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Registered number: 08136764
Petstay Ltd
Unaudited Financial Statements
For The Year Ended 31 July 2024
Unaudited Financial Statements
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 08136764
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 6,800 13,600
Tangible Assets 5 3,982 5,310
10,782 18,910
CURRENT ASSETS
Debtors 6 13,457 4,980
Cash at bank and in hand 17,814 38,354
31,271 43,334
Creditors: Amounts Falling Due Within One Year 7 (13,267 ) (18,556 )
NET CURRENT ASSETS (LIABILITIES) 18,004 24,778
TOTAL ASSETS LESS CURRENT LIABILITIES 28,786 43,688
Creditors: Amounts Falling Due After More Than One Year 8 (17,268 ) (21,042 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (671 ) (837 )
NET ASSETS 10,847 21,809
CAPITAL AND RESERVES
Called up share capital 9 2 2
Income Statement 10,845 21,807
SHAREHOLDERS' FUNDS 10,847 21,809
Page 1
Page 2
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mrs Carole Davy
Director
06/11/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Petstay Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08136764 . The registered office is Unit 9, Bridgeview, Henry Boot Way, Priory Park East, Hull, East Yorkshire, HU4 7DW.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are amortised to income statement over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 25% reducing balance
Computer Equipment 25% reducing balance
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
4. Intangible Assets
Other
£
Cost
As at 1 August 2023 68,000
As at 31 July 2024 68,000
Amortisation
As at 1 August 2023 54,400
Provided during the period 6,800
As at 31 July 2024 61,200
Net Book Value
As at 31 July 2024 6,800
As at 1 August 2023 13,600
5. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 August 2023 2,520 17,830 20,350
As at 31 July 2024 2,520 17,830 20,350
Depreciation
As at 1 August 2023 2,146 12,894 15,040
Provided during the period 94 1,234 1,328
As at 31 July 2024 2,240 14,128 16,368
Net Book Value
As at 31 July 2024 280 3,702 3,982
As at 1 August 2023 374 4,936 5,310
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 173 4,482
Prepayments and accrued income 284 498
Other debtors 13,000 -
13,457 4,980
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Page 5
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,919 2,193
Bank loans and overdrafts 6,001 6,000
Corporation tax 2,718 4,458
Other taxes and social security 93 146
VAT 1,424 4,902
Other creditors (Current liabilities - creditors < 1 year) 1,112 103
Accruals and deferred income - 754
13,267 18,556
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 17,268 21,042
17,268 21,042
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
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