Company registration number 10806899 (England and Wales)
KENNELPAK GROUP LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
KENNELPAK GROUP LTD
COMPANY INFORMATION
Directors
C L Bayliss
L M Abbott
Company number
10806899
Registered office
Palmer Drive
Stapleford
Nottingham
United Kingdom
NG9 7BW
Auditor
Azets Audit Services
2 Regan Way
Chetwynd Business Park
Chilwell
Nottingham
United Kingdom
NG9 6RZ
KENNELPAK GROUP LTD
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 16
KENNELPAK GROUP LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -

The Directors present the strategic report for the year ended 31 March 2023.

Fair review of the business

The principal activity of the company is that of a holding company. The principal activity of the subsidiary during the period was that of processing and distribution of pet foods and related accessories.

Principal risks and uncertainties

The principal risks and uncertainties faced by the business and their mitigating activities are as follows:

 

Going concern

 

The Directors have reviewed detailed financial projections, including both profit and loss forecasts as well as cash-flow forecasts and considered all reasonably foreseeable potential scenarios and uncertainties. The Directors have also received confirmation that amounts due to Kennelpak Limited will not be recalled upon for repayment until the Company has sufficient funds to make such a repayment for a period of at least 12 months from the data of signing of these financial statements.

 

As a result, the Directors have satisfied themselves that the company will continue in operational existence for a period of at least 12 months from the signing of these financial statements and have therefore prepared the financial statements on a going concern basis and that no material uncertainty exists.

On behalf of the board

C L Bayliss
Director
6 July 2023
KENNELPAK GROUP LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -

The Directors present their annual report and financial statements for the year ended 31 March 2023.

Principal activities

The principal activity of the company was that of an investment holding company.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The Directors do not recommend payment of a final dividend.

Directors

The Directors who held office during the year and up to the date of signature of the financial statements were as follows:

C L Bayliss
J W Black
(Appointed 24 May 2022 and resigned 2 December 2022)
L M Abbott
(Appointed 2 December 2022)
Auditor

The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the Directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
C L Bayliss
Director
6 July 2023
KENNELPAK GROUP LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -

The Directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the Directors are required to:

 

 

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

KENNELPAK GROUP LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF KENNELPAK GROUP LTD
- 4 -
Opinion

We have audited the financial statements of Kennelpak Group Ltd (the 'company') for the year ended 31 March 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

KENNELPAK GROUP LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF KENNELPAK GROUP LTD
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

KENNELPAK GROUP LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF KENNELPAK GROUP LTD
- 6 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to the member in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member, for our audit work, for this report, or for the opinions we have formed.

Mr Mitesh Thakrar
Senior Statutory Auditor
For and on behalf of Azets Audit Services
6 July 2023
2023-07-06
Chartered Accountants
Statutory Auditor
2 Regan Way
Chetwynd Business Park
Chilwell
Nottingham
United Kingdom
NG9 6RZ
KENNELPAK GROUP LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
2023
2022
Notes
£
£
Administrative expenses
(2,500)
(2,500)
Interest payable and similar expenses
5
(827,136)
(824,666)
Loss before taxation
(829,636)
(827,166)
Tax on loss
6
-
0
-
0
Loss for the financial year
(829,636)
(827,166)

The Profit And Loss Account has been prepared on the basis that all operations are continuing operations.

KENNELPAK GROUP LTD
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
7
12,030,184
12,030,184
Current assets
Debtors
9
331,010
331,010
Creditors: amounts falling due within one year
10
(7,360,320)
(6,530,684)
Net current liabilities
(7,029,310)
(6,199,674)
Total assets less current liabilities
5,000,874
5,830,510
Creditors: amounts falling due after more than one year
11
(10,276,908)
(10,276,908)
Net liabilities
(5,276,034)
(4,446,398)
Capital and reserves
Called up share capital
13
1
1
Profit and loss reserves
(5,276,035)
(4,446,399)
Total equity
(5,276,034)
(4,446,398)
The financial statements were approved by the board of directors and authorised for issue on 6 July 2023 and are signed on its behalf by:
C L Bayliss
Director
Company Registration No. 10806899
KENNELPAK GROUP LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2021
1
(3,619,233)
(3,619,232)
Year ended 31 March 2022:
Loss and total comprehensive income for the year
-
(827,166)
(827,166)
Balance at 31 March 2022
1
(4,446,399)
(4,446,398)
Year ended 31 March 2023:
Loss and total comprehensive income for the year
-
(829,636)
(829,636)
Balance at 31 March 2023
1
(5,276,035)
(5,276,034)
KENNELPAK GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 10 -
1
Accounting policies
Company information

Kennelpak Group Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Palmer Drive, Stapleford, Nottingham, United Kingdom, NG9 7BW.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Kennelpak Group Ltd is a wholly owned subsidiary of Kennelpak Holdings Limited and the results of Kennelpak Group Ltd are included in the consolidated financial statements of Kennelpak Holdings Limited which are available from the registered office, Palmer Drive, Stapleford, Nottingham, NG9 7BW.

