REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2021 |
FOR |
EURO PET LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2021 |
FOR |
EURO PET LIMITED |
EURO PET LIMITED (REGISTERED NUMBER: 04574572) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2021 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
EURO PET LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST DECEMBER 2021 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
EURO PET LIMITED (REGISTERED NUMBER: 04574572) |
BALANCE SHEET |
31ST DECEMBER 2021 |
2021 | 2020 |
Notes | € | € | € | € |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
EURO PET LIMITED (REGISTERED NUMBER: 04574572) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2021 |
1. | STATUTORY INFORMATION |
Euro Pet Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 04574572 and registered office address is at 1 Doughty Street, London, WC1N 2PH. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared on a going concern basis which the directors believe to be appropriate for the following reasons. |
Going Concern |
These financial statements have been prepared on a going concern basis, which is dependent on the following assertions by the directors: |
- The Board is confident that in the present economic climate, the company will be able to meet its liabilities and commitments as and when they fall due for the next twelve months from the date of approval of these financial statements. |
- The company has also received a guarantee from its parent undertaking, Algol International Limited, in respect of payment of the balances receivable from fellow group undertaking. |
On this basis, the Board considers it appropriate to prepare the financial statements on a going concern basis. |
Turnover |
Turnover is recognised when the significant risks and rewards of ownership of the goods have been transferred to the buyer and when there is no continuing involvement with goods. Transfer of risks and rewards varies depending on the delivery terms of the individual contract of sale. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at 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 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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into Euro at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
EURO PET LIMITED (REGISTERED NUMBER: 04574572) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2021 |
2. | ACCOUNTING POLICIES - continued |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
€ |
COST |
Additions |
At 31st December 2021 |
NET BOOK VALUE |
At 31st December 2021 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
€ | € |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
€ | € |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | € | € |
Ordinary | £1 | 11,940 | 11,940 |
Redeemable Preference Share | £1 | 1,417,907 | 1,417,907 |
1,429,847 | 1,429,847 |
In case of winding up of the company, the preference shareholders will rank before the ordinary shareholders. |
8. | ULTIMATE CONTROLLING PARTY |
The immediate and ultimate parent undertaking is Algol International Ltd. |
The company was under the control of Mr Vikram Hora during the current and previous years. |
EURO PET LIMITED (REGISTERED NUMBER: 04574572) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2021 |
9. | OTHER MATTERS |
One of the suppliers has provided corporate guarantees to this company's banker for the banking facilities that the bank has provided to this company. |