Registration number:
Farm and Pet Place Limited
for the Period from 1 March 2024 to 30 June 2025
Farm and Pet Place Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account and Statement of Retained Earnings |
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Balance Sheet |
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Notes to the Financial Statements |
Farm and Pet Place Limited
Company Information
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Directors |
P A Penketh S M Pritchard |
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Registered office |
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Auditors |
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Farm and Pet Place Limited
Strategic Report for the Period from 1 March 2024 to 30 June 2025
The directors present their strategic report for the period from 1 March 2024 to 30 June 2025.
Principal activity
The principal activity of the company is operation in pet retail across both physical stores and online.
Fair review of the business
Business Review and Performance
This has been a challenging period, consistent with wider market conditions. The pet trade has seen a general softening, with demand remaining subdued following the peak experienced during and immediately after the COVID-19 period.
All locations have experienced some decline in sales during the period, reflecting this wider market trend. This reduction is consistent with the normalisation of demand following the COVID-related increase in pet ownership and associated spending. Despite this, sales remain slightly ahead of pre-COVID levels, providing a more stable underlying position for the business.
Mold continues to underperform, primarily due to its location, and will be a focus for targeted promotional activity in the coming year. Retail continues to outperform online. We are planning to launch a new dedicated Pet Place online store, focused on higher-margin pet products, alongside the existing platform.
Operational Challenges and Supplier Strategy
Two key own-brand suppliers ceased trading during the year, creating gaps in our range. These have been partially addressed through alternative sourcing and the introduction of branded product lines where appropriate. These ranges are now delivering margins broadly in line with own-brand, and the overall impact has been manageable.
In addition, the business has experienced increased overhead pressures during the period, particularly in relation to wage costs driven by National Minimum Wage increases, rising National Insurance contributions, and higher energy costs. These pressures have been felt across the sector and have required careful management.
We will continue to work closely with suppliers to expand ranges, improve commercial terms, and reduce slow-moving and obsolete lines, while also actively identifying opportunities to control and reduce operating costs across the business.
Strategic Focus
This is a year of consolidation rather than expansion. The focus is on cost control, operational efficiency, and increased use of technology, including exploring AI where appropriate.
We will strengthen our online proposition through the new platform, while maintaining a clear focus on retail performance.
Farm and Pet Place Limited
Strategic Report for the Period from 1 March 2024 to 30 June 2025
Market Overview
The market has seen some smaller retailers exit. Trading conditions remain challenging, but a disciplined approach to cost control and operations positions the business well.
Shareholding and Control
During the period, Siôn and Paul acquired the remaining shares from the previous owner, supported by the company’s banking partners. This results in full alignment of ownership and governance.
Stakeholder Considerations
The business currently employs approximately 65 staff across its five locations. The directors recognise that the continued success of the business depends on the experience, stability, and development of its team. The company benefits from a strong level of staff retention, with many long-serving employees, and continues to invest in training and development initiatives across all areas of the business. Each store operates with its own management structure, supported by a senior team overseeing both retail and online operations.
The company places significant importance on maintaining strong, long-term relationships with its suppliers. The directors work closely with key suppliers to develop product ranges, review pricing structures, and introduce new products on a trial basis. This collaborative approach enables the business to remain competitive while maintaining appropriate margins and offering value to customers.
Customers are primarily drawn from the local communities in which the company operates, although a number engage with multiple store locations. The business maintains a strong local presence and supports community initiatives, including local charities and events, recognising the importance of these relationships to the long-term success of the business.
The directors operate a hands-on approach and are actively involved in the day-to-day running of the business. As long-standing members of the business who have acquired ownership, their decision-making is focused on long-term sustainability, ensuring the company remains financially stable, operationally efficient, and well positioned for the future.
The company's key financial and other performance indicators during the period were as follows:
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Financial KPIs |
Unit |
2025 |
2024 |
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Revenue |
£m |
13.8 |
11.4 |
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Gross margin |
% |
35.6 |
34.7 |
Principal risks and uncertainties
Key risks include consumer spending pressure, supplier stability, cost inflation, and competition across both retail and online channels. These are actively monitored and managed.
Approved and authorised by the
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Farm and Pet Place Limited
Directors' Report for the Period from 1 March 2024 to 30 June 2025
The directors present their report and the financial statements for the period from 1 March 2024 to 30 June 2025.
