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Registered Number:06678666













PROPET LIMITED






FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024











 
PROPET LIMITED
 

 
COMPANY INFORMATION


Directors
Mr H Habe 
Mr T Kuhne 




Company secretary
Mr D Bliss



Registered number
06678666



Registered office
6-9 Northgate House
Plough Road Centre

Great Bentley

Colchester

Essex

CO7 8LG




Independent auditor
Sumer Auditco Limited
Statutory Auditor

820 The Crescent

Colchester Business Park

Colchester

Essex

CO4 9YQ




Bankers
National Westminster Bank Plc
10 Station Road

Clacton-on-Sea

Essex

CO15 1TA






 
PROPET LIMITED
 


CONTENTS



Page
Strategic Report
1
Directors' Report
2 - 4
Independent Auditor's Report
5 - 8
Statement of Comprehensive Income including Profit and Loss Account
9
Balance Sheet
10
Statement of Changes in Equity
11
Statement of Cash Flows
12
Analysis of Net Debt
13
Notes to the Financial Statements
14 - 21



 
PROPET LIMITED
 

 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The directors present below the strategic report for the year ended 31 December 2024.

Business review
 
The directors consider the results for the year and the financial position at the year end to be satisfactory: turnover and gross profit are both considered to have remained strong during the year. The current ratio of the Company is 1.00 (2023 - 1.00).
In terms of the uncertainties facing the company, the directors continue to actively take steps to minimise the potential risks to its supply chain, together with the risks that may affect turnover, costs and overall profitability. The Company remains in a healthy cash position. In addition, forecasting indicates that the Company is able to continue to meet its liabilities as they fall due. Further resilience is provided by the established relationships already in place with a number of customers and suppliers, which helps to both spread and mitigate some of the trading risks the Company may face. However, the directors acknowledge the inherent ongoing uncertainties faced by the Company, in line with those faced by the wider economy as a whole. 

Price risk
 
Prices of both items purchased and sold are regularly reviewed and any potential risks, including foreign exchange risks, are mitigated as soon as foreseen.

Credit Risk
 
When applicable, investments of cash surpluses are only made through banks and companies whose credit rating is considered to be satisfactory by the directors.
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are reviewed on a regular basis and provision is made for doubtful debts when necessary.

Liquidity risk and cash flow

The Company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring that the Company has sufficient liquid resources to meet the operating needs of the business.

Financial instruments

The directors regularly review and manage the financial risk management objectives and policies associated with the Company's activities. The company's principal financial instruments include instruments to manage currency risks that arise from the Company's operations. In accordance with the Company's treasury policy, financial instruments are not entered into for speculative purposes. 


This report was approved by the board on 24 June 2025 and signed on its behalf.



Mr T Kuhne
Director


- 1 -



 
PROPET LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Principal activity

The principal activity of the company during the year was the import of pet food for wholesale.

Results and dividends

The profit for the year, after taxation, amounted to £15,824 (2023 - £11,344).

The directors have not recommended a dividend.

Directors

The directors who served during the year were:

Mr H Habe 
Mr T Kuhne 

Future developments

Whilst the focus for the future is of continued growth, the directors acknowledge that any developments will inevitably be affected by the challenges discussed in the Strategic Report.

Financial instruments

All relevant disclosures have been included in the Strategic Report.


- 2 -



 
PROPET LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Directors' responsibilities statement

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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Auditor

On 28 March 2024 our auditor, SB Audit LLP, merged with Sumer Auditco Limited.
Accordingly SB Audit LLP formally resigned as the Company's auditor with the Directors duly appointing Sumer Auditco Limited to fill the vacancy arising. The auditor, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.


- 3 -



 
PROPET LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

This report was approved by the board on 24 June 2025 and signed on its behalf.
 





Mr D Bliss
Secretary


- 4 -



 
PROPET LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PROPET LIMITED

Opinion


We have audited the financial statements of Propet Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income including the Profit and Loss Account, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.



- 5 -



 
PROPET LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PROPET LIMITED (CONTINUED)

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 ReportOur 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. 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 course of 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.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the 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 and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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.



