Caseware UK (AP4) 2023.0.135 2023.0.135 The director is 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. He is responsible for such internal control as he determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and has general responsibility for taking such steps as are reasonably open to him to safeguard the assets of the company and to prevent and detect fraud and other irregularities. The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.38956212639802003004991815450660659520002023-01-01false052023-12-31102206810 10220681 2023-01-01 2023-12-31 10220681 1 2023-01-01 2023-12-31 10220681 2022-01-01 2022-12-31 10220681 1 2022-01-01 2022-12-31 10220681 4 2022-01-01 2022-12-31 10220681 2023-12-31 10220681 2022-12-31 10220681 2022-01-01 10220681 d:Director1 2023-01-01 2023-12-31 10220681 d:RegisteredOffice 2023-01-01 2023-12-31 10220681 e:ComputerEquipment 2023-01-01 2023-12-31 10220681 e:ComputerEquipment 2022-01-01 2022-12-31 10220681 e:ComputerEquipment 2023-12-31 10220681 e:ComputerEquipment 2022-12-31 10220681 e:ComputerEquipment 2022-01-01 10220681 e:Goodwill 2023-01-01 2023-12-31 10220681 e:CurrentFinancialInstruments 2023-12-31 10220681 e:CurrentFinancialInstruments 2022-12-31 10220681 e:ShareCapital 2023-01-01 2023-12-31 10220681 e:ShareCapital 2023-12-31 10220681 e:ShareCapital 2022-01-01 2022-12-31 10220681 e:ShareCapital 2022-12-31 10220681 e:ShareCapital 2022-01-01 10220681 e:ForeignCurrencyTranslationReserve 2023-01-01 2023-12-31 10220681 e:ForeignCurrencyTranslationReserve 2023-12-31 10220681 e:ForeignCurrencyTranslationReserve 2022-01-01 2022-12-31 10220681 e:ForeignCurrencyTranslationReserve 4 2022-01-01 2022-12-31 10220681 e:ForeignCurrencyTranslationReserve 2022-12-31 10220681 e:ForeignCurrencyTranslationReserve 2022-01-01 10220681 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 10220681 e:RetainedEarningsAccumulatedLosses 2023-12-31 10220681 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 10220681 e:RetainedEarningsAccumulatedLosses 4 2022-01-01 2022-12-31 10220681 e:RetainedEarningsAccumulatedLosses 2022-12-31 10220681 d:OrdinaryShareClass1 2023-01-01 2023-12-31 10220681 d:OrdinaryShareClass1 2023-12-31 10220681 d:OrdinaryShareClass1 2022-12-31 10220681 d:FullIFRS 2023-01-01 2023-12-31 10220681 d:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 10220681 d:FullAccounts 2023-01-01 2023-12-31 10220681 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10220681 e:ContinuingOperations 2023-01-01 2023-12-31 10220681 e:ContinuingOperations 2022-01-01 2022-12-31 10220681 e:ValueBeforeAllowanceForImpairmentLoss 2023-12-31 10220681 e:ValueBeforeAllowanceForImpairmentLoss 2022-12-31 10220681 e:ShareCapital 3 2022-01-01 2022-12-31 10220681 33 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure xbrli:shares
























Petlab Media Limited

(Formerly known as Cel Products Limited)





















Unaudited

Financial statements


For the year ended 31 December 2023



Registered number: 10220681




 
Petlab Media Limited

(Formerly known as Cel Products Limited)
 
 
 
Company Information


 
Director
C Masanto 




Registered number
10220681



Registered office
31-33 Prescot Street

London

E1 8BB






 
Petlab Media Limited

(Formerly known as Cel Products Limited)
 
 
 
Contents



Page
Director's report
 
1 - 2
Statement of profit or loss and other comprehensive income
 
3
Statement of financial position
 
4 - 5
Statement of changes in equity
 
6
Statement of cash flows
 
7 - 8
Notes to the financial statements
 
9 - 22
 


 
Petlab Media Limited

(Formerly known as Cel Products Limited)
 
 
 
Director's report
For the year ended 31 December 2023


The director presents his annual report and the financial statements of Petlab Media Limited ('the company') for the year ended 31 December 2023.

Director's responsibilities statement

The director is responsible for preparing the Director's report and the financial statements, in accordance with applicable law.

Company law requires the director to prepare financial statements for each financial year. Under that law he has elected to prepare the financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted by the UK.

Under company law the director must not approve the financial statements unless he is 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 the financial statements, the director is required to:

select suitable accounting policies and then apply them consistently;

make judgements and estimates that are reasonable and prudent;

state whether they have been prepared in accordance with IFRS as adopted by the UK, subject to any material departures disclosed and explained in the financial statements;

assess the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and

use the going concern basis of accounting unless he either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

The director is 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. He is responsible for such internal control as he determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and has general responsibility for taking such steps as are reasonably open to him to safeguard the assets of the company and to prevent and detect fraud and other irregularities.

Principal activity

The company is engaged in selling haircare and nailcare products.

Director

The director who served during the year was:

C Masanto 

Page 1


 
Petlab Media Limited

(Formerly known as Cel Products Limited)
 
 
 
Director's report (continued)
For the year ended 31 December 2023


Small companies' exemption

In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf by:
 



C Masanto
Director

Date: 24 September 2024
Page 2


 
Petlab Media Limited

(Formerly known as Cel Products Limited)
 
 
 
Statement of profit or loss and other comprehensive income
For the year ended 31 December 2023


2023
2022
£
£

  

Revenue
  
144,584
138,226

Cost of sales
  
(126,715)
(242,967)

Gross profit/(loss)
  
17,869
(104,741)

  

Administrative expenses
  
(276,140)
(708,766)

Loss from operations
  
(258,271)
(813,507)

  

Finance income
  
-
2,756

Loss before tax
  
(258,271)
(810,751)

  

Tax credit
  
63,490
178,761

Loss for the year
  
(194,781)
(631,990)


Total comprehensive income
  
(194,781)
(631,990)

All amounts relate to continuing operations.
The notes on page 8 - 19 form part of these financial statements.

Page 3


 
Petlab Media Limited - Registered number: 10220681
 
(Formerly known as Cel Products Limited)

 
 
Statement of financial position
As at 31 December 2023


2023
2022
Note
£
£

Assets

Non-current assets
  

Property, plant and equipment
 5 
-
4,250

Investments
 5 
1,253
1,253

  
1,253
5,503

Current assets
  

Inventories
 7 
-
23,732

Trade and other receivables
 8 
2,204,444
2,267,664

Cash and cash equivalents
 18 
46,137
65,748

  
2,250,581
2,357,144

  

Total assets

  

2,251,834
2,362,647
Page 4


 
Petlab Media Limited - Registered number: 10220681
 
(Formerly known as Cel Products Limited)

 
 
Statement of financial position (continued)
As at 31 December 2023


2023
2022
Note
£
£

Liabilities

  

Current liabilities
  

Trade and other payables
 9 
2,226,775
2,142,807

  
2,226,775
2,142,807

  

Total liabilities
  
2,226,775
2,142,807

  

  

Net assets
  
25,059
219,840


Issued capital and reserves
  

Share capital
 10 
100
100

Retained earnings
  
24,959
219,740

TOTAL EQUITY
  
25,059
219,840

For the year ending 31 December 2023 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 for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The company's financial statements have been prepared in accordance with the provisions applicable to the companies subject to the small companies regime.

The financial statements on pages 3 to 22 were approved and authorised by the director:




C Masanto
Director

Date: 24 September 2024

The notes on pages 9 to 22 form part of these financial statements.

Page 5


 
Petlab Media Limited
 
(Formerly known as Cel Products Limited)

 
 
Statement of changes in equity
For the year ended 31 December 2023



Share capital
Foreign exchange reserve
Retained earnings
Total equity


£
£
£
£

At 1 January 2022
100
(17,058)
885,846
868,888

Loss for the year
-
-
(631,990)
(631,990)

Total comprehensive income for the year
-
-
(631,990)
(631,990)

Foreign exchange translation
-
17,058
(34,116)
(17,058)

Total contributions by and distributions to owners
-
17,058
(34,116)
(17,058)

At 31 December 2022
100
-
219,740
219,840

At 1 January 2023
100
-
219,740
219,840

Loss for the year
-
-
(194,781)
(194,781)

Total comprehensive income for the year
-
-
(194,781)
(194,781)

At 31 December 2023
100
-
24,959
25,059

The notes on pages 9 to 22 form part of these financial statements.

Page 6


 
Petlab Media Limited
 
(Formerly known as Cel Products Limited)

 
 
Statement of cash flows
For the year ended 31 December 2023


2023
2022
Note
£
£

Cash flows from operating activities
  

Loss for the year
  
(194,781)
(631,990)

Adjustments for
  

Depreciation of property, plant and equipment
 5 
314
1,740

Loss on disposal of property, plant and equipment
  
3,936
-

Finance income
  
-
958

Finance expense
  
-
(1,798)

  
(190,531)
(631,090)

Movements in working capital:
  

Decrease/(increase) in trade and other receivables
  
22,380
(23,330)

Decrease in inventories
  
23,732
183,527

Decrease/(increase) in other assets
  
166,154
(455,458)

Decrease in trade and other payables
  
(928,466)
(10,762)

(Decrease)/increase in other liabilities
  
(1,135,887)
1,199,390

Cash (used)/generated from operations
  
(2,042,618)
262,277

  

Net cash (used in)/from operating activities

  
(2,042,618)
262,277

Cash flows from investing activities
  

Purchases of property, plant and equipment
  
-
(5,991)

Net used in investing activities

  
-
(5,991)

Cash flows from financing activities
  

Movement in loans to related parties
  
(125,314)
17,053,223

Movement in loans from related parties
  
2,148,321
(17,271,903)

Interest received
  
-
(958)

Net cash from/(used in) financing activities
  
2,023,007
(219,638)
Page 7


 
Petlab Media Limited
 
(Formerly known as Cel Products Limited)

 
 
Statement of cash flows (continued)
For the year ended 31 December 2023









2023
2022




£
£



Net (decrease)/increase in cash and cash equivalents
  
(19,611)
36,648

  

Cash and cash equivalents at the beginning of year
  
65,748
29,100

Cash and cash equivalents at the end of the year
 18 
46,137
65,748

The notes on pages 9 to 22 form part of these financial statements.

Page 8


 
Petlab Media Limited

(Formerly known as Cel Products Limited)
 
 
 
Notes to the financial statements
For the year ended 31 December 2023


1.


General information

Petlab Media Limited is a private company limited by shares and was incorporated in England and Wales with registration number 10220681. Its registered office and trading address is 31-33 Prescot Street, London, E1 8BB.


2.Accounting policies

 
2.1

Basis of preparation

The financial statements have been prepared in accordance with International Financial Reporting Standards
(IFRSs) issued by the International Accounting Standards Board (IASB) as adopted by the United Kingdom and with those parts of the Companies Act 2006 applicable to companies preparing their accounts under IFRSs as adopted by the United Kingdom.

The financial statements have been prepared under the historical cost convention. The measurement basis and principal accounting policies of the company are set out below and have been applied consistently throughout the financial statements.

The financial statements are prepared in GBP, and prepared to the nearest pound. The company's functional currency, in the current and prior year is GBP. 

The directors consider that the subsidiary undertakings of the company taken together are not material and
therefore consolidated financial statements are not required.


2.2

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will be able to meet its liabilities and obligations as they fall due in the year to December 2024, being the forecast period for the directors going concern assessment.
The company has received assurance from another company within the group that they will continue to give financial support to the company for a period of twelve months from the date of signing of these financial statements.
On this basis, the director considers it appropriate to prepare the financial statements on the going concern basis. However, should the financial support mentioned above not be forthcoming, the going concern basis used in preparing the company's financial statements may be invalid and necessary adjustments would have to be made should this basis no longer continue to be appropriate.


2.3

Future accounting developments

At the date of authorisation of these financial statements, several new, but not yet effective standards and
amendments to existing standards, and interpretations have been published by IASB. None of these standards or
amendments to existing standards have been adopted early by the group. Management anticipates that all
relevant pronouncements will be adopted for the first period beginning on or after the effective date of the
pronouncement. New standards, amendments and interpretations not adopted in the current year have not been
disclosed as they are not expected to have a material impact on the group's financial statements.

Page 9


 
Petlab Media Limited

(Formerly known as Cel Products Limited)
 
 
 
Notes to the financial statements
For the year ended 31 December 2023


2.Accounting policies (continued)

 
2.4

Revenue

Revenue is the value of sales after deduction of sales rebates, discounts, value added tax and other taxes directly
attributable to turnover.
The company has one operating segment, being the sale of haircare and nailcare products.
Revenue is measured at the fair value of the consideration received or receivable. Sales are recognised upon the
receipt of payment. Shipping and handling costs are included in cost of sales.
IFRS 15 “Revenue from Contracts with Customers” (effective for the year beginning 1 April 2018) provides a single, principles-based, five-step model to be applied to all sales contracts, based on the transfer of control of goods and services to customers. It replaces the separate models for goods, services and construction contracts currently included in IAS 11 “Construction Contracts” and IAS 18 “Revenue”.
Revenue arises exclusively from the sale of haircare and nailcare products.
To determine whether to recognise revenue, Petlab Media follow a 5-step process:
1. Identifying the contract with a customer
2. Identifying the performance obligations
3. Determining the transaction price
4. Allocating the transaction price to the performance obligations
5. Recognising revenue when/as performance obligation(s) are satisfied
Petlab Media enters into transactions involving selling a range of products, for example haircare and nailcare products, packing and delivery. The total transaction price for a contract is allocated amongst the various performance obligations based on their relative stand- alone selling prices as assessed by price lists set out at tender stage. The transaction price for a contract is fully recognised by Petlab Media. Third party transaction fees are separately invoiced to Petlab Media and paid on a monthly basis.  
Revenues are recognised upon the date that money is received from the customer. The performance obligation is satisfied once the customer has received the product. At this point the risk and reward associated with the transfer of the goods has taken place. If the money is received from the customer but there is no stock available to ship to the customer, the order is instantly cancelled and the money is refunded to the customer.
Per IFRS 15.71 it is considered that these amounts relate to goods provided by the customers. As such management do not consider there to be variable income as the goods are invoiced at the price list amount and the trade spend is recognised as an expense.
If discounts are offered on the sales price then the sales are recorded net of the discounted amount.

The company does not expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the company does not adjust any of the transaction prices for the time value of money.


2.5

Operating expenses

Operating expenses are recognised in the statement of other comprehensive income as they are incurred.

Page 10


 
Petlab Media Limited

(Formerly known as Cel Products Limited)
 
 
 
Notes to the financial statements
For the year ended 31 December 2023


2.Accounting policies (continued)

  
2.6

Employee benefits


Contributions from employees to third parties to defined benefit plans

Discretionary contributions made by employees or third parties reduce service cost upon payment of these contributions to the plan.

When the formal terms of the plans specify that there will be contributions from employees or third parties, the accounting depends on whether the contributions are linked to service, as follows:
If the contributions are not linked to services (e.g. contributions are required to reduce a deficit arising from losses on plan assets or from actuarial losses), they are reflected in the remeasurement of the net defined benefit liability (asset).
If contributions are linked to services, they reduce service costs. For the amount of contribution that is dependent on the number of years of service, the entity reduces service cost by attributing the contributions to periods of service using the attribution method required by IAS 19 paragraph 70 for the gross benefits. For the amount of contribution that is independent of the number of years of service, the entity reduces service cost by attributing contributions to the employees’ periods of service in accordance with IAS 19 paragraph 70.

 
2.7

Taxation

Current tax is the tax currently payable based on taxable profit for the year.
Deferred income taxes are calculated using the liability method on temporary differences. Deferred tax is generally provided on the difference between the carrying amounts of assets and liabilities and their tax bases. However, deferred tax is not provided on the initial recognition of an asset or liability unless the related transaction is a business combination or affects tax or accounting profit.
Deferred tax liabilities are provided in full, with no discounting. Deferred tax assets are recognised to the extent that it is probable that they underlying deductible temporary differences will be able to be offset against future taxable income. Current and deferred tax assets and liabilities are calculated at tax rates that are expected to apply to their respective period of realisation, provided they are enacted or substantively enacted at the balance sheet date.
Changes in deferred tax assets or liabilities are recognised as a component of tax expense in the statement of comprehensive income.



Page 11


 
Petlab Media Limited

(Formerly known as Cel Products Limited)
 
 
 
Notes to the financial statements
For the year ended 31 December 2023


2.Accounting policies (continued)


2.8

Financial instruments

Recognition and derecognition
Financial assets and financial liabilities are recognised when the entity becomes a party to the contractual provisions of the financial instrument.
Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and subsequently all of the risk and rewards are transferred. A financial liability is derecognised when it is extinguished, discharged, cancels or expires.


2.9

Classification and initial measurement of financial assets

Except for those trade receivables that do not contain a significant financial component and are measured at transaction price in accordance with IFRS 15, all financial assets are initially measured at fair value adjusted for transaction costs (where applicable).
Financial assets are classified into the following categories:
 - amortised cost
 - fair value through profit or loss (FVTPL)
The classification is determined by both:
 - the entity's business model for managing the financial asset
 - the contractual cash flow characteristics of the financial asset
All income and expenses relating to financial assets that are recognised in profit or loss are presented within finance costs, finance income or other finance items. 


2.10

Subsequent measurement of financial assets

Trade and other receivables
The entity makes use of a simplified approach in accounting for trade and other receivables. The entity assesses impairment of trade receivables on a collective basis as they possess shared credit risk characteristics they have been grouped based on the days past due.
Classification and measurement of financial liabilities
Financial liabilities are initially measured at fair value, and where applicable, adjusted for the transaction costs unless the entities designated a financial liability at fair value through profit or loss.

Page 12


 
Petlab Media Limited

(Formerly known as Cel Products Limited)
 
 
 
Notes to the financial statements
For the year ended 31 December 2023


2.Accounting policies (continued)

 
2.11

Property, plant and equipment

Items of property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses.

If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items (major components) of property, plant and equipment. Any gain or loss on disposal of an item of property, plant and equipment is recognised in profit or loss. Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will flow to the company.

Depreciation is provided on all other items of property, plant and equipment so as to write off their carrying value over their expected useful economic lives. It is provided at the following rates:

Computer equipment
33%
straight line


2.12

Investments

Shares in group undertakings are stated at cost less amounts written off where, in the opinion of the directors, there has been an impairment loss in the investments following the annual impairment review in accordance with IAS 36.

 
2.13

Inventories

Inventories are stated at the lower of cost and net realisable value. Costs of inventories are determined on a first in, first out basis. Net realisable value represents the estimated selling price for inventories less all estimated costs of completion and costs necessary to make the sale.


2.14

Cash and cash equivalents

Short-term cash deposits which can be called on without any material penalty are included within cash balances in the balance sheet and cash flow statement.


2.15

Equity

Equity comprises the following:
"Share capital" represents the nominal value of equity shares.
"Retained earnings" represents retained profits.


2.16

Pension costs

Payments to the company's defined contributions schemes are charged to the statement of comprehensive income in the period in which they are incurred.

Page 13


 
Petlab Media Limited

(Formerly known as Cel Products Limited)
 
 
 
Notes to the financial statements
For the year ended 31 December 2023


2.Accounting policies (continued)


2.17

Foreign currency translation

Functional and presentation currency
The company's functional and presentational currency is GBP. 
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the
dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary
items measured at historical cost are translated using the exchange rate at the date of the transaction and
non-monetary items measured at fair value are measured using the exchange rate when fair value was
determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at
period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are
recognised in the Statement of income and retained earnings.

Page 14


 
Petlab Media Limited

(Formerly known as Cel Products Limited)
 
 
 
Notes to the financial statements
For the year ended 31 December 2023


3.


Accounting estimates and judgements

In the preparation of the financial statements a number of estimates and assumptions have been made relating to the reporting of results and the financial condition of the company. The director considers that the above
accounting policies address the critical areas of the company, which themselves require judgement in selecting the appropriate accounting policies.
Revenue
The company's accounting policy for revenue has been derived with a number of critical judgements (a) whether management's assessment that using the portfolio approach under IFRS 15.4 is appropriate, (b) that contracts as defined by IFRS 15.9 are in place, (c) that the seperate performance obligations are recognisable under IFRS 15.22-30, (d) transaction prices can be identified under IFRS 15.47-72, (e) that stand alone selling prices can be identified under IFRS 17.73-90, and (f) that revenue recognition is at a point in time under IFRS 15.31-45.
The key source of estimation uncertainty derives from the ongoing changes in volume delivery that impact on the value of revenue to recognise.
Deferred tax assets and liabilities
The critical judgement in relation to deferred tax is the determination that the company will make sufficient profits in the future to make use of the current tax losses.
The estimation uncertainty comes from the process taken by the company to establish tax provisions based on reasonable estimates. The amount of such provisions is based on various factors, such as interpretations of tax regulations. Management estimation is required to determine the amount of deferred tax assets or liabilities to be recognised based upon the likely future timing and level of taxable profits, together with an assessment of the effect of future tax planning strategies.
Going concern
The directors assessment of going concern includes a number of significant judgements and estimates. See note 2.2.


4.
Tax expense

Income tax recognised in profit or loss


2023
£
2022
£

Current tax

Current tax on profits for the year
-
26,689

Total current tax
-
26,689

Deferred tax expense
(63,490)
(205,450)

Origination and reversal of timing differences
(63,490)
(205,450)

Total deferred tax
(63,490)
(205,450)

(63,490)
(178,761)


Page 15


 
Petlab Media Limited

(Formerly known as Cel Products Limited)
 
 
 
Notes to the financial statements
For the year ended 31 December 2023


4.Tax expense (continued)


The reasons for the difference between the actual tax charge for the year and the standard rate of corporation tax in the United Kingdom applied to losses for the year are as follows:


2023
£
2022
£

Loss for the year
(194,781)
(631,990)

Income tax credit
(63,490)
(178,761)

Loss before income taxes
(258,271)
(810,751)

Tax on loss on ordinary activities at standard CT of 23.52% (PY: 19%)
(60,747)
(154,043)

Expenses not deductible for tax purposes
1,014
6,995

Remeasurement of deferred tax for changes in tax rates
(3,757)
(58,061)

Fixed asset differences
-
(341)

Adjustments to tax charge in respect of prior periods
-
26,689

Total tax expense
(63,490)
(178,761)


5.


Property, plant and equipment





Computer equipment

£



Cost or valuation



At 1 January 2022
-


Additions
5,991



At 31 December 2022
5,991


Disposals
(5,991)



At 31 December 2023
-

Page 16


 
Petlab Media Limited

(Formerly known as Cel Products Limited)
 
 
 
Notes to the financial statements
For the year ended 31 December 2023


5.Property, plant and equipment (continued)


Computer equipment

£



Accumulated depreciation and impairment



At 1 January 2022
-


Charge for the year
1,741



At 31 December 2022
1,741


Charge for the year
314


Disposals
(2,055)



At 31 December 2023
-



Net book value


At 1 January 2022
-


At 31 December 2022
4,250


At 31 December 2023
-


6.


Investments

Petlab Media Limited owns the entire ordinary share capital of the following companies, who are registered in Australia and the United States respectively. Consolidation of these subsidiaries is not considered necessary as the total turnover and assets do not exceed the threshold for consolidation.
Altitude Distribution Australia Pty Ltd
Amplify Inc
The investment in the subsidiary companies totalled £1,253 in the year ended 31 December 2023 and 31 December 2022.

Page 17


 
Petlab Media Limited

(Formerly known as Cel Products Limited)
 
 
 
Notes to the financial statements
For the year ended 31 December 2023


7.


Inventories

2023
2022
£
£



Finished goods and goods for resale
-
23,732

-
23,732

The above carrying amounts include write downs of £nil (2022: £128,767).

The amount of inventories recognised as an expense during 2023 was £126,715 (2022 - £242,967).


8.


Trade and other receivables


2023
2022
£
£


Trade receivables
-
23,330

Receivables from related parties
1,853,007
1,727,693

Tax recoverable
13,641
13,641

Other receivables
337,796
503,000

Total trade and other receivables

2,204,444
2,267,664


9.


Trade and other payables


2023
2022
£
£

Trade payables
20,351
948,048

Other payables
2,188,908
41,355

Accruals
7,893
1,137,994

Social security and other taxes
9,623
15,410

Total trade and other payables

2,226,775
2,142,807

Page 18


 
Petlab Media Limited

(Formerly known as Cel Products Limited)
 
 
 
Notes to the financial statements
For the year ended 31 December 2023

10.


Share capital

Issued and fully paid


2023
2023
2022
2022
Number
£
Number
£

Ordinary shares of £1.00 each

At 1 January and 31 December
100

100

100
 
100
 


11.


Employees

The average monthly number of employees, including the director, during the period was 1 (2022: 5).


12.


Risk management objectives and policies

Petlab Media Limited is exposed to a variety of financial risks which result from its operating activities. The company's risk management is coordinated at its headquarters, and focuses on actively securing the company's short to medium term cash flows.
Petlab Media Limited does not actively engage in the trading of financial assets for speculative purposes nor does it write options.
Credit risk
Generally, the maximum credit risk exposure of financial assets is the carrying amount of the financial assets as shown on the face of the balance sheet (or in the detailed analysis provided in the notes to the financial statements). Credit risk, therefore, is only disclosed in circumstances where the maximum potential loss differs significantly from the financial asset's carrying amount.
Cash flow and fair value interest rate risks
The company did not use any borrowing facilities during the year.
Currency risk
The company has no currency risk as all sales and purchases are made in GBP.


13.


Interest rate sensitivity

The company's policy is to minimise interest rate cash flow risk exposures. Therefore, at 31 December 2023, the company did not enter into any loan or overdraft agreements to remove the risk to cash flow.

Page 19


 
Petlab Media Limited

(Formerly known as Cel Products Limited)
 
 
 
Notes to the financial statements
For the year ended 31 December 2023


14.


Credit risk analysis

Credit risk is the risk that a loss will be incurred if a bank, customer or counterparty fails to meets its obligations. To minimise this risk, the company only deals with customers who have either demonstrated credit-worthiness or customers where the payment is received instantly. 
The company is not reliant on single contract as its their main source income.


15.
Liquidity risk analysis

The company manages its liquidity needs by carefully monitoring scheduled debt servicing payments for cash-outflows due in day-to-day business. Liquidity needs are monitored in various time bands, on a day-to-day and week-to-week basis, as well as on the basis of a rolling 30 day projection. Long-term liquidity needs for a 180 day and a 360 day lookout period are identified monthly.
The company maintains cash to meet its liquidity requirements for up to 30 day periods. 
As at 31 December 2023 the company's liabilities have contractual maturities which are summarised below:


2023
2022

£
£

Trade payables
20,351
948,048

Amounts owed from group undertakings
1,853,007
1,727,694

1,873,358
2,675,742


16.


Related party transactions

During the year, the company made net advances to a company incorporated in Australia and under common control of the director totaling £45,448 (2022: £87,537).  At 31 December 2023, the amount due from this company was £132,985 (2022: £87,537). This loan is interest free and repayable on demand.
During the year, the company made net advances to a company incorporated in the United Kingdom under common control of the director totaling £79,865 (2022: £18,992,390).  At 31 December 2023, the amount due from this company was £1,760,022 (2022: £1,680,157). This loan is interest free and repayable on demand.
During the year, the company received repayments of £42,515 from the director (2022: made advances of £1,092) and interest of £nil (2022: £1,798) was charged on the balance of the loan. At 31 December 2023, the director owed the company £nil (2022: £42,515).

Page 20


 
Petlab Media Limited

(Formerly known as Cel Products Limited)
 
 
 
Notes to the financial statements
For the year ended 31 December 2023


17.


Ultimate controlling party

The immediate parent company is Petlab Group Limited and the ultimate parent company is Cel Holding Limited, a company registered in Guernsey.
The smallest and largest group for which consolidated financial statements are prepared, which include the company is Petlab Group Limited.
The ultimate controlling party is Petlab Group Limited.


18.

Notes supporting statement of cash flows

2023
2022
£
£


Cash at bank available on demand
46,137
65,573

Cash on hand
-
175

Cash and cash equivalents in the statement of financial position

46,137
65,748

Cash and cash equivalents in the statement of cash flows
46,137
65,748


19.


Capital management

The company views capital as the total reserves. The group's policy is to maintain a strong capital base so as to maintain creditor confidence and to sustain future development of the business. Management monitors the level of dividends paid and as there has been no dividends paid in the current year there has been no other movement in capital other than profit or loss for the year.

The company is not subject to any externally imposed capital requirements.

The gearing ratios at 31 December 2023 and 31 December 2022 were as follows:

2023
2022
£
£


Cash and cash equivalents 
(46,137)
(65,748)

Net debt
(46,137)
(65,748)


Capital and reserves
25,059
219,840

Total equity
25,059
219,840

Page 21


 
Petlab Media Limited

(Formerly known as Cel Products Limited)
 
 
 
Notes to the financial statements
For the year ended 31 December 2023


19.Capital management (continued)

At 31 December 2023 there was a large change in net debt to equity ratio. This was because there was a change in regulatory environment in the key revenue market which led to challenges in effectively marketing the products for sale.  This resulted in declining revenues and it was decided to wind down this brand and focus on the sale of other products.


20.


Events after the reporting date

There were no significant transactions after the reporting date to be disclosed.


21.


Capital commitments

There were no capital commitments at the year end.

Page 22