Registration number:
Farm and Pet Place Limited
for the Year Ended 29 February 2024
Farm and Pet Place Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account and Statement of Retained Earnings |
|
Balance Sheet |
|
Notes to the Financial Statements |
Farm and Pet Place Limited
Company Information
Directors |
G S Lewis P A Penketh S M Pritchard |
Registered office |
|
Auditors |
|
Farm and Pet Place Limited
Strategic Report for the Year Ended 29 February 2024
The directors present their strategic report for the year ended 29 February 2024.
Principal activity
The principal activity of the company is pet retail stores.
Fair review of the business
The company continues to improve its offering of pet related products through its retail stores and online platform. Being a prominent pet product retailer across North Wales. Focusing on the knowledge of the team in order to share the best experience when shopping with us and passing on knowledge around pet wellbeing, health and product support.
As the pet market continues to change, and is trying to find some stability after the Covid-19 pandemic it is going to be important for the company to focus on its product offering.
We will continue to review our products through all categories and work closely with current suppliers to ensure we have the right offering instore that fits with both the business development and our customers needs.
The company will continue to review its suppliers and partnerships, whilst its focus will be on working with suppliers who are looking to support the pet trade with unique and innovative products, aimed at the wellbeing and health of our pets.
Focus moving forward will be store layouts and customer retention through our systems of communication, in store events and promotional activity.
Our loyalty activity will also play a part in ensuring we are rewarding our customers for their loyalty and support. We will encourage and support our suppliers to ensure they also see clear benefits for being part of the loyalty campaigns.
Future Developments
The company is undergoing a review of costs based on the economic climate to become a strong and stable business for the future.
Our data systems used in each department will play a part in making strategic decisions, ensuring changes are carried out based on historical and future forecasting.
The company's key financial and other performance indicators during the year were as follows:
Financial KPIs |
Unit |
2024 |
2023 |
Revenue |
£'000 |
11,347 |
10,844 |
Gross margin |
% |
35 |
34 |
Principal risks and uncertainties
Farm and Pet Place Limited
Strategic Report for the Year Ended 29 February 2024
Whilst the company works hard to identify and manage any potential risks we do see the below as possible risks that may impact the business:
Following an increase of pet ownership through the Covid-19 pandemic, the market has observed a decline in new pet ownership which is impacting on revenue growth.
Product listing to ensure we continue to offer ranges that fit with our customers needs and budgets.
Anticipated increases in employment costs and retention of the right team to support to the success of the business. The business looks to develop and reward our team members.
Supplier price volatility remains a risk, we continue to build our relationships with current and new suppliers to ensure we respond to any supply issues.
Approved and authorised by the
......................................... |
Farm and Pet Place Limited
Directors' Report for the Year Ended 29 February 2024
The directors present their report and the financial statements for the year ended 29 February 2024.
Directors of the company
The directors who held office during the year were as follows:
Financial instruments
Objectives and policies
The Company uses various financial instruments including bank loans, cash reserves, operating and finance leases and trade supplier accounts to allow the company to operate effectively. The existence of these financial instruments exposes the company to a number of risks which are described in more detail below.
Price risk, credit risk, liquidity risk and cash flow risk
Liquidity risk
The company seeks to manage financial risk by preparing monthly rolling cashflows based on previous revenue data and known payment due dates, the data is updated on a daily basis to ensure sufficient liquidity is available to meet foreseeable needs.
Credit risk
The company predominantly operates in the retail sector, so credit provided to customers is not a significant risk. Cash takings are collected and banked using a third-party secure provider.
Price risk
The company has a buying department who manage product price changes and review the market to ensure products are purchased based on the best achievable costs, performance of supply and supplier terms.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Strategic report
In accordance with section 414C (11) of the Companies Act 2006 (Strategic and Directors report) regulations 2013, the company's strategic report information required by schedule 7 of the large and medium-size companies and groups (Accounts and reports) regulations 2008 is noted in the Strategic Report.
Reappointment of auditors
In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Aston Hughes Limited as auditors of the company is to be proposed at the forthcoming Annual General Meeting.
