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Registration number: SC293581

Pets Friends Ltd

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 January 2024

 

Pets Friends Ltd

Contents

Abridged Balance Sheet

1

Notes to the Unaudited Abridged Financial Statements

2 to 4

 

Pets Friends Ltd

(Registration number: SC293581)
Abridged Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

112,027

117,161

Current assets

 

Stocks

12,713

12,272

Debtors

12,430

6,323

Cash at bank and in hand

 

27,998

88,999

 

53,141

107,594

Creditors: Amounts falling due within one year

5

(62,152)

(69,342)

Net current (liabilities)/assets

 

(9,011)

38,252

Total assets less current liabilities

 

103,016

155,413

Creditors: Amounts falling due after more than one year

6

(19,131)

(28,562)

Provisions for liabilities

(6,403)

(10,596)

Net assets

 

77,482

116,255

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

77,382

116,155

Total equity

 

77,482

116,255

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 and the option not to file the Profit and Loss Account has been taken.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 13 August 2024 and signed on its behalf by:
 

Mr D Charity

Director

Mrs R Charity

Director

 

Pets Friends Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
176 King Street
Stenhousemuir
Larbert
Stirlingshire
FK5 4HT

2

Accounting policies

Statement of compliance

These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged 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. Of the company's current liabilities at 31 January 2024, an amount is owed to the directors, who have agreed to continue to support the company, and not to demand repayment of the amount to the extent that any such repayment would jeopardise the future of the company.

Revenue recognition

Turnover represents the amounts, excluding value added tax, derived from the provision of goods and services to customers during the year.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

 

Pets Friends Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024

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

Buildings

2% straight line

Motor vehicles

25% reducing balance

Fixtures and equipment

15% reducing balance

Goodwill

Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs of sale.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 6).

4

Tangible assets

Total
£

Cost or valuation

At 1 February 2023

212,085

Additions

1,471

At 31 January 2024

213,556

Depreciation

At 1 February 2023

94,923

Charge for the year

6,606

At 31 January 2024

101,529

Carrying amount

At 31 January 2024

112,027

At 31 January 2023

117,161

5

Creditors: amounts falling due within one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £9,000 (2023 - £8,606.24).

6

Creditors: amounts falling due after more than one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £19,131 (2023 - £28,561.79).

 

Pets Friends Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024

7

Related party transactions

Advances to directors


Mr D Charity

During the period Mr D Charity went overdrawn on their director's loan account. The maximum overdrawn balance during the year was £2,648 (2023 - £Nil). At the year end the amount outstanding from Mr D Charity was £2,465 (2023 - £-). Interest has been charged at the commercial rate.


Mrs R Charity

During the period Mrs R Charity went overdrawn on their director's loan account. The maximum overdrawn balance during the year was £2,588 (2023 - £Nil). At the year end the amount outstanding from Mrs R Charity was £2,405 (2023 - £-). Interest has been charged at the commercial rate.