Directors of the company
The directors who held office during the period were as follows:
Financial instruments
Objectives and policies
The Company uses various financial instruments including bank loans, cash reserves, operating and finance leases and trade supplier accounts to allow the company to operate effectively. The existence of these financial instruments exposes the company to a number of risks which are described in more detail below.
Price risk, credit risk, liquidity risk and cash flow risk
Liquidity risk
The company seeks to manage financial risk by preparing monthly rolling cashflows based on previous revenue data and known payment due dates, the data is updated on a daily basis to ensure sufficient liquidity is available to meet foreseeable needs.
Credit risk
The company predominantly operates in the retail sector, so credit provided to customers is not a significant risk. Cash takings are collected and banked using a third-party secure provider.
Price risk
The company has a buying department who manage product price changes and review the market to ensure products are purchased based on the best achievable costs, performance of supply and supplier terms.
Interest rate risk
The company mitigates the interest rate risk by negotiating favourable interest rates whenever possible.
Future developments
The focus remains on operational discipline, strong supplier relationships, and continued development of the digital offering. The priority is to ensure the business is well positioned to deliver sustainable performance over the longer term.
Going concern
In May 2026 the company secured a long term borrowing arrangement with a private investor. The funds advanced will be used to replace short term borrowing solutions. The new agreement will significantly improve the operating cash position over the assessment period.
The Directors have reviewed cash flow forecasts, facilities, covenants and sensitivities and have a reasonable expectation that the company has adequate resources to continue for the foreseeable future. The financial statements are prepared on a going concern basis.
Farm and Pet Place Limited
Directors' Report for the Period from 1 March 2024 to 30 June 2025
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Strategic report
In accordance with section 414C (11) of the Companies Act 2006 (Strategic and Directors report) regulations 2013, the company's strategic report information required by schedule 7 of the large and medium-size companies and groups (Accounts and reports) regulations 2008 is noted in the Strategic Report.
Reappointment of auditors
In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Aston Hughes Limited as auditors of the company is to be proposed at the forthcoming Annual General Meeting.
Approved and authorised by the
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Farm and Pet Place Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual 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 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 these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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.
Farm and Pet Place Limited
Independent Auditor's Report to the Members of Farm and Pet Place Limited
Opinion
We have audited the financial statements of Farm and Pet Place Limited (the 'company') for the period from 1 March 2024 to 30 June 2025, which comprise the Profit and Loss Account and Statement of Retained Earnings, Balance Sheet, and Notes to the Financial Statements, 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, 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 30 June 2025 and of its profit for the period 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 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 director's 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 original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Farm and Pet Place Limited
Independent Auditor's Report to the Members of Farm and Pet Place Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and |
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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 our 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 and the Directors' Report.
We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities [set out on page 6], 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.
Auditor 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:
Farm and Pet Place Limited
Independent Auditor's Report to the Members of Farm and Pet Place Limited
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:
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 considered the nature of the company’s industry and control environment and reviewed policies and procedures relating to fraud and compliance with laws and regulations;
- We enquired with management about their own identification and assessment of the risk of irregularities;
- 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, UK relevant tax legislation, FRS 102 'The financial reporting standards applicable in the UK and Republic of Ireland', employment law and health and safety laws and regulations;
- To address the risks identified we discussed matters with key management, and we have undertaken further enquiries into health and safety and employment compliance with the relevant managers and have reviewed available documentation where appropriate;
- We identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
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We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by considering:
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To address the risk of fraud through management bias and override of controls, we:
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Farm and Pet Place Limited
Independent Auditor's Report to the Members of Farm and Pet Place Limited
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In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
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There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
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A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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 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.
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For and on behalf of
29 Princes Drive
Colwyn Bay
Conwy
LL29 8PE
Farm and Pet Place Limited
Profit and Loss Account and Statement of Retained Earnings for the Period from 1 March 2024 to 30 June 2025
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Note |
2025 |
2024 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Operating profit |
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|
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Interest payable and similar charges |
( |
( |
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(437,970) |
(257,098) |
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Profit before tax |
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Taxation |
( |
( |
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Profit for the financial period |
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|
|
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Retained earnings brought forward |
3,512,981 |
3,189,507 |
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Dividends paid |
( |
( |
|
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Retained earnings carried forward |
3,537,627 |
3,512,981 |
Farm and Pet Place Limited
(Registration number: 03716795)
Balance Sheet as at 30 June 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
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( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Revaluation reserve |
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Retained earnings |
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Shareholders' funds |
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Approved and authorised by the
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Farm and Pet Place Limited
Notes to the Financial Statements for the Period from 1 March 2024 to 30 June 2025
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General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The principal activities of the company were the sale of pet products.