Farm and Pet Place Limited
Directors' Report for the Year Ended 29 February 2024
Approved and authorised by the
......................................... |
Farm and Pet Place Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are 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 these financial statements, the directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are 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. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Farm and Pet Place Limited
Independent Auditor's Report to the Members of Farm and Pet Place Limited
Opinion
We have audited the financial statements of Farm and Pet Place Limited (the 'company') for the year ended 29 February 2024, which comprise the Profit and Loss Account and Statement of Retained Earnings, Balance Sheet, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 29 February 2024 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Farm and Pet Place Limited
Independent Auditor's Report to the Members of Farm and Pet Place Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 6], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Farm and Pet Place Limited
Independent Auditor's Report to the Members of Farm and Pet Place Limited
We considered the nature of the of the company’s industry and control environment and reviewed policies and procedures relating to fraud and compliance with laws and regulations. We also enquired with management about their own identification and assessment of the risk of irregularities. We identified that the significant laws and regulations are the Companies Act 2006, relevant UK tax legislation and FRS 102 'The financial reporting standards applicable in the UK and Republic of Ireland', employment law and health and safety laws and regulations.
To address the risks identified we discussed matters with key management, and we have undertaken further enquiries into health and safety and employment compliance with the relevant managers and have reviewed available documentation where appropriate.
We assessed the susceptibility of the company's financial statements to material misstatement including how fraud may occur. We planned and completed audit procedures including;
- Obtaining an understanding of systems controls used by management to prevent and detect fraud.
- Considering assumptions made by management and assessing areas where judgement is required in its significant accounting policies and estimates in particular;
- Valuation of inventory and processes used to identify inventory provisions.
- Initial accounting treatment of fixed assets and the subsequent accounting for the consumption of useful economic life of fixed assets.
- Identifying and testing manual journal entries where there was an increased risk of management override.
We assessed the overall competence and capabilities of the engagement team's knowledge and practical experience. We communicated amongst the audit team areas that may exist within the organisation for fraud or non-compliance with laws and regulations.
Despite the audit being planned and conducted in accordance with ISA's (UK) there remains an unavoidable risk that misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and by their very nature, any instances of fraud or irregularity likely involve collusion, forgery, intentional representations or the override of controls.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Farm and Pet Place Limited
Independent Auditor's Report to the Members of Farm and Pet Place Limited
......................................
For and on behalf of
Selby Towers
29 Princes Drive
Conwy
LL29 8PE
Farm and Pet Place Limited
Profit and Loss Account and Statement of Retained Earnings for the Year Ended 29 February 2024
Note |
2024 |
2023 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating profit |
|
|
|
Interest payable and similar charges |
( |
( |
|
(257,098) |
(192,882) |
||
Profit before tax |
|
|
|
Taxation |
( |
( |
|
Profit for the financial year |
|
|
|
Retained earnings brought forward |
3,189,507 |
3,096,322 |
|
Dividends paid |
( |
( |
|
Retained earnings carried forward |
3,512,981 |
3,189,507 |
Farm and Pet Place Limited
(Registration number: 03716795)
Balance Sheet as at 29 February 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
100 |
100 |
|
Revaluation reserve |
854,983 |
854,983 |
|
Retained earnings |
3,512,981 |
3,189,507 |
|
Shareholders' funds |
4,368,064 |
4,044,590 |
Approved and authorised by the
......................................... |
Farm and Pet Place Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The principal activities of the company were the sale of pet products.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Functional Currency
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Summary of disclosure exemptions
In accordance with FRS 102, the company has taken advantage of the exemptions from the following disclosure requirements:
- Section 7 'Statement of Cashflow' - Presentation of a Statement of Cashflow and related notes and disclosures..
Going concern
The financial statements have been prepared on a going concern basis.
Based on current projections the company is not expected to require additional finance and all current loan agreements are in place until the termination dates. Based on current and anticipated performance the company is generating sufficient cash from operating activities to support the current loan repayment structure. A significant proportion of the loan repayment are forecast to end during 2026, with all of the current loan arrangements being fully repaid by 2029.
