REGISTERED NUMBER: |
JR PET PRODUCTS LTD |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2025 |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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. |
Other changes in directors holding office are as follows: |
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: |
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. |
for and on behalf of |
Chartered Accountants |
And Statutory Auditors |
Ground Floor Cardigan House |
Castle Court |
Swansea Enterprise Park |
Swansea |
SA7 9LA |
JR PET PRODUCTS LTD (REGISTERED NUMBER: 08281995) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 JANUARY 2025 |
2025 | 2024 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
5,431,430 | 5,050,127 |
Other operating income |
OPERATING PROFIT | 5 |
Income from fixed asset investments |
Interest receivable and similar income |
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 | ( |
) | ( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | 7 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
JR PET PRODUCTS LTD (REGISTERED NUMBER: 08281995) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 JANUARY 2025 |
2025 | 2024 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME |
Revaluation reserve | ( |
) |
Income tax relating to other comprehensive income |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
( |
) |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
JR PET PRODUCTS LTD (REGISTERED NUMBER: 08281995) |
BALANCE SHEET |
31 JANUARY 2025 |
2025 | 2024 |
Notes | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investment property | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Investments | 14 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
16 |
( |
) |
PROVISIONS FOR LIABILITIES | 18 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Share premium | 20 |
Other reserves | 20 |
Retained earnings | 20 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
Changes in equity |
Dividends | - | ( |
) | - |
Total comprehensive income | - | - |
Balance at 31 January 2024 |
Changes in equity |
Dividends | - | ( |
) | - |
Total comprehensive income | - | - |
Balance at 31 January 2025 |
Revaluation | Other | Total |
reserve | reserves | equity |
£ | £ | £ |
Balance at 1 February 2023 |
Changes in equity |
Dividends | - | - | ( |
) |
Total comprehensive income | ( |
) |
Balance at 31 January 2024 |
Changes in equity |
Dividends | - | - | ( |
) |
Total comprehensive income | ( |
) |
Balance at 31 January 2025 |
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 |
Interest element of hire purchase payments paid |
( |
) |
( |
) |
Finance costs paid | (33,581 | ) | (10,022 | ) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets | ( |
) |
Sale of investment property |
Cash paid into current asset investment | (650,000 | ) | (3,500,000 | ) |
Proceeds from current asset investment | 9,522,248 | - |
Investment management fees | ( |
) | ( |
) |
Interest received |
Net cash from investing activities | ( |
) |
Cash flows from financing activities |
Loan to parent company | (12,448,883 | ) | - |
Capital repayments in year | ( |
) | ( |
) |
Amount introduced by directors | 83,000 | - |
Amount withdrawn by directors | - | (83,000 | ) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
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 |
Depreciation charges |
(Profit)/loss on disposal of fixed assets | ( |
) |
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 | ( |
) |
(Increase)/decrease in trade and other debtors | ( |
) |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations |
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 | ( |
) | 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 |
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. |
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 |
Freehold property | - |
Plant and Machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
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 |
Europe |
International | 143,610 | 180,301 |
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 |
Social security costs |
Other pension costs |
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 |
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 |
Information regarding the highest paid director is as follows: |
2025 | 2024 |
£ | £ |
Emoluments etc |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2025 | 2024 |
£ | £ |
Hire of plant and machinery |
Other operating leases |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
(Profit)/loss on disposal of fixed assets | ( |
) |
Patents and licences amortisation |
Auditors' remuneration |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2025 | 2024 |
£ | £ |
Hire purchase |
Foreign currency (gain)/loss |
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 |
Deferred tax | ( |
) | ( |
) |
Tax on profit |
Tax effects relating to effects of other comprehensive income |
2025 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation reserve | ( |
) | - | (76,500 | ) |
2024 |
Gross | Tax | Net |
£ | £ | £ |
Surplus on revaluation of other assets |
8. | DIVIDENDS |
2025 | 2024 |
£ | £ |
Ordinary shares of £1 each |
Interim |
9. | INTANGIBLE FIXED ASSETS |
Patents |
and |
licences |
£ |
COST |
At 1 February 2024 |
and 31 January 2025 |
AMORTISATION |
At 1 February 2024 |
Amortisation for year |
At 31 January 2025 |
NET BOOK VALUE |
At 31 January 2025 |
At 31 January 2024 |
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 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 January 2025 |
DEPRECIATION |
At 1 February 2024 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 January 2025 |
NET BOOK VALUE |
At 31 January 2025 |
At 31 January 2024 |
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 |
Disposals | ( |
) |
At 31 January 2025 |
DEPRECIATION |
At 1 February 2024 |
Eliminated on disposal | ( |
) |
At 31 January 2025 |
NET BOOK VALUE |
At 31 January 2025 |
At 31 January 2024 |
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 |
Disposals | ( |
) |
At 31 January 2025 |
NET BOOK VALUE |
At 31 January 2025 |
At 31 January 2024 |
12. | STOCKS |
2025 | 2024 |
£ | £ |
Stocks |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2025 | 2024 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Directors' loan accounts | - | 83,000 |
Prepayments |
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) |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 407,204 | 444,070 |
Other creditors |
Accrued expenses |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2025 | 2024 |
£ | £ |
Hire purchase contracts (see note 17) |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2025 | 2024 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
2025 | 2024 |
£ | £ |
Within one year |
18. | PROVISIONS FOR LIABILITIES |
2025 | 2024 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Deferred |
tax |
£ |
Balance at 1 February 2024 |
Utilised during year | ( |
) |
Balance at 31 January 2025 |
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: | £ | £ |
Ordinary | £1 | 80 | 80 |
Ordinary A | £1 | 20 | 20 |
100 | 100 |
20. | RESERVES |
Retained | Share | Other |
earnings | premium | reserves | Totals |
£ | £ | £ | £ |
At 1 February 2024 | 14,024,412 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Other movement | - | - | (76,500 | ) | (76,500 | ) |
At 31 January 2025 | 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 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |