Caseware UK (AP4) 2023.0.135 2023.0.135 2024-12-312024-12-312025-05-212024-01-01falseNo description of principal activity79falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 04110818 2024-01-01 2024-12-31 04110818 2023-01-01 2023-12-31 04110818 2024-12-31 04110818 2023-12-31 04110818 2023-01-01 04110818 c:Director4 2024-01-01 2024-12-31 04110818 d:Buildings d:ShortLeaseholdAssets 2024-01-01 2024-12-31 04110818 d:Buildings d:ShortLeaseholdAssets 2024-12-31 04110818 d:Buildings d:ShortLeaseholdAssets 2023-12-31 04110818 d:FurnitureFittings 2024-01-01 2024-12-31 04110818 d:FurnitureFittings 2024-12-31 04110818 d:FurnitureFittings 2023-12-31 04110818 d:FurnitureFittings d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 04110818 d:OfficeEquipment 2024-01-01 2024-12-31 04110818 d:OfficeEquipment 2024-12-31 04110818 d:OfficeEquipment 2023-12-31 04110818 d:OfficeEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 04110818 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 04110818 d:PatentsTrademarksLicencesConcessionsSimilar 2024-12-31 04110818 d:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 04110818 d:CurrentFinancialInstruments 2024-12-31 04110818 d:CurrentFinancialInstruments 2023-12-31 04110818 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 04110818 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 04110818 d:ShareCapital 2024-12-31 04110818 d:ShareCapital 2023-12-31 04110818 d:OtherMiscellaneousReserve 2024-01-01 2024-12-31 04110818 d:OtherMiscellaneousReserve 2024-12-31 04110818 d:OtherMiscellaneousReserve 2023-12-31 04110818 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 04110818 d:RetainedEarningsAccumulatedLosses 2024-12-31 04110818 d:RetainedEarningsAccumulatedLosses 2023-12-31 04110818 d:AcceleratedTaxDepreciationDeferredTax 2024-12-31 04110818 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 04110818 c:FRS102 2024-01-01 2024-12-31 04110818 c:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 04110818 c:FullAccounts 2024-01-01 2024-12-31 04110818 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 04110818 e:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure

Registered number: 04110818









PETPROJECT LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

 
PETPROJECT LIMITED
REGISTERED NUMBER: 04110818

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2024
2023
2023
Note
£
£
£
£

Fixed assets
  

Tangible assets
 6 
24,305
30,055

  
24,305
30,055

Current assets
  

Stocks
 7 
1,112,404
1,279,296

Debtors: amounts falling due within one year
 8 
3,814,415
2,309,295

Cash at bank and in hand
 9 
60,055
1,586,187

  
4,986,874
5,174,778

Creditors: amounts falling due within one year
 10 
(1,764,567)
(2,094,420)

Net current assets
  
 
 
3,222,307
 
 
3,080,358

Total assets less current liabilities
  
3,246,612
3,110,413

Provisions for liabilities
  

Deferred tax
 11 
(8,534)
(7,514)

  
 
 
(8,534)
 
 
(7,514)

Net assets
  
3,238,078
3,102,899


Capital and reserves
  

Called up share capital 
  
2
2

Other reserves
 12 
7,630
7,630

Profit and loss account
 12 
3,230,446
3,095,267

Total equity
  
3,238,078
3,102,899


Page 1

 
PETPROJECT LIMITED
REGISTERED NUMBER: 04110818
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
E Wide Gustafsson
Director

Date: 21 May 2025

The notes on pages 3 to 14 form part of these financial statements.

Page 2

 
PETPROJECT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Petproject Limited is a private company limited by shares. The company is incorporated in England and Wales and its registered office address is Aston House, Cornwall Avenue, London, N3 1LF. The registered number is 04110818.
The financial statements are presented in Sterling (£), rounded to the nearest £1.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 3

 
PETPROJECT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Operating leases: the company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

Page 4

 
PETPROJECT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
PETPROJECT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Short-term leasehold property
-
Over 5 years
Fixtures and fittings
-
25%
Reducing balance
Office equipment
-
25%
Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
PETPROJECT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Financial liabilities

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 7

 
PETPROJECT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

  
2.15

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

 
2.16

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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The estimate of share based payments costs requires management to select an appropriate valuation model and make decisions about various inputs into the model including the volatility of its own share price, the probable life of the options, the vesting date of options where non-market performance conditions have been set and the risk free interest rate.


