Heron's Pet World Ltd - Accounts to registrar (filleted) - small 22.3

HERON'S PET WORLD LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

K Czapla

Mrs I D Czapla

REGISTERED OFFICE:

Oakhurst House

57 Ashbourne Road

Derby

Derbyshire

DE22 3FS

REGISTERED NUMBER:

11122645 (England and Wales)

ACCOUNTANTS:

Sibbalds Limited

Chartered Accountants and Business Advisers

Oakhurst House

57 Ashbourne Road

Derby

Derbyshire

DE22 3FS

FIXED ASSETS

Intangible assets

4

2,200

4,400

Tangible assets

5

30,283

14,438

32,483

18,838

CURRENT ASSETS

Stocks

60,000

50,000

Debtors

6

88,930

55,822

Cash at bank

-

33,651

148,930

139,473

CREDITORS

Amounts falling due within one year

7

162,460

110,121

NET CURRENT (LIABILITIES)/ASSETS

(13,530

)

29,352

TOTAL ASSETS LESS CURRENT LIABILITIES

18,953

48,190

CREDITORS

Amounts falling due after more than one year

8

(41,093

)

(44,600

)

PROVISIONS FOR LIABILITIES

9

(5,800

)

(2,750

)

NET (LIABILITIES)/ASSETS

(27,940

)

840

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

(28,040

)

740

SHAREHOLDERS' FUNDS

(27,940

)

840

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 December 2022 and were signed on its behalf by:

K Czapla - Director

1.	STATUTORY INFORMATION

Heron'S Pet World Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of five years.

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.

Tangible fixed assets

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

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Going concern

Since March 2020, the spread of COVID-19 has severely impacted many local economies around the globe. In many countries, businesses are being forced to cease or limit operations for long or indefinite periods of time. Measures taken to contain the spread of the virus including, travel bans, quarantines, social distancing and closure of non-essential services have triggered significant disruptions to businesses worldwide, resulting in an economic slowdown. Governments and banks have responded with monetary and fiscal interventions to stabilise the current economic conditions.

The duration and impact of the COVID-19 pandemic currently remains unclear. It is not possible to reliably estimate the duration and severity of these consequences, as well as their impact the financial position and results of the company for future periods, however the directors consider that the financial support from the government and from future events are sufficient to enable the company to continue for the foreseeable future and that there is no significant doubt about the company's ability to continue as a going concern.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2021 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2021

and 31 March 2022

11,000

AMORTISATION

At 1 April 2021

6,600

Charge for year

2,200

At 31 March 2022

8,800

NET BOOK VALUE

At 31 March 2022

2,200

At 31 March 2021

4,400

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 April 2021

3,613

6,865

9,042

19,520

Additions

5,140

8,922

8,260

22,322

Disposals

-

-

(175

)

(175

)

At 31 March 2022

8,753

15,787

17,127

41,667

DEPRECIATION

At 1 April 2021

958

2,590

1,534

5,082

Charge for year

1,199

2,657

2,455

6,311

Eliminated on disposal

-

-

(9

)

(9

)

At 31 March 2022

2,157

5,247

3,980

11,384

NET BOOK VALUE

At 31 March 2022

6,596

10,540

13,147

30,283

At 31 March 2021

2,655

4,275

7,508

14,438

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Other debtors

88,930

55,822

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

15,503

5,399

Trade creditors

38,950

28,648

Taxation and social security

31,359

59,892

Other creditors

76,648

16,182

162,460

110,121

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

41,093

44,600

9.	PROVISIONS FOR LIABILITIES

2022

2021

£

£

Deferred tax

5,800

2,750

Deferred

tax

£

Balance at 1 April 2021

2,750

Provided during year

3,050

Accelerated capital allowances

Balance at 31 March 2022

5,800

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

100

Ordinary share

£1

100

100

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2022 and 31 March 2021:

2022

2021

£

£

K Czapla

Balance outstanding at start of year

14,606

5,808

Amounts advanced

58,890

56,920

Amounts repaid

(51,108

)

(48,122

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

22,388

14,606

Mrs I D Czapla

Balance outstanding at start of year

13,432

5,252

Amounts advanced

57,719

54,967

Amounts repaid

(51,108

)

(46,787

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

20,043

13,432