IRIS Accounts Production v25.1.0.734 08281995 Board of Directors Board of Directors 1.2.24 31.1.25 31.1.25 Medium entities selling premium, natural chews and treats for dogs. true false true true false false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Fair value model Ordinary 1.00000 Ordinary A 1.00000 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REGISTERED NUMBER: 08281995 (England and Wales)










JR PET PRODUCTS LTD

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2025






JR PET PRODUCTS LTD (REGISTERED NUMBER: 08281995)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 17


JR PET PRODUCTS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2025







DIRECTORS: J P Davies
R J Davies
M J Williams
M Hierling
K Jeswani Jeswani





REGISTERED OFFICE: JR Pet Products
Church Bank
Llandovery
SA20 0BA





REGISTERED NUMBER: 08281995 (England and Wales)





AUDITORS: Bevan Buckland LLP
Chartered Accountants
And Statutory Auditors
Ground Floor Cardigan House
Castle Court
Swansea Enterprise Park
Swansea
SA7 9LA

JR PET PRODUCTS LTD (REGISTERED NUMBER: 08281995)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2025

The directors present their strategic report for the year ended 31 January 2025.

REVIEW OF BUSINESS
The business continued to grow steadily, with sales rising from £15.96 million to £16.59 million - an increase of nearly 4%. A solid result, especially given the challenging market conditions. Pet parents remain keen on natural, healthy treats, particularly in the dog category. 2024 also saw a notable rise in dog ownership, with around 36% of UK households now owning at least one dog, great news for the industry.

We stayed focused on our core strengths: doing the simple things exceptionally well - customer service, speed of delivery, and above all, unique high-quality products. That approach continues to pay off. A clear reflection of this is our Trustpilot score, now standing at 4.9 out of 5 from over 12,500 reviews - something we're incredibly proud of.

Independent retailers (Pet specialist) remain the largest part of our business, and we're committed to supporting this dynamic and ever-evolving retail sector. We believe these partnerships are key to the long-term health of the industry and will continue to invest time and resources into helping them thrive.

In addition, we're proud to be engaging directly with hundreds of thousands of consumers through our D2C site. It's become a brilliant channel not only for sales, but also for gaining real-time insights and feedback on market trends, which helps guide future product development and brand strategy.

We also invested heavily in NPD throughout the year. A particular highlight was the introduction of our 100% Pure Topper range towards the back end of the year, which has performed strongly since launch.

From an infrastructure point of view, the business is well set for continued growth. Our Brecon site has ample capacity, meaning no immediate requirement for further investment. We also made some improvements to our in-house tech, particularly on the distribution side, helping us drive further efficiencies - something that will help offset rising wage costs and the increase in employer National Insurance contributions this year.

At the close of the year, the business was acquired by AlphaPet Ventures Limited - a strategic move that we believe will bring a host of benefits. These include international expansion, support in developing more unique, innovative products, and moving the brand into new categories. The whole team is excited to be working alongside AlphaPet, and we're looking forward to what's next.

Finally, I'd like to thank the entire team at JR for their hard work and commitment over the past year. It's their dedication across all areas of the business that makes our success possible - and we're genuinely grateful for it.

Key Performance Indicators

- Compound Annual Growth Rate (CAGR) over 3 years: 5% (FY24: 24%)
- Net profit margin: 37% (FY24: 37%)
- Gross margin: 54% (FY24: 53%)
- 556 new B2B customers
- 21,852 new D2C customers


JR PET PRODUCTS LTD (REGISTERED NUMBER: 08281995)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2025

PRINCIPAL RISKS AND UNCERTAINTIES
We remain vigilant in managing key risks, such as currency fluctuations, stock shortages, and price volatility. We are implementing measures to hedge against foreign exchange risks during specific periods and are working closely with suppliers to ensure consistent procurement prices

ON BEHALF OF THE BOARD:





J P Davies - Director


23 April 2025

JR PET PRODUCTS LTD (REGISTERED NUMBER: 08281995)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JANUARY 2025

The directors present their report with the financial statements of the company for the year ended 31 January 2025.

DIVIDENDS
A dividend of £800,000 was issued to the new parent company on 21st January 2025, AlphaPet UK Ventures Limited. The directors recommend that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 31 January 2025 will be £800,000.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 February 2024 to the date of this report.

