Registered number
10276535
Isle Of Pets Ltd
Filleted Accounts
31 July 2024
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
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