We Love Pets Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 08651911

We Love Pets Limited

Unaudited financial statements

For the year ended

31 March 2025

We Love Pets Limited

Statement of financial position

31 March 2025

	2025		2024
			(restated)
Note	£	£	£	£

Fixed assets

Intangible assets	5	123,280	120,558
Tangible assets	6	199,159	220,206
		---------	---------
		322,439	340,764

Current assets

Stocks		1,550	1,250
Debtors	7	237,202	236,126
Cash at bank and in hand		14	676
		---------	---------
		238,766	238,052

Creditors: Amounts falling due within one year	8	( 271,908)		( 269,605)
		---------		---------
Net current liabilities			( 33,142)		( 31,553)
			---------		---------
Total assets less current liabilities			289,297		309,211

Creditors: Amounts falling due after more than one year	9		( 45,007)		( 67,849)

Provisions

Taxation including deferred tax	( 42,984)	( 47,489)
	---------	---------
Net assets	201,306	193,873
	---------	---------

Capital and reserves

Called up share capital	2	2
Profit and loss account	201,304	193,871
	---------	---------
Shareholders funds	201,306	193,873
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

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

We Love Pets Limited

Statement of financial position (continued)

31 March 2025

These financial statements were approved by the board of directors and authorised for issue on 23 December 2025 , and are signed on behalf of the board by:

Mrs J White

Director

Company registration number: 08651911

We Love Pets Limited

Notes to the financial statements

Year ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Wherry, Quay Street, Halesworth, Suffolk, IP19 8ET, England.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Development costs	-	5 year straight line
Trademarks	-	20 year straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Research and development

Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold property improvements	-	10% reducing balance
Plant and machinery	-	25% reducing balance
Fixtures and fittings	-	10% reducing balance
Motor vehicles	-	10% reducing balance
Computer equipment	-	25% reducing balance

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of employees during the year was 10 (2024: 12 ).

5. Intangible assets

	Development costs	Patents, trademarks and licences	Total
	£	£	£
Cost
At 1 April 2024 (as restated)	164,949	–	164,949
Additions	34,100	4,758	38,858
	---------	------	---------
At 31 March 2025	199,049	4,758	203,807
	---------	------	---------
Amortisation
At 1 April 2024	44,391	–	44,391
Charge for the year	36,038	98	36,136
	---------	------	---------
At 31 March 2025	80,429	98	80,527
	---------	------	---------
Carrying amount
At 31 March 2025	118,620	4,660	123,280
	---------	------	---------
At 31 March 2024	120,558	–	120,558
	---------	------	---------

6. Tangible assets

	Leasehold property improve-ments	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£	£
Cost
At 1 April 2024 (as restated)	153,812	1,638	45,216	57,711	27,222	285,599
Additions	–	–	382	–	2,816	3,198
	---------	------	-------	-------	-------	---------
At 31 March 2025	153,812	1,638	45,598	57,711	30,038	288,797
	---------	------	-------	-------	-------	---------
Depreciation
At 1 April 2024	13,079	640	17,721	18,862	15,091	65,393
Charge for the year	14,076	250	2,759	3,885	3,275	24,245
	---------	------	-------	-------	-------	---------
At 31 March 2025	27,155	890	20,480	22,747	18,366	89,638
	---------	------	-------	-------	-------	---------
Carrying amount
At 31 March 2025	126,657	748	25,118	34,964	11,672	199,159
	---------	------	-------	-------	-------	---------
At 31 March 2024	140,733	998	27,495	38,849	12,131	220,206
	---------	------	-------	-------	-------	---------

7. Debtors

	2025	2024
		(restated)
	£	£
Trade debtors	54,237	56,794
Amounts owed by group undertakings and undertakings in which the company has a participating interest	167,011	179,332
Other debtors	15,954	–
	---------	---------
	237,202	236,126
	---------	---------

8. Creditors: Amounts falling due within one year

	2025	2024
		(restated)
	£	£
Bank loans and overdrafts	8,716	41,340
Trade creditors	62,373	38,586
Social security and other taxes	180,318	116,893
Other loans	7,500	58,500
Other creditors	13,001	14,286
	---------	---------
	271,908	269,605
	---------	---------

Bank loans and overdrafts are secured in full on the assets of the company. Hire purchase agreements are secured in full on the assets of the company.

9. Creditors: Amounts falling due after more than one year

	2025	2024
		(restated)
	£	£
Bank loans and overdrafts	27,042	43,572
Other creditors	17,965	24,277
	-------	-------
	45,007	67,849
	-------	-------

Bank loans and overdrafts are secured in full on the assets of the company. Hire purchase agreements are secured in full on the assets of the company.