J P Davies
R J Davies
M J Williams

Other changes in directors holding office are as follows:

M Hierling - appointed 16 January 2025
K Jeswani Jeswani - appointed 16 January 2025

POLITICAL DONATIONS AND EXPENDITURE
During the year, the company made non-political donations totalling £10,744, supporting various local charitable organisations and community initiatives.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

JR PET PRODUCTS LTD (REGISTERED NUMBER: 08281995)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JANUARY 2025


AUDITORS
The auditors, Bevan Buckland LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J P Davies - Director


23 April 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
JR PET PRODUCTS LTD

Opinion
We have audited the financial statements of Jr Pet Products Ltd (the 'company') for the year ended 31 January 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 January 2025 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
JR PET PRODUCTS LTD


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
JR PET PRODUCTS LTD


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, and then, design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

We discussed our audit independence complying with the Revised Ethical Standard 2019 with the engagement team members whilst planning the audit and continually monitored our independence throughout the process.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and
non-compliance with laws and regulations, our procedures included the following:

- enquiring of management, including obtaining and reviewing supporting documentation, concerning the
Company's policies and procedures relating to;

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual. suspected or alleged fraud;

- the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations;

- discussing among the engagement team how and where fraud might occur in the Financial Statements and any potential indicators of fraud. As part of this discussion, we identified potential for fraud in the following areas; Indication of impairment and valuation estimates; and Revenue recognition;

- obtaining an understanding of the legal and regulatory frameworks that the Company operates in, focusing on those laws and regulations that had a direct effect on the Financial Statements or that had a fundamental effect on the operations of the Company. The key laws and regulations we considered in this context included the UK Companies Act and relevant tax legislation.

In addition to the above, our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations;

- enquiring of management concerning actual and potential litigation and claims; performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; and

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments;

- assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
JR PET PRODUCTS LTD


We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

A further description of our responsibilities is available on the Financial Reporting Council's website at:
www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Llinos Williams (Senior Statutory Auditor)
for and on behalf of Bevan Buckland LLP
Chartered Accountants
And Statutory Auditors
Ground Floor Cardigan House
Castle Court
Swansea Enterprise Park
Swansea
SA7 9LA

7 May 2025

JR PET PRODUCTS LTD (REGISTERED NUMBER: 08281995)

INCOME STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2025

2025 2024
Notes £    £   

TURNOVER 3 16,594,030 15,958,459

Cost of sales (7,720,736 ) (7,439,286 )
GROSS PROFIT 8,873,294 8,519,173

Administrative expenses (3,441,864 ) (3,469,046 )
5,431,430 5,050,127

Other operating income - 194,116
OPERATING PROFIT 5 5,431,430 5,244,243

Income from fixed asset investments 26,679 63,407
Interest receivable and similar income 395,765 -
5,853,874 5,307,650
Gain/loss on revaluation of investments 353,834 582,807
6,207,708 5,890,457

Interest payable and similar expenses 6 (35,375 ) (11,901 )
PROFIT BEFORE TAXATION 6,172,333 5,878,556

Tax on profit 7 (1,474,932 ) (1,282,871 )
PROFIT FOR THE FINANCIAL YEAR 4,697,401 4,595,685

JR PET PRODUCTS LTD (REGISTERED NUMBER: 08281995)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2025

2025 2024
Notes £    £   

PROFIT FOR THE YEAR 4,697,401 4,595,685


OTHER COMPREHENSIVE INCOME
Revaluation reserve (76,500 ) -
Income tax relating to other
comprehensive income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

(76,500

)

-
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

4,620,901

4,595,685

JR PET PRODUCTS LTD (REGISTERED NUMBER: 08281995)

BALANCE SHEET
31 JANUARY 2025

2025 2024
Notes £    £    £   
FIXED ASSETS
Intangible assets 9 292,642 334,448
Tangible assets 10 1,858,643 1,992,122
Investment property 11 - 368,000
2,151,285 2,694,570

CURRENT ASSETS
Stocks 12 2,191,864 2,382,596
Debtors 13 13,326,081 624,243
Investments 14 - 8,511,709
Cash at bank and in hand 1,570,633 1,944,858
17,088,578 13,463,406
CREDITORS
Amounts falling due within one year 15 1,277,818 1,957,588
NET CURRENT ASSETS 15,810,760 11,505,818
TOTAL ASSETS LESS CURRENT
LIABILITIES

17,962,045

14,200,388

CREDITORS
Amounts falling due after more than one
year

16

-

(9,750

)

