3 01/07/2022 30/06/2023 2023-06-30 true false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2022-07-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 11439652 2022-07-01 2023-06-30 11439652 2023-06-30 11439652 2022-06-30 11439652 2021-07-01 2022-06-30 11439652 2022-06-30 11439652 2021-06-30 11439652 core:NetGoodwill 2022-07-01 2023-06-30 11439652 bus:Director1 2022-07-01 2023-06-30 11439652 core:NetGoodwill 2022-06-30 11439652 core:NetGoodwill 2023-06-30 11439652 core:WithinOneYear 2023-06-30 11439652 core:WithinOneYear 2022-06-30 11439652 core:ShareCapital 2023-06-30 11439652 core:ShareCapital 2022-06-30 11439652 core:RetainedEarningsAccumulatedLosses 2023-06-30 11439652 core:RetainedEarningsAccumulatedLosses 2022-06-30 11439652 core:NetGoodwill 2022-06-30 11439652 bus:Director1 2022-06-30 11439652 bus:Director1 2023-06-30 11439652 bus:Director1 2021-06-30 11439652 bus:Director1 2022-06-30 11439652 bus:Director1 2021-07-01 2022-06-30 11439652 bus:SmallEntities 2022-07-01 2023-06-30 11439652 bus:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 11439652 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 11439652 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 11439652 bus:FullAccounts 2022-07-01 2023-06-30 11439652 core:EntitiesControlledByKeyManagementPersonnel 2022-07-01 2023-06-30
Pawfect Foods Ltd
Unaudited filleted financial statements
30 June 2023
Company registration number 11439652
Pawfect Foods Ltd
Contents
Statement of financial position
Notes to the financial statements
Pawfect Foods Ltd
Statement of financial position
30 June 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 51,600 58,050
_______ _______
51,600 58,050
Current assets
Stocks 86,740 14,500
Debtors 6 9,900 17,206
Cash at bank and in hand 3,714 1,124
_______ _______
100,354 32,830
Creditors: amounts falling due
within one year 7 ( 740,862) ( 571,046)
_______ _______
Net current liabilities ( 640,508) ( 538,216)
_______ _______
Total assets less current liabilities ( 588,908) ( 480,166)
_______ _______
Net liabilities ( 588,908) ( 480,166)
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account ( 588,909) ( 480,167)
_______ _______
Shareholder deficit ( 588,908) ( 480,166)
_______ _______
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 04 April 2024 , and are signed on behalf of the board by:
Prashant Patwardhan
Director
Company registration number: 11439652
Pawfect Foods Ltd
Notes to the financial statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 4 Bloors Lane, Rainham, Kent, ME8 7EG.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
These accounts have been prepared on the going concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 2 ).
5. Intangible assets
Goodwill
£
Cost
At 1 July 2022 and 30 June 2023 64,500
_______
Amortisation
At 1 July 2022 6,450
Charge for the year 6,450
_______
At 30 June 2023 12,900
_______
Carrying amount
At 30 June 2023 51,600
_______
At 30 June 2022 58,050
_______
6. Debtors
2023 2022
£ £
Other debtors 9,900 17,206
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 58,770 126,211
Social security and other taxes 16,641 7,926
Other creditors 665,451 436,909
_______ _______
740,862 571,046
_______ _______
8. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Prashant Patwardhan ( 431,709) ( 154,990) ( 586,699)
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Prashant Patwardhan ( 339,109) ( 92,600) ( 431,709)
_______ _______ _______
The above balance is interest free, unsecured and has no fixed repayment schedule.
9. Related party transactions
P. Patwardhan is also a director of Pawfect Pet Foods Private Ltd an Indian company. The Company acquired goods from this company at market rate .
10. Going concern
As at 30 June 2023 the balance sheet shows net current liabilities. These accounts have been prepared on the going concern basis as the director has agreed to continue to support the Company to ensure it is able to meets its debts as they fall due.