Petspyjamas Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07706594 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2021

for

Petspyjamas Limited

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Intangible assets

4

11,901

1,029

Tangible assets

5

4,190

7,000

16,091

8,029

CURRENT ASSETS

Stocks

868

1,560

Debtors

6

1,181,066

949,814

Cash at bank

35,150

88,959

1,217,084

1,040,333

CREDITORS

Amounts falling due within one year

7

625,001

7,122,561

NET CURRENT ASSETS/(LIABILITIES)

592,083

(6,082,228

)

TOTAL ASSETS LESS CURRENT LIABILITIES

608,174

(6,074,199

)

CREDITORS

Amounts falling due after more than one year

8

34,352

44,676

NET ASSETS/(LIABILITIES)

573,822

(6,118,875

)

CAPITAL AND RESERVES

Called up share capital

1,591

850

Share premium

12,915,530

5,505,731

Other reserves

63,189

63,189

Retained earnings

(12,406,488

)

(11,688,645

)

573,822

(6,118,875

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and loss has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 April 2022 and were signed on its behalf by:

K A Hanton - Director

1.	STATUTORY INFORMATION

Petspyjamas Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

07706594

Registered office:

81 Leonard Street

London

EC2A 4QS

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section I A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

Turnover

Turnover is measured at the value of commission on holiday bookings and accessory sales received or receivable excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Trademarks and licences are being amortised evenly over their estimated useful life of four years.

Development costs are amortised on a straight line basis over 4 years in order to write off the cost less estimated residual value of the asset over its estimated useful life.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Computer equipment

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Share-based payments

The grant date fair value of share-based payments awards granted to employees is recognised as an employee expense, with a corresponding increase in equity, over the period in which the employees become unconditionally entitled to the awards. The fair value of the awards granted is measured using an option valuation model, taking into account the terms and conditions upon which the awards were granted. The amount recognised as an expense is adjusted to reflect the actual number of awards for which the related service and non-market vesting conditions are expected to be met, such that the amount ultimately recognised as an expense is based on the number of awards that do meet the related service and non-market performance conditions at the vesting date. For share-based payment awards with non-vesting conditions, the grant date fair value of the share-based payment is measured to reflect such conditions and there is no true-up for differences between expected and actual outcomes.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2020 - 32 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2021

10,086

Additions

15,257

At 31 December 2021

25,343

AMORTISATION

At 1 January 2021

9,057

Charge for year

4,385

At 31 December 2021

13,442

NET BOOK VALUE

At 31 December 2021

11,901

At 31 December 2020

1,029

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2021

17,001

Additions

1,920

At 31 December 2021

18,921

DEPRECIATION

At 1 January 2021

10,001

Charge for year

4,730

At 31 December 2021

14,731

NET BOOK VALUE

At 31 December 2021

4,190

At 31 December 2020

7,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

274,004

189,674

Amounts owed by related party

705,031

706,746

Other debtors

202,031

53,394

1,181,066

949,814

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

10,648

5,324

Trade creditors

48,842

32,522

Taxation and social security

121,345

82,728

Other creditors

444,166

7,001,987

625,001

7,122,561

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

34,352

44,676

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

2,407

2,083

9.	SHARE-BASED PAYMENT TRANSACTIONS

The company operates an equity settled Enterprise Management Incentive (EMI) Share Option Scheme. The options are granted with a fixed exercise price determined at the grant of the option. The options are exercisable until up to the 10th anniversary from the date of grant. Employees are not entitled to dividends until the shares are exercised. Vesting of options is subject to continued employment with the company.

The company had the following options granted in the year.

Share Option Type

Date of Grant

Number of Shares

Average Exercise Price

Enterprise Management Incentive

29/07/2019

6,440

£1.20

Enterprise Management Incentive

30/07/2019

2,145

£1.20

Name of shares

EMI Scheme

Brought forward

8,585

Granted in the year

Nil

Exercised in the year

Nil

Lapsed in the year

Nil

Carried forward

8,585

Exercisable at Year end

8,585

The fair value of the options granted have been calculated using the Black Scholes model. The total charge for the period was Nil (2020: nil).