The address of its registered office is:
These financial statements were authorised for issue by the
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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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
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.
Functional Currency
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 £.
Summary of disclosure exemptions
In accordance with FRS 102, the company has taken advantage of the exemptions from the following disclosure requirements:
- Section 7 'Statement of Cashflow' - Presentation of a Statement of Cashflow and related notes and disclosures.
Disclosure of long or short period
Farm and Pet Place Limited
Notes to the Financial Statements for the Period from 1 March 2024 to 30 June 2025
Going concern
In May 2026 the company secured a long term borrowing arrangement with a private investor. The funds advanced will be used to replace short term borrowing solutions. The new agreement will significantly improve the operating cash position over the assessment period.
The Directors have reviewed cash flow forecasts, facilities, covenants and sensitivities and have a reasonable expectation that the company has adequate resources to continue for the foreseeable future. The financial statements are prepared on a going concern basis.
Judgements
Stock records are updated to the most recent purchase price and are only re-ordered once stock falls below a predetermined threshold, slow-moving stock is identified by the buying department and stores are instructed to discount line where this is appropriate. Where lines are to be sold below cost or are unable to be sold the stock will be written off, however, this is a rare occurrence particularly as stock tends not to be perishable. |
Interest on hire purchase contracts and finance leases are recognised evenly over the duration of the of the contract, the director consider this to be an appropriate absorption of costs for the assets being utilized. |
Key sources of estimation uncertainty
Tangible assets are depreciated over their useful economic lives having consideration for the residual values where appropriate. The continuing life of the asset class are assessed periodically, assets benefit from ongoing maintenance which is intended to maintain buildings to a high standard and support a high residual value and longer useful economic life.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Farm and Pet Place Limited
Notes to the Financial Statements for the Period from 1 March 2024 to 30 June 2025
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at deemed cost using previously revalued amounts, 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 charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Land |
Not depreciated |
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Buildings |
2% Straight line on deemed cost |
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Fixtures & fittings |
5-20% Straight line on cost |
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Plant & machinery |
20% Straight line on cost |
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Motor Vehicles |
33% Straight line on cost |
Intangible assets
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
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Asset class |
Amortisation method and rate |
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Brand names |
10% Straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, 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.
Farm and Pet Place Limited
Notes to the Financial Statements for the Period from 1 March 2024 to 30 June 2025
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the most recent purchase price.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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 profit and loss account 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.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic charge of interest over the period of the liability.
Farm and Pet Place Limited
Notes to the Financial Statements for the Period from 1 March 2024 to 30 June 2025
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
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Turnover |
The analysis of the company's revenue for the period from continuing operations is as follows:
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1 March 2024 to 30 June 2025 |
Year ended 29 February 2024 |
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Sale of goods |
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Other revenue |
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Operating profit |
Arrived at after charging/(crediting)
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1 March 2024 to 30 June 2025 |
Year ended 29 February 2024 |
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Depreciation expense |
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Amortisation expense |
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Interest payable and similar expenses |
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1 March 2024 to 30 June 2025 |
Year ended 29 February 2024 |
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Interest on bank overdrafts and borrowings |
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Interest on obligations under finance leases and hire purchase contracts |
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Farm and Pet Place Limited
Notes to the Financial Statements for the Period from 1 March 2024 to 30 June 2025
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Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
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1 March 2024 to 30 June 2025 |
Year ended 29 February 2024 |
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Wages and salaries |
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Social security costs |
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Pension costs, defined contribution scheme |
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Other employee expense |
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The average number of persons employed by the company (including directors) during the period, analysed by category was as follows:
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2025 |
2024 |
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Administration and support |
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Sales, marketing and distribution |
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Directors' remuneration |
The directors' remuneration for the period was as follows:
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1 March 2024 to 30 June 2025 |
Year ended 29 February 2024 |
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Remuneration |
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Directors pensions defined contributions |
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170,000 |
144,479 |
During the period the number of directors who were receiving benefits and share incentives was as follows:
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1 March 2024 to 30 June 2025 |
Year ended 29 February 2024 |
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Accruing benefits under money purchase pension scheme |
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Farm and Pet Place Limited
Notes to the Financial Statements for the Period from 1 March 2024 to 30 June 2025
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Auditors' remuneration |
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1 March 2024 to 30 June 2025 |
Year ended 29 February 2024 |
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Audit of the financial statements |
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Other fees to auditors |
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All other non-audit services |
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Taxation |
Tax charged/(credited) in the profit and loss account
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2025 |
2024 |
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Current taxation |
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UK corporation tax |
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Deferred taxation |
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Arising from origination and reversal of timing differences |
( |
( |
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Tax expense in the income statement |
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The tax on profit before tax for the period is higher than the standard rate of corporation tax in the UK (2024 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
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2025 |
2024 |
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Profit before tax |
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Corporation tax at standard rate |
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Tax increase from effect of capital allowances and depreciation |
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Effect of expense not deductible in determining taxable profit (tax loss) |
|
- |
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Effect of tax losses |
- |
( |
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Deferred tax credit relating to changes in tax rates or laws |
- |
( |
|
Total tax charge |
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The UK corporation tax rate is 25%, this rate of tax has been applied to the deferred tax position.