4.


Employees

The average monthly number of employees, including directors, during the year was 7 (2023 - 9).

Page 8

 
PETPROJECT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Intangible assets




Patents

£



Cost


At 1 January 2024
14,448



At 31 December 2024

14,448



Amortisation


At 1 January 2024
14,448



At 31 December 2024

14,448



Net book value



At 31 December 2024
-



At 31 December 2023
-



Page 9

 
PETPROJECT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Tangible fixed assets





Short-term leasehold property
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2024
8,349
65,453
33,087
106,889


Additions
-
-
2,808
2,808



At 31 December 2024

8,349
65,453
35,895
109,697



Depreciation


At 1 January 2024
5,010
41,152
30,672
76,834


Charge for the year on owned assets
1,670
6,075
813
8,558



At 31 December 2024

6,680
47,227
31,485
85,392



Net book value



At 31 December 2024
1,669
18,226
4,410
24,305



At 31 December 2023
3,339
24,301
2,415
30,055


7.


Stocks

2024
2023
£
£

Finished goods and goods for resale
1,112,404
1,279,296


Page 10

 
PETPROJECT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Debtors

2024
2023
£
£


Trade debtors
2,085,668
1,552,915

Amounts owed by group undertakings
1,675,409
624,526

Other debtors
39,987
128,130

Prepayments and accrued income
13,351
3,724

3,814,415
2,309,295



9.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
60,055
1,586,187



10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
1,147,041
1,344,660

Amounts owed to group undertakings
283,952
15,370

Corporation tax
13
206,532

Other taxation and social security
104,030
196,614

Other creditors
66,913
-

Accruals and deferred income
162,618
331,244

1,764,567
2,094,420


Page 11

 
PETPROJECT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Deferred taxation




2024
2023


£

£






At beginning of year
(7,514)
-


Charged to profit or loss
(1,020)
(7,514)



At end of year
(8,534)
(7,514)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(8,534)
(7,514)


12.


Reserves

Other reserves

This reserve relates to the fair value of the employee and key personnel equity settled share based payments.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.

Page 12

 
PETPROJECT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Share-based payments

On 27th September 2022 the parent company (Gemini Fine Foods Limited) granted 390,000 share options to employees.These options are exercisable at 18 pence per share and expire ten years from date of grant. The share options vest immeditely prior to the sale of the company.The charge recognised in the year was £Nil (2023: £7,630).

Weighted average exercise price (pence)
2024
Number
2024
Weighted average exercise price
(pence)
2023
Number
2023

Outstanding at the beginning of the year

18

390,000

18
 
390,000
 
Exercised during the year

18

(390,000)

0
 
-
 
Expired during the year

0

-

0
 
-
 
Outstanding at the end of the year
0

-

18
 
390,000
 

2023

Option pricing model used



Black Scholes
 
Weighted average share price (pence)



18
 
Exercise price (pence)



18
 
Weighted average contractual life (days)



3650
 
Expected volatility



41.9%
 
Expected dividend growth rate



0%
 
Risk-free interest rate



4.41%
 

The remaining contractual life of options as at 31 December 2024 was Nil (2023: 8.75 years).



14.


Guarantor for a group liability

The company has issued a guarantee for a loan amounting to £6,580,909 (7,894,458 EUR) as at 31st December 2024. This is a joint and several liability for all companies within the Petbuddy Group AB.





15.


Related party transactions

The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.

Page 13

 
PETPROJECT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

16.


Controlling party

The immediate parent undertaking is Gemini Fine Foods Limited. The registered office of Gemini Fine Foods Limited is Aston House, Cornwall Avenue, London N3 1LF, England.
The ultimate parent undertaking is Petbuddy Group AB, a company incorporated and domiciled in Sweden. 

 
Page 14