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Registration number: 05790312

Leyburn Pets Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Leyburn Pets Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Leyburn Pets Ltd

Company Information

Directors

Mr Neil Lobley

Mrs Elizabeth Lobley

Registered office

73 High Street
Leyburn
North Yorkshire
DL8 5AQ

Bankers

Natwest
Leyburn

Accountants

Flexibility Professional Services (UK) Ltd
Cherry Tree Court
36 Ferensway
Hull
East Yorkshire
HU2 8NH

 

Leyburn Pets Ltd

(Registration number: 05790312)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

989

1,253

Current assets

 

Stocks

5

22,000

22,000

Debtors

6

1,932

1,972

Cash at bank and in hand

 

785

1,210

 

24,717

25,182

Creditors: Amounts falling due within one year

7

(50,376)

(48,845)

Net current liabilities

 

(25,659)

(23,663)

Net liabilities

 

(24,670)

(22,410)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(24,770)

(22,510)

Shareholders' deficit

 

(24,670)

(22,410)

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 July 2024 and signed on its behalf by:
 

 

Leyburn Pets Ltd

(Registration number: 05790312)
Balance Sheet as at 31 March 2023

.........................................
Mr Neil Lobley
Director

.........................................
Mrs Elizabeth Lobley
Director

 

Leyburn Pets Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
73 High Street
Leyburn
North Yorkshire
DL8 5AQ
United Kingdom

The principal place of business is:
73 High Street
Leyburn
North Yorkshire
DL8 5AQ
United Kingdom

These financial statements were authorised for issue by the Board on 29 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis. Although the financial statements show a net liability position, the company will continue to be supported by its directors.

 

Leyburn Pets Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants are charged to the Profit and Loss account on accrual basis unless they are connected to an asset purchase in which case they amortised over the life of the asset. Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Statement of comprehensive income 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

Reducing balance basis at 25%

Fixtures and fittings

Reducing balance basis at 20%

Plant and machinery

Reducing balance basis at 20%

Intangible assets

Amortisation is provided at 10% on cost of goodwill acquired in order to write it off over its estimated useful life.

Amortisation

Asset class

Amortisation method and rate

Goodwill

Straight line over 10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Leyburn Pets Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Leyburn Pets Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

3,667

8,797

5,225

17,689

At 31 March 2023

3,667

8,797

5,225

17,689

Depreciation

At 1 April 2022

3,551

8,519

4,366

16,436

Charge for the year

23

69

172

264

At 31 March 2023

3,574

8,588

4,538

16,700

Carrying amount

At 31 March 2023

93

209

687

989

At 31 March 2022

116

278

859

1,253

5

Stocks

2023
£

2022
£

Other inventories

22,000

22,000

6

Debtors

Current

2023
£

2022
£

Trade debtors

932

972

Prepayments

1,000

1,000

 

1,932

1,972

 

Leyburn Pets Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

972

-

Trade creditors

 

5,587

5,897

Taxation and social security

 

4,891

1,683

Other creditors

 

38,926

41,265

 

50,376

48,845

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary £1 of £1 each

100

100

100

100

         

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

972

-

 

Leyburn Pets Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

10

Related party transactions

Transactions with directors

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Mr Neil Lobley

Directors Loan Account

(18,076)

(9,056)

10,329

(16,804)

         
       

Mrs Elizabeth Lobley

Directors Loan Account

(18,076)

(9,056)

10,329

(16,804)

         
       

 

2022

At 1 April 2021
£

Advances to director
£

Repayments by director
£

At 31 March 2022
£

Mr Neil Lobley

Directors Loan Account

(16,377)

(8,840)

7,141

(18,076)

         
       

Mrs Elizabeth Lobley

Directors Loan Account

(16,377)

(8,840)

7,141

(18,076)

         
       

 

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

18,112

17,680

Expenditure with and payables to related parties

2023

Key management
£

Leases

9,500

2022

Key management
£

Leases

9,500