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

REGISTERED NUMBER: 07706594 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2020

for

Petspyjamas Limited

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Intangible assets

4

1,029

1,600

Tangible assets

5

7,000

13,234

8,029

14,834

CURRENT ASSETS

Stocks

1,560

4,536

Debtors

6

949,814

1,109,112

Cash at bank and in hand

88,959

7,029

1,040,333

1,120,677

CREDITORS

Amounts falling due within one year

7

7,122,561

5,889,423

NET CURRENT LIABILITIES

(6,082,228

)

(4,768,746

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(6,074,199

)

(4,753,912

)

CREDITORS

Amounts falling due after more than one year

8

44,676

-

NET LIABILITIES

(6,118,875

)

(4,753,912

)

CAPITAL AND RESERVES

Called up share capital

850

850

Share premium

5,505,731

5,505,731

Other reserves

63,189

63,189

Retained earnings

(11,688,645

)

(10,323,682

)

(6,118,875

)

(4,753,912

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 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 27 September 2021 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.

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

Government grants

Grant income during the period has been accounted for using the accruals model.

The grant is recognised in income in the period the related costs are incurred by the entity for which the grant is intended to compensate.

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.

Going concern

The company has been negatively affected by the current ongoing situation with Covid 19. The directors are taking all available steps to counteract the effect on the business. Actions carried out by the company include, but are not limited to, reducing costs by shifting business model away from fixed costs to variable costs, taking advantage of the government furlough scheme and focus on streamlining business to reduce costs. With the continued support of the investors, there are sufficient financial resources available to the company to enable it to continue trading into the foreseeable future. Therefore the financial statements have been prepared using the going concern basis.

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 32 (2019 - 37 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2020

and 31 December 2020

10,086

AMORTISATION

At 1 January 2020

8,486

Charge for year

571

At 31 December 2020

9,057

NET BOOK VALUE

At 31 December 2020

1,029

At 31 December 2019

1,600

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2020

35,442

Additions

894

Disposals

(19,335

)

At 31 December 2020

17,001

DEPRECIATION

At 1 January 2020

22,208

Charge for year

4,250

Eliminated on disposal

(16,457

)

At 31 December 2020

10,001

NET BOOK VALUE

At 31 December 2020

7,000

At 31 December 2019

13,234

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

as restated

£

£

Trade debtors

189,674

144,522

Amounts owed by related party

706,746

773,042

Other debtors

53,394

191,548

949,814

1,109,112

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

as restated

£

£

Bank loans and overdrafts

5,324

-

Trade creditors

32,522

114,024

Taxation and social security

82,728

87,166

Other creditors

7,001,987

5,688,233

7,122,561

5,889,423

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

as restated

£

£

Bank loans

44,676

-

2020

2019

as restated

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

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 (2019: £63,189).