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Registration number: 13298259

Pet Chart Limited

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 May 2024

 

Pet Chart Limited

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 5

 

Pet Chart Limited

(Registration number: 13298259)
Abridged Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

998

1,498

Investment property

1,082,079

867,279

 

1,083,077

868,777

Current assets

 

Debtors

479,755

363,690

Cash at bank and in hand

 

60,688

142,447

 

540,443

506,137

Creditors: Amounts falling due within one year

(1,619,470)

(1,378,080)

Net current liabilities

 

(1,079,027)

(871,943)

Net assets/(liabilities)

 

4,050

(3,166)

Capital and reserves

 

Called up share capital

120

120

Profit and loss account

3,930

(3,286)

Total equity

 

4,050

(3,166)

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

Pet Chart Limited

(Registration number: 13298259)
Abridged Balance Sheet as at 31 May 2024

Approved and authorised by the Board on 26 February 2025 and signed on its behalf by:
 

Mr M J Tarazi

Director

Mr N Pallas

Director

 

Pet Chart Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Calyx House
South Road
Taunton
Somerset
TA1 3DU

These financial statements were authorised for issue by the Board on 26 February 2025.

2

Accounting policies

Statement of compliance

These abridged financial statements were 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.

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.

Going concern

The financial statements have been prepared on a going concern basis. Of the company's current liabilities, an amount is owed to the directors, who have agreed to continue to support the company, and not to demand repayment of this amount to the extent that any such repayment would jeopardise the future of the company.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable the future economic benefits will flow into the entity, and specific criteria have been met for each of the company activities.

Tax

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

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

 

Pet Chart Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

25% Straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 2).

 

Pet Chart Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

4

Tangible assets

Total
£

Cost or valuation

At 1 June 2023

1,998

At 31 May 2024

1,998

Depreciation

At 1 June 2023

500

Charge for the year

500

At 31 May 2024

1,000

Carrying amount

At 31 May 2024

998

At 31 May 2023

1,498

Investment properties

2024
£

At 1 June

859,579

Additions

222,500

At 31 May

1,082,079

There has been no valuation of investment property by an independent valuer.

5

Related party transactions

Summary of transactions with other related parties

Vet Eye Care Limited - a company with directors and shareholders in common.
 During the year Pet Chart Limited received rent of £22,500 (2023 - £Nil) from Vet Eye Care Limited for services provided. At the end of the year Vet Eye Care Limited owed Pet Chart Limited £469,622 (2023 - £203,950) and this amount is included within other debtors.