Company Registration No. 07602894 (England and Wales)
BRUCE'S PET CARE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
BRUCE'S PET CARE LIMITED
COMPANY INFORMATION
Directors
Mr B N Maitin-Casalis
A Feather
D B Henshall
R J Gibbs
Mr B Mann
Company number
07602894
Registered office
T/A Bruce's Doggy Day Care
Woodlands Lane
Stoke D'Abernon
Cobham
KT11 3QD
Auditor
Azets Audit Services
Trinity Court
34 West Street
Sutton
Surrey
United Kingdom
SM1 1SH
BRUCE'S PET CARE LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 25
BRUCE'S PET CARE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

The directors present the strategic report for the year ended 30 April 2024.

Principal activities

Bruce’s Pet Care Ltd is a UK-based privately owned premium doggy daycare provider, trading out of 10 sites nationally. The principle activity of the Company during the period was, and continues to be, providing dog daycare services, including owner drop and dog bus pick-up service, as well as small ancillary services, such as grooming, training and home boarding.

Review of the business

The year-ending April 2024 was a strong year for the business, marked by significant growth, expanding with two new sites. During the financial year, BPCL achieved a year-on-year revenue growth of 18% to £10.7m and EBITDA growth of £0.1m (2,000%) driven in part by the opening of 2 new sites. These new locations have enabled us to better serve our growing customer base and diversify our footprint.

Principal risks and uncertainties

There are several risks and uncertainties that can impact the performance of the company and not be directly influenced by the business and its directors. The main risks and uncertainties are as follows:

Economic climate

The Company is exposed to the health of the UK economy and consumer spending as well as increases in wages. This risk is partially mitigated by careful treasury management and flexibility in the cost base in the event of an economic downturn.

Labour Market

The majority of our workforce are dog carers and drivers, impacted heavily by labour market supply and salary inflation affecting our cost base. We mitigate these risks by offering a unique range of benefits to employees, driven by a rewards and recognition program.

Competition

The Company is exposed to a number of local competitors in the market who also provide dog daycare services. This risk is mitigated by the Company’s strong brand and focus in team development, dog engagement activity, logistics technology and focussing on excellent customer experience.

Service Quality

As the Company expands, we need to maintain the high quality of the services offered. This is managed by a strong workforce planning strategy, technology built for scale, robust employee induction and training structure and established experience in multi-site operations management.

Key performance indicators

We use various key performance indicators (KPIs) to monitor our business performance as per the following :

 

 

 

23/24

22/23

Revenue

 

 

£10.7m

£8.6m

Gross Profit

 

£5.2m

£3.9m

EBITDA

 

 

£0.1m

£0.0m

 

 

 

 

 

Gross Profit %

 

49%

46%

Average Employee Numbers

267

235

as well as customer satisfaction scores and employee retention rates.

Our strong financial performance this year is a testament to our strategic initiatives and operational efficiencies.

BRUCE'S PET CARE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -

Future Outlook

Looking ahead, our focus will be on continuing to enhancing our service offering, professionalising doggy day care as a service, investing in colleague development, and exploring opportunities for further site expansions. We aim to continue delivering exceptional service to our customers and achieving sustainable growth. The positive trends in revenue and gross profit provide a robust foundation for our continued growth plans.

On behalf of the board

Mr B Mann
Director
31 January 2025
BRUCE'S PET CARE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -

The directors present their annual report and financial statements for the year ended 30 April 2024.

Principal activities

Bruce’s Pet Care Ltd is a UK-based privately owned premium doggy daycare provider, trading out of 10 sites nationally. The principle activity of the Company during the period was, and continues to be, providing dog daycare services, including owner drop and dog bus pick-up service, as well as small ancillary services, such as grooming, training and home boarding.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr B N Maitin-Casalis
A Feather
D B Henshall
C Handa
(Resigned 8 November 2023)
R J Gibbs
Mr B Mann
Disabled persons

At Bruce’s, we are committed to creating an inclusive and supportive workplace where all individuals, including those with disabilities, are given equal opportunities to thrive. We actively encourage applications from people with disabilities and ensure that recruitment processes, job roles, and workplace environments are accessible and accommodating to meet diverse needs.

 

We firmly believe that a team composed of individuals from all walks of life, backgrounds, and abilities enriches our work environment and strengthens our collective mission. Each team member is valued for their unique contributions, and we provide the necessary resources, adjustments, and support to empower all colleagues to reach their full potential.

 

Equality is a core principle of our workplace culture, and we are dedicated to fostering an environment where all individuals, regardless of ability, are treated fairly and with respect. Through our ongoing commitment to diversity, inclusion, and accessibility, we aim to build a workforce that reflects the rich variety of those we serve, while ensuring that everyone can contribute to the success of our mission.

Changes in presentation of the financial statements

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of the future developments of the company.

Auditor

The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

BRUCE'S PET CARE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
On behalf of the board
31 January 2025
2025-01-31
Mr B Mann
Date
Director
BRUCE'S PET CARE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -

The directors are responsible 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:

 

 

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.

BRUCE'S PET CARE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BRUCE'S PET CARE LIMITED
- 6 -
Opinion

We have audited the financial statements of Bruce's Pet Care Limited (the 'company') for the year ended 30 April 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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:

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's 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 directors' 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 financial statements are 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

BRUCE'S PET CARE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BRUCE'S PET CARE LIMITED
- 7 -
Matters on which we are required to report by exception

In the light of the 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 or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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's 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

BRUCE'S PET CARE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BRUCE'S PET CARE LIMITED
- 8 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

We determined that the most significant legal and regulatory frameworks that are applicable to the entity include the Animal Welfare Regulations (2018), under the Animal Welfare Act 2006.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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.

Sam Thomas
Senior Statutory Auditor
For and on behalf of Azets Audit Services
31 January 2025
Chartered Accountants
Trinity Court
Statutory Auditor
34 West Street
Sutton
Surrey
United Kingdom
SM1 1SH
BRUCE'S PET CARE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
2024
2023
Notes
£
£
Turnover
10,710,109
8,634,949
Cost of sales
(5,541,239)
(4,700,613)
Gross profit
5,168,870
3,934,336
Administrative expenses
(6,109,848)
(4,724,010)
Other operating income
-
0
23,433
Operating loss
3
(940,978)
(766,241)
Interest receivable and similar income
7
680,705
374
Interest payable and similar expenses
8
(89,204)
(82,098)
Amounts written off investments
9
(4)
-
Loss before taxation
(349,481)
(847,965)
Tax on loss
10
-
0
-
0
Loss for the financial year
(349,481)
(847,965)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

BRUCE'S PET CARE LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
757,587
93,168
Other intangible assets
11
-
0
4,067
Total intangible assets
757,587
97,235
Tangible assets
12
3,342,357
3,359,572
Investments
13
2
912,861
4,099,946
4,369,668
Current assets
Debtors
15
1,457,673
1,328,849
Cash at bank and in hand
740,864
1,469,011
2,198,537
2,797,860
Creditors: amounts falling due within one year
16
(3,334,727)
(3,530,888)
Net current liabilities
(1,136,190)
(733,028)
Total assets less current liabilities
2,963,756
3,636,640
Creditors: amounts falling due after more than one year
17
(1,073,344)
(1,252,212)
Net assets
1,890,412
2,384,428
Capital and reserves
Called up share capital
21
249
249
Share premium account
5,483,336
5,483,336
Profit and loss reserves
(3,593,173)
(3,099,157)
Total equity
1,890,412
2,384,428
The financial statements were approved by the board of directors and authorised for issue on 31 January 2025 and are signed on its behalf by:
Mr B  Mann
Director
Company Registration No. 07602894
BRUCE'S PET CARE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2022
226
4,268,808
(2,251,192)
2,017,842
Year ended 30 April 2023:
Loss and total comprehensive income for the year
-
-
(847,965)
(847,965)
Issue of share capital
21
26
1,214,528
-
1,214,554
Reduction of shares
21
(3)
-
0
-
0
(3)
Balance at 30 April 2023
249
5,483,336
(3,099,157)
2,384,428
Year ended 30 April 2024:
Loss and total comprehensive income for the year
-
-
(349,481)
(349,481)
Transfers
-
-
(144,535)
(144,535)
Balance at 30 April 2024
249
5,483,336
(3,593,173)
1,890,412
BRUCE'S PET CARE LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
25
(168,130)
945,921
Interest paid
(89,204)
(82,098)
Income taxes paid
(113)
-
0
Net cash (outflow)/inflow from operating activities
(257,447)
863,823
Investing activities
Purchase of tangible fixed assets
(481,104)
(802,434)
Proceeds from disposal of tangible fixed assets
20,408
10,443
Interest received
6,220
374
Dividends received
674,485
-
0
Net cash generated from/(used in) investing activities
220,009
(791,617)
Financing activities
Proceeds from issue of shares
-
0
1,214,554
Repayment of borrowings
(157,000)
(111,404)
Repayment of bank loans
(91,233)
352,167
Payment of finance leases obligations
(442,422)
(397,195)
Net cash (used in)/generated from financing activities
(690,655)
1,058,122
Net (decrease)/increase in cash and cash equivalents
(728,093)
1,130,328
Cash and cash equivalents at beginning of year
1,468,957
338,629
Cash and cash equivalents at end of year
740,864
1,468,957
Relating to:
Cash at bank and in hand
740,864
1,469,011
Bank overdrafts included in creditors payable within one year
-
0
(54)
BRUCE'S PET CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 13 -
1
Accounting policies
Company information

Bruce's Pet Care Limited is a private company limited by shares incorporated in England and Wales. The registered office is T/A Bruce's Doggy Day Care, Woodlands Lane, Stoke D'Abernon, Cobham, KT11 3QD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

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 £.

