP33 3TE.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Goodwill	-	5%/10% straight line
Trade and licenses	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold property	-	Straight line over the period of the lease
Plant, machinery & office equipment	-	1-10 years straight line and 10% - 30% reducing balance
Motor vehicles	-	3-5 years straight line
Website	-	5 years straight line

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Hire purchase agreements

Assets held under hire purchase agreements are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Pension costs

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

4. Employee numbers

The average number of employees during the year was 37 (2022: 39 ).

5. Intangible assets

	Goodwill	Trade and licences	Total
	£	£	£
Cost
At 1 October 2022 and 30 September 2023	350,469	47,330	397,799
	---------	-------	---------
Amortisation
At 1 October 2022 and 30 September 2023	350,469	47,330	397,799
	---------	-------	---------
Carrying amount
At 30 September 2023	–	–	–
	---------	-------	---------
At 30 September 2022	–	–	–
	---------	-------	---------

6. Tangible assets

	Land & buildings	Plant, machinery & office equipment	Motor vehicles	Website	Total
	£	£	£	£	£
Cost
At 1 October 2022	118,394	696,708	5,183	19,279	839,564
Additions	–	261,088	–	–	261,088
Disposals	–	( 4,007)	–	–	( 4,007)
	---------	---------	------	-------	-----------
At 30 September 2023	118,394	953,789	5,183	19,279	1,096,645
	---------	---------	------	-------	-----------
Depreciation
At 1 October 2022	91,781	633,071	5,183	19,279	749,314
Charge for the year	2,398	21,311	–	–	23,709
Disposals	–	( 4,007)	–	–	( 4,007)
	---------	---------	------	-------	-----------
At 30 September 2023	94,179	650,375	5,183	19,279	769,016
	---------	---------	------	-------	-----------
Carrying amount
At 30 September 2023	24,215	303,414	–	–	327,629
	---------	---------	------	-------	-----------
At 30 September 2022	26,613	63,637	–	–	90,250
	---------	---------	------	-------	-----------

7. Debtors

	2023	2022
	£	£
Trade debtors	790,991	721,913
Other debtors	114,032	71,699
	---------	---------
	905,023	793,612
	---------	---------

8. Creditors: Amounts falling due within one year

	2023	2022
	£	£
Bank loans and overdrafts	10,077	9,829
Trade creditors	396,228	399,607
Amounts owed to group undertakings and undertakings in which the company has a participating interest	538,418	177,565
Social security and other taxes	12,778	13,235
Sales ledger financing	489,402	323,306
Other creditors	182,226	143,364
	-----------	-----------
	1,629,129	1,066,906
	-----------	-----------

Included within other creditors are hire purchase agreements amounting to £6,401 (2022: £11,052) secured against the assets to which they relate. The sales ledger finance amounting to £489,402 (2022: £323,306) is secured against the trade debtors to which they relate.

9. Creditors: Amounts falling due after more than one year

	2023	2022
	£	£
Bank loans and overdrafts	17,365	27,442
Other creditors	6,699	3,629
	-------	-------
	24,064	31,071
	-------	-------

Included within other creditors are hire purchase agreements amounting to £6,699 (2022: £3,629) secured against the assets to which they relate.

10. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2023	2022
	£	£
Not later than 1 year	137,058	27,668
Later than 1 year and not later than 5 years	69,232	350,991
	---------	---------
	206,290	378,659
	---------	---------