AMDEGA BRANDS LIMITED
Company registration number 03482892 (England and Wales)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
AMDEGA BRANDS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
AMDEGA BRANDS LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
8,213
10,950
Current assets
Stocks
45,715
265,349
Debtors
4
1,565,896
4,479,914
Cash at bank and in hand
684,195
489,603
2,295,806
5,234,866
Creditors: amounts falling due within one year
5
(1,399,474)
(4,409,292)
Net current assets
896,332
825,574
Total assets less current liabilities
904,545
836,524
Provisions for liabilities
(2,052)
(2,737)
Net assets
902,493
833,787
Capital and reserves
Called up share capital
6
3
3
Profit and loss reserves
902,490
833,784
Total equity
902,493
833,787
For the financial year ended 30 September 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 of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 11 February 2025 and are signed on its behalf by:
Mr S J Reynolds
Director
Company registration number 03482892 (England and Wales)
AMDEGA BRANDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information
Amdega Brands Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6 Knights Park, Hussey Road, Battlefield Enterprise Park, Shrewsbury, Shropshire, SY1 3TE.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods 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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
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.
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:
Plant and machinery
25% pa reducing balance
Fixtures, fittings and equipment
25% pa reducing balance
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.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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.
AMDEGA BRANDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
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.
1.6
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.
1.7
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.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
AMDEGA BRANDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.11
Leases
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.
1.12
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
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
21
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2023 and 30 September 2024
22,264
Depreciation and impairment
At 1 October 2023
11,314
Depreciation charged in the year
2,737
At 30 September 2024
14,051
Carrying amount
At 30 September 2024
8,213
At 30 September 2023
10,950
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,251,708
Other debtors
314,188
4,479,914
1,565,896
4,479,914
AMDEGA BRANDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,226,991
1,132,611
Taxation and social security
23,586
46,536
Other creditors
148,897
3,230,145
1,399,474
4,409,292
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
3
3
3
3
7
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Non UK entities control/deemed control
3,110,758
21,504,429
-
6,431,826
During the year, sales of £1,970,280 (2023: £15,606,818), £nil (2023: £5,717,220), and £1,140,478 (2023: £180,391) total £3,110,758 (2023: £21,504,429) were made to Pet Care Supplies Ltd, Man Son Pet Care Ltd and MA Pet Global Pte Ltd, which are non UK entities under the joint control of the shareholder and a close family member.
During the year, the company purchased goods of £nil (2023: £4,447,238) from MAX Pet Supplies Pty Ltd, which is a non UK entity under the joint control of the shareholder and a close family member.
During the year, the company purchased goods of £nil (2023: £1,984,588) from MA Pet Global Pte Ltd, which is a non UK entity under the control of a close family member of the shareholder.
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£
£
Non UK entities control/deemed control
3,676
3,031,792
At the end of the financial year, the balance of funds outstanding to MA Pet Global Pte Ltd was £3,676 (2023: £3,031,792).
AMDEGA BRANDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
7
Related party transactions
(Continued)
- 6 -
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Non UK entities control/deemed control
502
4,180,909
UK entity control/deemed control
5,203
-
At the end of the financial year, the balance of funds outstanding from Pet Care Supplies Ltd was £nil (2023: £1,073,460), and from Man Son Pet Care Ltd was £502 (2023: £3,107,449). All of which are non UK entities under the control/deemed control of the shareholder.
At the end of the financial year, the balance of funds outstanding from Advanced Pet Care Ltd was £5,203 (2023: £nil), which is a UK entity under the control of the shareholder.
The purpose of the company is to export products, including to non UK associated companies of the shareholder.