Company registration number 05423961 (England and Wales)
DUGDALE DAVIES PET TREATS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
DUGDALE DAVIES PET TREATS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
DUGDALE DAVIES PET TREATS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
12,649
12,868
Current assets
Stocks
67,309
70,478
Debtors
4
231,231
85,627
Cash at bank and in hand
18,537
44,243
317,077
200,348
Creditors: amounts falling due within one year
5
(307,612)
(202,862)
Net current assets/(liabilities)
9,465
(2,514)
Net assets
22,114
10,354
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
22,014
10,254
Total equity
22,114
10,354
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 28 September 2023 and are signed on its behalf by:
Mr P Garvey
Director
Company Registration No. 05423961
DUGDALE DAVIES PET TREATS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information
Dugdale Davies Pet Treats Limited is a private company limited by shares incorporated in England and Wales. The registered office is Crown House, Bridgewater Close, Burnley, Lancashire, United Kingdom, BB11 5TE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
10% reducing balance
Fixtures and fittings
10% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
DUGDALE DAVIES PET TREATS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
3
3
DUGDALE DAVIES PET TREATS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2022
17,870
13,871
31,741
Additions
670
417
1,087
At 31 December 2022
18,540
14,288
32,828
Depreciation and impairment
At 1 January 2022
10,266
8,607
18,873
Depreciation charged in the year
531
775
1,306
At 31 December 2022
10,797
9,382
20,179
Carrying amount
At 31 December 2022
7,743
4,906
12,649
At 31 December 2021
7,604
5,264
12,868
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
230,864
84,993
Prepayments and accrued income
367
634
231,231
85,627
5
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
181,843
91,062
Taxation and social security
60,100
41,283
Other creditors
65,669
70,517
307,612
202,862
6
Related party transactions
DUGDALE DAVIES PET TREATS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
6
Related party transactions
(Continued)
- 5 -
Pet Treats
Mr G M O'Leary, a director and shareholder in the company, has a controlling interest in Pet Treats, a business entity registered in Southern Ireland. During the period the company purchased goods and services on commercial terms from Pet Treats amounting to £682,059 (2021 - £596,778) and sold goods on commercial terms to Pet Treats amounting to £83,480 (2021 - £51,137). Management fees totalling £24,000 (2021 - £24,000) were charges from Pet Treats to the company during the period.
At the balance sheet date the amount due to Pet Treats was £127,619 (2021 - £69,019).