Pet Service N : Geconsolideerde jaarrekening 2023

PET SERVICE HOLDING NV AT DE RIJP

Annual Report 2023

CONTENTS

		Page
AUDITOR'S REPORT
1	Results	3
2	Financial position	5
3	Index numbers	6
4	Engagement	8
1	MANAGEMENT REPORT	9
FINANCIAL STATEMENTS
1	Consolidated balance sheet as at December 31, 2023	22
2	Consolidated profit & loss account for the year 2023	23
3	Notes to the consolidated financial statements	24
4	Notes to the consolidated balance sheet as of December 31, 2023	33
5	Notes to the consolidated profit & loss account for the year 2023	39
6	Company balance sheet as at December 31, 2023	42
7	Company profit and loss account over 2023	43
8	General accounting principles for the preparation of the financial statements	44
9	Notes to the company balance sheet as of December 31, 2023	45
10	Notes to the company profit and loss account 2023	52
11	Other disclosure	56
OTHER INFORMATION
1	Provisions of the Articles of Association relating to profit appropriation	58
2	Special provision in the articles of association	58
3	Appropriation of the result for the 2022 financial year	58
4	Recognition of the loss for 2023	58
5	Independent auditor's report	59

AUDITOR'S REPORT

To the management of Pet Service Holding NV De Volger 25

1483 GA De Rijp

Reference	Processed by	Date
110110	DBE	April 30, 2024

Dear management and shareholders,

We hereby send you the report regarding the financial statements for the year 2023 of your company.

Pet Service Holding NV, De Rijp

• RESULTS

1.1 Development of income and expenses

The result after taxation for 2023 amounts to negative € 1,020,205 compared to negative € 1,193,946 for

2022. The results for both years can be summarized as follows:

	2023		2022		Difference
	€	%	€	%	€
Net turnover	1,208,479	100.0	1,846,298	100.0	-637,819
Movement of work in progress	-71,732	-5.9	18,827	1.0	-90,559
Cost of sales	715,366	59.2	1,050,715	56.9	-335,349
Gross turnover result	421,381	34.9	814,410	44.1	-393,029
Other operating income	3,172	0.3	-	-	3,172
Gross margin	424,553	35.1	814,410	44.1	-389,857
Expenses
Employee expenses	468,203	38.7	667,522	36.2	-199,319
Amortisation and depreciation	170,214	14.1	122,771	6.7	47,443
Other operating expenses	662,231	54.8	901,739	48.8	-239,508
	1,300,648	107.6	1,692,032	91.6	-391,384
Operating result	-876,095	-72.5	-877,622	-47.5	1,527
Financial income and expenses	-5,468	-0.5	-7,243	-0.4	1,775
Result from normal operations before
tax	-881,563	-73.0	-884,865	-47.9	3,302
Taxes (carry forward)	5,095	0.4	131,439	7.1	-126,344
Result from normal operations after
tax	-876,468	-72.5	-753,426	-40.8	-123,042
Extraordinary expenses	-143,737	-11.9	-440,520	-23.9	296,783
Result after tax	-1,020,205	-84.4	-1,193,946	-64.7	173,741

1.2 Net turnover and gross margin

The net turnover decreased by 34.5% to € 1,208,479. The gross operating result decreased by 47.9% to € 421,381.

The gross margin decreased by 47.9% to € 424,553.

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Pet Service Holding NV, De Rijp

1.3 Analysis of the result
The development of the result 2023 compared to 2022 can be analysed as follows:
	2023
	€	€
The result has been positively influenced by:
Decrease wages and salaries	106,261
Decrease social security contributions	16,033
Decrease management fee	586
Decrease other labour costs	92,620
Decrease office expenses	10,814
Decrease car expenses	11,761
Decrease selling expenses	237,840
Decrease interest and similar costs	1,775
Increase extraordinary result	296,783
		774,473
The result has been negatively influenced by:
Decrease gross turnover result	389,857
Increase pension costs	16,181
Increase amortization/depreciation intangible fixed assets	46,901
Increase amortization/depreciation tangible fixed assets	542
Increase accomodation expenses	1,946
Increase general expenses	18,961
Increase taxation on result from normal operations	126,344
		600,732
Increase result after taxation		173,741

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Pet Service Holding NV, De Rijp

• FINANCIAL POSITION

The consolidated balance sheet can be summarized as follows:

	12/31/2023	12/31/2022
	€	€
Long term funds:
Equity	945,851	1,986,010
Third-party share in group equity	-10,474	-8,529
Non-current liabilities	979,390	131,235
	1,914,767	2,108,716
Long term investments:
Intangible fixed assets	956,639	901,952
Tangible fixed assets	42,893	58,269
Financial fixed assets	36,745	31,650
	1,036,277	991,871
Working capital	878,490	1,116,845
This amount is applied as follows:
Inventories	110,628	182,360
Receivables, prepayments and accrued income	1,103,963	375,966
Cash and cash equivalents	136,500	694,784
	1,351,091	1,253,110
Debit: Short-term debt	472,601	136,265
Working capital	878,490	1,116,845

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Pet Service Holding NV, De Rijp

• INDEX NUMBERS

3.1 Earning capacity

By means of the ratios presented below, insight can be gained into the earning capacity of the company.

2023 2022

Analysis of the revenue

Index number (2022=100)	65.45	100.00
Gross margin	34.87	44.11
Gross margin/net turnover
Margin net result	-84.42	-64.67
Net result/net turnover
Return on assets	-36.70	-39.09
Operating result / total equity and liabilities
Return on equity	-107.86	-60.12
Net result/ equity

3.2 Liquidity

From the liquidity defined as the ratio of current assets divided by current liabilities it may be deduced to what extent the company can settle its financial liabilities in the short-term. By means of the ratios presented below, insight can be gained into the liquidity of the company.The liquidity reflects the situation on December 31; it is, therefore, a financial snapshot.

2023		2022
Current ratio	2.86	9.20
Current assets/short-term debt
Quick ratio	2.62	7.86
Current assets - inventories/short-term debt
Inventory rate of circulation	56	63
Inventories / cost of turnover * 365 days
Inventory rate of circulation	33	36
Inventories / net turnover * 365 days
Term of payment debtors	2	9
Debtors / net turnover * 365 days
Term of payment creditors	128	6
Creditors / cost of sales * 365 days

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Pet Service Holding NV, De Rijp

3.3 Solvency

The solvability indicates the extent to which the company will be able to meet its long-term obligations (interest and repayment). The solvency reflects the situation on December 31; it is, therefore, a financial snapshot.

	2023	2022
Solvency	39.18	88.08
Equity / balance sheet total
Solvency	64.42	739.25
Equity / liabilities
Solvency	60.82	11.92
Liabilities / balance sheet total
Interest coverage ratio	-160.21	-121.15
Operating result / interest expenses (balance)

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Pet Service Holding NV, De Rijp

• ENGAGEMENT

In accordance with your instructions we have audited the annual account 2023 of your company, including the non-consolidated balance sheet with counts of € 2,387,990, the consolidated balance sheet with counts of

• 2,387,368 and the consolidated and non-consolidated profit and loss account with a negative result after taxes of € 1,013,872.

For the audit opinion we refer to the chapter "Other information" on page 58 of this report.

We will gladly provide further explanations upon request.

Sincerely yours,

The Audit Company B.V.

D. Beck RA

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