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COMPANY REGISTRATION NUMBER: 06511604
Mutney's Professional Pet Care Ltd
Filleted Unaudited Financial Statements
29 February 2024
Mutney's Professional Pet Care Ltd
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
£
£
Fixed Assets
Tangible assets
6
59,480
35,311
Current Assets
Stocks
253,078
187,819
Debtors
7
38,048
22,723
Cash at bank and in hand
16,588
25,444
----------
----------
307,714
235,986
Creditors: amounts falling due within one year
8
208,206
208,497
----------
----------
Net Current Assets
99,508
27,489
----------
---------
Total Assets Less Current Liabilities
158,988
62,800
Creditors: amounts falling due after more than one year
9
121,449
26,659
----------
---------
Net Assets
37,539
36,141
----------
---------
Capital and Reserves
Called up share capital
10
104
2
Profit and loss account
37,435
36,139
---------
---------
Shareholders Funds
37,539
36,141
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 29th February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Mutney's Professional Pet Care Ltd
Statement of Financial Position (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 4 November 2024 , and are signed on behalf of the board by:
Mr J C E Roberts
Mrs S Roberts
Director
Director
Company registration number: 06511604
Mutney's Professional Pet Care Ltd
Notes to the Financial Statements
Year ended 29th February 2024
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 St Chad's Cottage, Primrose Lane, Prees, Whitchurch, Shropshire, SY13 2EH.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
Judgements and Key Sources of Estimation Uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% straight line
Equipment and fixtures
-
15% straight line
Motor vehicles
-
15% straight line
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance Leases and Hire Purchase Contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government Grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial Instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes a 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 intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 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, which the transaction is measured at the present value of the future receipts discounted at market rate of interest. Financial assets classified as receivable within one year are not amortised. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangement 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, 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 payments 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. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Defined Contribution Plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 11 (2023: 12 ).
5. Intangible Assets
Goodwill
£
Cost
At 1st March 2023 and 29th February 2024
36,047
---------
Amortisation
At 1st March 2023 and 29th February 2024
36,047
---------
Carrying amount
At 29th February 2024
---------
At 28th February 2023
---------
6. Tangible Assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1st March 2023
25,328
11,115
15,025
51,468
Additions
2,934
2,209
27,024
32,167
Disposals
( 207)
( 237)
( 444)
---------
---------
---------
---------
At 29th February 2024
28,055
13,087
42,049
83,191
---------
---------
---------
---------
Depreciation
At 1st March 2023
9,211
5,168
1,778
16,157
Charge for the year
3,937
1,656
2,254
7,847
Disposals
( 86)
( 207)
( 293)
---------
---------
---------
---------
At 29th February 2024
13,062
6,617
4,032
23,711
---------
---------
---------
---------
Carrying amount
At 29th February 2024
14,993
6,470
38,017
59,480
---------
---------
---------
---------
At 28th February 2023
16,117
5,947
13,247
35,311
---------
---------
---------
---------
7. Debtors
2024
2023
£
£
Trade debtors
12,293
3,035
Other debtors
25,755
19,688
---------
---------
38,048
22,723
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
62,334
47,339
Trade creditors
81,952
73,701
Social security and other taxes
11,101
12,452
Other creditors
52,819
75,005
----------
----------
208,206
208,497
----------
----------
The bank overdraft is secured against all assets of the company.
Included within other creditors is £1,183 (2023 - £Nil) in respect of hire purchase and finance lease liabilities which are secured against the fixed assets to which they have financed.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
98,608
26,659
Other creditors
22,841
----------
---------
121,449
26,659
----------
---------
Included within other creditors is £22,841 (2023 - £Nil) in respect of hire purchase and finance lease liabilities which are secured against the fixed assets to which they have financed.
10. Called Up Share Capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
2
2
Ordinary A shares of £ 1 each
2
2
Ordinary B shares of £ 1 each
2
2
----
----
----
----
104
104
2
2
----
----
----
----
11. Operating Leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
24,615
23,372
Later than 1 year and not later than 5 years
9,293
26,276
---------
---------
33,908
49,648
---------
---------
12. Directors' Advances, Credits and Guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr J C E Roberts
( 242)
( 39,802)
39,248
( 796)
Mrs S Roberts
( 242)
( 39,802)
39,249
( 795)
Mr H Roberts
3,164
3,164
----
---------
---------
-------
( 484)
( 76,440)
78,497
1,573
----
---------
---------
-------
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr J C E Roberts
( 208)
( 32,852)
32,818
( 242)
Mrs S Roberts
( 208)
( 32,852)
32,818
( 242)
Mr H Roberts
----
---------
---------
----
( 416)
( 65,704)
65,636
( 484)
----
---------
---------
----
The non-interest bearing loans are repayable on demand.