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Registration number: 03716795

Farm and Pet Place Limited

Annual Report and Financial Statements

for the Year Ended 29 February 2024

 

Farm and Pet Place Limited

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4 to 5

Statement of Directors' Responsibilities

6

Independent Auditor's Report

7 to 10

Profit and Loss Account and Statement of Retained Earnings

11

Balance Sheet

12

Notes to the Financial Statements

13 to 28

 

Farm and Pet Place Limited

Company Information

Directors

G S Lewis

P A Penketh

S M Pritchard

Registered office

Farm and Pet Place Limited
Enterprise House
Tir Llwyd Enterprise Park
Kinmel Bay
Conwy
LL18 5JZ

Auditors

Aston Hughes Limited
Selby Towers
29 Princes Drive
Colwyn Bay
Conwy
LL29 8PE

 

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 Board on 26 November 2024 and signed on its behalf by:
 

.........................................
S M Pritchard
Director

 

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:

G S Lewis

P A Penketh

S M Pritchard

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 Board on 26 November 2024 and signed on its behalf by:
 

.........................................
S M Pritchard
Director

 

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

......................................
Gareth Lowe BSc FCA (Senior Statutory Auditor)
For and on behalf of Aston Hughes Limited, Statutory Auditor

Selby Towers
29 Princes Drive
Colwyn Bay
Conwy
LL29 8PE

26 November 2024

 

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

3

11,347,309

10,844,315

Cost of sales

 

(7,406,689)

(7,187,139)

Gross profit

 

3,940,620

3,657,176

Administrative expenses

 

(3,135,801)

(2,935,883)

Operating profit

4

804,819

721,293

Interest payable and similar charges

5

(257,098)

(192,882)

 

(257,098)

(192,882)

Profit before tax

 

547,721

528,411

Taxation

9

(74,247)

(150,155)

Profit for the financial year

 

473,474

378,256

Retained earnings brought forward

 

3,189,507

3,096,322

Dividends paid

 

(150,000)

(285,071)

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

10

33,908

39,597

Tangible assets

11

6,528,643

6,471,065

 

6,562,551

6,510,662

Current assets

 

Stocks

12

747,648

1,062,421

Debtors

13

2,047,866

1,496,142

Cash at bank and in hand

 

16,615

43,433

 

2,812,129

2,601,996

Creditors: Amounts falling due within one year

15

(3,047,871)

(2,836,067)

Net current liabilities

 

(235,742)

(234,071)

Total assets less current liabilities

 

6,326,809

6,276,591

Creditors: Amounts falling due after more than one year

15

(1,761,563)

(2,033,359)

Provisions for liabilities

16

(197,182)

(198,642)

Net assets

 

4,368,064

4,044,590

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 Board on 26 November 2024 and signed on its behalf by:
 

.........................................
S M Pritchard
Director

 

Farm and Pet Place Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

1

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:
Farm and Pet Place Limited
Enterprise House
Tir Llwyd Enterprise Park
Kinmel Bay
Conwy
LL18 5JZ

These financial statements were authorised for issue by the Board on 26 November 2024.

2

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.

3

Turnover

The analysis of the company's revenue for the year from continuing operations is as follows:

2024
 £

2023
 £

Sale of goods

11,314,216

10,825,154

Other revenue

33,093

19,161

11,347,309

10,844,315

4

Operating profit

Arrived at after charging/(crediting)

2024
 £

2023
 £

Depreciation expense

282,254

202,225

Amortisation expense

5,689

5,688

5

Interest payable and similar expenses

2024
 £

2023
 £

Interest on bank overdrafts and borrowings

24,989

13,908

Interest on obligations under finance leases and hire purchase contracts

232,109

178,974

257,098

192,882

6

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

1,422,102

1,335,989

Social security costs

103,472

103,520

Pension costs, defined contribution scheme

50,783

49,396

Other employee expense

7,194

12,548

1,583,551

1,501,453

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

16

14

Sales, marketing and distribution

62

63

78

77

7

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
 £

2023
 £

Remuneration

134,049

135,815

Directors pensions defined contributions

24,000

24,000

158,049

159,815

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
 No.

2023
 No.

Accruing benefits under money purchase pension scheme

2

2

In respect of the highest paid director:

2024
 £

2023
 £

Remuneration

60,000

60,000

Company contributions to money purchase pension schemes

12,000

12,000

8

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

16,210

15,103

Other fees to auditors

All other non-audit services

4,747

4,722


 

9

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

75,707

(1,442)

Deferred taxation

Arising from origination and reversal of timing differences

(1,460)

-

Arising from previously unrecognised tax loss, tax credit or temporary difference of prior periods

-

151,597

Total deferred taxation

(1,460)

151,597

Tax expense in the income statement

74,247

150,155

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 25% (2023 - 19%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

547,721

528,411

Corporation tax at standard rate

136,930

100,398

Effect of tax losses

(67,277)

-

Deferred tax credit relating to changes in tax rates or laws

(1,571)

-

Tax increase/(decrease) from effect of capital allowances and depreciation

6,165

(100,398)

Tax increase from other short-term timing differences

-

151,597

Other tax effects for reconciliation between accounting profit and tax expense (income)

-

(1,442)

Total tax charge

74,247

150,155

 