PROVISIONS FOR LIABILITIES 18 (116,632 ) (166,126 )
NET ASSETS 17,845,413 14,024,512

CAPITAL AND RESERVES
Called up share capital 19 100 100
Share premium 20 49,970 49,970
Other reserves 20 - 76,500
Retained earnings 20 17,795,343 13,897,942
SHAREHOLDERS' FUNDS 17,845,413 14,024,512

The financial statements were approved by the Board of Directors and authorised for issue on 23 April 2025 and were signed on its behalf by:




J P Davies - Director



R J Davies - Director


JR PET PRODUCTS LTD (REGISTERED NUMBER: 08281995)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2025

Called up
share Retained Share
capital earnings premium
£    £    £   
Balance at 1 February 2023 100 9,548,792 49,970

Changes in equity
Dividends - (349,289 ) -
Total comprehensive income - 4,698,439 -
Balance at 31 January 2024 100 13,897,942 49,970

Changes in equity
Dividends - (800,000 ) -
Total comprehensive income - 4,697,401 -
Balance at 31 January 2025 100 17,795,343 49,970
Revaluation Other Total
reserve reserves equity
£    £    £   
Balance at 1 February 2023 102,754 76,500 9,778,116

Changes in equity
Dividends - - (349,289 )
Total comprehensive income (102,754 ) - 4,595,685
Balance at 31 January 2024 - 76,500 14,024,512

Changes in equity
Dividends - - (800,000 )
Total comprehensive income - (76,500 ) 4,620,901
Balance at 31 January 2025 - - 17,845,413

JR PET PRODUCTS LTD (REGISTERED NUMBER: 08281995)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2025

2025 2024
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 5,162,345 5,716,292
Interest element of hire purchase
payments paid

(1,794

)

(1,879

)
Finance costs paid (33,581 ) (10,022 )
Tax paid (1,925,000 ) (707,000 )
Net cash from operating activities 3,201,970 4,997,391

Cash flows from investing activities
Purchase of tangible fixed assets (104,836 ) (335,003 )
Sale of tangible fixed assets 70,287 (37,852 )
Sale of investment property 355,000 -
Cash paid into current asset investment (650,000 ) (3,500,000 )
Proceeds from current asset investment 9,522,248 -
Investment management fees (6,705 ) (17,968 )
Interest received 422,444 63,407
Net cash from investing activities 9,608,438 (3,827,416 )

Cash flows from financing activities
Loan to parent company (12,448,883 ) -
Capital repayments in year (18,750 ) (21,588 )
Amount introduced by directors 83,000 -
Amount withdrawn by directors - (83,000 )
Equity dividends paid (800,000 ) (349,289 )
Net cash from financing activities (13,184,633 ) (453,877 )

(Decrease)/increase in cash and cash equivalents (374,225 ) 716,098
Cash and cash equivalents at
beginning of year

2

1,944,858

1,228,760

Cash and cash equivalents at end of
year

2

1,570,633

1,944,858

JR PET PRODUCTS LTD (REGISTERED NUMBER: 08281995)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2025

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2025 2024
£    £   
Profit before taxation 6,172,333 5,878,556
Depreciation charges 207,321 262,455
(Profit)/loss on disposal of fixed assets (60,988 ) 40,306
Gain on revaluation of fixed assets (353,834 ) (582,807 )
Finance costs 35,375 11,901
Finance income (422,444 ) (63,407 )
5,577,763 5,547,004
Decrease/(increase) in stocks 190,732 (463,626 )
(Increase)/decrease in trade and other debtors (335,954 ) 469,751
(Decrease)/increase in trade and other creditors (270,196 ) 163,163
Cash generated from operations 5,162,345 5,716,292

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 January 2025
31.1.25 1.2.24
£    £   
Cash and cash equivalents 1,570,633 1,944,858
Year ended 31 January 2024
31.1.24 1.2.23
£    £   
Cash and cash equivalents 1,944,858 1,228,760


JR PET PRODUCTS LTD (REGISTERED NUMBER: 08281995)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2025

3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.2.24 Cash flow At 31.1.25
£    £    £   
Net cash
Cash at bank and in hand 1,944,858 (374,225 ) 1,570,633
1,944,858 (374,225 ) 1,570,633

Liquid resources
Current asset investments 8,511,709 (8,511,709 ) -
8,511,709 (8,511,709 ) -
Debt
Finance leases (18,750 ) 18,750 -
(18,750 ) 18,750 -
Total 10,437,817 (8,867,184 ) 1,570,633

JR PET PRODUCTS LTD (REGISTERED NUMBER: 08281995)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

1. STATUTORY INFORMATION

Jr Pet Products Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company is included in the consolidated financial statements of its parent company, AlphaPet UK Ventures Limited, who registered office is, Danworth House Jobs Lane, Sayers Common, Hassocks, England, BN6 9HE.

