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Company No: 03218231 (England and Wales)

FEARS ANIMAL PRODUCTS LIMITED

Unaudited Financial Statements
For the financial year ended 29 June 2024
Pages for filing with the registrar

FEARS ANIMAL PRODUCTS LIMITED

Unaudited Financial Statements

For the financial year ended 29 June 2024

Contents

FEARS ANIMAL PRODUCTS LIMITED

BALANCE SHEET

As at 29 June 2024
FEARS ANIMAL PRODUCTS LIMITED

BALANCE SHEET (continued)

As at 29 June 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 380,000 460,000
Tangible assets 4 878,257 245,770
Investments 5 1,000,000 1,000,000
2,258,257 1,705,770
Current assets
Stocks 6 5,000 4,250
Debtors 7 1,239,714 1,425,800
Cash at bank and in hand 125,362 321,570
1,370,076 1,751,620
Creditors: amounts falling due within one year 8 ( 990,932) ( 980,860)
Net current assets 379,144 770,760
Total assets less current liabilities 2,637,401 2,476,530
Provision for liabilities 9 ( 43,926) ( 54,340)
Net assets 2,593,475 2,422,190
Capital and reserves
Called-up share capital 10 5,000 5,000
Profit and loss account 2,588,475 2,417,190
Total shareholder's funds 2,593,475 2,422,190

For the financial year ending 29 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Fears Animal Products Limited (registered number: 03218231) were approved and authorised for issue by the Director on 08 May 2025. They were signed on its behalf by:

Anthony Gordon Fear
Director
FEARS ANIMAL PRODUCTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 June 2024
FEARS ANIMAL PRODUCTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Fears Animal Products Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
We draw attention to note 12 in the financial statements which indicates that the company may face financial or other penalties as a result of this event. As stated in note 12, these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern. The financial statements have been prepared under the going concern basis as there is insufficient information at this stage to conclude otherwise.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

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. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill arises on business combinations and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 4 years straight line
Vehicles 20 % reducing balance
Fixtures and fittings 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 7 7

3. Intangible assets

Goodwill Total
£ £
Cost
At 30 June 2023 800,000 800,000
At 29 June 2024 800,000 800,000
Accumulated amortisation
At 30 June 2023 340,000 340,000
Charge for the financial year 80,000 80,000
At 29 June 2024 420,000 420,000
Net book value
At 29 June 2024 380,000 380,000
At 29 June 2023 460,000 460,000

4. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 30 June 2023 5,000 94,410 351,691 105,889 556,990
Additions 697,555 0 0 0 697,555
Disposals 0 0 ( 31,000) 0 ( 31,000)
At 29 June 2024 702,555 94,410 320,691 105,889 1,223,545
Accumulated depreciation
At 30 June 2023 0 49,165 156,166 105,889 311,220
Charge for the financial year 0 19,462 38,428 0 57,890
Disposals 0 0 ( 23,822) 0 ( 23,822)
At 29 June 2024 0 68,627 170,772 105,889 345,288
Net book value
At 29 June 2024 702,555 25,783 149,919 0 878,257
At 29 June 2023 5,000 45,245 195,525 0 245,770

5. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 30 June 2023 1,000,000 1,000,000
At 29 June 2024 1,000,000 1,000,000
Carrying value at 29 June 2024 1,000,000 1,000,000
Carrying value at 29 June 2023 1,000,000 1,000,000

6. Stocks

2024 2023
£ £
Stocks 5,000 4,250

7. Debtors

2024 2023
£ £
Trade debtors 168,239 228,421
Other debtors 1,071,475 1,197,379
1,239,714 1,425,800

8. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 87,368 111,915
Corporation tax 171,714 181,745
Other taxation and social security 237,465 189,347
Other creditors 494,385 497,853
990,932 980,860

9. Provision for liabilities

2024 2023
£ £
Deferred tax 43,926 54,340

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
500 Ordinary shares of £ 10.00 each 5,000 5,000

11. Related party transactions

Transactions with the entity's director

Advances

The Directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 30 June 2023, the balance owed by the director was £849,670. During the year, £470,772 was advanced to the director, and £622,588 was repaid by the director. At 29 June 2024, the balance owed by the director was £697,855.

At 30 June 2022, the balance owed by the director was £275,262. During the year, £576,408 was advanced to the director, and £2,000 was repaid by the director. At 29 June 2023, the balance owed by the director was £849,670.

12. Events after the Balance Sheet date

On 27 March 2025 the company was found guilty of conspiracy to defraud in a court of law. An estimate of the financial effect cannot yet be made.