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Registered number: 09142075
Wagtails Pet Shop Limited
Unaudited Financial Statements
For The Year Ended 31 August 2024
Steve Pye & Co.
Chartered Certified Accountants
Unit 10 Aylsham Business Park
Richard Oakes Road
Aylsham
Norfolk
NR11 6FD
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 09142075
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 371 496
371 496
CURRENT ASSETS
Stocks 5 20,048 25,204
Debtors 6 661 1,247
Cash at bank and in hand 24,521 23,051
45,230 49,502
Creditors: Amounts Falling Due Within One Year 7 (17,549 ) (21,307 )
NET CURRENT ASSETS (LIABILITIES) 27,681 28,195
TOTAL ASSETS LESS CURRENT LIABILITIES 28,052 28,691
NET ASSETS 28,052 28,691
CAPITAL AND RESERVES
Called up share capital 8 200 200
Income Statement 27,852 28,491
SHAREHOLDERS' FUNDS 28,052 28,691
Page 1
Page 2
For the year ending 31 August 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
Miss Lynne Berry
Director
29 November 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
Wagtails Pet Shop Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09142075 . The registered office is 3 Blofields Loke, Aylsham, Norwich, NR11 6ES.  
The presentation currency of the financial statements is the Pound Sterling (£).
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. Significant judgements and estimations
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources.  The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant.  Actual results may differ from these estimates.  The estimates and underliyng assumptions are reviewed on an ongoing basis.  Revisions to accounting estimates are recognised in the period to which the estimate is revised if the revision affects only that period or in the period of revision and future periods if the revision affects both current and future periods.  The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are the depreciation charges that are calculated with reference to the useful economic life of fixed assets.
2.3. 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. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
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:
Plant & Machinery 25%
Motor Vehicles 25%
Fixtures & Fittings 25%
Computer Equipment 25%
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. 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.
...CONTINUED
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Page 4
2.6. Taxation - continued
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 and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 4)
4 4
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 September 2023 800 2,327 972 249 4,348
As at 31 August 2024 800 2,327 972 249 4,348
Depreciation
As at 1 September 2023 675 2,100 929 148 3,852
Provided during the period 32 57 10 26 125
As at 31 August 2024 707 2,157 939 174 3,977
Net Book Value
As at 31 August 2024 93 170 33 75 371
As at 1 September 2023 125 227 43 101 496
5. Stocks
2024 2023
£ £
Stock 20,048 25,204
6. Debtors
2024 2023
£ £
Due within one year
Other debtors 661 1,247
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,859 4,147
Other creditors 4,065 4,385
Taxation and social security 11,625 12,775
17,549 21,307
Page 4
Page 5
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 200 200
Page 5