1.2
Going concern

After considering current trading, the directors believe that the company will have adequate resources to meet its liabilities as they fall due and so to operate as a going concern for at least twelve months following the date of approval of these financial statements. The directors therefore consider it appropriate to continue to apply the going concern basis for preparing the financial statements.true

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for dog day care, boarding and grooming which has been provided in the normal course of business, and is shown net of VAT and other sales related taxes. Turnover is recognised at the point that the day care, boarding or grooming service is provided.

1.4
Intangible fixed assets other than goodwill

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website D'lopment
3 years straight line
Trademark
3 years straight line
Training Content
3 years straight line
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

BRUCE'S PET CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 14 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
at varying rates depending on lease length
Plant and equipment
25% straight line
Office equipment
25% straight line
Computers
33% straight line
Motor vehicles
25% straight line

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.

1.6
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
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 current liabilities.

BRUCE'S PET CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 15 -
1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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.

BRUCE'S PET CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 16 -
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.

 

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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

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

 

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

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

BRUCE'S PET CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 17 -

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Operating loss
2024
2023
Operating loss for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
975,246
732,973
Loss on disposal of tangible fixed assets
83,614
40,141
Amortisation of intangible assets
107,968
25,926
Operating lease charges
297,896
213,703
4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
16,500
10,500
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
267
235
BRUCE'S PET CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
5
Employees
(Continued)
- 18 -

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
6,399,335
5,494,822
Social security costs
524,081
443,315
Pension costs
170,016
144,935
7,093,432
6,083,072
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
287,199
300,244
Company pension contributions to defined contribution schemes
38,916
68,859
Sums paid to third parties for directors' services
50,000
50,000
376,115
419,103
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
138,150
104,997
Company pension contributions to defined contribution schemes
9,600
-
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
6,220
374
Income from fixed asset investments
Income from shares in group undertakings
674,485
-
0
Total income
680,705
374
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
6,220
374
BRUCE'S PET CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 19 -
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
27,043
18,555
Other finance costs:
Interest on finance leases and hire purchase contracts
62,161
63,543
89,204
82,098
9
Amounts written off investments
2024
2023
£
£
Amounts written off investments held at fair value
(4)
-
10
Taxation

The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Loss before taxation
(349,481)
(847,965)
Expected tax credit based on the standard rate of corporation tax in the UK of 19.00% (2023: 19.00%)
(66,401)
(161,113)
Tax effect of expenses that are not deductible in determining taxable profit
34,199
51,000
Unutilised tax losses carried forward
62,088
203,771
Group relief
-
0
41,352
Permanent capital allowances in excess of depreciation
98,266
(130,558)
Dividend income
(128,152)
-
0
R&D tax credit
-
0
(4,452)
Taxation charge for the year
-
-
BRUCE'S PET CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 20 -
11
Intangible fixed assets
Customer Base
Website D'lopment
Trademark
Training Content
Total
£
£
£
£
£
Cost
At 1 May 2023
126,144
22,890
3,943
13,100
166,077
Additions
768,320
-
0
-
0
-
768,320
At 30 April 2024
894,464
22,890
3,943
13,100
934,397
Amortisation and impairment
At 1 May 2023
32,976
21,544
2,797
11,525
68,842
Amortisation charged for the year
103,901
1,346
1,146
1,575
107,968
At 30 April 2024
136,877
22,890
3,943
13,100
176,810
Carrying amount
At 30 April 2024
757,587
-
0
-
0
-
757,587
At 30 April 2023
93,168
1,346
1,146
1,575
97,235
12
Tangible fixed assets
Leasehold improvements
Plant and equipment
Office equipment
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 May 2023
2,621,765
93,561
77,254
486,541
2,196,688
5,475,809
Additions
329,648
3,913
4,499
75,538
648,455
1,062,053
Disposals
(115,621)
(1,639)
-
0
-
0
(35,306)
(152,566)
At 30 April 2024
2,835,792
95,835
81,753
562,079
2,809,837
6,385,296
Depreciation and impairment
At 1 May 2023
703,882
69,830
25,320
316,173
1,001,032
2,116,237
Depreciation charged in the year
274,890
11,202
12,842
105,930
570,382
975,246
Eliminated in respect of disposals
(36,746)
(765)
-
0
-
0
(11,033)
(48,544)
At 30 April 2024
942,026
80,267
38,162
422,103
1,560,381
3,042,939
Carrying amount
At 30 April 2024
1,893,766
15,568
43,591
139,976
1,249,456
3,342,357
At 30 April 2023
1,917,883
23,731
51,934
170,368
1,195,656
3,359,572
BRUCE'S PET CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 21 -
13
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
14
2
912,861

On 1 October 2021 the company acquired 100% of the share capital in BDDC Limited. The investment comprised a £393,453 payment on completion followed by £519,404 of deferred consideration payments to be paid over a three year period. The trade and assets from the company were hived up at the beginning of the year.

Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 May 2023
912,861
Valuation changes
(912,859)
At 30 April 2024
2
Carrying amount
At 30 April 2024
2
At 30 April 2023
912,861
14
Subsidiaries

Details of the company's subsidiaries at 30 April 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
BDDC LTD
Woodlands Lane, Stoke D'Abernon, Cobham, England, KT11 3QD
Ordinary
100.00
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,053,103
1,051,120
Other debtors
83,006
84,800
Prepayments and accrued income
321,564
192,929
1,457,673
1,328,849
BRUCE'S PET CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 22 -
16
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
18
92,225
92,054
Obligations under finance leases
19
419,013
351,730
Other borrowings
18
159,000
157,000
Trade creditors
475,575
268,676
Amounts owed to group undertakings
-
0
676,096
Corporation tax
-
0
113
Other taxation and social security
796,724
728,612
Other creditors
473,622
461,180
Accruals and deferred income
918,568
795,427
3,334,727
3,530,888
17
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
18
209,542
301,000
Obligations under finance leases
19
857,422
786,178
Deferred consideration
18
-
0
159,000
Other creditors
6,380
6,034
1,073,344
1,252,212

The bank loan is secured by a fixed and floating charge over the assets of the company.

18
Loans and overdrafts
2024
2023
£
£
Bank loans
301,767
393,000
Bank overdrafts
-
0
54
Other loans
159,000
316,000
460,767
709,054
Payable within one year
251,225
249,054
Payable after one year
209,542
460,000
BRUCE'S PET CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 23 -
19
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
419,013
351,730
In two to five years
857,422
786,178
1,276,435
1,137,908

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
170,016
144,935

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

21
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 0.1p each
131,250
131,250
131
131
Ordinary B shares of 0.1p each
75,000
75,000
75
75
Ordinary C shares of 0.1p each
22,020
22,020
22
22
Ordinary D shares of 0.1p each
21,401
21,401
21
21
249,671
249,671
249
249
22
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future operating lease payments which fall due as follows:

2024
2023
£
£
Within one year
319,524
253,553
Between two and five years
1,397,972
1,125,712
In over five years
2,273,000
2,020,458
3,990,496
3,399,723
BRUCE'S PET CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 24 -
23
Events after the reporting date

In January 2025, additional equity was raised of £1.8m from both new and current equity partners.

24
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Management fees
2024
2023
£
£
Entities with control, joint control or significant influence over the company
55,174
50,259
Other information

The company has taken advantage of the exemption available in accordance with FRS 102, section 33 'Related party disclosures' not to disclose transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.

25
Cash (absorbed by)/generated from operations
2024
2023
£
£
Loss for the year after tax
(349,481)
(847,965)
Adjustments for:
Finance costs
89,204
82,098
Investment income
(680,705)
(374)
Loss on disposal of tangible fixed assets
83,614
40,141
Amortisation and impairment of intangible assets
107,968
25,926
Depreciation and impairment of tangible fixed assets
975,246
732,970
Other gains and losses
4
-
Movements in working capital:
Increase in debtors
(128,824)
(328,904)
(Decrease)/increase in creditors
(265,156)
1,242,029
Cash (absorbed by)/generated from operations
(168,130)
945,921
BRUCE'S PET CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 25 -
26
Analysis of changes in net debt
1 May 2023
Cash flows
New finance leases
30 April 2024
£
£
£
£
Cash at bank and in hand
1,469,011
(728,147)
-
740,864
Bank overdrafts
(54)
54
-
-
0
1,468,957
(728,093)
-
0
740,864
Borrowings excluding overdrafts
(709,000)
248,233
-
(460,767)
Obligations under finance leases
(1,137,908)
442,422
(580,949)
(1,276,435)
(377,951)
(37,438)
(580,949)
(996,338)
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