Pretty Paws Norfolk Ltd - Period Ending 2016-05-31

PRETTY PAWS NORFOLK LTD - Company Information

Registration number: 09027853

Pretty Paws Norfolk Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2016

H.B. Associates
As part of Candour Accounts Limited
Spalding Business Centre
Church Street
Spalding
Lincolnshire
PE11 2PB

Pretty Paws Norfolk Ltd

Contents

Company Information	1
Directors' Report	2
Accountants' Report	3
Profit and Loss Account	4
Statement of Comprehensive Income	5
Balance Sheet	6
Statement of Changes in Equity	7
Notes to the Financial Statements	8 to 11

Pretty Paws Norfolk Ltd

Company Information

Directors

Mr J E Havers

Miss R L Neesham

Mrs T J Neesham

Registered office

Spalding Business Centre
Church Street
Spalding
Lincolnshire
PE11 2PB

Accountants

H.B. Associates
As part of Candour Accounts Limited
Spalding Business Centre
Church Street
Spalding
Lincolnshire
PE11 2PB

Page 1

Pretty Paws Norfolk Ltd

Directors' Report for the Year Ended 31 May 2016

The Directors present their report and the financial statements for the year ended 31 May 2016.

Directors of the Company

The directors who held office during the year were as follows:

Mr J E Havers

Miss R L Neesham

Mrs T J Neesham

Principal activity

The principal activity of the company is dog grooming and sales of pet supplies

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 29 December 2016 and signed on its behalf by:

.........................................
Mr J E Havers
Director

Page 2

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Pretty Paws Norfolk Ltd
for the Year Ended 31 May 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Pretty Paws Norfolk Ltd for the year ended 31 May 2016 as set out on pages 4 to 11 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Pretty Paws Norfolk Ltd , as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Pretty Paws Norfolk Ltd and state those matters that we have agreed to state to the Board of Directors of Pretty Paws Norfolk Ltd , as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pretty Paws Norfolk Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Pretty Paws Norfolk Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Pretty Paws Norfolk Ltd . You consider that Pretty Paws Norfolk Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Pretty Paws Norfolk Ltd . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

H.B. Associates
As part of Candour Accounts LimitedSpalding Business CentreChurch StreetSpaldingLincolnshirePE11 2PB

29 December 2016

Page 3

Pretty Paws Norfolk Ltd

Profit and Loss Account for the Year Ended 31 May 2016

	Note	Year ended 31 May 2016 £	7 May 2014 to 31 May 2015 £
Turnover		30,938	21,939
Cost of sales		(2,990)	(3,027)
Gross profit		27,948	18,912
Administrative expenses		(11,570)	(24,418)
Operating profit/(loss)		16,378	(5,506)
Profit/(loss) before tax	4	16,378	(5,506)
Taxation		(3,275)	1,101
Profit/(loss) for the financial year		13,103	(4,405)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

The notes on pages 8 to 11 form an integral part of these financial statements.
Page 4

Pretty Paws Norfolk Ltd

Statement of Comprehensive Income for the Year Ended 31 May 2016

	Note	Year ended 31 May 2016 £	7 May 2014 to 31 May 2015 £
Profit/(loss) for the year		13,103	(4,405)
Total comprehensive income for the year		13,103	(4,405)

The notes on pages 8 to 11 form an integral part of these financial statements.
Page 5

Pretty Paws Norfolk Ltd

(Registration number: 09027853)
Balance Sheet as at 31 May 2016

	Note	31 May 2016 £	31 May 2015 £
Fixed assets
Tangible assets	5	2,987	3,384
Current assets
Stocks	6	779	623
Cash at bank and in hand		737	1,269
		1,516	1,892
Creditors: Amounts falling due within one year	7	(3,605)	(10,779)
Net current liabilities		(2,089)	(8,887)
Total assets less current liabilities		898	(5,503)
Provisions for liabilities		(597)	1,101
Net assets/(liabilities)		301	(4,402)
Capital and reserves
Called up share capital		3	3
Profit and loss account		298	(4,405)
Total equity		301	(4,402)

For the financial year ending 31 May 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 29 December 2016 and signed on its behalf by:

.........................................

Mr J E Havers

Director

The notes on pages 8 to 11 form an integral part of these financial statements.
Page 6

Pretty Paws Norfolk Ltd

Statement of Changes in Equity for the Year Ended 31 May 2016

	Share capital £	Profit and loss account £	Total £
At 1 June 2015	3	(4,405)	(4,402)
Profit for the year	-	13,103	13,103
Total comprehensive income	-	13,103	13,103
Dividends	-	(8,400)	(8,400)
At 31 May 2016	3	298	301

	Share capital £	Profit and loss account £	Total £
Loss for the year	-	(4,405)	(4,405)
Total comprehensive income	-	(4,405)	(4,405)
New share capital subscribed	3	-	3
At 31 May 2015	3	(4,405)	(4,402)

The notes on pages 8 to 11 form an integral part of these financial statements.
Page 7

Pretty Paws Norfolk Ltd

Notes to the Financial Statements for the Year Ended 31 May 2016

1	General information

The company is a private company limited by share capital incorporated in England.

