Company registration number 13806238 (England and Wales)
ALPHAPET UK VENTURES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
ALPHAPET UK VENTURES LIMITED
COMPANY INFORMATION
Directors
Mr K J Jeswani
Mr M Hierling
Ms R Connellan
(Appointed 14 December 2023)
Mr R Craig
(Appointed 14 December 2023)
Secretary
Ms R Connellan
Company number
13806238
Registered office
Danworth House
Jobs Lane
Sayers Common
BN6 9HE
Auditor
Knill James LLP
One Bell Lane
Lewes
East Sussex
BN7 1JU
ALPHAPET UK VENTURES LIMITED
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 5
Statement of comprehensive income
6
Balance sheet
7
Statement of changes in equity
8
Notes to the financial statements
9 - 12
ALPHAPET UK VENTURES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company continued to be that of a holding company.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr P Dykes
(Resigned 13 December 2023)
Mr K J Jeswani
Mr M Hierling
Ms R Connellan
(Appointed 14 December 2023)
Mr R Craig
(Appointed 14 December 2023)
Auditor

The auditor, Knill James LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Ms R Connellan
Mr R Craig
Director
Director
12 September 2024
ALPHAPET UK VENTURES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ALPHAPET UK VENTURES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF ALPHAPET UK VENTURES LIMITED
- 3 -
Opinion

We have audited the financial statements of Alphapet UK Ventures Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

ALPHAPET UK VENTURES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF ALPHAPET UK VENTURES LIMITED (CONTINUED)
- 4 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. In identifying and assessing the risk of material misstatement in respect of irregularities, including fraud, we:

ALPHAPET UK VENTURES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF ALPHAPET UK VENTURES LIMITED (CONTINUED)
- 5 -

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, Companies Act 2006, the company's governing document and relevant tax legislation. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing the financial statements, including the Directors' report, remaining alert to new or unusual transactions which may not be in accordance with the governing document.

The most significant laws and regulations that have an indirect impact on the financial statements are the compliance with relevant employment law and the UK General Data Protection Regulation (UK GDPR). We performed audit procedures to inquire of management and those charged with governance whether the company is in compliance with these laws and regulations and inspected correspondence with regulatory authorities.

We identified the risk of management override of controls as the area where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included, but were not limited to, testing manual journal entries and other adjustments, evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business and challenging judgments and estimates.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to the member in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member, for our audit work, for this report, or for the opinions we have formed.

David Martin FCA
Senior Statutory Auditor
For and on behalf of Knill James LLP
13 September 2024
Chartered Accountants
Statutory Auditor
One Bell Lane
Lewes
East Sussex
BN7 1JU
ALPHAPET UK VENTURES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
Year
Period
ended
ended
31 December
31 December
2023
2022
Notes
£
£
Turnover
-
-
Administrative expenses
547,177
(2,212,620)
Other operating income
451,230
104,737
Operating profit/(loss)
998,407
(2,107,883)
Interest receivable and similar income
3
4,225,000
1,000,000
Interest payable and similar expenses
4
(2,793,888)
(2,537,118)
Profit/(loss) before taxation
2,429,519
(3,645,001)
Tax on profit/(loss)
-
0
-
0
Profit/(loss) for the financial year
2,429,519
(3,645,001)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

ALPHAPET UK VENTURES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 7 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
5
48,770,803
48,770,803
Current assets
Debtors
7
541,476
125,685
Cash at bank and in hand
83,807
100
625,283
125,785
Creditors: amounts falling due within one year
8
(50,611,567)
(52,541,588)
Net current liabilities
(49,986,284)
(52,415,803)
Net liabilities
(1,215,481)
(3,645,000)
Capital and reserves
Called up share capital
9
1
1
Profit and loss reserves
(1,215,482)
(3,645,001)
Total equity
(1,215,481)
(3,645,000)

