Company Registration No. 08794360 (England and Wales)
Pet's Up Products Limited
Unaudited financial statements
For the year ended 30 November 2020
PAGES FOR FILING WITH REGISTRAR
Pet's Up Products Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
Pet's Up Products Limited
Balance sheet
As at 30 November 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
4
13,129
15,339
Current assets
Stocks
50,000
38,000
Debtors
5
152,089
62,123
Cash at bank and in hand
88,504
100,722
290,593
200,845
Creditors: amounts falling due within one year
6
(164,277)
(94,581)
Net current assets
126,316
106,264
Total assets less current liabilities
139,445
121,603
Provisions for liabilities
(2,494)
(2,914)
Net assets
136,951
118,689
Capital and reserves
Called up share capital
7
300
300
Profit and loss reserves
136,651
118,389
Total equity
136,951
118,689
Pet's Up Products Limited
Balance sheet (continued)
As at 30 November 2020
- 2 -
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 2020 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.
The financial statements were approved by the board of directors and authorised for issue on 27 April 2021 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 2020
- 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. The business address is 3 Brunel Road, Gorse Lane Industrial Estate, Clacton-on-Sea, CO15 4LU.
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
Going concern
Going concern and the UK leaving the EU
true
On 1
st
January 2021 the UK formally left the EU, new controls on imports and exports have added significant costs and bureaucracy to what was previously frictionless trading. The company’s business has been negatively affected since this date, trading with customers based in the EU is expected to be materially lower.
Going concern and the Coronavirus pandemic
The coronavirus pandemic has significantly disrupted individuals’ personal lives and businesses’ economic prospects in the UK and across the globe. The UK entered lockdown in March 2020 and some restrictions and social distancing provisions remain in place.
The company has not been negatively affected by COVID-19 and has continued to trade as before.
We have continued to prepare the accounts on a going concern basis and deem this appropriate. We do not consider that a material uncertainty about our going concern status currently exists. In making this assessment we have considered the likely trading conditions for a period of twelve months from the date of our approval of these accounts.
1.3
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
.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost
t,
net of depreciation and any impairment losses.
Pet's Up Products Limited
Notes to the financial statements (continued)
For the year ended 30 November 2020
1
Accounting policies
(Continued)
- 4 -
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
1.5
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).
1.6
Stocks
Stocks
are stated at the lower of cost and
estimated selling price less costs to complete and sell.
1.7
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.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
1.9
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.
Pet's Up Products Limited
Notes to the financial statements (continued)
For the year ended 30 November 2020
1
Accounting policies
(Continued)
- 5 -
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.
1.10
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 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.
1.11
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
in the period
are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
2
2
Pet's Up Products Limited
Notes to the financial statements (continued)
For the year ended 30 November 2020
- 6 -
4
Tangible fixed assets
Plant and machinery
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 December 2019
11,237
27,468
12,209
50,914
Additions
4,240
291
4,531
At 30 November 2020
15,477
27,759
12,209
55,445
Depreciation and impairment
At 1 December 2019
5,788
20,474
9,312
35,574
Depreciation charged in the year
2,424
3,594
724
6,742
At 30 November 2020
8,212
24,068
10,036
42,316
Carrying amount
At 30 November 2020
7,265
3,691
2,173
13,129
At 30 November 2019
5,448
6,994
2,897
15,339
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
119,962
52,381
Other debtors
26,836
9,742
Prepayments and accrued income
5,291
152,089
62,123
6
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
81,924
51,826
Corporation tax
13,500
9,315
Accruals and deferred income
68,853
33,440
164,277
94,581
Pet's Up Products Limited
Notes to the financial statements (continued)
For the year ended 30 November 2020
- 7 -
7
Called up share capital
2020
2019
2020
2019
Ordinary share capital
Number
Number
£
£
Issued and fully paid
ordinary shares of £1 each
100
100
100
100
ordinary 'A' shares of £1 each
100
100
100
100
ordinary 'B' shares of £1 each
100
100
100
100
300
300
300
300