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Registration number: NI046096

Pet Connection Ltd

Unaudited Filleted Abridged Financial Statements

for the Year Ended 30 April 2024

 

Pet Connection Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 10

 

Pet Connection Ltd

Company Information

Directors

Roisin Morgan

Frank Clarke

Company secretary

Roisin Morgan

Registered office

40 Flagstaff Road
Cloughoge
Newry
Co Down
BT35 8NR

Solicitors

Campbell & Grant Solicitors
17 Sugar Island
Newry
Co Down
BT35 6HT

Bankers

Bank of Ireland
12 Trevor Hill
Newry
Co Down
BT34 1DN

Accountants

Kennedy & Co
Chartered Certified Accountants
21 Kilmorey Street
Newry
Co Down
BT34 2DF

 

Pet Connection Ltd

(Registration number: NI046096)
Abridged Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

12,830

16,750

Tangible assets

5

113,094

128,254

 

125,924

145,004

Current assets

 

Stocks

336,439

371,620

Debtors

72,061

72,817

Cash at bank and in hand

 

1,200

1,200

 

409,700

445,637

Prepayments and accrued income

 

38,718

42,500

Creditors: Amounts falling due within one year

6.1

(411,602)

(420,049)

Net current assets

 

36,816

68,088

Total assets less current liabilities

 

162,740

213,092

Creditors: Amounts falling due after more than one year

(14,224)

(27,046)

Provisions for liabilities

(9,286)

(10,525)

Accruals and deferred income

 

(3,188)

(7,119)

Net assets

 

136,042

168,402

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

136,040

168,400

Shareholders' funds

 

136,042

168,402

 

Pet Connection Ltd

(Registration number: NI046096)
Abridged Balance Sheet as at 30 April 2024

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and the option not to file the profit and loss account has been taken.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

The financial statements were approved and authorised by the Board on 10 January 2025 and signed on its behalf by:
 

.............................................................

Roisin Morgan

Company secretary and director

.............................................................

Frank Clarke

Director

 

Pet Connection Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
40 Flagstaff Road
Cloughoge
Newry
Co Down
BT35 8NR

These financial statements were authorised for issue by the Board on 10 January 2025.

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 abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

All members have consented to the abridgements of the financial statements.

Basis of preparation

These abridged 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.

The financial statements are presented in sterling which is the functional currency of the company.

 

Pet Connection Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods

Turnover from the sale of pet supplies is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on the dispatch of the goods.

Interest receivable
Interest income is recognised using the effective interest method.


Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

Foreign currency transactions and balances

Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

Tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 

Pet Connection Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Asset class

Depreciation method and rate

Buildings

4% Straight Line

Leasehold Assets

10% Straight Line

Computer Software

10% Straight Line

Plant, Machinery & Equipment

25% Reducing Balance

Fixtures & Fittings

25% Reducing Balance

Motor Vans

25% Reducing Balance

Amortisation

Intangible assets are amortised on a straight line basis over their useful lives. The useful lives of intangible assets are as follows:

Asset class

Amortisation method and rate

Website Development

10% Straight Line

Trade debtors

Debtors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

 

Pet Connection Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

Trade creditors

Creditors with no stated interest rate and payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Leases

Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Defined contribution pension obligation

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.


Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

 

Pet Connection Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 38 (2023 - 39).

4

Intangible assets

Total
£

Cost or valuation

At 1 May 2023

50,471

Additions

14,256

Disposals

(50,471)

At 30 April 2024

14,256

Amortisation

At 1 May 2023

33,721

Amortisation charge

1,426

Amortisation eliminated on disposals

(33,721)

At 30 April 2024

1,426

Carrying amount

At 30 April 2024

12,830

At 30 April 2023

16,750

 

Pet Connection Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

5

Tangible assets

Land and buildings
£

Leasehold Assets
£

Fixtures and fittings
£

Plant, Machinery & Equipment
£

Computer Software
£

Motor Van
 £

Total
£

Cost or valuation

At 1 May 2023

95,861

51,274

81,365

42,142

34,223

8,751

313,616

Additions

-

-

-

4,942

-

-

4,942

At 30 April 2024

95,861

51,274

81,365

47,084

34,223

8,751

318,558

Depreciation

At 1 May 2023

15,338

36,315

68,700

30,365

27,385

7,259

185,362

Charge for the year

3,834

5,127

3,167

4,180

3,421

373

20,102

At 30 April 2024

19,172

41,442

71,867

34,545

30,806

7,632

205,464

Carrying amount

At 30 April 2024

76,689

9,832

9,498

12,539

3,417

1,119

113,094

At 30 April 2023

80,523

14,959

12,665

11,777

6,838

1,492

128,254

 

Pet Connection Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

6

Creditors

Creditors: amounts falling due within one year

Bank loans and overdrafts totalling £55,475 (2023 - £9,427).

In relation to the creditors mentioned above, Bank of Ireland holds the following security on this amount:

- A joint guarantee for £165,000 provided by two directors collateralized by life policies and legal mortgages over personally owned properties.

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

2

2

2

2