Farm and Pet Place Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
Judgements
Stock records are updated to the most recent purchase price and are only re-ordered once stock falls below a predetermined threshold, slow-moving stock is identified by the buying department and stores are instructed to discount line where this is appropriate. Where lines are to be sold below cost or are unable to be sold the stock will be written off, however, this is a rare occurrence particularly as stock tends not to be perishable. |
Interest on hire purchase contracts and finance leases are recognised evenly over the duration of the of the contract, the director consider this to be an appropriate absorption of costs for the assets being utilized. |
Key sources of estimation uncertainty
Tangible assets are depreciated over their useful economic lives having consideration for the residual values where appropriate. The continuing life of the asset class are assessed periodically, assets benefit from ongoing maintenance which is intended to maintain buildings to a high standard and support a high residual value and longer useful economic life..
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
Farm and Pet Place Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Land |
Not depreciated |
Buildings |
2% Straight line on deemed cost |
Fixtures & fittings |
20% Straight line on cost |
Plant & machinery |
20% Straight line on cost |
Intangible assets
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Brand names |
10% Straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Farm and Pet Place Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the most recent purchase price.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic charge of interest over the period of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Farm and Pet Place Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Turnover |
The analysis of the company's revenue for the year from continuing operations is as follows:
2024 |
2023 |
|
Sale of goods |
|
|
Other revenue |
|
|
|
|
Operating profit |
Arrived at after charging/(crediting)
2024 |
2023 |
|
Depreciation expense |
|
|
Amortisation expense |
|
|
Interest payable and similar expenses |
2024 |
2023 |
|
Interest on bank overdrafts and borrowings |
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
Farm and Pet Place Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
2024 |
2023 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
Other employee expense |
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
2024 |
2023 |
|
Administration and support |
|
|
Sales, marketing and distribution |
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
2024 |
2023 |
|
Remuneration |
|
|
Directors pensions defined contributions |
|
|
158,049 |
159,815 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
2024 |
2023 |
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
2024 |
2023 |
|
Remuneration |
|
|
Company contributions to money purchase pension schemes |
|
|
Auditors' remuneration |
Farm and Pet Place Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
2024 |
2023 |
|
Audit of the financial statements |
|
|
Other fees to auditors |
||
All other non-audit services |
|
|
Taxation |
Tax charged/(credited) in the profit and loss account
2024 |
2023 |
|
Current taxation |
||
UK corporation tax |
|
( |
Deferred taxation |
||
Arising from origination and reversal of timing differences |
( |
- |
Arising from previously unrecognised tax loss, tax credit or temporary difference of prior periods |
- |
151,597 |
Total deferred taxation |
( |
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2024 |
2023 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Effect of tax losses |
( |
- |
Deferred tax credit relating to changes in tax rates or laws |
( |
- |
Tax increase/(decrease) from effect of capital allowances and depreciation |
|
( |
Tax increase from other short-term timing differences |
- |
|
Other tax effects for reconciliation between accounting profit and tax expense (income) |
- |
( |
Total tax charge |
|
|
Farm and Pet Place Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
From 1 April 2023 the UK corporation tax rate will increase to 25%, this rate of tax has been applied to the deferred tax position.
Deferred tax
Deferred tax assets and liabilities
2024 |
Asset |
Liability |
Accelerated capital allowances |
- |
|
- |
|
2023 |
Asset |
Liability |
Accelerated capital allowances |
- |
|
- |
|
Intangible assets |
Goodwill |
Trademarks, patents and licenses |
Total |
|
Cost or valuation |
|||
At 1 March 2023 |
|
|
|
At 29 February 2024 |
|
|
|
Amortisation |
|||
At 1 March 2023 |
|
|
|
Amortisation charge |
- |
|
|
At 29 February 2024 |
|
|
|
Carrying amount |
|||
At 29 February 2024 |
- |
|
|
At 28 February 2023 |
- |
|
|
Farm and Pet Place Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
Total |
|
Cost or valuation |
|||||
At 1 March 2023 |
|
|
|
|
|
Additions |
|
|
- |
|
|
At 29 February 2024 |
|
|
|
|
|
Depreciation |
|||||
At 1 March 2023 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
At 29 February 2024 |
|
|
|
|
|
Carrying amount |
|||||
At 29 February 2024 |
|
|
|
|
|
At 28 February 2023 |
|
|
|
|
|
Tangible assets - continued
The company has adopted the transitional exemption under FRS 102 and elected to use the previous revalued amounts as deemed cost.
