REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 JANUARY 2023 TO 30 NOVEMBER 2023 |
FOR |
PETMEDIX LTD |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 JANUARY 2023 TO 30 NOVEMBER 2023 |
FOR |
PETMEDIX LTD |
PETMEDIX LTD (REGISTERED NUMBER: 11095804) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JANUARY 2023 TO 30 NOVEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
PETMEDIX LTD |
COMPANY INFORMATION |
FOR THE PERIOD 1 JANUARY 2023 TO 30 NOVEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
1 Bridge Lane |
London |
NW11 0EA |
PETMEDIX LTD (REGISTERED NUMBER: 11095804) |
BALANCE SHEET |
30 NOVEMBER 2023 |
30.11.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 9 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Share premium |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
PETMEDIX LTD (REGISTERED NUMBER: 11095804) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JANUARY 2023 TO 30 NOVEMBER 2023 |
1. | STATUTORY INFORMATION |
PetMedix Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
Preparation of consolidated financial statements |
The financial statements contain information about PetMedix Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under section 399(2A) of the Companies Act 2006 from the requirement to prepare consolidated financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Intangible assets |
Licences are initially recognised at cost, and then amortised in full over their estimated useful economic life. Licences are not amortised until they have been brought into use. |
Amortisation on website development is provided at 33% on the reducing balance basis. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Plant & machinery | 25% on straight line basis |
Computer equipment | 25% on straight line basis |
Fixtures and fittings | 25% on straight line basis |
Leasehold improvements | 20% on straight line basis |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
Basic financial assets and liabilities, including trade debtors and creditors, other debtors and creditors and amounts with related parties are initially recognised at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangements constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets and liabilities classified as receivable or payable within one year are not amortised. |
PETMEDIX LTD (REGISTERED NUMBER: 11095804) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 30 NOVEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current or deferred taxation assets and liabilities are not discounted. Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange prevailing at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange prevailing at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate. |
Share-based payments |
The company's employees participate in an EMI share option scheme as disclosed in note 14. Equity-settled share-based payments were measured at fair value at the date of granting the options and expensed on a straight-line basis over the vesting period of the award. At the end of each reporting period, the company revised its estimate of the number of options that were expected to become exercisable. The financial consequences of revisions to the original estimates, if any, were recognised in the profit and loss account, with a corresponding adjustment to equity. |
Recognition of contract manufacturing costs |
The company engages in contracts with suppliers of scientific manufacturing services. In accordance with paragraph 2.27 of FRS 102, prepayments are recognised in respect of the related costs only if it is practicable to calculate them reliably. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
PETMEDIX LTD (REGISTERED NUMBER: 11095804) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 30 NOVEMBER 2023 |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 January 2023 |
and 30 November 2023 |
AMORTISATION |
At 1 January 2023 |
Charge for period |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 31 December 2022 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2023 |
Additions |
At 30 November 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for period |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 31 December 2022 |
PETMEDIX LTD (REGISTERED NUMBER: 11095804) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 30 NOVEMBER 2023 |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2023 |
Impairments | ( |
) |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 31 December 2022 |
The sole subsidiary was PetMedix Inc which was wholly owned until it was dissolved on 21 December 2023. A provision has been made for impairment of the investment to £nil. |
7. | DEBTORS |
30.11.23 | 31.12.22 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.23 | 31.12.22 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
PETMEDIX LTD (REGISTERED NUMBER: 11095804) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 30 NOVEMBER 2023 |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.11.23 | 31.12.22 |
£ | £ |
Other creditors |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.11.23 | 31.12.22 |
value: | £ | £ |
21,491,744 | Ordinary shares | 0.01p | 2,149 | 398 |
Ordinary A shares | 0.01p | - | 231 |
Preference A shares | 0.01p | - | 390 |
Preference B shares | 0.01p | - | 886 |
2,149 | 1,905 |
During the period, 2,311,797 ordinary A shares, 3,895,118 preference A shares and 8,860,345 preference B shares, all of which had a nominal value of 0.01p,were reclassified as ordinary shares. |
During the period, 2,442,497 ordinary shares of 0.01p each were allotted and issued. The entire share capital of 21,491,744 ordinary shares was purchased by Zoetis Netherlands 3 BV on 3 August 2023. |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
12. | FINANCIAL COMMITMENTS |
At the balance sheet date the company was committed to operating lease payments of £699,153 (2022: £370,140) for rental of premises under a lease with a break clause on 23 April 2025. These commitments included £493,520 (2022: £370.140) to be paid within a year of the balance sheet date. |
13. | ULTIMATE HOLDING COMPANY |
The ultimate holding company is Zoetis Inc for which the registered office address is 10 Sylvan Way, Parsippany, NJ 07054, USA. |
PETMEDIX LTD (REGISTERED NUMBER: 11095804) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 30 NOVEMBER 2023 |
14. | SHARE-BASED PAYMENT TRANSACTIONS |
Options over ordinary shares were granted under EMI schemes to all executive directors and employees. The options had a fixed exercise price based on the market price at the date of the grant, which was agreed with HMRC as being the appropriate market value for the purposes of granting options. The contractual life of the options was ten years. |
Options were granted after the completion of three months of employment. The options were to vest incrementally over the next four years, or immediately if there were an earlier exit event. They could be exercised by an employee who met the conditions for a good leaver. Exit events and good leavers were defined in the PetMedix Share Option Plan, which was available to all option holders. All the share options were exercised when Zoetis Netherlands 3 BV acquired the share capital on 3 August 2023. |
15. | CHANGE OF ACCOUNTING REFERENCE DATE |
The company's last accounting reference date was 31 December 2022. The accounting reference date has been changed to 30 November 2023 to bring the company in line with the rest of the Zoetis group. Accordingly, the current financial statements are prepared for eleven months from 1 January 2023 to 30 November 2023 and as a result, the comparative figures stated are not directly comparable. |