Positron emission tomography (PET) systems dedicated to animal imaging are now widely used for biological studies. The scanner performance strongly depends on the design and the characteristics of the system. Many parameters must be optimized like the dimensions and type of crystals, geometry and field-of-view (FOV), sampling, electronics, lightguide, shielding, etc. Monte Carlo modelling is a powerful tool to study the effect of each of these parameters on the basis of realistic simulated data. Performance assessment in terms of spatial resolution, count rates, scatter fraction and sensitivity is an important prerequisite before the model can be used instead of real data for a reliable description of the system response function or for optimization of reconstruction algorithms. The aim of this study is to model the performance of the Philips Mosaic™ animal PET system using a comprehensive PET simulation code in order to understand and describe the origin of important factors that influence image quality. We use GATE, a Monte Carlo simulation toolkit for a realistic description of the ring PET model, the detectors, shielding, cap, electronic processing and dead times. We incorporate new features to adjust signal processing to the Anger logic underlying the Mosaic™ system. Special attention was paid to dead time and energy spectra descriptions. Sorting of simulated events in a list mode format similar to the system outputs was developed to compare experimental and simulated sensitivity and scatter fractions for different energy thresholds using various models of phantoms describing rat and mouse geometries. Count rates were compared for both cylindrical homogeneous phantoms. Simulated spatial resolution was fitted to experimental data for 18F point sources at different locations within the FOV with an analytical blurring function for electronic processing effects. Simulated and measured sensitivities differed by less than 3%, while scatter fractions agreed within 9%. For a 410–665 keV energy window, the measured sensitivity for a centred point source was 1.53% and mouse and rat scatter fractions were respectively 12.0% and 18.3%. The scattered photons produced outside the rat and mouse phantoms contributed to 24% and 36% of total simulated scattered coincidences. Simulated and measured single and prompt count rates agreed well for activities up to the electronic saturation at 110 MBq for the mouse and rat phantoms. Volumetric spatial resolution was 17.6 µL at the centre of the FOV with differences less than 6% between experimental and simulated spatial resolution values. The comprehensive evaluation of the Monte Carlo modelling of the Mosaic™ system demonstrates that the GATE package is adequately versatile and appropriate to accurately describe the response of an Anger logic based animal PET system.