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Pets Love Fresh Limited

Registered Number
09060769
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2024

Pets Love Fresh Limited
Company Information
for the year from 1 June 2023 to 31 May 2024

Directors

I A Anton
M K M Farmiloe
T J Fenwick
M J Sutton

Registered Address

Plf Blenheim Blenheim Way
Northfields Industrial Estate
Peterborough
PE6 8LD

Registered Number

09060769 (England and Wales)
Pets Love Fresh Limited
Balance Sheet as at
31 May 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Intangible assets378,91050,270
Tangible assets4822,875144,141
901,785194,411
Current assets
Stocks143,691112,398
Debtors5128,99928,417
Cash at bank and on hand41,09527,616
313,785168,431
Creditors amounts falling due within one year6(1,211,575)(425,196)
Net current assets (liabilities)(897,790)(256,765)
Total assets less current liabilities3,995(62,354)
Net assets3,995(62,354)
Capital and reserves
Called up share capital437409
Share premium2,755,5672,358,443
Other reserves802,584159,768
Profit and loss account(3,554,593)(2,580,974)
Shareholders' funds3,995(62,354)
The financial statements were approved and authorised for issue by the Board of Directors on 28 May 2025, and are signed on its behalf by:
M K M Farmiloe
Director
Registered Company No. 09060769
Pets Love Fresh Limited
Notes to the Financial Statements
for the year ended 31 May 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Going concern
The financial statements have been prepared on a going concern basis which assumes that the Company will continue in operational existence for the foreseeable future and will be able to meet its debts as they fall due. The Company made a loss for the year, and had net current liabilities of £897,791 and net assets of £3,995 at the Statement of Financial Position date. The directors confirm that the Company has sufficient access to working capital and investment to support the business for the foreseeable future. As a result of this, they consider it appropriate to continue adopting the going concern basis of accounting.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Operating leases
Where, substantially, all the risks and rewards of ownership of the asset do not transfer from the lessor to the company, the lease is treated as an operating lease. Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Share-based payments
The company provides share-based payment arrangements to certain employees. Equity-settled arrangements are measured at fair value (excluding the effect of non-market based vesting conditions) at the date of the grant. The fair value is expensed on a straightline basis over the vesting period. The amount recognised as an expense is adjusted to reflect the actual number of shares or options that will vest. Where equity-settled arrangements are modified, and are of benefit to the employee, the incremental fair value is recognised over the period from the date of modification to date of vesting. Where a modification is not beneficial to the employee there is no change to the charge for share-based payment. Settlements and cancellations are treated as an acceleration of vesting and the unvested amount is recognised immediately in the income statement.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account. 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: Website costs 10 years straight line
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Land and buildings50
Plant and machinery10
Office Equipment5
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.
2.Average number of employees

20242023
Average number of employees during the year2221
3.Intangible assets

Total

£
Cost or valuation
At 01 June 2379,616
Additions36,550
At 31 May 24116,166
Amortisation and impairment
At 01 June 2329,346
Charge for year7,910
At 31 May 2437,256
Net book value
At 31 May 2478,910
At 31 May 2350,270
4.Tangible fixed assets

Total

£
Cost or valuation
At 01 June 23167,147
Additions705,567
At 31 May 24872,714
Depreciation and impairment
At 01 June 2323,005
Charge for year26,834
At 31 May 2449,839
Net book value
At 31 May 24822,875
At 31 May 23144,141
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables19,38128,397
Amounts owed by associates and joint ventures / participating interests2020
Other debtors109,598-
Total128,99928,417
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables517,066159,388
Bank borrowings and overdrafts4,610-
Amounts owed to related parties1,5271,527
Taxation and social security61,87655,995
Other creditors588,224189,523
Accrued liabilities and deferred income38,27218,763
Total1,211,575425,196
7.Pension commitments
The company operates a defined contribution pension scheme for the directors and senior employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date, unpaid contributions of £1,606 (2023: £1,874) were due to the fund. They are included in other creditors.
8.Share capital
The company's called up share capital comprises 43,657 Ordinary shares of £0.01 each (2023: 40,899 shares of £0.01 each). On 1 November 2023, 2,758 Ordinary £0.01 shares were issued and allotted at a premium of £397,152.
9.Related party transactions
Included within creditors due within one year are balances of £1,527 (2023: £1,527) owed to directors of the Company. These balances are unsecured and interest free with no fixed repayment terms.
10.Further information regarding the company's financial position
Other reserves comprises a share option reserve of £132,564 and Advance Subscription Agreements of £670,020. The Company has an EMI share option scheme for certain members of key personnel. The number of share options outstanding at the year end was 5,250 (2023: 5,250) The average exercise price was £25.25 (2023: £25.25) The fair value of the share options at the grant date was calculated using the Black Scholes model, which is considered to be the most appropriate generally accepted valuation method of measuring fair value. The company recognised total expenses of £22,795 and £32,615 related to equity-settled share-based payment transactions in 2024 and 2023 respectively.