Farm and Pet Place Limited
Notes to the Financial Statements for the Period from 1 March 2024 to 30 June 2025
Deferred tax
Deferred tax is calculated with reference to the rates and laws that have been enacted or substantively enacted by the reporting date, and which are expected to apply to the reversal of the timing difference.
Deferred tax assets and liabilities
|
2025 |
Asset |
Liability |
|
Accelerated capital allowances |
- |
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|
- |
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2024 |
Asset |
Liability |
|
Accelerated capital allowances |
- |
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|
- |
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|
Intangible assets |
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Goodwill |
Trademarks, patents and licenses |
Total |
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Cost or valuation |
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At 1 March 2024 |
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At 30 June 2025 |
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Amortisation |
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At 1 March 2024 |
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Amortisation charge |
- |
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At 30 June 2025 |
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Carrying amount |
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At 30 June 2025 |
- |
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At 29 February 2024 |
- |
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Farm and Pet Place Limited
Notes to the Financial Statements for the Period from 1 March 2024 to 30 June 2025
|
Tangible assets |
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Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 March 2024 |
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Additions |
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At 30 June 2025 |
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Depreciation |
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At 1 March 2024 |
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Charge for the period |
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At 30 June 2025 |
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Carrying amount |
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At 30 June 2025 |
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At 29 February 2024 |
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Tangible assets - continued
The company has adopted the transitional exemption under FRS 102 and elected to use the previous revalued amounts as deemed cost.
If freehold land and buildings had not been previously revalued, they would have been included on the historical cost basis at £4,804,834 as at 30 June 2025 (£4,846,604 as at 29 February 2024).
Farm and Pet Place Limited
Notes to the Financial Statements for the Period from 1 March 2024 to 30 June 2025
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
|
2025 |
2024 |
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|
Fixtures, plant machinery and equipment |
422,656 |
587,148 |
|
Vehicles |
59,308 |
8,867 |
|
Buildings improvements |
275,492 |
281,314 |
|
757,456 |
877,329 |
Included within the net book value of land and buildings above is £5,619,191 (2024 - £5,660,962) in respect of freehold land and buildings. Land and buildings with a value of £5,619,191 (2024; £5,660,962) are pledged as security for the company's secured liabilities.
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Stocks |
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30 June 2025 |
29 February 2024 |
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Other inventories |
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Debtors |
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Current |
Note |
2025 |
2024 |
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Trade debtors |
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Amounts owed by related parties |
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Other debtors |
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Prepayments |
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Details of non-current trade and other debtors
Based on current presumptions the following other debtor balances are not expected to be fully realised within twelve months of the balance sheet date and have therefore been disclosed as non-current assets.
Snowdon Holdings Limited (parent company) of £2,159,557 (2024: £1,861,145).
Wyddfa Holdings Limited (minority shareholder) of £1,156,652 (2024: £nil).
LVL5 Gyms Limited (entity under significant influence of one of the directors) of £106,508 (2024: £79,509).
