Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31false2022-04-01No description of principal activity3429truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06989197 2022-04-01 2023-03-31 06989197 2021-04-01 2022-03-31 06989197 2023-03-31 06989197 2022-03-31 06989197 2021-04-01 06989197 1 2022-04-01 2023-03-31 06989197 d:CompanySecretary1 2022-04-01 2023-03-31 06989197 d:Director1 2022-04-01 2023-03-31 06989197 d:Director2 2022-04-01 2023-03-31 06989197 d:RegisteredOffice 2022-04-01 2023-03-31 06989197 c:Buildings c:ShortLeaseholdAssets 2022-04-01 2023-03-31 06989197 c:Buildings c:ShortLeaseholdAssets 2023-03-31 06989197 c:Buildings c:ShortLeaseholdAssets 2022-03-31 06989197 c:PlantMachinery 2022-04-01 2023-03-31 06989197 c:PlantMachinery 2023-03-31 06989197 c:PlantMachinery 2022-03-31 06989197 c:PlantMachinery c:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 06989197 c:FurnitureFittings 2022-04-01 2023-03-31 06989197 c:FurnitureFittings 2023-03-31 06989197 c:FurnitureFittings 2022-03-31 06989197 c:FurnitureFittings c:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 06989197 c:ComputerEquipment 2022-04-01 2023-03-31 06989197 c:ComputerEquipment 2023-03-31 06989197 c:ComputerEquipment 2022-03-31 06989197 c:ComputerEquipment c:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 06989197 c:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 06989197 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-04-01 2023-03-31 06989197 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 06989197 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-03-31 06989197 c:ComputerSoftware 2023-03-31 06989197 c:ComputerSoftware 2022-03-31 06989197 c:OtherResidualIntangibleAssets 2022-04-01 2023-03-31 06989197 c:CurrentFinancialInstruments 2023-03-31 06989197 c:CurrentFinancialInstruments 2022-03-31 06989197 c:Non-currentFinancialInstruments 2023-03-31 06989197 c:Non-currentFinancialInstruments 2022-03-31 06989197 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 06989197 c:CurrentFinancialInstruments c:WithinOneYear 2022-03-31 06989197 c:ShareCapital 2022-04-01 2023-03-31 06989197 c:ShareCapital 2023-03-31 06989197 c:ShareCapital 2022-03-31 06989197 c:ShareCapital 2021-04-01 06989197 c:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 06989197 c:RetainedEarningsAccumulatedLosses 2023-03-31 06989197 c:RetainedEarningsAccumulatedLosses 2021-04-01 2022-03-31 06989197 c:RetainedEarningsAccumulatedLosses 2022-03-31 06989197 c:RetainedEarningsAccumulatedLosses 2021-04-01 06989197 c:AcceleratedTaxDepreciationDeferredTax 2023-03-31 06989197 c:AcceleratedTaxDepreciationDeferredTax 2022-03-31 06989197 c:RetirementBenefitObligationsDeferredTax 2023-03-31 06989197 c:RetirementBenefitObligationsDeferredTax 2022-03-31 06989197 d:FRS102 2022-04-01 2023-03-31 06989197 d:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 06989197 d:FullAccounts 2022-04-01 2023-03-31 06989197 d:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 06989197 c:WithinOneYear 2023-03-31 06989197 c:WithinOneYear 2022-03-31 06989197 c:BetweenOneFiveYears 2023-03-31 06989197 c:BetweenOneFiveYears 2022-03-31 06989197 c:DevelopmentCostsCapitalisedDevelopmentExpenditure c:ExternallyAcquiredIntangibleAssets 2022-04-01 2023-03-31 06989197 c:ComputerSoftware c:ExternallyAcquiredIntangibleAssets 2022-04-01 2023-03-31 06989197 2 2022-04-01 2023-03-31 06989197 c:ExternallyAcquiredIntangibleAssets 2022-04-01 2023-03-31 06989197 c:DevelopmentCostsCapitalisedDevelopmentExpenditure c:OwnedIntangibleAssets 2022-04-01 2023-03-31 06989197 c:ComputerSoftware c:OwnedIntangibleAssets 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure
Registered number: 06989197 (England and Wales)














SUMMIT VETERINARY PHARMACEUTICALS LIMITED
UNAUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023


 
SUMMIT VETERINARY PHARMACEUTICALS LIMITED
 

 
COMPANY INFORMATION


Directors
L M Organ 
S D Organ 




Company secretary
ZEDRA CoSec (UK) Limited



Registered number
06989197



Registered office
New Penderel House
4th Floor

283-288 High Holborn

London

United Kingdom

WC1V 7HP






 
SUMMIT VETERINARY PHARMACEUTICALS LIMITED
 


CONTENTS



Page
Balance Sheet
 
1 - 2
Statement of Changes in Equity
 
3
Notes to the Financial Statements
 
4 - 11



 
SUMMIT VETERINARY PHARMACEUTICALS LIMITED
REGISTERED NUMBER:06989197


BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 3 
462,135
-

Tangible assets
 4 
1,319,812
1,244,310

  
1,781,947
1,244,310

Current assets
  

Stocks
 5 
591,729
604,677

Debtors: amounts falling due after more than one year
 6 
102,000
102,000

Debtors due within one year
 6 
892,858
850,565

Bank and cash balances
  
1,837,040
2,036,457

  
3,423,627
3,593,699

Creditors: amounts falling due within one year
 7 
(1,468,610)
(1,376,041)

