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Registered number: 05282362
Vital Pet Group Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 28 June 2024
Contents
Page
Strategic Report 1—2
Directors' Report 3—4
Independent Auditor's Report 5—8
Profit and Loss Account 9
Statement of Comprehensive Income 10
Balance Sheet 11—12
Statement of Changes in Equity 13
Statement of Cash Flows 14
Notes to the Statement of Cash Flows 15
Notes to the Financial Statements 16—25
Page 1
Strategic Report
The directors present their strategic report for the year ended 28 June 2024.
Review of the Business
The Directors are pleased to report a resilient financial performance for the year ended 28 June 2024, maintaining profitability despite a challenging trading environment and constrained supply of key product lines.
During the year, the business was significantly impacted by inconsistent supply from several key brand manufacturing partners.  These supply issues disrupted the availability of core product ranges and adversely affected the company’s ability to fulfil customer demand at optimal service levels.  The inconsistency in factory output, caused by a combination of raw material shortages and operational delays at brand partner facilities, restricted revenue growth opportunities and limited the company’s ability to build momentum in otherwise buoyant demand segments.
Despite these challenges, the company generated a turnover of £34,867,979 (2023: £31,277,677), a relatively stable performance that reflects successful mitigation strategies including the sourcing of substitute products, realignment of promotional activity, and strengthened customer communication. The Directors believe this result demonstrates the business’s resilience and ability to adapt its operations under pressure.
Profit after tax for the year was £177,161 (2023: £576,903), reflecting both the gross margin impact of substituted product lines and a notable increase in financing costs to £386,451 (2023: £150,504), in part driven by higher interest rates on working capital facilities.  Nevertheless, operational cash flow remained strong at £840,412 (2023:£873,786), and the company’s ability to self-finance working capital requirements continues to demonstrate its underlying commercial strength.
EBITDA for the year was £967,015 (2023: £1,307,377), and administrative expenses increased slightly to £3,628,844 (2023: £3,431,958), primarily due to strategic investments in acquisitions, commercial resource and technology, as well as additional consultancy and compliance support.
Strategically, the business continued to evolve its model from a traditional wholesale operation to a value-led distribution partnership.  This transition has been supported by a newly established internal sales team focused on building deeper commercial relationships with key retail partners. This approach enables the company to deliver merchandising and brand execution support, reinforcing customer loyalty and differentiating Vital Pet Group from passive wholesalers.
The company also progressed in broadening its customer profile and deepening engagement with strategic brand owners.  Exclusive distribution partnerships remain a core focus, as does the identification of emerging pet care brands that align with evolving consumer demand.  Strengthening supplier relationships and investing in management capability remain central to the company’s forward strategy.
While the independent pet retail channel continues to provide a stable base of business, the company recognises future growth opportunities exist across an increasingly diverse set of retail channels, including digitally native platforms and omnichannel operators.
The Directors acknowledge that trading conditions are likely to remain demanding over the next 12 months, particularly in light of ongoing cost inflation and global supply imbalances. However, they remain confident that the company’s strategic positioning, operational discipline, and strong customer partnerships will continue to support sustainable performance in the year ahead.
Principal Risks and Uncertainties
The Directors regularly review the key risks facing the business and take appropriate steps to mitigate their potential impact.  The most significant risks identified during the year relate to supply chain reliability, inflationary cost pressures, and shifts in consumer behaviour.
Supply Chain Risk: The business remains dependent on the operational performance of third-party manufacturing partners. Disruption to supply, particularly of exclusive or high-volume SKUs can materially impact the company’s ability to meet customer expectations. To mitigate this, the company has increased its focus on supplier diversification, established closer links with upstream manufacturing operations, and invested in stock profiling to manage availability more effectively.
...CONTINUED
Page 1
Page 2
Principal Risks and Uncertainties - continued
Cost Inflation and Financing Risk: The wider inflationary environment, particularly in logistics, packaging, and energy, has placed pressure on margins and working capital. Additionally, higher interest rates have increased the cost of debt. The company continues to monitor cost trends closely and has taken proactive steps to manage overheads, negotiate revised terms with key stakeholders, and enhance pricing discipline.
Market and Channel Risk: As consumer behaviour continues to evolve, particularly the shift toward online retail, the company faces risks related to changing demand patterns and increased competition from non-traditional players. The business has responded by diversifying its channel mix and investing in customer insight to better align its offer with emerging needs.
The Directors remain vigilant in their assessment of both macroeconomic and industry-specific risks, supported by ongoing investment in governance, compliance, and internal controls.
Future Developments
Looking ahead, the company intends to continue progressing its strategic transformation from a transactional wholesaler to a value-led, insight-driven distribution partner.This includes:
  • Expanding its exclusive brand portfolio through deeper collaboration with both established and emerging suppliers.
  • Enhancing customer engagement via improved digital ordering tools, merchandising support, and account management capability.
  • Leveraging technology to improve forecasting, stock control, and service delivery.
  • Exploring potential acquisition opportunities that complement the company’s core competencies and provide access to new customer segments or product categories.
The business will also continue to build its omnichannel presence, supporting customers across traditional retail, e-commerce, and hybrid platforms. Investment in people, processes, and systems will remain a priority to ensure scalable, sustainable growth.
Research and Development
While the company does not engage in traditional research and development in a scientific or manufacturing sense, it continues to invest in commercial innovation that supports long-term value creation.  This includes ongoing work to refine category management practices, improve data-driven decision-making, and test new service propositions with both suppliers and customers.  In addition, Vital Pet Group continues to evaluate emerging consumer trends, particularly in health, nutrition, and sustainability to inform future product and partner selection.
The Directors consider these activities to be strategically important and aligned with the business’s objective to remain agile, relevant, and differentiated in a competitive marketplace.
On behalf of the board
Mr Ravi Sharma
Director
26 June 2025
Page 2
Page 3
Directors' Report
The directors present their report and the financial statements for the year ended 28 June 2024.
Principal Activity
The company's principal activity continues to be that of wholesale of pet food, treats and accessories.
Dividends
The value of dividends paid amounted to £NIL .
The directors recommended a final dividend of £NIL .
Directors
The directors who held office during the year were as follows:
Mr Ravi Sharma
Mr Sunny Sharma
Mr Peter Brame Appointed 01/08/2024
Matters covered in the Strategic Report
Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report 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, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
  • 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
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Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved: 
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Independent Auditors
The auditors, De Montfort Advisory Limited T/A Pinnacle, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Mr Ravi Sharma
Director
26 June 2025
Page 4
Page 5
Independent Auditor's Report
Opinion
We have audited the financial statements of Vital Pet Group Limited for the year ended 28 June 2024 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the company's affairs as at 28 June 2024 and of its profit/(loss) 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 Auditor's 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 entity's ability to continue as a going concern for a period of at least 12 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 other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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.
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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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.
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 Directors' Report.
We have nothing to report in respect of the following matters in relation to which 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 or 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 Directors' Responsibilities Statement set out on page 3—4, 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 is 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.
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Auditor's 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 an auditor's report 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: 
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
  • the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
  • we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience;
  • we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
  • we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
  • identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
  • making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
  • considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect noncompliance with all laws and regulations.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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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 that we are required to state to them in an auditor's report 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.
Sandip Kumar (Senior Statutory Auditor)
for and on behalf of De Montfort Advisory Limited T/A Pinnacle , Statutory Auditor
26 June 2025
De Montfort Advisory Limited T/A Pinnacle
T/A Pinnacle Accountants
32 De Montfort Street
Leicester
LE1 7GD
Page 8
Page 9
Profit and Loss Account
2024 2023
Notes £ £
TURNOVER 4 34,867,979 31,277,677
Cost of sales (31,536,763 ) (26,799,343 )
GROSS PROFIT 3,331,216 4,478,334
Administrative expenses (3,628,844 ) (3,431,958 )
Other operating income 1,000,000 -
OPERATING PROFIT 5 702,372 1,046,376
Interest payable and similar charges 10 (386,451 ) (150,504 )
PROFIT BEFORE TAXATION 315,921 895,872
Tax on Profit 11 (138,760 ) (318,969 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 177,161 576,903
The notes on pages 15 to 25 form part of these financial statements.
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Statement of Comprehensive Income
2024 2023
£ £
PROFIT FOR THE FINANCIAL YEAR 177,161 576,903
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 177,161 576,903
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Balance Sheet
Registered number: 05282362
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 12 33,008 38,509