1.2
Going concern

The Directors have reviewed detailed financial projections, including both profit and loss forecasts as well as cash-flow forecasts and considered all reasonably foreseeable potential scenarios and uncertainties. The trueDirectors have also received confirmation that amounts due to Kennelpak Limited will not be recalled upon for repayment until the Company has sufficient funds to make such a repayment for a period of at least 12 months from the data of signing of these financial statements.

 

As a result, the Directors have satisfied themselves that the company will continue in operational existence for a period of at least 12 months from the signing of these financial statements and have therefore prepared the financial statement on a going concern basis and that no material uncertainty exists.

1.3
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

KENNELPAK GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 11 -
1.4
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand.

1.5
Financial instruments

The company only has financial instruments that are classified as basic financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include amounts owed by group undertakings, are initially measured at transaction price and are subsequently carried at amortised cost less impairment.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting end date. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows. The impairment loss is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction and are subsequently carried at amortised cost, using the effective interest rate method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

KENNELPAK GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 12 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

KENNELPAK GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 13 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Impairment of invesments

The carrying value of investments is assessed for impairment indicators through comparison with the recoverable amount, which is the higher of fair value less costs to sell and value in use. In assessing value in use, the key inputs to the calculations that require estimates are the discount rate and forecast future earnings growth. As at 31 March 2023 no impairment had been provided for.

Recoverability of group balances

The Directors evaluate whether any provision is required in relation to the recoverability of intergroup balances. In making this assessment the Directors consider the ability of the company to make sufficient distributable profits such that dividends can be made to the company's immediate parent underaking to offset the debt due to the company. This assessment involves inherent uncertainty relating to future trading performance of the company. Any impairment relating to group balances is charged to profit and loss. At the 31 March 2023 the provision is £nil (2022: £nil).

3
Operating loss
2023
2022
Operating loss for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
2,500
2,500
4
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Directors
3
2

The Directors of the company are remunerated by the company's trading subsidiary.

5
Interest payable and similar expenses
2023
2022
£
£
Interest on debenture loan notes
827,136
824,666
KENNELPAK GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 14 -
6
Taxation

The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Loss before taxation
(829,636)
(827,166)
Expected tax credit based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
(157,631)
(157,162)
Tax effect of expenses that are not deductible in determining taxable profit
-
0
65,589
Change in unrecognised deferred tax assets
207,409
101,774
Group relief
-
0
49,694
Effect of change in tax rates
(49,778)
(59,895)
Taxation charge for the year
-
-
7
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
8
12,030,184
12,030,184
8
Subsidiaries

Details of the company's subsidiaries at 31 March 2023 are as follows:

Name of undertaking
Nature of business
Class of
% Held
shares held
Direct
Kennelpak Limited
Processing and distribution of pet foods and related accessories
Ordinary
100.00

The registered office of this subsidiary is Kennelpak Limited, Palmer Drive, Stapleford, Nottingham, England, NG9 7BW.

9
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
331,010
331,010
KENNELPAK GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 15 -
10
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
7,350,983
6,521,347
Other creditors
5,637
5,637
Accruals and deferred income
3,700
3,700
7,360,320
6,530,684
11
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Debenture loans
12
10,276,908
10,276,908
12
Loans and overdrafts
2023
2022
£
£
Debenture loans
10,276,908
10,276,908
Payable after one year
10,276,908
10,276,908

The Debenture loans comprise £2,500,000 (2022: £2,500,000) 8% A1 loan notes repayable in July 2024, £6,754,675 (2022: £6,754,675) 8% A2 loan notes repayable in July 2024, and £1,022,233 (2022: £1,022,233) 8% loan notes repayable in July 2024, all of which are secured by fixed and floating charges over the property and undertakings of the company.

13
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
14
Financial commitments, guarantees and contingent liabilities

The company is party to a cross guarantee in relation to borrowings of Kennelpak Limited which at the year end totalled £3,835,378.

 

The finance company in relation to these borrowings has a fixed and floating charge over the assets of the company and that of its subsidiaries.

KENNELPAK GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 16 -
15
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Loan interest payable
2023
2022
£
£
Entities with control, joint control or significant influence over the company
740,374
740,374

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
11,483,148
10,742,863

As a 100% owned subsidiary of Kennelpak Holdings Limited, the company is exempt from the requirement of FRS102 to disclose transactions with other wholly owned members of the group headed by Kennelpak Holdings Limited.

16
Ultimate controlling party

The company is controlled by Kennelpak Holdings Limited and is a wholly owned subsidiary of that company.

The ultimate controlling party is Endless Iv (Gp) Lp.

The smallest and largest group for which consolidated financial statements are prepared of which the company is a member is that headed by Kennelpak Holdings Limited. The consolidated accounts of Kennelpak Holdings Limited are available from its registered office at Palmer Drive, Off Bessell Lane, Stapleford, Nottingham, NG9 7BW.

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