Due to non-coterminous year ends, the company's financial statements will be included in the consolidated financial statements of the parent company starting from 31 December 2025.

Going concern
The financial statements have been prepared on a going concern basis, which the directors consider to be the most appropriate basis of preparation. At the balance sheet date, the directors do not consider there to be any circumstances that affect the business' ability to trade for the foreseeable future.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 that future economic benefits will flow to the entity;
- and specific criteria have been met for each of the company's activities.

Rental Income
The company earns rental income from their investment properties. Rental income is recognised on an annual basis in accordance with the substance of the relevant agreement.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

JR PET PRODUCTS LTD (REGISTERED NUMBER: 08281995)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2025

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Plant and Machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 20% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in the profit and loss account.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

JR PET PRODUCTS LTD (REGISTERED NUMBER: 08281995)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2025

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
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.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective rate of interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Employee benefits
The cost of shore-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of he cost of stock of fixed asset.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employee or to provide termination benefits.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2025 2024
£    £   
United Kingdom 16,161,712 15,516,135
Europe 288,708 262,023
International 143,610 180,301
16,594,030 15,958,459

JR PET PRODUCTS LTD (REGISTERED NUMBER: 08281995)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2025

4. EMPLOYEES AND DIRECTORS
2025 2024
£    £   
Wages and salaries 1,595,360 1,509,986
Social security costs 146,510 134,829
Other pension costs 68,587 18,958
1,810,457 1,663,773

The average number of employees during the year was as follows:
2025 2024

Administration and support 8 6
Marketing and sales 6 5
Distribution 38 33
52 44

Included within salary costs and other costs in the profit and loss account are amounts paid to key management personnel amounting to £659,105 (2024 £663,807).

2025 2024
£    £   
Directors' remuneration 448,362 376,155

Information regarding the highest paid director is as follows:
2025 2024
£    £   
Emoluments etc 240,704 236,538

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2025 2024
£    £   
Hire of plant and machinery 804 1,540
Other operating leases 31,072 33,492
Depreciation - owned assets 165,516 211,091
Depreciation - assets on hire purchase contracts - 9,559
(Profit)/loss on disposal of fixed assets (60,988 ) 40,306
Patents and licences amortisation 41,806 41,806
Auditors' remuneration 14,500 14,000

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2025 2024
£    £   
Hire purchase 1,794 1,879
Foreign currency (gain)/loss 33,581 10,022
35,375 11,901

JR PET PRODUCTS LTD (REGISTERED NUMBER: 08281995)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2025

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2025 2024
£    £   
Current tax:
UK corporation tax 1,524,426 1,311,718

Deferred tax (49,494 ) (28,847 )
Tax on profit 1,474,932 1,282,871

Tax effects relating to effects of other comprehensive income

2025
Gross Tax Net
£    £    £   
Revaluation reserve (76,500 ) - (76,500 )

2024
Gross Tax Net
£    £    £   
Surplus on revaluation of other assets

8. DIVIDENDS
2025 2024
£    £   
Ordinary shares of £1 each
Interim 800,000 349,289

9. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 February 2024
and 31 January 2025 418,060
AMORTISATION
At 1 February 2024 83,612
Amortisation for year 41,806
At 31 January 2025 125,418
NET BOOK VALUE
At 31 January 2025 292,642
At 31 January 2024 334,448

JR PET PRODUCTS LTD (REGISTERED NUMBER: 08281995)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2025

10. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property Machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 February 2024 1,377,685 368,855 304,844 561,257 2,612,641
Additions 15,548 - 84,692 4,596 104,836
Disposals - - - (192,565 ) (192,565 )
At 31 January 2025 1,393,233 368,855 389,536 373,288 2,524,912
DEPRECIATION
At 1 February 2024 53,142 152,264 147,674 267,439 620,519
Charge for year 15,553 43,318 48,373 58,272 165,516
Eliminated on disposal - - - (119,766 ) (119,766 )
At 31 January 2025 68,695 195,582 196,047 205,945 666,269
NET BOOK VALUE
At 31 January 2025 1,324,538 173,273 193,489 167,343 1,858,643
At 31 January 2024 1,324,543 216,591 157,170 293,818 1,992,122