Tangible Assets 13 2,155,028 2,392,995
2,188,036 2,431,504
CURRENT ASSETS
Stocks 14 2,136,368 1,816,236
Debtors 15 14,132,306 14,699,788
Cash at bank and in hand 10,827 45,388
16,279,501 16,561,412
Creditors: Amounts Falling Due Within One Year 16 (5,880,152 ) (6,396,447 )
NET CURRENT ASSETS (LIABILITIES) 10,399,349 10,164,965
TOTAL ASSETS LESS CURRENT LIABILITIES 12,587,385 12,596,469
Creditors: Amounts Falling Due After More Than One Year 17 (200,000 ) (400,000 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 19 (470,404 ) (456,649 )
NET ASSETS 11,916,981 11,739,820
CAPITAL AND RESERVES
Called up share capital 21 2,000,000 2,000,000
Revaluation reserve 1,763,023 1,763,023
Profit and Loss Account 8,153,958 7,976,797
SHAREHOLDERS' FUNDS 11,916,981 11,739,820
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The financial statements were approved by the board of directors on 26 June 2025 and were signed on its behalf by:
Mr Ravi Sharma
Director
26 June 2025
The notes on pages 15 to 25 form part of these financial statements.
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Statement of Changes in Equity
Share Capital Revaluation reserve Profit and Loss Account Total
£ £ £ £
As at 29 June 2022 2,000,000 1,763,023 7,399,894 11,162,917
Profit for the year and total comprehensive income - - 576,903 576,903
As at 28 June 2023 and 29 June 2023 2,000,000 1,763,023 7,976,797 11,739,820
Profit for the year and total comprehensive income - - 177,161 177,161
As at 28 June 2024 2,000,000 1,763,023 8,153,958 11,916,981
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Statement of Cash Flows
2024 2023
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 840,412 873,786
Interest paid (386,451 ) (150,504 )
Tax paid (35,685 ) -
Net cash generated from operating activities 418,276 723,282
Cash flows from investing activities
Purchase of tangible assets (21,175 ) (129,714 )
Cash flows from financing activities
Repayment of bank borrowings (200,000 ) (200,000 )
Repayment of other loans (231,662) (1,132,135)
Repayment of finance leases - (8,746 )
Amount introduced by directors - 500,000
Net cash used in financing activities (431,662 ) (840,881 )
Decrease in cash and cash equivalents (34,561 ) (247,313 )
Cash and cash equivalents at beginning of year 2 45,388 292,701
Cash and cash equivalents at end of year 2 10,827 45,388
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Notes to the Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from operations
2024 2023
£ £
Profit for the financial year 177,161 576,903
Adjustments for:
Tax on profit 138,760 318,969
Interest expense 386,451 150,504
Amortisation of intangible assets 5,501 5,501
Depreciation of tangible assets 259,142 255,500
Movements in working capital:
(Increase)/decrease in stocks (320,132 ) 612,756
Decrease in trade and other debtors 567,482 684,794
Decrease in trade and other creditors (373,953 ) (1,731,141 )
Net cash generated from operations 840,412 873,786
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2024 2023
£ £
Cash at bank and in hand 10,827 45,388
3. Analysis of changes in net debt
As at 29 June 2023 Cash flows As at 28 June 2024
£ £ £
Cash at bank and in hand 45,388 (34,561) 10,827
Debts falling due within one year (2,508,917 ) 231,662 (2,277,255 )
Debts falling due after more than one year (400,000) 200,000 (200,000)
(2,863,529) 397,101 (2,466,428)
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Notes to the Financial Statements
1. General Information
Vital Pet Group Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05282362 . The registered office is Unit 16, Commercial Road, Goldthorpe, Bolton Upon Dearne, Rotherham, South Yorkshire, S63 9BL.
2. Statement of Compliance
The 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.
3. Accounting Policies
3.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
3.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
3.3. Significant judgements and estimations
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3.4. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
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3.5. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are software It is amortised to profit and loss account over its estimated economic life of 10 years.
3.6. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 5% on cost
Plant & Machinery 5% on cost and 25% on reducing balance
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 5% - 25% on cost
3.7. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
3.8. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
3.9. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
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3.10. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
3.11. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
3.12. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3.13. Provisions and Contingencies
Provisions
Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.
Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.
Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as a finance cost.
Contingencies
...CONTINUED
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3.13. Provisions and Contingencies - continued
Contingent liabilities are not recognised. Contingent liabilities arise as a result of past events when (i) it is not probable that there will be an outflow of resources or that the amount cannot be reliably measured at the reporting date or (ii) when the existence will be confirmed by the occurrence or non-occurrence of uncertain future events not wholly within the company’s control. Contingent liabilities are disclosed in the financial statements unless the probability of an outflow of resources is remote.
Contingent assets are not recognised. Contingent assets are disclosed in the financial statements when an inflow of economic benefits is probable.
3.14. Employee Benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock of fixed assets.
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 employment of an employee or to provide termination benefits.