- 6 -



 
PROPET LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PROPET LIMITED (CONTINUED)

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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the directors (as required by auditing standards), inspection of the company's regulatory and legal correspondence and discussed with the directors the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.
The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
Secondly, the company is subject to many other laws and regulations where the consequences of non compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: pet food product standards, import/export compliance, GDPR, anti-bribery and corruption, human rights and plastic packaging tax regulations. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the company complies with such regulations; enquiries of management and those charged with governance concerning any actual or potential litigation or claims, inspection of any relevant legal documentation, testing the appropriateness of journal entries and the performance of analytical review to identify any unexpected movements in account balances which may be indicative of fraud.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.



- 7 -



 
PROPET LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PROPET LIMITED (CONTINUED)

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 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in 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.





Piers Harrison (Senior Statutory Auditor)
  
for and on behalf of
Sumer Auditco Limited
 
Statutory Auditor
  
820 The Crescent
Colchester Business Park
Colchester
Essex
CO4 9YQ

22 July 2025

- 8 -



 
PROPET LIMITED
 

 
STATEMENT OF COMPREHENSIVE INCOME INCLUDING THE PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
36,457,089
37,124,007

Cost of sales
  
(35,078,846)
(35,767,404)

Gross profit
  
1,378,243
1,356,603

Administrative expenses
  
(1,378,291)
(1,356,633)

Operating loss
 5 
(48)
(30)

Interest receivable and similar income
  
18,027
11,374

Profit before tax
  
17,979
11,344

Tax on profit
 8 
(2,155)
-

Profit for the financial year
  
15,824
11,344

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income including the profit and loss account.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 14 to 21 form part of these financial statements.


- 9 -



 
PROPET LIMITED
REGISTERED NUMBER:06678666


BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

  

Current assets
  

Stocks
 9 
565,908
330,752

Debtors: amounts falling due within one year
 10 
6,888,588
7,371,178

Cash at bank and in hand
 11 
528,888
1,165,301

  
7,983,384
8,867,231

Creditors: amounts falling due within one year
 12 
(7,955,242)
(8,854,913)

Net current assets
  
 
 
28,142
 
 
12,318

Total assets less current liabilities
  
28,142
12,318

  

Net assets
  
28,142
12,318


Capital and reserves
  

Called up share capital 
 13 
2
2

Profit and loss account
  
28,140
12,316

  
28,142
12,318


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 June 2025.




Mr T Kuhne
Director

The notes on pages 14 to 21 form part of these financial statements.


- 10 -



 
PROPET LIMITED
 


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2024
2
12,316
12,318



Profit for the year
-
15,824
15,824


At 31 December 2024
2
28,140
28,142


The notes on pages 14 to 21 form part of these financial statements.


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
2
972
974



Profit for the year
-
11,344
11,344


At 31 December 2023
2
12,316
12,318


The notes on pages 14 to 21 form part of these financial statements.


- 11 -



 
PROPET LIMITED
 


STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
15,824
11,344

Adjustments for:

Interest received
(18,027)
(11,374)

Taxation charge
2,155
-

(Increase)/decrease in stocks
(235,156)
98,520

Decrease/(increase) in debtors
482,590
(15,212)

(Decrease)/increase in creditors
(649,671)
707,962

Corporation tax paid
(2,155)
-

Net cash generated from operating activities

(404,440)
791,240


Cash flows from investing activities

Interest received
18,027
11,374

Net cash from investing activities

18,027
11,374


Loans received
-
250,000

Repayment of loans
(250,000)
-

Net cash (used in)/from financing activities
(250,000)
250,000

Net (decrease)/increase in cash and cash equivalents
(636,413)
1,052,614

Cash and cash equivalents at beginning of year
1,165,301
112,687

Cash and cash equivalents at the end of year
528,888
1,165,301


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
528,888
1,165,301

528,888
1,165,301


The notes on pages 14 to 21 form part of these financial statements.


- 12 -



 
PROPET LIMITED
 


ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

1,165,301

(636,413)

528,888

Debt due within 1 year

(250,000)

250,000

-


915,301
(386,413)
528,888

The notes on pages 14 to 21 form part of these financial statements.


- 13 -



 
PROPET LIMITED
 

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

1.


General information

Propet Limited is a private company limited by share capital, incorporated in England and Wales, registration number 06678666. The address of the registered office is 6-9 Northgate House, Plough Road Centre, Great Bentley, Colchester, Essex, CO7 8LG. 

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company has a solid track record and sufficient financial resources together with long standing relationships with key clients and suppliers. As a consequence, the directors believe that the Company is well placed to manage its business risks successfully. Looking forward, the long term strategy of the company includes continuation of the business in the UK and Europe. The directors therefore have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

 
2.3

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.


