Registration number:
Pets' Kitchen Limited
for the Year Ended 31 July 2021
Pets' Kitchen Limited
(Registration number: 05653527)
Balance Sheet as at 31 July 2021
Note |
2021 |
2020 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Share premium reserve |
|
|
|
Profit and loss account |
( |
( |
|
Total equity |
|
|
Pets' Kitchen Limited
(Registration number: 05653527)
Balance Sheet as at 31 July 2021
For the financial year ending 31 July 2021 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 Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
Mr R Penston
Director
Ms J Silvester
Director
Pets' Kitchen Limited
Notes to the Financial Statements for the Year Ended 31 July 2021
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK 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.
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 the future economic benefits will flow into the entity, and specific criteria have been met for each of the company 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 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.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Pets' Kitchen Limited
Notes to the Financial Statements for the Year Ended 31 July 2021
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:
Asset class |
Depreciation method and rate |
Improvements to property |
over the remaining term of the lease |
Plant and machinery |
50% straight line |
Fixtures, fittings & equipment |
25% straight line |
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:
Asset class |
Amortisation method and rate |
Patents and trademarks |
over estimated useful life of 10 years |
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
Pets' Kitchen Limited
Notes to the Financial Statements for the Year Ended 31 July 2021
Intangible assets |
Patents and trademarks |
Total |
|
Cost or valuation |
||
At 1 August 2020 |
|
|
At 31 July 2021 |
|
|
Amortisation |
||
At 1 August 2020 |
|
|
Amortisation charge |
|
|
At 31 July 2021 |
|
|
Carrying amount |
||
At 31 July 2021 |
|
|
At 31 July 2020 |
|
|
Tangible assets |
Land and buildings |
Fixtures, fittings & equipment |
Plant and machinery |
Total |
|
Cost or valuation |
||||
At 1 August 2020 |
|
|
|
|
Additions |
|
|
|
|
Disposals |
- |
( |
( |
( |
At 31 July 2021 |
|
|
|
|
Depreciation |
||||
At 1 August 2020 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
- |
( |
( |
( |
At 31 July 2021 |
|
|
|
|
Carrying amount |
||||
At 31 July 2021 |
|
|
|
|
At 31 July 2020 |
|
|
|
|
Pets' Kitchen Limited
Notes to the Financial Statements for the Year Ended 31 July 2021
Debtors |
2021 |
2020 |
|
Trade debtors |
|
|
Other debtors |
|
|
|
|
Creditors |
2021 |
2020 |
|
Due within one year |
||
Shareholder loans and loan notes |
|
- |
HP and finance lease liabilities |
10,700 |
10,700 |
Trade creditors |
|
|
Taxation and social security |
|
|
Other creditors |
|
|
|
|
|
Due after more than one year |
||
Shareholder loans and loan notes |
|
|
HP and finance lease liabilities |
15,384 |
26,124 |
Other creditors |
- |
|
1,215,384 |
283,042 |
Other borrowings
Loan notes under 1 year have a carrying amount at the year end of £250,000 (2020 - £Nil).
Loan notes are secured by way of a floating charge against all assets of the company.
Loan notes over 1 year have a carrying amount at the year end of £1,200,000 (2020 - £250,000).
Hire purchase liabilities have a carrying amount at the year end of £26,084 (2020 - £36,824).
Hire purchase liabilities are secured over the assets to which they relate.
Pets' Kitchen Limited
Notes to the Financial Statements for the Year Ended 31 July 2021
Share-based payments transactions |
Scheme details and movements
The fair value of these options at the year end has been calculated using the Black Scholes model. No charge has been recognised in these financial statements, as it is not considered to be material.
The movements in the number of share options during the year were as follows:
2021 |
2020 |
|
Outstanding, start of period |
|
|
Granted during the period |
|
- |
Exercised during the period |
( |
( |
Expired during the period |
- |
( |
Outstanding, end of period |
|
|
|
The movements in the weighted average exercise price of share options during the year were as follows:
2021 |
2020 |
|
Outstanding, start of period |
|
|
Granted during the period |
|
- |
Exercised during the period |
|
|
Expired during the period |
- |
|
Outstanding, end of period |
|
|
|
Financial commitments, guarantees and contingencies |
The total amount of financial commitments not included in the balance sheet is £
Related party transactions |
Summary of transactions with other related parties
Included in this loan were amounts totalling £150,000 from directors or their close family members. The loan remains outstanding as at the year end.
Warrants attaching to the shareholder loan of £250,000 entitle the lenders to subscribe for shares in the company at a price of £0.375 during the term of the loan.