3.15. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3.16. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
4. Turnover
Analysis of turnover by geographical market is as follows:
2024 2023
£ £
United Kingdom 34,867,979 31,277,677
34,867,979 31,277,677
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5. Operating Profit
The operating profit is stated after charging:
2024 2023
£ £
Depreciation of tangible fixed assets 259,142 255,500
Amortisation of intangible fixed assets 5,501 5,501
6. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2024 2023
£ £
Audit Services
Audit of the company's financial statements 15,000 16,028
7. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2024 2023
£ £
Wages and salaries 1,979,222 2,059,852
Social security costs 162,904 164,386
Other pension costs 30,922 31,544
2,173,048 2,255,782
8. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2024 2023
Office and administration 28 14
Sales, marketing and distribution 58 75
86 89
9. Directors' remuneration
There were no director remuneration paid during the year.
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10. Interest Payable and Similar Charges
2024 2023
£ £
Bank loans and overdrafts 388,289 165,695
Foreign exchange charges (21,125 ) (15,191 )
Late payment tax charges 19,287 -
386,451 150,504
11. Tax on Profit
The tax charge on the profit for the year was as follows:
Tax Rate 2024 2023
2024 2023 £ £
Current tax
UK Corporation Tax 25.0% 21.9% 125,005 221,924
Deferred Tax
Deferred taxation 13,755 97,045
Total tax charge for the period 138,760 318,969
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
2024 2023
£ £
Profit before tax 315,921 895,872
Tax on profit at 25% (UK standard rate) 65,569 221,688
Goodwill/depreciation not allowed for tax 66,160 57,341
Capital allowances (20,135 ) 39,940
Short term timing differences 27,166 -
Total tax charge for the period 138,760 318,969
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12. Intangible Assets
Other
£
Cost
As at 29 June 2023 55,013
As at 28 June 2024 55,013
Amortisation
As at 29 June 2023 16,504
Provided during the period 5,501
As at 28 June 2024 22,005
Net Book Value
As at 28 June 2024 33,008
As at 29 June 2023 38,509
13. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 29 June 2023 923,783 2,111,069 294,880 1,142,998 4,472,730
Additions - 21,175 - - 21,175
As at 28 June 2024 923,783 2,132,244 294,880 1,142,998 4,493,905
Depreciation
As at 29 June 2023 681,946 710,089 251,958 435,742 2,079,735
Provided during the period 7,591 191,799 2,601 57,151 259,142
As at 28 June 2024 689,537 901,888 254,559 492,893 2,338,877
Net Book Value
As at 28 June 2024 234,246 1,230,356 40,321 650,105 2,155,028
As at 29 June 2023 241,837 1,400,980 42,922 707,256 2,392,995
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
14. Stocks
2024 2023
£ £
Stock 2,136,368 1,816,236
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15. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,557,858 4,887,818
Prepayments and accrued income 3,322,673 2,610,411
VAT 191,830 309,134
Amounts owed by group undertakings 6,297,707 6,297,707
Amounts owed by associates 2,762,238 594,718
14,132,306 14,699,788
16. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 2,478,574 2,829,914
Bank loans and overdrafts 200,000 200,000
Other loans 2,077,255 2,308,917
Other creditors 513,742 507,840
Corporation tax 545,897 456,577
Taxation and social security 47,355 19,404
Accruals and deferred income 17,329 73,795
5,880,152 6,396,447
17. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 200,000 400,000
18. Loans
An analysis of the maturity of loans is given below:
2024 2023
£ £
Amounts falling due within one year or on demand:
Bank loans 200,000 200,000
Other loans 2,077,255 2,308,917
2,277,255 2,508,917
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2024 2023
£ £
Amounts falling due between one and five years:
Bank loans 200,000 400,000
The long-term loans are secured by fixed charges over fixed and floating charge over all current and future assets of the company.
The invoice discounting are secured by fixed charge and floating charge. Floating charge covers all the properties owned by the company.
Long term loan is repayable over six years. Loan interest is  3.5% above the base rate.
19. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Accelerated capital allowances 470,404 456,649
20. Provisions for Liabilities
Deferred Tax Total
£ £
As at 29 June 2023 456,649 456,649
Deferred taxation 13,755 13,755
Balance at 28 June 2024 470,404 470,404
21. Share Capital
2024 2023
Allotted, called up but not fully paid £ £
2,000,000 Ordinary Shares of £ 1.00 each 2,000,000 2,000,000
22. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £30,922 (2023: £31,544).
At the balance sheet date contributions of £7,845 (2023: £5,444) were due to the fund and are included in creditors.
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23. Related Party Disclosures
Paramount Retail Group Holdings LimitedParent companyAmount owed by parent company - £6,297,707 (2023 - £6,297,707)

Paramount Retail Group Holdings Limited

Parent company

Amount owed by parent company - £6,297,707 (2023 - £6,297,707)

Other Related PartiesRelated parties not part of groupSales made during the year - £20,595,540 (2023 - £1,971,412). Purchases made during the year - £14,071,306.

Other Related Parties

Related parties not part of group

Sales made during the year - £20,595,540 (2023 - £1,971,412). Purchases made during the year - £14,071,306.

Amount owed by other related parties - £2,762,238 (2023 - £594,718)
24. Controlling Parties
The company's immediate parent undertaking is Paramount Retail Group Holdings Limited .
The ultimate parent undertaking is PRG holdco 1 Limited (incorporated in England & Wales). Its registered office is Paramount House Gelderd Road, Birstall, Batley, England, WF17 9QD .
Copies of the group accounts may be obtained from the company's registered office.
The company's ultimate controlling party is Mr R Sharma by virtue of their interest in the share capital of the company.
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