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 12 September 2024 and are signed on its behalf by:
Ms R  Connellan
Mr R Craig
Director
Director
Company registration number 13806238 (England and Wales)
ALPHAPET UK VENTURES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 17 December 2021
-
0
-
0
-
Period ended 31 December 2022:
Loss and total comprehensive income
-
(3,645,001)
(3,645,001)
Issue of share capital
9
1
-
1
Balance at 31 December 2022
1
(3,645,001)
(3,645,000)
Year ended 31 December 2023:
Profit and total comprehensive income
-
2,429,519
2,429,519
Balance at 31 December 2023
1
(1,215,482)
(1,215,481)
ALPHAPET UK VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
1
Accounting policies
Company information

Alphapet UK Ventures Limited is a private company limited by shares incorporated in England and Wales. The registered office is Danworth House, Jobs Lane, Sayers Common, BN6 9HE.

1.1
Reporting period

The financial statements cover the year ended 31 December 2023, the previous period was from the date of incorporation 17 December 2021 to 31 December 2022. The comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

1.2
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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 401 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Alphapet UK Ventures Limited is a wholly owned subsidiary of AlphaPet Ventures GMBH and the results of Alphapet UK Ventures Limited are included in the consolidated financial statements of AlphaPet Ventures GMBH which are available from Landsberger Strabe 234, 80687 Munich, Germany.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements which is dependent upon the continued financial support of the parent company.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

ALPHAPET UK VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 10 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement 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 classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
ALPHAPET UK VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
3
Interest receivable and similar income
2023
2022
£
£
Interest receivable and similar income includes the following:
Income from shares in group undertakings
4,225,000
1,000,000
4
Interest payable and similar expenses
2023
2022
£
£
Interest payable and similar expenses includes the following:
Interest payable to group undertakings
2,793,888
2,537,118
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
48,770,803
48,770,803
6
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Leander International Pet Foods Limited
England & Wales
Ordinary
100.00
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
541,476
125,685
8
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
4,168,593
3,215,328
Taxation and social security
90,246
20,948
Other creditors
46,352,728
49,305,312
50,611,567
52,541,588
ALPHAPET UK VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
10
Parent company

The ultimate parent company is AlphaPet Ventures GMBH. Alphapet Ventures GMBH is the parent undertaking of the smallest and largest group to consolidate these financial statements.

 

The consolidated financial statements of AlphaPet Ventures GMBH are available to the public and may be obtained from the company secretary, AlphaPet Ventures GMBH, Landsberger Strabe 234, 80687 Munich, Germany.

2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.210Mr P DykesMr K J JeswaniMr M HierlingMr R CraigMr R CraigMs R Connellanfalsefalse138062382023-01-012023-12-3113806238bus:Director22023-01-012023-12-3113806238bus:Director32023-01-012023-12-3113806238bus:CompanySecretaryDirector12023-01-012023-12-3113806238bus:Director42023-01-012023-12-3113806238bus:CompanySecretary12023-01-012023-12-3113806238bus:Director12023-01-012023-12-3113806238bus:Director52023-01-012023-12-3113806238bus:RegisteredOffice2023-01-012023-12-31138062382023-12-31138062382021-12-172022-12-3113806238core:RetainedEarningsAccumulatedLosses2021-12-172022-12-3113806238core:RetainedEarningsAccumulatedLosses2023-01-012023-12-31138062382022-12-3113806238core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3113806238core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3113806238core:CurrentFinancialInstruments2023-12-3113806238core:CurrentFinancialInstruments2022-12-3113806238core:ShareCapital2023-12-3113806238core:ShareCapital2022-12-3113806238core:RetainedEarningsAccumulatedLosses2023-12-3113806238core:RetainedEarningsAccumulatedLosses2022-12-3113806238core:ShareCapital2021-12-1613806238core:RetainedEarningsAccumulatedLosses2021-12-1613806238core:ShareCapital2021-12-172022-12-311380623812023-01-012023-12-3113806238bus:PrivateLimitedCompanyLtd2023-01-012023-12-3113806238bus:FRS1022023-01-012023-12-3113806238bus:Audited2023-01-012023-12-3113806238bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP