Isle Of Pets Ltd |
Registered number: |
10276535 |
Balance Sheet |
as at 31 July 2024 |
|
Notes |
|
|
2024 |
|
|
2023 |
£ |
£ |
Fixed assets |
Tangible assets |
4 |
|
|
- |
|
|
1,812 |
|
Current assets |
Stocks |
|
|
- |
|
|
47,638 |
Debtors |
5 |
|
864 |
|
|
1,058 |
Cash at bank and in hand |
|
|
47,434 |
|
|
53,740 |
|
|
|
48,298 |
|
|
102,436 |
|
Creditors: amounts falling due within one year |
6 |
|
(5,511) |
|
|
(54,267) |
|
Net current assets |
|
|
|
42,787 |
|
|
48,169 |
|
Total assets less current liabilities |
|
|
|
42,787 |
|
|
49,981 |
|
Creditors: amounts falling due after more than one year |
7 |
|
|
- |
|
|
(13,904) |
|
Provisions for liabilities |
|
|
|
- |
|
|
(344) |
|
|
Net assets |
|
|
|
42,787 |
|
|
35,733 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
100 |
|
|
100 |
Profit and loss account |
|
|
|
42,687 |
|
|
35,633 |
|
Shareholders' funds |
|
|
|
42,787 |
|
|
35,733 |
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
Mr J Ford |
Director |
Approved by the board on 1 October 2024 |
|
Isle Of Pets Ltd |
Notes to the Accounts |
for the year ended 31 July 2024 |
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The company ceased trading on 31 March 2024 and the financial statements have been prepared on a basis other than that of the going concern basis. This basis invludes, where applicable, writing the assets down to net realisable value. There were no onerous contracts at the reporting date. No provision has been made for the future costs of terminating the business unless such costs were committed on the reporting date. |
|
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative imparment losses. Depreciation is provided on all tangible fixed assets, other than freehold land and leashold improvements, at rates calculated to write off the cost on a reducing balance basis, as follows: |
|
|
Leasehold land and buildings |
over the lease term |
|
Plant and machinery |
25% |
|
Fixtures, fittings, tools and equipment |
25% |
|
|
Stocks |
|
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
|
2 |
Employees |
2024 |
|
2023 |
Number |
Number |
|
|
Average number of persons employed by the company, including directors |
|
|
|
9 |
|
10 |
|
|
|
|
|
|
|
|
|
|
3 |
Intangible fixed assets |
£ |
|
Website: |
|
|
Cost |
|
At 1 August 2023 |
1,500 |
|
At 31 July 2024 |
1,500 |
|
|
|
|
|
|
|
|
|
|
Amortisation |
|
At 1 August 2023 |
1,500 |
|
At 31 July 2024 |
1,500 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 July 2024 |
- |
|
|
|
|
|
|
|
|
|
|
The website was written off in equal annual instalments over its estimated economic life of 4 years. |
|
|
4 |
Tangible fixed assets |
|
|
|
|
Leasehold Improvements |
|
Plant and machinery etc |
|
Total |
£ |
£ |
£ |
|
Cost |
|
At 1 August 2023 |
20,406 |
|
8,101 |
|
28,507 |
|
Disposals |
(20,406) |
|
(8,101) |
|
(28,507) |
|
At 31 July 2024 |
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 August 2023 |
20,406 |
|
6,289 |
|
26,695 |
|
On disposals |
(20,406) |
|
(6,289) |
|
(26,695) |
|
At 31 July 2024 |
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 July 2024 |
- |
|
- |
|
- |
|
At 31 July 2023 |
- |
|
1,812 |
|
1,812 |
|
|
5 |
Debtors |
2024 |
|
2023 |
£ |
£ |
|
|
Trade debtors |
95 |
|
- |
|
Other debtors |
769 |
|
1,058 |
|
|
|
|
|
|
864 |
|
1,058 |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
£ |
£ |
|
|
Bank loans and overdrafts |
- |
|
6,869 |
|
Trade creditors |
9 |
|
32,074 |
|
Taxation and social security costs |
2,170 |
|
8,770 |
|
Other creditors |
3,332 |
|
6,554 |
|
|
|
|
|
|
5,511 |
|
54,267 |
|
|
|
|
|
|
|
|
|
|
7 |
Creditors: amounts falling due after one year |
2024 |
|
2023 |
£ |
£ |
|
|
Bank loans |
- |
|
13,904 |
|
|
|
|
|
|
|
|
|
|
8 |
Other financial commitments |
2024 |
|
2023 |
£ |
£ |
|
|
Total future minimum payments under non-cancellable operating leases |
|
- |
|
2,800 |
|
|
|
|
|
|
|
|
|
|
Payable within 12 months |
- |
|
4,800 |
|
|
|
|
|
|
|
|
|
9 |
Related party transactions |
|
|
The company owes the directors £2,130 in respect of credit balances on their directors' loan accounts. These balances are included within 'Creditors amounts falling due within one year'. All related party transactions are interest free and repayable on demand. |
|
10 |
Controlling party |
|
|
The company is ultimately controlled by two of its director / shareholders who are husband and wife. |
|
|
11 |
Other information |
|
|
Isle Of Pets Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
|
West Fen Road |
|
Ely |
|
Cambridgeshire |
|
CB6 2BZ |