Included within the net book value of land and buildings above is £1,324,538 (2024 - £1,324,543) in respect of freehold land and buildings.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 February 2024 74,679
Disposals (74,679 )
At 31 January 2025 -
DEPRECIATION
At 1 February 2024 36,443
Eliminated on disposal (36,443 )
At 31 January 2025 -
NET BOOK VALUE
At 31 January 2025 -
At 31 January 2024 38,236

JR PET PRODUCTS LTD (REGISTERED NUMBER: 08281995)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2025

11. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2024 368,000
Disposals (368,000 )
At 31 January 2025 -
NET BOOK VALUE
At 31 January 2025 -
At 31 January 2024 368,000

12. STOCKS
2025 2024
£    £   
Stocks 2,191,864 2,382,596

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Trade debtors 622,158 430,553
Amounts owed by group undertakings 12,448,883 -
Other debtors 184,428 56,182
Directors' loan accounts - 83,000
Prepayments 70,612 54,508
13,326,081 624,243

Included within Amounts owed by Group undertakings is an unsecured loan of £12,448,883 in connection with the acquisition of JR Pet Products Limited by AlphaPet UK Ventures Limited, the loan is interest free and repayable immediately on demand.

14. CURRENT ASSET INVESTMENTS
2025 2024
£    £   
Listed investments - 8,511,709

2025 2024
Current financial assets £    £   
At 1 February 8,511,709 4,383,462
Additions 650,000 3,500,000
Fair value adjustment 353,834 582,807
Income reinvested 26,030 63,407
Management fees (6,704 ) (17,967 )
Disposals (9,534,869 ) -
- 8,511,709
The investment has been included in the accounts at the value reported by Voyager Asset Management as at the year end date.

JR PET PRODUCTS LTD (REGISTERED NUMBER: 08281995)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2025

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Hire purchase contracts (see note 17) - 9,000
Trade creditors 324,599 457,265
Tax 440,418 840,992
Social security and other taxes 26,525 36,576
VAT 407,204 444,070
Other creditors 38,806 145,784
Accrued expenses 40,266 23,901
1,277,818 1,957,588

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2025 2024
£    £   
Hire purchase contracts (see note 17) - 9,750

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2025 2024
£    £   
Net obligations repayable:
Within one year - 9,000
Between one and five years - 9,750
- 18,750

Non-cancellable operating leases
2025 2024
£    £   
Within one year 30,000 30,000

18. PROVISIONS FOR LIABILITIES
2025 2024
£    £   
Deferred tax
Accelerated capital allowances 116,632 166,126

Deferred
tax
£   
Balance at 1 February 2024 166,126
Utilised during year (49,494 )
Balance at 31 January 2025 116,632

JR PET PRODUCTS LTD (REGISTERED NUMBER: 08281995)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2025

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2025 2024
value: £    £   
80 Ordinary £1 80 80
20 Ordinary A £1 20 20
100 100

20. RESERVES
Retained Share Other
earnings premium reserves Totals
£    £    £    £   

At 1 February 2024 13,897,942 49,970 76,500 14,024,412
Profit for the year 4,697,401 4,697,401
Dividends (800,000 ) (800,000 )
Other movement - - (76,500 ) (76,500 )
At 31 January 2025 17,795,343 49,970 - 17,845,313

The other reserve relates to the revaluation of Investment property, this reserve was previously maintained to reflect the increased value of the assets. The assets were sold during the year and therefore no longer required. Upon the sale of the assets, any revaluation surplus associated with it is realised and transferred to retained earnings, thereby eliminating the need for this reserve.

21. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £119,907 (2024 £20,279).

Contributions totalling £2,711 (2024 £2,485) were payable to the scheme at the end of the year and are included in creditors.

22. ULTIMATE PARENT COMPANY

On 16th January 2025, JR Pet Products Limited was acquired by AlphaPet UK Ventures Ltd who are now the parent company and hold 100% of the issued share capital.

The ultimate parent company is AlphaPet Ventures GmbH, a company registered in Germany whose registered office is Landsberger Str. 234. 80687 Munich,Germany.

JR PET PRODUCTS LTD (REGISTERED NUMBER: 08281995)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2025

23. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 January 2025 and 31 January 2024:

2025 2024
£    £   
J P Davies
Balance outstanding at start of year 83,000 -
Amounts advanced - 83,000
Amounts repaid (83,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 83,000