Net current assets
  
 
 
1,955,017
 
 
2,217,658

Total assets less current liabilities
  
3,736,964
3,461,968

Provisions for liabilities
  

Deferred tax
 8 
(152,291)
(126,323)

  
 
 
(152,291)
 
 
(126,323)

Net assets
  
3,584,673
3,335,645

Page 1


 
SUMMIT VETERINARY PHARMACEUTICALS LIMITED
REGISTERED NUMBER:06989197

    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

2023
2022
£
£

Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
3,584,672
3,335,644

  
3,584,673
3,335,645


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


S D Organ
Director

Date: 31 October 2023

Page 2


 
SUMMIT VETERINARY PHARMACEUTICALS LIMITED
 


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2021
1
2,305,778
2,305,779


Comprehensive income for the year

Profit for the year

-
1,779,866
1,779,866

Final dividends
-
(750,000)
(750,000)



At 1 April 2022
1
3,335,644
3,335,645


Comprehensive income for the year

Profit for the year

-
999,028
999,028

Final dividends
-
(750,000)
(750,000)


Total transactions with owners
-
(750,000)
(750,000)


At 31 March 2023
1
3,584,672
3,584,673


The notes on pages 4 to 11 form part of these financial statements.

Page 3


 
SUMMIT VETERINARY PHARMACEUTICALS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.Accounting policies

 
1.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
1.2

Going concern

The Company's financial statements are prepared on the going concern basis as the Company continues to generate profits from normal operating activites and has appropriate cash on hand in order to finance its operations. The directors have reviewed the forecast performance of the Company for a period of at least 12 months from the date of approval of these financial statements and on this basis have prepared the financial statements on a going concern basis.

 
1.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

Page 4


 
SUMMIT VETERINARY PHARMACEUTICALS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.Accounting policies (continued)

 
1.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
1.5

Operating leases: the Company as lessee

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

 
1.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred.

 
1.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
1.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 5


 
SUMMIT VETERINARY PHARMACEUTICALS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.Accounting policies (continued)

 
1.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
1.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Development expenditure
-
10
years
Computer software
-
2
years

 
1.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 6


 
SUMMIT VETERINARY PHARMACEUTICALS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.Accounting policies (continued)


1.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Short-term leasehold property
-
5 - 7 years (straight line basis)
Plant and machinery
-
30%
Fixtures and fittings
-
30%
Computer equipment
-
30%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
1.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
1.13

Debtors

Short and long term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
1.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions.

  
1.15

Creditors

Short term creditors are measured at the transaction price.

 
1.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.


2.


Employees

The average monthly number of employees during the year was 34 (2022 - 29).

Page 7


 
SUMMIT VETERINARY PHARMACEUTICALS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

3.


Intangible assets




Development expenditure
Computer software
Total

£
£
£



Cost


Additions
400,000
82,228
482,228



At 31 March 2023

400,000
82,228
482,228



Amortisation


Charge for the year on owned assets
16,667
3,426
20,093



At 31 March 2023

16,667
3,426
20,093



Net book value



At 31 March 2023
383,333
78,802
462,135



At 31 March 2022
-
-
-



Page 8


 
SUMMIT VETERINARY PHARMACEUTICALS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2022
1,803,386
711,953
65,499
36,241
2,617,079


Additions
47,201
241,847
22,233
35,345
346,626



At 31 March 2023

1,850,587
953,800
87,732
71,586
2,963,705



Depreciation


At 1 April 2022
743,736
574,817
34,458
19,758
1,372,769


Charge for the year on owned assets
215,726
41,141
9,312
4,945
271,124



At 31 March 2023

959,462
615,958
43,770
24,703
1,643,893



Net book value



At 31 March 2023
891,125
337,842
43,962
46,883
1,319,812



At 31 March 2022
1,059,650
137,136
31,041
16,483
1,244,310


5.


Stocks

2023
2022
£
£

Raw materials and consumables
300,554
233,481

Finished goods and packaging
291,175
371,196

591,729
604,677


Page 9


 
SUMMIT VETERINARY PHARMACEUTICALS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
102,000
102,000

102,000
102,000


Other debtors due after more than one year represent security deposits held against rental properties. 
 
2023
2022
£
£

Due within one year

Trade debtors
719,065
749,011

Other debtors
28,675
1,133

Prepayments and accrued income
145,119
100,418

892,859
850,562



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
178,690
88,166

Amounts owed to related parties
138,687
119,549

Corporation tax
-
60,713

Other taxation and social security
282,582
277,147

Other creditors
764,685
767,256

Accruals and deferred income
103,966
63,210

1,468,610
1,376,041


Page 10


 
SUMMIT VETERINARY PHARMACEUTICALS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Deferred taxation




2023
2022


£

£






At beginning of year
(126,322)
(4,349)


Charged to profit or loss
(25,969)
(121,973)



At end of year
(152,291)
(126,322)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(155,962)
(128,461)

Pension surplus
3,671
2,139

(152,291)
(126,322)


9.


Commitments under operating leases

At 31 March 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than one year
184,500
184,500

Later than one year and not later than five years
403,125
587,625

587,625
772,125


10.


Post balance sheet events

There were no adjusting or non-adjusting events occurring between the end of the reporting period and the date these financial statements were approved.

 
Page 11