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Registered number: 09912240









SMUDGE AND FRIENDS PETCARE LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2023

 
SMUDGE AND FRIENDS PETCARE LIMITED
 
 
COMPANY INFORMATION


Directors
A Soobroyen 
J Walker 
P Handscomb 
M Brehme (appointed 27 February 2023, resigned 10 August 2023)
D Polunina (appointed 27 February 2023, resigned 18 September 2023)
D Spedding (appointed 19 September 2023)




Registered number
09912240



Registered office
Unit 2 Bickels Yard
151-153 Bermondsey Street

London

SE1 3HA




Independent auditors
Donald Reid Limited
Chartered Accountants & Statutory Auditors

Prince Albert House

18a/20 King Street

Maidenhead

Berkshire

SL6 1EF





 
SMUDGE AND FRIENDS PETCARE LIMITED
 

CONTENTS



Page
Balance Sheet
1 - 2
Notes to the Financial Statements
3 - 14

 
SMUDGE AND FRIENDS PETCARE LIMITED
REGISTERED NUMBER: 09912240

BALANCE SHEET
AS AT 31 MAY 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
59,475
30,860

Tangible assets
 5 
71,274
54,905

  
130,749
85,765

Current assets
  

Stocks
 6 
688,779
232,223

Debtors: amounts falling due within one year
 7 
1,070,905
726,680

Cash at bank and in hand
 8 
4,582,121
435,998

  
6,341,805
1,394,901

Creditors: amounts falling due within one year
 9 
(1,426,726)
(525,623)

Net current assets
  
 
 
4,915,079
 
 
869,278

Total assets less current liabilities
  
5,045,828
955,043

Creditors: amounts falling due after more than one year
 10 
(18,955)
(28,074)

  

Net assets
  
5,026,873
926,969


Capital and reserves
  

Called up share capital 
 13 
341
282

Share premium account
 14 
5,648,693
1,193,811

Profit and loss account
 14 
(622,161)
(267,124)

  
5,026,873
926,969

Page 1

 
SMUDGE AND FRIENDS PETCARE LIMITED
REGISTERED NUMBER: 09912240
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2023

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 October 2023.




A Soobroyen
Director

The notes on pages 3 to 14 form part of these financial statements.
Page 2

 
SMUDGE AND FRIENDS PETCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1.


General information

Smudge & Friends Petcare Limited is a private company limited by shares. The company was incorporated in the United Kingdom and is registered in England and Wales. The registration number is 09912240. The registered address is Unit 2 Bickels Yard, 151-153 Bermondsey Street, London, United Kingdom, SE1 3HA.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

As the Company has forecasted future profits and healthy liquidity, the directors consider it appropriate to prepare the accounts on the going concern basis.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
SMUDGE AND FRIENDS PETCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Page 4

 
SMUDGE AND FRIENDS PETCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Website
-
5
years

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
33%
Motor vehicles
-
33%
Office equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
SMUDGE AND FRIENDS PETCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.18

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Page 6

 
SMUDGE AND FRIENDS PETCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)


2.18
Financial instruments (continued)

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Page 7

 
SMUDGE AND FRIENDS PETCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)


2.18
Financial instruments (continued)

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2022 - 5).

Page 8

 
SMUDGE AND FRIENDS PETCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

4.


Intangible assets




Computer software

£



Cost


At 1 June 2022
39,240


Additions
38,500



At 31 May 2023

77,740



Amortisation


At 1 June 2022
8,380


Charge for the year on owned assets
9,885



At 31 May 2023

18,265



Net book value



At 31 May 2023
59,475



At 31 May 2022
30,860



Page 9

 
SMUDGE AND FRIENDS PETCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 June 2022
34,291
29,427
25,574
89,292


Additions
42,483
-
12,393
54,876


Disposals
(27,542)
-
(13,591)
(41,133)



At 31 May 2023

49,232
29,427
24,376
103,035



Depreciation


At 1 June 2022
19,462
252
14,673
34,387


Charge for the year on owned assets
20,840
9,809
7,858
38,507


Disposals
(27,542)
-
(13,591)
(41,133)



At 31 May 2023

12,760
10,061
8,940
31,761



Net book value



At 31 May 2023
36,472
19,366
15,436
71,274



At 31 May 2022
14,829
29,175
10,901
54,905


6.


Stocks

2023
2022
£
£

Finished goods and goods for resale
688,779
232,223

688,779
232,223


Page 10

 
SMUDGE AND FRIENDS PETCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

7.


Debtors

2023
2022
£
£


Trade debtors
940,598
582,966

Other debtors
9,500
23,046

Prepayments and accrued income
46,564
56,387

Deferred taxation
74,243
64,281

1,070,905
726,680



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
4,582,121
435,998

4,582,121
435,998



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
9,081
9,081

Trade creditors
1,206,797
395,451

Other taxation and social security
29,765
42,766

Other creditors
13,869
21,279

Accruals and deferred income
167,214
57,046

1,426,726
525,623



10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
18,955
28,074

18,955
28,074


Page 11

 
SMUDGE AND FRIENDS PETCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

11.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
9,081
9,081


9,081
9,081

Amounts falling due 1-2 years

Bank loans
9,081
9,081


9,081
9,081

Amounts falling due 2-5 years

Bank loans
9,874
18,993


9,874
18,993


28,036
37,155



12.


Deferred taxation




2023


£






At beginning of year
64,281


Charged to profit or loss
9,962



At end of year
74,243

Page 12

 
SMUDGE AND FRIENDS PETCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
 
12.Deferred taxation (continued)

The deferred tax asset is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(17,576)
(12,569)

Tax losses carried forward
77,441
70,356

Other timing differences
14,378
6,494

74,243
64,281


13.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



264,000 (2022 - 282,482) Ordinary shares of £0.001 each
264.00
282.00
77,000 (2022 - 0) A Ordinary shares of £0.001 each
77.00
-

341.00

282.00





14.


Reserves

Share premium account

Share premium is the excess money received for issued shares above the par value.

Profit and loss account

Includes all current and prior year retained earnings.


15.


Share-based payments

Smudge & Friends Petcare Limited has an equity-settled Enterprise Management Incentive Scheme ("EMI") which is available to UK employees who work for the Company and satisfy the qualifying conditions and the EMI working time requirements.
During the year, the company granted 605 options at nominal value with an exercise price of £2.31 each. The number of options that lapsed during the year was 0, the closing number still in issue at year end was 2,655. The directors believe the charge in respect of these options will be immaterial, therefore no charge has been recognised.

Page 13

 
SMUDGE AND FRIENDS PETCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

16.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £18,474 (2022 - £5,988) . Contributions totalling £5,887 (2022 - £1,000) were payable to the fund at the balance sheet date and are included in creditors.


17.


Related party transactions

At the year end, included in other creditors, is an amount of £659 (2022: £1,436) owed by the company to the directors.


18.


Auditors' information

The auditors' report on the financial statements for the year ended 31 May 2023 was unqualified.


In the previous accounting period, the directors have taken advantage of the small companies
exemptions provided by section 477 of the Companies Act 2006. As such, the previous period financial
statements were not subject to audit.

The audit report was signed on 10 November 2023 by Jacqui Williams (FCA) (Senior Statutory Auditor) on behalf of Donald Reid Limited.

 
Page 14