Silverfin false false 29/02/2024 01/03/2023 29/02/2024 Bernhard Huepfl 03/09/2021 29 November 2024 The principal activity of the company continued to be that of the online sale of animal supplies. 07147614 2024-02-29 07147614 bus:Director1 2024-02-29 07147614 2023-02-28 07147614 core:CurrentFinancialInstruments 2024-02-29 07147614 core:CurrentFinancialInstruments 2023-02-28 07147614 core:Non-currentFinancialInstruments 2024-02-29 07147614 core:Non-currentFinancialInstruments 2023-02-28 07147614 core:ShareCapital 2024-02-29 07147614 core:ShareCapital 2023-02-28 07147614 core:RetainedEarningsAccumulatedLosses 2024-02-29 07147614 core:RetainedEarningsAccumulatedLosses 2023-02-28 07147614 core:Goodwill 2023-02-28 07147614 core:OtherResidualIntangibleAssets 2023-02-28 07147614 core:Goodwill 2024-02-29 07147614 core:OtherResidualIntangibleAssets 2024-02-29 07147614 core:OfficeEquipment 2023-02-28 07147614 core:OfficeEquipment 2024-02-29 07147614 core:ImmediateParent core:CurrentFinancialInstruments 2024-02-29 07147614 core:ImmediateParent core:CurrentFinancialInstruments 2023-02-28 07147614 2023-03-01 2024-02-29 07147614 bus:FilletedAccounts 2023-03-01 2024-02-29 07147614 bus:SmallEntities 2023-03-01 2024-02-29 07147614 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 07147614 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 07147614 bus:Director1 2023-03-01 2024-02-29 07147614 core:Goodwill core:TopRangeValue 2023-03-01 2024-02-29 07147614 core:OtherResidualIntangibleAssets 2023-03-01 2024-02-29 07147614 core:OfficeEquipment 2023-03-01 2024-02-29 07147614 2022-03-01 2023-02-28 07147614 core:Goodwill 2023-03-01 2024-02-29 07147614 core:Non-currentFinancialInstruments 2023-03-01 2024-02-29 iso4217:GBP xbrli:pure

Company No: 07147614 (England and Wales)

PJ PET PRODUCTS LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH THE REGISTRAR

PJ PET PRODUCTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024

Contents

PJ PET PRODUCTS LIMITED

COMPANY INFORMATION

FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024
PJ PET PRODUCTS LIMITED

COMPANY INFORMATION (continued)

FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024
DIRECTOR Bernhard Huepfl
REGISTERED OFFICE Sutton Courtenay House
55 High Street
Sutton Courtenay
Abingdon
OX14 4AT
United Kingdom
COMPANY NUMBER 07147614 (England and Wales)
CHARTERED ACCOUNTANTS PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
BB1 5QB
PJ PET PRODUCTS LIMITED

BALANCE SHEET

AS AT 29 FEBRUARY 2024
PJ PET PRODUCTS LIMITED

BALANCE SHEET (continued)

AS AT 29 FEBRUARY 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 92,426 92,710
Tangible assets 4 2,105 1,081
94,531 93,791
Current assets
Stocks 618,190 782,280
Debtors 5 154,482 160,638
Cash at bank and in hand 37,035 114,558
809,707 1,057,476
Creditors: amounts falling due within one year 6 ( 318,567) ( 448,405)
Net current assets 491,140 609,071
Total assets less current liabilities 585,671 702,862
Creditors: amounts falling due after more than one year 7 ( 63,333) ( 103,333)
Provision for liabilities 45,357 26,860
Net assets 567,695 626,389
Capital and reserves
Called-up share capital 1,000 1,000
Profit and loss account 566,695 625,389
Total shareholder's funds 567,695 626,389

For the financial year ending 29 February 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of PJ Pet Products Limited (registered number: 07147614) were approved and authorised for issue by the Director on 29 November 2024. They were signed on its behalf by:

Bernhard Huepfl
Director
PJ PET PRODUCTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024
PJ PET PRODUCTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

PJ Pet Products Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Sutton Courtenay House, 55 High Street, Sutton Courtenay, Abingdon, OX14 4AT, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 20 years straight line
Other intangible assets 25 % reducing balance
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Office equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 3 2

3. Intangible assets

Goodwill Other intangible assets Total
£ £ £
Cost
At 01 March 2023 150,000 49,574 199,574
Additions 0 22,631 22,631
At 29 February 2024 150,000 72,205 222,205
Accumulated amortisation
At 01 March 2023 97,975 8,889 106,864
Charge for the financial year 7,522 15,393 22,915
At 29 February 2024 105,497 24,282 129,779
Net book value
At 29 February 2024 44,503 47,923 92,426
At 28 February 2023 52,025 40,685 92,710

4. Tangible assets

Office equipment Total
£ £
Cost
At 01 March 2023 2,904 2,904
Additions 1,432 1,432
At 29 February 2024 4,336 4,336
Accumulated depreciation
At 01 March 2023 1,823 1,823
Charge for the financial year 408 408
At 29 February 2024 2,231 2,231
Net book value
At 29 February 2024 2,105 2,105
At 28 February 2023 1,081 1,081

5. Debtors

2024 2023
£ £
Trade debtors 148,061 151,742
Prepayments 3,421 3,282
Other debtors 3,000 5,614
154,482 160,638

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 40,000 40,000
Trade creditors 46,358 88,528
Amounts owed to Parent undertakings 135,468 138,348
Amounts owed to director 57,163 136,888
Accruals 3,900 4,066
Other taxation and social security 35,424 40,575
Other creditors 254 0
318,567 448,405

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 63,333 103,333

Included within bank loans and overdrafts is an amount of £103,333 (2023 - £143,333) in respect of loans provided under the CBILS scheme, under which 80% of the loan is guaranteed by the UK Government.

8. Ultimate controlling party

Parent Company:

The company is wholly owned by PJ Pet Products Holdings Limited, whose registered office is Sutton Courtenay House, 55 High Street, Abingdon, Oxfordshire, United Kingdom, OX14 4AT.