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Registered number: 12774618
Victory Pet Products Ltd
ABRIDGED Financial Statements
For The Year Ended 31 July 2024
Dodgson Matty Partnership
22 The Tything
Worcester
WR1 1HD
Contents
Page
Abridged Balance Sheet 1—2
Notes to the Abridged Financial Statements 3—5
Page 1
Abridged Balance Sheet
Registered number: 12774618
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 14,701 19,119
14,701 19,119
CURRENT ASSETS
Stocks 51,960 57,943
Debtors 66,891 34,267
Cash at bank and in hand 8,428 11,809
127,279 104,019
Creditors: Amounts Falling Due Within One Year (100,785 ) (78,946 )
NET CURRENT ASSETS (LIABILITIES) 26,494 25,073
TOTAL ASSETS LESS CURRENT LIABILITIES 41,195 44,192
Creditors: Amounts Falling Due After More Than One Year (3,993 ) (5,704 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (2,750 ) (1,825 )
NET ASSETS 34,452 36,663
CAPITAL AND RESERVES
Called up share capital 6 400 400
Profit and Loss Account 34,052 36,263
SHAREHOLDERS' FUNDS 34,452 36,663
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For the year ending 31 July 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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.
All of the company's members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet for the year end 31 July 2024 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
E Chislett-Milne
Director
29 April 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
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Notes to the Abridged Financial Statements
1. General Information
Victory Pet Products Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12774618 . The registered office is Grovely House , Testwood Avenue, Totton, Southampton, SO40 3LW.
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 is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. 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:
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Computer Equipment 25% on cost
2.4. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases
are depreciated over their estimated useful lives or the lease term, whichever is the shorter.
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element
of the future payments is treated as a liability.
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.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.7. 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 years 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 4)
4 4
4. Tangible Assets
Total
£
Cost
As at 1 August 2023 22,659
Additions 541
As at 31 July 2024 23,200
Depreciation
As at 1 August 2023 3,540
Provided during the period 4,959
As at 31 July 2024 8,499
Net Book Value
As at 31 July 2024 14,701
As at 1 August 2023 19,119
5. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 1,711 1,711
Later than one year and not later than five years 3,993 5,704
5,704 7,415
5,704 7,415
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6. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 400 400
7. Related Party Transactions
Intercompany - Grovely Pets Brockenhurst Ltd
A company in which Directors own issued share capital.
At the balance sheet date Victory Pet Products Ltd owed £10,027 (2023 : £20,027) to Grovely Pets Brockenhurst Ltd. This amount is included in Creditors due within one year.
This loan carries no liability to interest and is recoverable on demand.
Transactions with Directors - Mr D Chislett
At the balance sheet date Victory Pet Products Ltd owed £10,000 (2023 : £nil) to Mr D Chislett. This amount is included in Creditors due within one year.
This loan carries no liability to interest and is recoverable on demand.
Transactions with Directors - Mr G Holford
At the balance sheet date Victory Pet Products Ltd owed £10,000 (2023 : £10,000) to Mr G Holford. This amount is included in Creditors due within one year.
This loan carries no liability to interest and is recoverable on demand.
Transactions with Directors - Mrs S Marshall
At the balance sheet date Victory Pet Products Ltd owed £10,000 (2023 : £10,000) to Mrs S Marshall. This amount is included in Creditors due within one year.
This loan carries no liability to interest and is recoverable on demand.
8. Ultimate Controlling Party
The company is controlled by the Directors.
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