Pet-id Microchips Ltd - Accounts to registrar - small 16.3

REGISTERED NUMBER: 08239547 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2017

FOR

PET-ID MICROCHIPS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Accountants' Report

8

DIRECTORS:

Ms J R Briault

N Briault

REGISTERED OFFICE:

The Barn Danworth Farm Cuckfield Road

Hurstpierpoint

Hassocks

West Sussex

BN6 9GL

REGISTERED NUMBER:

08239547 (England and Wales)

ACCOUNTANTS:

Cardens Accountants LLP

The Old Casino

28 Fourth Avenue

Hove

East Sussex

BN3 2PJ

FIXED ASSETS

Intangible assets

4

27,684

64,597

Tangible assets

5

15,763

16,258

43,447

80,855

CURRENT ASSETS

Stocks

6

71,700

67,140

Debtors

7

81,032

93,086

Cash at bank and in hand

62,257

93,421

214,989

253,647

CREDITORS

Amounts falling due within one year

8

200,468

247,498

NET CURRENT ASSETS

14,521

6,149

TOTAL ASSETS LESS CURRENT LIABILITIES

57,968

87,004

CREDITORS

Amounts falling due after more than one year

9

-

(29,164

)

PROVISIONS FOR LIABILITIES

(2,804

)

(2,873

)

NET ASSETS

55,164

54,967

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

10

55,163

54,966

SHAREHOLDERS' FUNDS

55,164

54,967

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors on 27 March 2017 and were signed on its behalf by:

Ms J R Briault - Director

1.	STATUTORY INFORMATION

Pet-id Microchips Ltd is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

These financial statements have been prepared on the basis that the company will continue to be a going

concern. If this assumption is not considered valid, then adjustments would need to be made to reduce the

value of assets to their recoverable amount, to provide for any further liabilities that might arise and to reclassify

fixed assets and long term liabilities as current assets and liabilities.

Turnover

Turnover represents sales of goods net of VAT and trade discounts. Turnover is recognised when the goods are

physically delivered to the customer.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

33% on cost

Motor vehicles

-

50% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted

or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal

of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 February 2016

and 31 January 2017

184,563

AMORTISATION

At 1 February 2016

119,966

Amortisation for year

36,913

At 31 January 2017

156,879

NET BOOK VALUE

At 31 January 2017

27,684

At 31 January 2016

64,597

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 February 2016

5,123

2,500

24,271

31,894

Additions

758

-

11,123

11,881

At 31 January 2017

5,881

2,500

35,394

43,775

DEPRECIATION

At 1 February 2016

4,048

2,266

9,322

15,636

Charge for year

780

117

11,479

12,376

At 31 January 2017

4,828

2,383

20,801

28,012

NET BOOK VALUE

At 31 January 2017

1,053

117

14,593

15,763

At 31 January 2016

1,075

234

14,949

16,258

6.

STOCKS

2017

2016

£

£

Stocks

71,700

67,140

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

81,032

91,692

Tax

-

1,032

Prepayments

-

362

81,032

93,086

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

18,105

21,345

Other loans

10,000

10,000

Trade creditors

44,749

74,483

Tax

4,411

-

Social security and other taxes

848

1,516

VAT

3,950

9,032

Other creditors

61,642

71,087

Directors' loan accounts

54,478

57,757

Accrued expenses

2,285

2,278

200,468

247,498

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans - 1-2 years

-

19,164

Other loans - 1-2 years

-

10,000

-

29,164

10.

RESERVES

Retained

earnings

£

At 1 February 2016

54,966

Profit for the year

30,197

Dividends

(30,000

)

At 31 January 2017

55,163

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year, Ms J R Briault decreased her loan to the company. As at 31 January 2017, the company owed

her £23,596 (2016: £28,077).

During the year, N Briault increased his loan to the company. As at 31 January 2017, the company owed him

£30,882 (2016: £29,680).

These balances represented the maximum amounts outstanding during the period and the loans are subject to

interest at 4% per annum and are repayable on demand.

12.	RELATED PARTY DISCLOSURES

During the year, total dividends of £30,000 were paid to the directors .

13.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Ms J R Briault.

This was by virtue of her 100% holding of the issued share capital.

The following reproduces the text of the report prepared for the directors and members in respect of the

company's annual unaudited financial statements. In accordance with the Companies Act 2006, the

company is only required to file a Balance Sheet. Readers are cautioned that the Statement of

Comprehensive Income and certain other primary statements and the Report of the Directors are not

required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Pet-id Microchips Ltd for the year ended 31 January 2017 which comprise the Income Statement,

Balance Sheet and the related notes from the company's accounting records and from information and explanations you

have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Pet-id Microchips Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Pet-id Microchips Ltd and state those matters that we have agreed to state to the Board of Directors of Pet-id Microchips Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Pet-id Microchips Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Pet-id Microchips Ltd. You consider that Pet-id Microchips 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 financial statements of Pet-id Microchips 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 financial statements.

Cardens Accountants LLP

The Old Casino

28 Fourth Avenue

Hove

East Sussex

BN3 2PJ

Date: .............................................