Farm and Pet Place Limited
Notes to the Financial Statements for the Period from 1 March 2024 to 30 June 2025
|
Cash and cash equivalents |
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30 June 2025 |
29 February 2024 |
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Cash on hand |
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Cash at bank |
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Bank overdrafts |
( |
( |
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Cash and cash equivalents in statement of cash flows |
(200,682) |
(195,433) |
|
Creditors |
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Note |
30 June 2025 |
29 February 2024 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Social security and other taxes |
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Outstanding defined contribution pension costs |
|
- |
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Other payables |
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Accrued expenses |
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Income tax liability |
114,864 |
77,964 |
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Due after one year |
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Loans and borrowings |
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Provisions for liabilities |
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Deferred tax |
Total |
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At 1 March 2024 |
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Increase (decrease) in existing provisions |
( |
( |
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At 30 June 2025 |
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Farm and Pet Place Limited
Notes to the Financial Statements for the Period from 1 March 2024 to 30 June 2025
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
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No. |
£ |
No. |
£ |
|
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|
100 |
|
100 |
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Reserves |
Profit and loss account
Represents the cumulative profits or losses net of dividends paid and other adjustments
Revaluation reserve
Represents the revaluation on the transition to FRS102.
|
Loans and borrowings |
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30 June 2025 |
29 February 2024 |
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Non-current loans and borrowings |
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Bank borrowings |
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HP and finance lease liabilities |
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Farm and Pet Place Limited
Notes to the Financial Statements for the Period from 1 March 2024 to 30 June 2025
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30 June 2025 |
29 February 2024 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
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HP and finance lease liabilities |
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Bank borrowings
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Land and buildings are provided as security on specified loans with a total loan value of £2,509,090 (2024 £863,296). |
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Obligations under leases and hire purchase contracts |
Finance leases
The total of future minimum lease payments is as follows:
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2025 |
2024 |
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Not later than one year |
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Later than one year and not later than five years |
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Dividends |
Interim dividends paid
|
2025 |
2024 |
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Interim dividend of £ |
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Farm and Pet Place Limited
Notes to the Financial Statements for the Period from 1 March 2024 to 30 June 2025
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Related party transactions |
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Transactions with directors |
|
2025 |
At 1 March 2024 |
Advances to director |
Repayments by director |
At 30 June 2025 |
|
P A Penketh |
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|
- |
|
- |
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S M Pritchard |
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Advances |
|
|
( |
|
|
2024 |
At 1 March 2023 |
Advances to director |
At 29 February 2024 |
|
S M Pritchard |
|||
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Advances |
- |
|
|
During the period, the company secured a short term loan of £749,999 from IWOCA Ltd, and at 30 June 2025, the balance of £531,612 was repayable within a period of less than 12 months. This loan is secured by a personal guarantee provided by Mr S Pritchard director of the company. No consideration was paid by the company for this guarantee.
Farm and Pet Place Limited
Notes to the Financial Statements for the Period from 1 March 2024 to 30 June 2025
Summary of transactions with parent
Dividends of £112,500 (2024; £96,000) were payable to the parent in the period.
The company advanced funds of £298,412 in the period (2024: £586,011). The outstanding loan balance at 30 June 2025 was £2,159,557 (at 29 Feb 2024: £1,861,145). No interest is charged and no repayment terms have been agreed on the outstanding balance. The parent company is dependent on Farm and Pet Place Limited as its main source of revenue.
The directors consider that the debtor amount is recoverable primarily through the parent charging management fees or subsidiary declaration of dividends. Based on current presumptions the balance is not expected to be fully realised within twelve months of the balance sheet date and has therefore been disclosed as a non-current asset. At the balance sheet date, the company has sufficient distributable reserves to support such a dividend.
The company owns an asset, purchased to be used by an entity under significant influence of one of the directors, the amount outstanding on the finance lease at 30 June 2025 was £94,763 (at 29 Feb 2024; £130,863). The outstanding balance is being repaid by a monthly charge via the parent company.
The company's finance facilities are supported by unlimited cross-company guarantees provided by the parent undertaking and a shareholder company.
Summary of transactions with other related parties
The loan balance outstanding due to the pension fund at 30 June 2025 was £Nil (at 29 Feb 2024: £22,500), interest was charged at 7% fixed rate.
Farm and Pet Place Limited
Notes to the Financial Statements for the Period from 1 March 2024 to 30 June 2025
Summary of transactions with other related parties
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Parent and ultimate parent undertaking |
The company's immediate parent is
The most senior parent entity producing publicly available financial statements is
The ultimate controlling party is