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

-

197,182

-

197,182

2023

Asset
£

Liability
£

Accelerated capital allowances

-

198,642

-

198,642

10

Intangible assets

Goodwill
 £

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 March 2023

34,400

56,882

91,282

At 29 February 2024

34,400

56,882

91,282

Amortisation

At 1 March 2023

34,400

17,285

51,685

Amortisation charge

-

5,689

5,689

At 29 February 2024

34,400

22,974

57,374

Carrying amount

At 29 February 2024

-

33,908

33,908

At 28 February 2023

-

39,597

39,597

 

Farm and Pet Place Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

11

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2023

5,655,680

2,912,790

14,000

72,971

8,655,441

Additions

115,322

224,317

-

194

339,833

At 29 February 2024

5,771,002

3,137,107

14,000

73,165

8,995,274

Depreciation

At 1 March 2023

61,690

2,051,953

2,333

68,410

2,184,386

Charge for the year

48,350

230,061

2,800

1,034

282,245

At 29 February 2024

110,040

2,282,014

5,133

69,444

2,466,631

Carrying amount

At 29 February 2024

5,660,962

855,093

8,867

3,721

6,528,643

At 28 February 2023

5,593,990

860,847

11,667

4,561

6,471,065

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.

12

Stocks

2024
 £

2023
 £

Other inventories

747,648

1,062,421

13

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

11,437

7,787

Amounts owed by related parties

22

1,940,654

1,275,133

Other debtors

 

31,614

119,157

Prepayments

 

64,161

94,065

   

2,047,866

1,496,142

14

Cash and cash equivalents

2024
 £

2023
 £

Cash on hand

13,525

33,337

Cash at bank

3,090

10,096

16,615

43,433

Bank overdrafts

(212,048)

(185,863)

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

15

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Loans and borrowings

19

1,069,073

822,943

Trade creditors

 

1,604,713

1,815,041

Social security and other taxes

 

105,605

45,338

Outstanding defined contribution pension costs

 

-

7,195

Other payables

 

109,425

83,532

Accrued expenses

 

81,091

62,018

Income tax liability

9

77,964

-

 

3,047,871

2,836,067

Due after one year

 

Loans and borrowings

19

1,761,563

2,033,359

16

Provisions for liabilities

Deferred tax
£

Total
£

At 1 March 2023

198,642

198,642

Increase (decrease) in existing provisions

(1,460)

(1,460)

At 29 February 2024

197,182

197,182

17

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 £50,783 (2023 - £49,396).

Contributions totalling £Nil (2023 - £7,195) were payable to the scheme at the end of the year and are included in creditors.

18

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.

£

Ordinary shares of £1 each

100

100

100

100

         

19

Loans and borrowings

2024
 £

2023
 £

Non-current loans and borrowings

Bank borrowings

1,228,555

1,442,822

HP and finance lease liabilities

533,008

590,537

1,761,563

2,033,359

2024
 £

2023
 £

Current loans and borrowings

Bank borrowings

555,664

436,446

Bank overdrafts

212,048

185,863

HP and finance lease liabilities

301,361

200,634

1,069,073

822,943

Bank borrowings

Loans and overdrafts is denominated in GBP with a nominal interest rate of between 2% and 14.4%, and the final instalment is due on 10 February 2029. The carrying amount at year end is £1,784,218 (2023 - £1,879,268).

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

-

253,697

-

-

20

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

361,466

277,457

Later than one year and not later than five years

833,037

841,563

1,194,503

1,119,020

 

Farm and Pet Place Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

21

Dividends

Interim dividends paid

   

2024
£

 

2023
£

Interim dividend of £1,500.00 (2023 - £1,504.21) per each Ordinary shares

 

150,000

 

150,421

Interim dividend of £Nil (2023 - £3,452.56) per each Loan write off as dividend

 

-

 

134,650

   

150,000

 

285,071

22

Related party transactions

Transactions with directors

2024

At 1 March 2023
£

Advances to director
£

At 29 February 2024
£

S M Pritchard

Advances

-

6,679

6,679

       

2023

At 1 March 2022
£

Written off
£

At 28 February 2023
£

N T Lewis

134,650

(134,650)

-

       
   

 

Summary of transactions with parent

 

Farm and Pet Place Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

Snowdon Holdings Limited

 Management fees of £150,000 (2023; £150,000). The outstanding trade balance at the year end was £NIL (2023; £62,500).

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

Pension fund with a director as a beneficiary.

 A property occupied by the company is leased from the pension fund, the annual rent being £120,000 (2023; £120,000), the outstanding balance on rent payable at the end of the period was £36,000 (2023; £24,000).

There is an outstanding loan due to the pension fund of £22,500 (2023; £52,500 ), interest is charged at 7% fixed rate.

 

23

Parent and ultimate parent undertaking

Registered office of parent company is Enterprise House, Tir Llwyd Enterprise Park, Kinmel Bay, Rhyl, Wales, LL18 5JZ.

 The company's immediate parent is Snowdon Holdings Limited, incorporated in England & Wales.

 The most senior parent entity producing publicly available financial statements is Snowdon Holdings Limited. These financial statements are available upon request from Companies House

 The ultimate controlling party is Mr S Pritchard & Mr P Penketh.