The address of its registered office is:
Spalding Business Centre
Church Street
Spalding
Lincolnshire
PE11 2PB

The principal place of business is:
85a Westgate
Hunstanton
Norfolk
PE36 5EP

These financial statements were authorised for issue by the Board on 29 December 2016.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company. The Company recognises revenue when: The amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the Company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Page 8

Pretty Paws Norfolk Ltd

Notes to the Financial Statements for the Year Ended 31 May 2016

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures & Fittings	25% Reducing Balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method. The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2015 - 2).

Page 9

Pretty Paws Norfolk Ltd

Notes to the Financial Statements for the Year Ended 31 May 2016

4	Profit/loss before tax

Arrived at after charging/(crediting)

	Year ended 31 May 2016 £	7 May 2014 to 31 May 2015 £
Depreciation expense	997	1,133

5	Tangible assets

	Furniture, fittings and equipment £	Total £
Cost or valuation
At 1 June 2015	4,517	4,517
Additions	600	600
At 31 May 2016	5,117	5,117
Depreciation
At 1 June 2015	1,133	1,133
Charge for the period	997	997
At 31 May 2016	2,130	2,130
Carrying amount
At 31 May 2016	2,987	2,987
At 31 May 2015	3,384	3,384

Stocks

	31 May 2016 £	31 May 2015 £
Other inventories	779	623

Creditors

	Note	31 May 2016 £	31 May 2015 £
Due within one year
Bank loans and overdrafts	8	527	10,179
Other creditors		3,078	600
		3,605	10,779

Page 10

Pretty Paws Norfolk Ltd

Notes to the Financial Statements for the Year Ended 31 May 2016

8	Loans and borrowings

	31 May 2016 £	31 May 2015 £
Current loans and borrowings
Other borrowings	527	10,179

Dividends

	31 May 2016	31 May 2015
	£	£
Interim dividend of £2,800.00 (2015 - £Nil) per ordinary share	8,400	-

Page 11

Pretty Paws Norfolk Ltd

Detailed Profit and Loss Account for the Year Ended 31 May 2016

	Year ended 31 May 2016 £	7 May 2014 to 31 May 2015 £
Turnover (analysed below)	30,938	21,939
Cost of sales (analysed below)	(2,990)	(3,027)
Gross profit	27,948	18,912
Gross profit (%)	90.34%	86.2%
Administrative expenses
Employment costs (analysed below)	-	(7,880)
General administrative expenses (analysed below)	(10,573)	(15,405)
Depreciation costs (analysed below)	(997)	(1,133)
	(11,570)	(24,418)
Operating profit/(loss)	16,378	(5,506)
Profit/(loss) before tax	16,378	(5,506)

This page does not form part of the statutory financial statements.
Page 12

Pretty Paws Norfolk Ltd

Detailed Profit and Loss Account for the Year Ended 31 May 2016

	Year ended 31 May 2016 £	7 May 2014 to 31 May 2015 £
Turnover
Sales, UK	30,938	21,939
Cost of sales
Opening raw materials	623	-
Purchases	3,146	3,632
Closing stock	(779)	(623)
Freight and carriage	-	18
	2,990	3,027
Employment costs
Directors remuneration	-	(7,880)
General administrative expenses
Staff training	(70)	-
Staff welfare	-	(89)
Rent and rates	(4,992)	(6,675)
Rates	(284)	(198)
Light, heat and power	(803)	(508)
Insurance	(532)	(629)
Use of home as office	(208)	-
Repairs and maintenance	(486)	(3,293)
Telephone and fax	(748)	(578)
Printing, postage and stationery	(15)	(165)
Charitable donations	-	(10)
Cleaning	(4)	-
Travel and subsistence	(63)	-
Advertising	(782)	(627)
Accountancy fees	(1,005)	(724)
Legal and professional fees	-	(1,684)
Bank charges	(284)	-
Credit card charges	(297)	(225)
	(10,573)	(15,405)
Depreciation costs
Depreciation of fixtures and fittings (owned)	(997)	(1,133)
Operating profit/(loss)	16,378	(5,506)
Profit/(loss) before tax	16,378	(5,506)

This page does not form part of the statutory financial statements.
Page 13