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Registered number: 09912240









SMUDGE & FRIENDS PETCARE LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2024

 
SMUDGE & FRIENDS PETCARE LIMITED
 
 
COMPANY INFORMATION


Directors
A Soobroyen 
J Walker 
P Handscomb (resigned 9 May 2024)
M Brehme (resigned 10 August 2023)
D Polunina (resigned 18 September 2023)
D Spedding (appointed 19 September 2023, resigned 21 August 2024)
J Cole (appointed 20 May 2024, resigned 21 August 2024)
F Gibson (appointed 22 August 2024)




Registered number
09912240



Registered office
Unit 2 Bickels Yard
151-153 Bermondsey Street

London

United Kingdom

SE1 3HA




Independent auditors
Donald Reid Limited
Chartered Accountants & Statutory Auditors

Prince Albert House

18a/20 King Street

Maidenhead

Berkshire

SL6 1EF





 
SMUDGE & FRIENDS PETCARE LIMITED
 

CONTENTS



Page
Balance Sheet
1 - 2
Notes to the Financial Statements
3 - 13

 
SMUDGE & FRIENDS PETCARE LIMITED
REGISTERED NUMBER: 09912240

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
100,082
59,475

Tangible assets
 5 
63,801
71,274

Investments
 6 
89,534
-

  
253,417
130,749

Current assets
  

Stocks
 7 
985,794
688,779

Debtors: amounts falling due within one year
 8 
2,033,324
1,070,905

Cash at bank and in hand
 9 
4,251,603
4,582,121

  
7,270,721
6,341,805

Creditors: amounts falling due within one year
 10 
(2,419,162)
(1,426,726)

Net current assets
  
 
 
4,851,559
 
 
4,915,079

Total assets less current liabilities
  
5,104,976
5,045,828

Creditors: amounts falling due after more than one year
 11 
(9,839)
(18,955)

  

Net assets
  
5,095,137
5,026,873


Capital and reserves
  

Called up share capital 
 14 
341
341

Share premium account
 15 
5,648,693
5,648,693

Profit and loss account
 15 
(553,897)
(622,161)

  
5,095,137
5,026,873

Page 1

 
SMUDGE & FRIENDS PETCARE LIMITED
REGISTERED NUMBER: 09912240
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 October 2024.




A Soobroyen
Director

The notes on pages 3 to 13 form part of these financial statements.
Page 2

 
SMUDGE & FRIENDS PETCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Smudge & Friends Petcare Limited is a private company limited by shares. The company was incorporated in the United Kingdom and is registered in England and Wales. The registration number is 09912240. The registered address is Unit 2 Bickels Yard, 151-153 Bermondsey Street, London, United Kingdom, SE1 3HA.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Going concern

As the Company has forecasted future profits and healthy liquidity, the directors consider it appropriate to prepare the accounts on the going concern basis.

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
SMUDGE & FRIENDS PETCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
SMUDGE & FRIENDS PETCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.12

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Page 5

 
SMUDGE & FRIENDS PETCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.13

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Website
-
5
years

 
2.14

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
33%
Motor vehicles
-
33%
Office equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.16

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 6

 
SMUDGE & FRIENDS PETCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.17

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.18

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.19

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.20

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 13 (2023 - 7).

Page 7

 
SMUDGE & FRIENDS PETCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

4.


Intangible assets




Website

£



Cost


At 1 June 2023
77,740


Additions
85,139


Disposals
(45,490)



At 31 May 2024

117,389



Amortisation


At 1 June 2023
18,265


Charge for the year on owned assets
22,565


On disposals
(23,523)



At 31 May 2024

17,307



Net book value



At 31 May 2024
100,082



At 31 May 2023
59,475



Page 8

 
SMUDGE & FRIENDS PETCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 June 2023
49,232
29,427
24,376
103,035


Additions
10,047
-
27,626
37,673


Disposals
(9,973)
(354)
(6,859)
(17,186)



At 31 May 2024

49,306
29,073
45,143
123,522



Depreciation


At 1 June 2023
12,760
10,061
8,940
31,761


Charge for the year on owned assets
17,119
9,809
15,782
42,710


Disposals
(8,316)
(236)
(6,198)
(14,750)



At 31 May 2024

21,563
19,634
18,524
59,721



Net book value



At 31 May 2024
27,743
9,439
26,619
63,801



At 31 May 2023
36,472
19,366
15,436
71,274


6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


Additions
89,534



At 31 May 2024
89,534




Page 9

 
SMUDGE & FRIENDS PETCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

7.


Stocks

2024
2023
£
£

Finished goods and goods for resale
985,794
688,779

985,794
688,779



8.


Debtors

2024
2023
£
£


Trade debtors
1,901,116
940,598

Other debtors
6,715
9,500

Prepayments and accrued income
69,846
46,564

Deferred taxation
55,647
74,243

2,033,324
1,070,905



9.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
4,251,603
4,582,121

4,251,603
4,582,121



10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
9,081
9,081

Trade creditors
1,729,990
1,206,797

Other taxation and social security
265,285
29,765

Other creditors
52,454
13,869

Accruals and deferred income
362,352
167,214

2,419,162
1,426,726


Page 10

 
SMUDGE & FRIENDS PETCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

11.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
9,839
18,955

9,839
18,955



12.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
9,081
9,081


9,081
9,081

Amounts falling due 1-2 years

Bank loans
9,081
9,081


9,081
9,081

Amounts falling due 2-5 years

Bank loans
758
9,874


758
9,874


18,920
28,036


Page 11

 
SMUDGE & FRIENDS PETCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

13.


Deferred taxation




2024
2023


£

£






At beginning of year
74,243
64,281


Charged to profit or loss
(18,596)
9,962



At end of year
55,647
74,243

The deferred tax asset is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(11,084)
(17,576)

Tax losses carried forward
43,880
77,441

Other timing differences
22,851
14,378

55,647
74,243


14.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



263,100 (2023 - 264,000) Ordinary shares of £0.001 each
263.10
264.00
77,529 (2023 - 77,000) A Ordinary shares of £0.001 each
77.53
77.00

340.63

341.00



15.


Reserves

Share premium account

Share premium is the excess money received for issued shares above the par value.

Profit and loss account

Includes all current and prior year retained earnings.

Page 12

 
SMUDGE & FRIENDS PETCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

16.


Share-based payments

Smudge & Friends Petcare Limited has an equity-settled Enterprise Management Incentive Scheme ("EMI") which is available to UK employees who work for the Company and satisfy the qualifying conditions and the EMI working time requirements.
During the year, the company granted 1,050 options at nominal value with an exercise price of £3.74 each. The number of options that lapsed during the year was 0, the closing number still in issue at year end was 3,705. The directors believe the charge in respect of these options will be immaterial, therefore no charge has been recognised.


17.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £61,329 (2023 - £18,474). Contributions totalling £Nil (2023 - £5,887) were payable to the fund at the balance sheet date and are included in creditors.


18.


Commitments under operating leases

At 31 May 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
48,470
48,470

Later than 1 year and not later than 5 years
-
48,470

48,470
96,940


19.


Related party transactions

At the year end, included in other creditors, is an amount of £Nil (2023: £659) owed by the company to the directors.


20.


Auditors' information

The auditors' report on the financial statements for the year ended 31 May 2024 was unqualified.

The audit report was signed on 23 October 2024 by Jacqui Williams (FCA) (Senior Statutory Auditor) on behalf of Donald Reid Limited.

 
Page 13