Company Registration No. 08794360 (England and Wales)
Pet's Up Products Limited
Unaudited financial statements
For the year ended 30 November 2018
PAGES FOR FILING WITH REGISTRAR
Pet's Up Products Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
Pet's Up Products Limited
Balance sheet
As at 30 November 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
13,605
16,515
Current assets
Stocks
50,000
60,298
Debtors
4
73,092
34,550
Cash at bank and in hand
111,485
50,626
234,577
145,474
Creditors: amounts falling due within one year
5
(156,452)
(80,813)
Net current assets
78,125
64,661
Total assets less current liabilities
91,730
81,176
Provisions for liabilities
(2,584)
(3,137)
Net assets
89,146
78,039
Capital and reserves
Called up share capital
6
300
300
Profit and loss reserves
88,846
77,739
Total equity
89,146
78,039
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 30 November 2018 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.
T
he 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.
Pet's Up Products Limited
Balance sheet (continued)
As at 30 November 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 17 June 2019 and are signed on its behalf by:
Mr J Rodriguez-Benegas
Mr J Rodriguez
Director
Director
Company Registration No. 08794360
Pet's Up Products Limited
Notes to the financial statements
For the year ended 30 November 2018
- 3 -
1
Accounting policies
Company information
Pet's up Products Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
c/o Whittles, The Old Exchange, 64 West Stockwell Street, Colchester, Essex, CO1 1HE.
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 are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
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 and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost
t,
net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% reducing balance
Computer equipment
33% straight line
Motor vehicles
25% reducing balance
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.5
Stocks
Stocks
are stated at the lower of cost and
estimated selling price less costs to complete and sell.
Pet's Up Products Limited
Notes to the financial statements (continued)
For the year ended 30 November 2018
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost. Financial assets comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Investments, including those in subsidiary undertakings are held at fair value at the balance sheet date, with gains and losses being recognised within income and expenditure. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes, deferred income and provisions. Assets and liabilities held in foreign currencies are translated to GBP at the balance sheet date at an appropriate year end exchange rate.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.9
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 lease
s
asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.10
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
Pet's Up Products Limited
Notes to the financial statements (continued)
For the year ended 30 November 2018
1
Accounting policies
(Continued)
- 5 -
1.11
Foreign exchange
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 are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2017 - 2).
3
Tangible fixed assets
Plant and machinery
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 December 2017
4,302
16,977
12,209
33,488
Additions
6,220
-
-
6,220
At 30 November 2018
10,522
16,977
12,209
39,708
Depreciation and impairment
At 1 December 2017
1,787
8,128
7,058
16,973
Depreciation charged in the year
2,185
5,657
1,288
9,130
At 30 November 2018
3,972
13,785
8,346
26,103
Carrying amount
At 30 November 2018
6,550
3,192
3,863
13,605
At 30 November 2017
2,515
8,849
5,151
16,515
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
61,015
18,912
Other debtors
12,077
15,638
73,092
34,550
Pet's Up Products Limited
Notes to the financial statements (continued)
For the year ended 30 November 2018
- 6 -
5
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
82,204
62,025
Corporation tax
14,655
10,934
Deferred income
2,113
2,200
Accruals and deferred income
57,480
5,654
156,452
80,813
6
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
100 ordinary shares of £1 each
100
100
100 ordinary 'A' shares of £1 each
100
100
100 ordinary 'B' shares of £1 each
100
100
300
300
7
Related party transactions
During the year the company purchased goods and services totalling £126,848 (2017: £16,677) from Lennox UK Limited, a company under common control. At the year end £7,609 (2017: £21,920) was owed to Lennox UK Limited. Lennox UK Limited also provide the services of its staff which are covered by an accrued management charge of £30,000 in 2018 (2017 : £nil).
During the year the company sold goods and services to Lennox UK Ltd totalling £13,348 (2017: £7,917). At the year end £16,661 (2017: £4,728) was due to Pet's Up Products Limited.
These transactions were conducted on an arms length basis.