Registered number
06516508
SPLENDID PETS LIMITED
Unaudited Filleted Accounts
29 February 2024
SPLENDID PETS LIMITED
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of SPLENDID PETS LIMITED for the year ended 29 February 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of SPLENDID PETS LIMITED for the year ended 29 February 2024 which comprise of the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at
www.icaew.com/en/members/regulations-standards-and-guidance
Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF.
Weber & Associates
Chartered Accountants
5 St John's Lane
London
EC1M 4BH
15 November 2024
SPLENDID PETS LIMITED
Registered number: 06516508
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 2 2
Tangible assets 4 22,510 26,241
22,512 26,243
Current assets
Stocks 1,316 6,580
Debtors 5 4,331 4,659
Cash at bank and in hand 23,358 37,921
29,005 49,160
Creditors: amounts falling due within one year 6 (217,648) (190,073)
Net current liabilities (188,643) (140,913)
Total assets less current liabilities (166,131) (114,670)
Provisions for liabilities (819) (1,307)
Net liabilities (166,950) (115,977)
Capital and reserves
Called up share capital 100 100
Profit and loss account (167,050) (116,077)
Shareholder's funds (166,950) (115,977)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M. Hartge
Director
Approved by the board on 15 November 2024
SPLENDID PETS LIMITED
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Going concern
During the financial year ended 29 February 2024, the Company has made an operating loss. However, it has experienced a decline in cash flows from the operating activities. The continuing viability of the Company and its ability to continue as a going concern is dependent upon the Company being successful in its continuing efforts in growing its revenue base and/or accessing additional sources of capital, and/or selling assets. COVID-19 has also severely impacted the trading performance of the Company as a consequence, the Company has not attended any exhibitions and shows during the financial year. To address the future additional funding requirements of the Company, since 29 February 2024, the director has undertaken the following initiatives:

- entered into discussions with the lenders to secure additional funding;
- undertaken a programme to continue to monitor the Company's ongoing working capital requirements and minimum expenditure commitments; and
- continued the focus on maintaining an appropriate level of corporate overheads in line with the Company's available cash resources.

The management is of the opinion that the Company will have sufficient cash assets to be able to meet its debts as and when they fall due and therefore, that it is appropriate to prepare the financial statements on the going concern basis.
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Intangible assets - rights
Rights are included at cost and depreciated at a fixed rate of 20% per annum over its estimated useful economic life. Provision is made for any impairment.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% reducing balance
Motor vehicles 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Intangible fixed assets £
Rights:
Cost
At 1 March 2023 443
At 29 February 2024 443
Amortisation
At 1 March 2023 441
At 29 February 2024 441
Net book value
At 29 February 2024 2
At 28 February 2023 2
Right costs are depreciated in equal annual instalments over a period of 5 years.
4 Tangible fixed assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 March 2023 62,193 78,182 140,375
Additions 1,944 - 1,944
At 29 February 2024 64,137 78,182 142,319
Depreciation
At 1 March 2023 46,179 67,955 114,134
Charge for the year 3,337 2,338 5,675
At 29 February 2024 49,516 70,293 119,809
Net book value
At 29 February 2024 14,621 7,889 22,510
At 28 February 2023 16,014 10,227 26,241
5 Debtors 2024 2023
£ £
Trade debtors - 328
Other debtors 4,331 4,331
4,331 4,659
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts - (14)
Trade creditors 211 13,392
Other taxes and social security costs 2,486 1,002
Other creditors 214,951 175,693
217,648 190,073
7 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 36,000 36,000
8 Related party transactions
As at the balance sheet date, the company owed a sum of £211,505 (2023: £170,378) to M. Hartge. There is no interest chargeable on this outstanding amount.
9 Ultimate controlling party
M. Hartge, a director of the company, controls the company as a result of controlling, directly or indirectly, 100 per cent of the issued share capital of the company.
10 Other information
SPLENDID PETS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Unit 6 Glebe Farm Business Park
Westerham Road
Keston
Kent
BR2 6AX
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