If freehold land and buildings had not been previously revalued, they would have been included on the historical cost basis at £4,846,604 as at 28 February 2024 (£4,779,632 as at 28 February 2023).
Farm and Pet Place Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
2024 |
2023 |
|
Fixtures, plant machinery and equipment |
722,524 |
588,282 |
Vehicles |
8,867 |
11,667 |
Buildings improvements |
281,314 |
270,819 |
1,012,705 |
870,768 |
Included within the net book value of land and buildings above is £5,660,962 (2023 - £5,593,990) in respect of freehold land and buildings. Land and buildings with a value of £5,660,962 (2023; £5,593,990) are pledged as security for the company's secured liabilities.
Stocks |
2024 |
2023 |
|
Other inventories |
|
|
Debtors |
Current |
Note |
2024 |
2023 |
Trade debtors |
|
|
|
Amounts owed by related parties |
|
|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
|
|
Cash and cash equivalents |
2024 |
2023 |
|
Cash on hand |
|
|
Cash at bank |
|
|
|
|
|
Bank overdrafts |
( |
( |
Cash and cash equivalents in statement of cash flows |
(195,433) |
(142,430) |
Farm and Pet Place Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
Creditors |
Note |
2024 |
2023 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Social security and other taxes |
|
|
|
Outstanding defined contribution pension costs |
- |
|
|
Other payables |
|
|
|
Accrued expenses |
|
|
|
Income tax liability |
77,964 |
- |
|
|
|
||
Due after one year |
|||
Loans and borrowings |
|
|
Provisions for liabilities |
Deferred tax |
Total |
|
At 1 March 2023 |
|
|
Increase (decrease) in existing provisions |
( |
( |
At 29 February 2024 |
|
|
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £Nil (2023 - £
Share capital |
Allotted, called up and fully paid shares
Farm and Pet Place Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
Loans and borrowings |
2024 |
2023 |
|
Non-current loans and borrowings |
||
Bank borrowings |
|
|
HP and finance lease liabilities |
|
|
|
|
2024 |
2023 |
|
Current loans and borrowings |
||
Bank borrowings |
|
|
Bank overdrafts |
|
|
HP and finance lease liabilities |
|
|
|
|
Bank borrowings
Land and buildings are provided as security on specified loans with a total value of £863,296 (2023 £996,021). |
Included in the loans and borrowings are the following amounts due after more than five years:
2024 |
2023 |
|
After more than five years by instalments |
- |
|
- |
- |
Obligations under leases and hire purchase contracts |
Finance leases
The total of future minimum lease payments is as follows:
Farm and Pet Place Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
2024 |
2023 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
|
|
Farm and Pet Place Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
Dividends |
Interim dividends paid
2024 |
2023 |
|||
Interim dividend of £ |
|
|
||
Interim dividend of £Nil (2023 - £ |
- |
|
||
|
|
Related party transactions |
Transactions with directors |
2024 |
At 1 March 2023 |
Advances to director |
At 29 February 2024 |
S M Pritchard |
|||
Advances |
- |
|
|
2023 |
At 1 March 2022 |
Written off |
At 28 February 2023 |
N T Lewis |
|||
|
|
(134,650) |
- |
Summary of transactions with parent
Farm and Pet Place Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
Dividends of £96,000 (2023; £96,270) were payable to the parent in the period.
Assets were leased to the parent, and £135,376 (2023: £Nil) remains outstanding on the lease as at the year end.
The company advanced funds of £665,520 (2023; £173,416). The outstanding loan balance at the year end was £1,940,653 (2023; £1,275,133). No interest is charged and no repayment terms have been agreed, the parent company is dependant on Farm and Pet Place Limited as its main source of revenue. No interest or repayment terms have been agreed on the outstanding balance.
A finance lease was agreed in the year to purchase an asset used by an entity under significant influence of one of the directors, the amount outstanding was £133,119 (2023; £nil), a monthly charge via the parent company will repay the outstanding balance.
Farm and Pet Place Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
Summary of transactions with other related parties
There is an outstanding loan due to the pension fund of £22,500 (2023; £52,500 ), interest is charged at 7% fixed rate.
Parent and ultimate parent undertaking |
The company's immediate parent is
The most senior parent entity producing publicly available financial statements is
The ultimate controlling party is