Company Registration No. 08431699 (England and Wales)
Petnap Limited
Unaudited accounts
for the year ended 31 March 2023
Petnap Limited
Unaudited accounts
Contents
Petnap Limited
Company Information
for the year ended 31 March 2023
Directors
Simon Goodwin
Sarah Goodwin
Brian Oates
Company Number
08431699 (England and Wales)
Registered Office
46 Folly Farm
Kingsclere Road
Ramsdell, Tadley
Hampshire
RG26 5GJ
Accountants
Black & White Chartered Certified Accountants
2-3 Stable Court
Herriard Park
Herriard
Hampshire
RG25 2PL
Petnap Limited
Statement of financial position
as at 31 March 2023
Intangible assets
-
42,500
Tangible assets
14,311
19,248
Inventories
108,056
109,325
Cash at bank and in hand
260,586
265,610
Creditors: amounts falling due within one year
(302,144)
(329,166)
Net current assets
89,690
60,207
Total assets less current liabilities
104,001
121,955
Creditors: amounts falling due after more than one year
(29,100)
(45,092)
Provisions for liabilities
Called up share capital
200
200
Profit and loss account
74,701
75,396
Shareholders' funds
74,901
75,596
For the year ending 31 March 2023 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 31 July 2023 and were signed on its behalf by
Simon Goodwin
Director
Company Registration No. 08431699
Petnap Limited
Notes to the Accounts
for the year ended 31 March 2023
Petnap Limited is a private company, limited by shares, registered in England and Wales, registration number 08431699. The registered office is 46 Folly Farm, Kingsclere Road, Ramsdell, Tadley, Hampshire, RG26 5GJ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
25% on cost
Plant & machinery
25% on cost
Computer equipment
33.3% on cost
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Petnap Limited
Notes to the Accounts
for the year ended 31 March 2023
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
4
Intangible fixed assets
Goodwill
Charge for the year
42,500
The amortisation of goodwill relates to an acquisition before 8 July 2015, and is therefore allowable for corporation tax purposes.
5
Tangible fixed assets
Land & buildings
Plant & machinery
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 April 2022
8,374
59,258
5,227
72,859
At 31 March 2023
8,374
59,258
5,227
72,859
At 1 April 2022
6,445
43,503
3,663
53,611
Charge for the year
482
3,939
516
4,937
At 31 March 2023
6,927
47,442
4,179
58,548
At 31 March 2023
1,447
11,816
1,048
14,311
At 31 March 2022
1,929
15,755
1,564
19,248
Petnap Limited
Notes to the Accounts
for the year ended 31 March 2023
Amounts falling due within one year
Deferred tax asset
1,452
-
Accrued income and prepayments
18,691
7,015
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
10,000
10,000
Obligations under finance leases and hire purchase contracts
5,991
5,991
Taxes and social security
11,800
12,633
Loans from directors
256,437
256,437
8
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
767
6,759
9
Average number of employees
During the year the average number of employees was 1 (2022: 1).