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Registration number: 08936794

Ideal Pet Foods Limited
Filleted Financial Statements
for the Year Ended 31 December 2025

Ideal Pet Foods Limited

Contents

Statement of Financial Position | 1
Notes to the Financial Statements | 2 to 8

Ideal Pet Foods Limited

(Registration number: 08936794)
Statement of Financial Position as at 31 December 2025

| Note | 31 December 2025 £ | 31 December 2024 £
Fixed assets |  |  |
Tangible assets | 4 | 1,468 | 3,500
Current assets |  |  |
Stocks | 5 | 24,975 | -
Debtors | 6 | 15,195 | 12,382
Cash at bank and in hand |  | 15,137 | 200,540
|  | 55,307 | 212,922
Creditors: Amounts falling due within one year | 7 | (415,721) | (540,774)
Net current liabilities |  | (360,414) | (327,852)
Total assets less current liabilities |  | (358,946) | (324,352)
Provisions for liabilities |  | (367) | -
Net liabilities |  | (359,313) | (324,352)
Capital and reserves |  |  |
Called up share capital | 8 | 1 | 1
Profit and loss account |  | (359,314) | (324,353)
Shareholders' deficit |  | (359,313) | (324,352)

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 31 March 2026 and signed on its behalf by:

......................................... M McEllone Director |  |

Ideal Pet Foods Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Courtyard
Trewolland
Liskeard
Cornwall
PL14 3NL

Principal activity

The principal activity of the company is fish product for pet food.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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

Ideal Pet Foods Limited

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

2 | Accounting policies (continued)

Going concern

Following the year end, the company has decided to cease trading in the first quarter of 2026. Accordingly, these financial statements have been prepared on a basis other than going concern. No adjustments have been made to these financial statements in respect of this.

Audit report

The Independent Auditor's Report was unqualified. We draw attention to note 2 in the financial statements, which indicates that following the year end, the company has decided to cease trading in the first quarter of 2026. Accordingly, these financial statements have been prepared on a basis other than going concern. Our opinion is not modified in respect of this matter..

The name of the Senior Statutory Auditor who signed the audit report on 31 March 2026 was Veronique Constantine, who signed for and on behalf of Westcotts (SW) LLP.

.........................................

Turnover

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.

Foreign currency transactions and balances

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.

Ideal Pet Foods Limited

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

2 | Accounting policies (continued)

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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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:

Asset class | Depreciation method and rate
Plant and machinery | 25% straight line
Office equipment | 3 years straight line

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

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Ideal Pet Foods Limited

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

2 | Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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 in finance costs in profit or loss in the period it arises.

Defined contribution pension obligation

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 in finance costs in profit or loss in the period in which it arises.

Ideal Pet Foods Limited

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

2 | Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2024 - 4).

4 | Tangible assets

| Plant and machinery £ | Total £
Cost or valuation
At 1 January 2025 | 8,023 | 8,023
At 31 December 2025 | 8,023 | 8,023
Depreciation
At 1 January 2025 | 4,523 | 4,523
Charge for the year | 2,032 | 2,032
At 31 December 2025 | 6,555 | 6,555
Carrying amount
At 31 December 2025 | 1,468 | 1,468
At 31 December 2024 | 3,500 | 3,500

5 | Stocks

| 2025 £ | 2024 £
Finished goods and goods for resale | 24,975 | -

Ideal Pet Foods Limited

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

6 | Debtors

|  | 31 December 2025 £ | 31 December 2024 £
Trade debtors |  | 11,507 | 8,938
Amounts owed by related parties |  | 288 | -
Other debtors |  | 1,511 | 3,444
Income tax asset |  | 1,889 | -
|  | 15,195 | 12,382

7 | Creditors

Creditors: amounts falling due within one year

| 31 December 2025 £ | 31 December 2024 £
Bank overdraft | 402,739 | 92
Trade creditors | 1,744 | 3,673
Amounts owed to group undertakings and undertakings in which the company has a participating interest | - | 511,463
Taxation and social security | 7,302 | 19,818
Accruals | 3,457 | 5,728
Other creditors | 479 | -
| 415,721 | 540,774

8 | Share capital

Allotted, called up and fully paid shares

| 31 December 2025 | 31 December 2024
| No. | £ | No. | £
Ordinary shares of £1 each | 1 | 1 | 1 | 1

Ideal Pet Foods Limited

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

9 | Reserves

Profit and loss account:
This reserve records retained earnings and accumulated losses.

10 | Loans and borrowings

Current loans and borrowings

| 31 December 2025 £ | 31 December 2024 £
Bank overdrafts | 402,739 | 92

11 | Parent and ultimate parent undertaking

The immediate parent is Ideal Foods Limited, a company registered in the UK. The registered office number is 04173954 and registered office address is The Courtyard, Trewolland Farm, Liskeard, Cornwall, PL14 3NL.

The ultimate controlling party is Pelagia Holding AS, who's registered office is Bradbenken 1 5003, Bregen, Vestland, Norway.

12 | Non adjusting events after the financial period

Following the year end, the company has decided to cease trading in the first quarter of 2026. Accordingly, these financial statements have been prepared on a basis other than going concern. No adjustments have been made to these financial statements in respect of this.