Company registration number 10849116 (England and Wales)
THE PET CENTRE NEWQUAY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
THE PET CENTRE NEWQUAY LIMITED
COMPANY INFORMATION
Directors
Mr P Larkin
Mrs D L Larkin
Mr T Larkin
Miss C Larkin
Company number
10849116
Registered office
28-30 East Street
Newquay
Cornwall
TR7 1BH
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Barclays Bank Plc
Leicester
Leicestershire
LE87 2BB
THE PET CENTRE NEWQUAY LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
THE PET CENTRE NEWQUAY LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THE PET CENTRE NEWQUAY LIMITED FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Pet Centre Newquay Limited for the year ended 31 December 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of The Pet Centre Newquay Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of The Pet Centre Newquay Limited and state those matters that we have agreed to state to the board of directors of The Pet Centre Newquay Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Pet Centre Newquay Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that The Pet Centre Newquay Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of The Pet Centre Newquay Limited. You consider that The Pet Centre Newquay Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of The Pet Centre Newquay Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
4 April 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
THE PET CENTRE NEWQUAY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
34,787
44,428
Current assets
Stocks
101,357
98,616
Debtors
4
13,735
Cash at bank and in hand
124,287
187,750
239,379
286,366
Creditors: amounts falling due within one year
5
(74,455)
(125,313)
Net current assets
164,924
161,053
Total assets less current liabilities
199,711
205,481
Creditors: amounts falling due after more than one year
6
(20,714)
(30,717)
Provisions for liabilities
7
(6,610)
(5,447)
Net assets
172,387
169,317
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
172,287
169,217
Total equity
172,387
169,317
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
THE PET CENTRE NEWQUAY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 4 April 2024 and are signed on its behalf by:
Mr P Larkin
Director
Company registration number 10849116 (England and Wales)
THE PET CENTRE NEWQUAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information
The Pet Centre Newquay Limited is a private company limited by shares incorporated in England and Wales. The registered office is 28-30 East Street, Newquay, Cornwall, TR7 1BH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% on reducing balance
Computer equipment
33% on cost
Motor vehicles
20% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
THE PET CENTRE NEWQUAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.7
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
5
6
THE PET CENTRE NEWQUAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
3
Tangible fixed assets
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023 and 31 December 2023
16,861
3,920
59,220
80,001
Depreciation and impairment
At 1 January 2023
12,109
2,760
20,704
35,573
Depreciation charged in the year
1,189
749
7,703
9,641
At 31 December 2023
13,298
3,509
28,407
45,214
Carrying amount
At 31 December 2023
3,563
411
30,813
34,787
At 31 December 2022
4,752
1,160
38,516
44,428
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
13,735
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,125
10,122
Trade creditors
150
248
Taxation and social security
60,787
30,721
Other creditors
3,393
84,222
74,455
125,313
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
20,714
30,717
7
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
6,610
5,447
THE PET CENTRE NEWQUAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
8
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Bank loans
30,839
40,839
Bank loans are secured by way of a fixed and floating charge over all assets of the company.
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
35
35
35
35
Ordinary B of £1 each
35
35
35
35
Ordinary C of £1 each
-
10
-
10
Ordinary D of £1 each
15
10
15
10
Ordinary E of £1 each
15
10
15
10
100
100
100
100
During the year, the company underwent a share reorganisation.
The company passed a special resolution by reclassifying 10 Ordinary C shares of £1 each into:
5 Ordinary D shares of £1 each
5 Ordinary E shares of £1 each
The rights and privileges attached to these shares remain unaltered.
10
Control
Ultimate parent company
The ultimate parent company is Pet Centre Holdings Limited, a company registered in England and Wales.
Ultimate controlling party
The ultimate controlling party is Mr P Larkin and Mrs D L Larkin by virtue of their controlling interest in the ultimate parent company.