- 14 -



 
PROPET LIMITED
 

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

2.Accounting policies (continued)

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Sale of goods

Turnover 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 turnover 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.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Taxation

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 income 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.


  
2.8

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. 
At each reporting 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.


- 15 -



 
PROPET LIMITED
 

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

2.Accounting policies (continued)

 
2.9

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.


- 16 -



 
PROPET LIMITED
 

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

2.Accounting policies (continued)

 
2.10

Financial instruments


Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets or financial liabilities:
•  Short term debtors (financial assets) are measured at amortised cost.
• Short term creditors (financial liabilities) are measured at amortised cost.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

  
2.11

Restated Comparatives

Certain comparatives have been restated on the grounds of comparability. This comprises the reanalysis of certain trade creditor balances to either accruals or other creditors. 


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Judgements are required of the directors in respect of the accounting policies.  Of particular significance are the areas of stock valuation and bad debts.  The directors exercise judgement in these areas where there is a degree of uncertainty and provide estimates as accurately as possible, based on all available information, where this is required.  In respect of stocks, estimation uncertainty is mitigated by virtue of the Company's use of bonded warehouses, close control over both purchase and sales prices, and by ongoing reviews to ensure that the carrying value in the accounts is fairly stated in accordance with the accounting policies.  Regarding bad debts, the directors have assessed and concluded that a general provision is not required.  Where specific bad debts are identified these are provided for on the basis of all known information.


4.


Analysis of turnover

The whole of the turnover is attributable to the one principal activity of the company.

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
35,049,226
35,786,312

Rest of Europe
1,407,863
1,337,695

36,457,089
37,124,007



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PROPET LIMITED
 

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

5.


Operating loss

The operating loss is stated after charging:

2024
2023
£
£

Exchange differences
140,549
92,528


6.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
12,050
11,370

Fees payable to the Company's auditor for non-audit services
2,500
2,360


7.


Employees



The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Number of management staff
2
2

The staff noted above are directors. No salaries, or other remuneration, have been paid to directors in either the current or previous year.


- 18 -



 
PROPET LIMITED
 

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

8.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
2,155
-


2,155
-


Total current tax
2,155
-

Deferred tax

Total deferred tax
-
-


Taxation on profit on ordinary activities
2,155
-

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of25% (2023 - 25%).  The standard rate of corporation tax in the UK increased from 19% to 25% on 1 April 2023 and therefore the rate used to calculated the tax charge for the year ended 31 December 2023 was 23.5%, being the average rate.  
The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
17,979
11,344


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
4,495
2,836

Effects of:


Change in tax rate
-
(681)

Other differences leading to a decrease in the tax charge
(4,495)
(2,155)

Under provision of prior year tax
2,155
-

Total tax charge for the year
2,155
-


- 19 -



 
PROPET LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
8.Taxation (continued)


Factors that may affect future tax charges

There are no factors that may materially affect future tax charges.


9.


Stocks

2024
2023
£
£

Finished goods and goods for resale
565,908
330,752

565,908
330,752



10.


Debtors

2024
2023
£
£


Trade debtors
6,888,588
7,371,178

6,888,588
7,371,178



11.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
528,888
1,165,301

528,888
1,165,301



- 20 -



 
PROPET LIMITED
 

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

12.


Creditors: Amounts falling due within one year

2024
Restated
2023
£
£

Loans
-
250,000

Trade creditors
5,393,391
5,858,074

Other taxation and social security
1,155,731
1,147,515

Other creditors
697,570
675,624

Accruals and deferred income
708,550
923,700

7,955,242
8,854,913



13.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2 (2023 - 2) Ordinary shares of £1.00 each
2
2



14.


Related party transactions

During the year the company was under the joint control of Rondo Food GmbH & Co. KG and Pro Pet Austria Heimteirnahrung GmbH.
During the year, the company purchased goods and services from those entities with joint control over the company of £31,937,481 (2023 - £32,467,249). Of this, £3,667,276 (2023 - £3,858,134) remained outstanding at the year end.
The company raised invoices to those entities with joint control over the company amounting to £141,628 (2023 - £146,508), representing the reimbursement of direct and overhead costs and commissions received. Of this £41,710  (2023 - £22,569) remained outstanding at the year end.
 

 

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