Registered number
SC330795
Simply Pet Food Limited
Unaudited Filleted Accounts
31 March 2023
Simply Pet Food Limited
Registered number: SC330795
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 2,207 2,943
Tangible assets 4 36,561 35,140
38,768 38,083
Current assets
Stocks 47,070 48,250
Debtors 5 3,227 3,120
Cash at bank and in hand 9,500 3,528
59,797 54,898
Creditors: amounts falling due within one year 6 (76,686) (71,776)
Net current liabilities (16,889) (16,878)
Total assets less current liabilities 21,879 21,205
Creditors: amounts falling due after more than one year 7 (11,585) (16,341)
Provisions for liabilities (3,201) (5,804)
Net assets/(liabilities) 7,093 (940)
Capital and reserves
Called up share capital 150 150
Profit and loss account 6,943 (1,090)
Shareholders' funds 7,093 (940)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J Sutherland
Director
Approved by the board on 16 November 2023
Simply Pet Food Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). The accounts have been prepared on a going concern basis which is considered appropriate by the Directors. As at 31 March 2023 the company had net current liabilities of £16,889 (31 March 2022 - £16,878) and total net assets of £7,093 (31 March 2022 total net liabilities of £940). The company relies upon continued support from its Directors to be able to meet its liabilities as they fall due and the appropriateness of the going concern basis is dependent upon this support being continued.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised when those services have been provided in full.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulated amortisation and any accumulated impairment losses. Intangible assets are amortised over a period of 5 years.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold improvements over the lease term
Plant and machinery 20% reducing balance basis
Motor vehicles over the lease term
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell and after making due allowance for slow and obsolete items. Cost is determined using the first in first out method.
Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors and loans to the company. Trade debtors and trade creditors are measured at the undiscounted amounts receivable from a customer or payable to a supplier, which is normally the invoice price. Trade debtors are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the profit and loss account. Loan's to the company, which are repayable on demand, are measured at the undiscounted amount of the cash expected to be paid.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
The company operates a defined benefit contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 8 6
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2022 3,679
At 31 March 2023 3,679
Amortisation
At 1 April 2022 736
Provided during the year 736
At 31 March 2023 1,472
Net book value
At 31 March 2023 2,207
At 31 March 2022 2,943
Intangible assets are being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 17,907 21,569 26,862 66,338
Additions - 4,822 13,600 18,422
Disposals - (529) - (529)
At 31 March 2023 17,907 25,862 40,462 84,231
Depreciation
At 1 April 2022 6,472 10,950 13,776 31,198
Charge for the year 2,158 3,205 11,421 16,784
On disposals - (312) - (312)
At 31 March 2023 8,630 13,843 25,197 47,670
Net book value
At 31 March 2023 9,277 12,019 15,265 36,561
At 31 March 2022 11,435 10,619 13,086 35,140
5 Debtors 2023 2022
£ £
Trade debtors - 300
Other debtors 3,227 2,820
3,227 3,120
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 4,352 5,821
Obligations under finance lease and hire purchase contracts 9,114 5,244
Trade creditors 25,499 24,823
Taxation and social security costs 6,315 5,936
Other creditors 31,406 29,952
76,686 71,776
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans - 4,349
Other creditors 11,585 11,992
11,585 16,341
8 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 133,958 159,279
9 Other information
Simply Pet Food Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
23 Harbour Road
Inverness
IV1 1SY
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