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COMPANY REGISTRATION NUMBER: 06880898
THE PET SUPERSTORE LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 April 2023
THE PET SUPERSTORE LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 30th APRIL 2023
CONTENTS
PAGES
Statement of financial position
1 to 2
Notes to the financial statements
3 to 8
THE PET SUPERSTORE LIMITED
STATEMENT OF FINANCIAL POSITION
30 April 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
14,270
1,673
CURRENT ASSETS
Stocks
6
54,795
65,320
Debtors
7
146,031
208,443
Cash at bank and in hand
5,567
6,612
----------
----------
206,393
280,375
CREDITORS: amounts falling due within one year
8
142,396
161,845
----------
----------
NET CURRENT ASSETS
63,997
118,530
---------
----------
TOTAL ASSETS LESS CURRENT LIABILITIES
78,267
120,203
CREDITORS: amounts falling due after more than one year
9
25,833
35,833
PROVISIONS
Taxation including deferred tax
2,711
318
---------
----------
NET ASSETS
49,723
84,052
---------
----------
CAPITAL AND RESERVES
Called up share capital
11
100
100
Profit and loss account
49,623
83,952
---------
---------
SHAREHOLDERS FUNDS
49,723
84,052
---------
---------
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 income and retained earnings has not been delivered.
For the year ending 30th April 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 members have 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
THE PET SUPERSTORE LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 April 2023
These financial statements were approved by the board of directors and authorised for issue on 17 April 2024 , and are signed on behalf of the board by:
P. Mathwin
Director
Company registration number: 06880898
THE PET SUPERSTORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30th APRIL 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Post Office, 63 Saville Street, North Shields, Tyne & Wear, NE30 1AY.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The financial statements have been prepared on the going concern basis. The director considers that this basis is appropriate following due consideration of the present financial position, the expected prospects of the company during the twelve months from the date of approval of these financial statements and the continued support of the company's director, bankers and other lending agents during this time.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and Machinery
-
20% straight line
Fixtures and Fittings
-
15% straight line
Motor Vehicles
-
20% reducing balance
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 stock to its present location and condition.
Hire purchase contracts
Assets held under hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum hire purchase payments, which is determined at the inception of the hire purchase term. Any initial direct costs of the hire purchase are added to the amount recognised as an asset. Hire purchase payments are apportioned between the finance charges and reduction of the outstanding hire purchase liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
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.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 6 (2022: 7 ).
5. TANGIBLE ASSETS
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1st May 2022
3,871
24,425
28,296
Additions
13,500
13,500
-------
---------
---------
---------
At 30th April 2023
3,871
24,425
13,500
41,796
-------
---------
---------
---------
Depreciation
At 1st May 2022
3,525
23,098
26,623
Charge for the year
109
569
225
903
-------
---------
---------
---------
At 30th April 2023
3,634
23,667
225
27,526
-------
---------
---------
---------
Carrying amount
At 30th April 2023
237
758
13,275
14,270
-------
---------
---------
---------
At 30th April 2022
346
1,327
1,673
-------
---------
---------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 30th April 2023
13,275
---------
At 30th April 2022
---------
6. STOCKS
2023
2022
£
£
Goods for resale
54,795
65,320
---------
---------
7. DEBTORS
2023
2022
£
£
Prepayments and accrued income
986
8,996
Director's loan account
56,936
103,864
S455 tax recoverable
18,962
34,214
The Pet Superstore 2 Limited
66,277
61,205
Other debtors
2,870
164
----------
----------
146,031
208,443
----------
----------
8. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loan
10,000
10,000
Trade creditors
67,938
86,868
Accruals and deferred income
2,668
4,640
Corporation tax
10,934
47,500
Social security and other taxes
14,046
12,833
Obligations under finance leases and hire purchase contracts
13,500
Other creditors
23,310
4
----------
----------
142,396
161,845
----------
----------
The hire purchase contract included within creditors: amounts falling due within one year is secured against the asset that is funded in this way.
9. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loan
25,833
35,833
---------
---------
10. DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
2,711
318
-------
----
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
2,711
318
-------
----
11. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
12. DIRECTOR'S 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
Amounts repaid
Balance outstanding
£
£
£
£
P. Mathwin
103,864
54,342
( 101,270)
56,936
----------
---------
----------
---------
2022
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
P. Mathwin
67,237
349,041
( 312,414)
103,864
---------
----------
----------
----------
13. RELATED PARTY TRANSACTIONS
The sole director and shareholder of the company is also the sole director and shareholder of The Pet Superstore 2 Limited. An inter-company loan account records the transactions that take place between the two companies. The outstanding balance at the year end of £66,277 (2022: £61,205) is included within debtors. No other transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A small entities.