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Sidmouth Pets Limited
Unaudited Financial Statements
For The Year Ended 30 April 2024
Ian Roper & Company Ltd
Chartered Accountants
37 Fore Street
Sidmouth
Devon
EX10 8AQ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08030944
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 2,220 3,092
2,220 3,092
CURRENT ASSETS
Stocks 6 15,000 18,000
Debtors 7 223 202
Investments 8 33,500 -
Cash at bank and in hand 74,918 94,026
123,641 112,228
Creditors: Amounts Falling Due Within One Year 9 (42,410 ) (40,849 )
NET CURRENT ASSETS (LIABILITIES) 81,231 71,379
TOTAL ASSETS LESS CURRENT LIABILITIES 83,451 74,471
Creditors: Amounts Falling Due After More Than One Year 10 (25,554 ) (29,813 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (422 ) (886 )
NET ASSETS 57,475 43,772
CAPITAL AND RESERVES
Called up share capital 11 24,000 24,000
Profit and Loss Account 33,475 19,772
SHAREHOLDERS' FUNDS 57,475 43,772
Page 1
Page 2
For the 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.
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 Profit and Loss Account.
On behalf of the board
Mrs Liza McLean
Director
22nd January 2025
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
Sidmouth Pets Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08030944 . The registered office is 72 Temple Street, Sidmouth, Devon, EX10 9BJ.
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. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. 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:
Motor Vehicles 20%
Fixtures & Fittings 15%
Computer Equipment 33%
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 year 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
Page 3
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 asset reflects 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 or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also 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: 2 (2023: 2)
2 2
4. Intangible Assets
Goodwill
£
Cost
As at 1 May 2023 35,000
As at 30 April 2024 35,000
Amortisation
As at 1 May 2023 35,000
As at 30 April 2024 35,000
Net Book Value
As at 30 April 2024 -
As at 1 May 2023 -
5. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 May 2023 4,891 6,327 11,218
As at 30 April 2024 4,891 6,327 11,218
Depreciation
As at 1 May 2023 4,071 4,055 8,126
Provided during the period 123 749 872
As at 30 April 2024 4,194 4,804 8,998
Net Book Value
As at 30 April 2024 697 1,523 2,220
As at 1 May 2023 820 2,272 3,092
Page 4
Page 5
6. Stocks
2024 2023
£ £
Stock 15,000 18,000
7. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 223 202
8. Current Asset Investments
2024 2023
£ £
Unlisted investments 33,500 -
9. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts - 1
Corporation tax 5,853 4,995
VAT 1,501 1,274
Other creditors (1) 724 140
Accruals and deferred income 8,739 9,068
Director's loan account 25,593 25,371
42,410 40,849
10. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 25,554 29,813
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 24,000 24,000
Page 5