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Company No: 12249732 (England and Wales)

EVOLUTION VETS LTD

Unaudited Financial Statements
For the financial year ended 31 July 2023
Pages for filing with the registrar

EVOLUTION VETS LTD

Unaudited Financial Statements

For the financial year ended 31 July 2023

Contents

EVOLUTION VETS LTD

COMPANY INFORMATION

For the financial year ended 31 July 2023
EVOLUTION VETS LTD

COMPANY INFORMATION (continued)

For the financial year ended 31 July 2023
DIRECTORS B R John
S J Wilson
REGISTERED OFFICE Inwood Farm
Nether Stowey
Bridgwater
Somerset
TA5 1HY
United Kingdom
COMPANY NUMBER 12249732 (England and Wales)
CHARTERED ACCOUNTANTS Albert Goodman LLP
Goodwood House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX
EVOLUTION VETS LTD

BALANCE SHEET

As at 31 July 2023
EVOLUTION VETS LTD

BALANCE SHEET (continued)

As at 31 July 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 52,210 93,978
Tangible assets 4 149,040 177,896
Investments 5 120 0
201,370 271,874
Current assets
Stocks 6 72,432 57,670
Debtors 7 565,335 328,238
Cash at bank and in hand 8 136,049 86,528
773,816 472,436
Creditors: amounts falling due within one year 9 ( 406,425) ( 482,657)
Net current assets/(liabilities) 367,391 (10,221)
Total assets less current liabilities 568,761 261,653
Creditors: amounts falling due after more than one year 10 ( 261,716) ( 64,907)
Provision for liabilities 11 ( 35,272) ( 29,126)
Net assets 271,773 167,620
Capital and reserves
Called-up share capital 260 260
Profit and loss account 271,513 167,360
Total shareholders' funds 271,773 167,620

For the financial year ending 31 July 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Evolution Vets Ltd (registered number: 12249732) were approved and authorised for issue by the Board of Directors on 30 January 2024. They were signed on its behalf by:

B R John
Director
S J Wilson
Director
EVOLUTION VETS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
EVOLUTION VETS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Evolution Vets Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Inwood Farm, Nether Stowey, Bridgwater, Somerset, TA5 1HY, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of veterinary products and provision of veterinary services in the ordinary course of the company’s activities. Turnover is shown net of VAT and is recognised at the point of dispatch for the sale of products and the point the service took place.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
Goodwill

Goodwill, being the amount paid in connection with the acquisition the business in 2019, is being amortised evenly over its estimated useful live of five years.

Goodwill represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets and liabilities of the entity recognised at the date of acquisition.

Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 5 years straight line
Vehicles 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Other stocks is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated selling costs.

Trade and other debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Other debtors include prepayments, whereby payments have been made by the company within the year for services that have not yet been received.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Other creditors are amounts due to suppliers where the work has been completed during the year but no invoice received. The expense has been recognised in the year in which the work took place as the accounts have been prepared under the accruals basis. Loan to directors are also included within this balance.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

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 at an annual general meeting.

Defined contribution pension obligation

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 payments obligations.

The contributions are recognised as an expense in the profit and loss account 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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 13 8

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 August 2022 208,840 208,840
At 31 July 2023 208,840 208,840
Accumulated amortisation
At 01 August 2022 114,862 114,862
Charge for the financial year 41,768 41,768
At 31 July 2023 156,630 156,630
Net book value
At 31 July 2023 52,210 52,210
At 31 July 2022 93,978 93,978

4. Tangible assets

Plant and machinery Vehicles Total
£ £ £
Cost
At 01 August 2022 168,491 146,073 314,564
Additions 33,081 24,958 58,039
Disposals ( 22,500) ( 16,875) ( 39,375)
At 31 July 2023 179,072 154,156 333,228
Accumulated depreciation
At 01 August 2022 72,383 64,285 136,668
Charge for the financial year 41,440 30,831 72,271
Disposals ( 18,001) ( 6,750) ( 24,751)
At 31 July 2023 95,822 88,366 184,188
Net book value
At 31 July 2023 83,250 65,790 149,040
At 31 July 2022 96,108 81,788 177,896

5. Fixed asset investments

Other investments Total
£ £
Carrying value before impairment
At 01 August 2022 0 0
Additions 120 120
At 31 July 2023 120 120
Provisions for impairment
At 01 August 2022 0 0
At 31 July 2023 0 0
Carrying value at 31 July 2023 120 120
Carrying value at 31 July 2022 0 0

6. Stocks

2023 2022
£ £
Stocks 72,432 57,670

7. Debtors

2023 2022
£ £
Trade debtors 132,523 190,768
Other debtors 432,812 137,470
565,335 328,238

8. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 136,049 86,528

9. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 56,434 9,455
Trade creditors 57,956 55,848
Taxation and social security 43,563 85,557
Obligations under finance leases and hire purchase contracts 26,323 29,435
Other creditors 222,149 302,362
406,425 482,657

10. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 229,600 30,235
Obligations under finance leases and hire purchase contracts 24,894 18,783
Other creditors 7,222 15,889
261,716 64,907

There are no amounts included above in respect of which any security has been given by the small entity.

11. Provision for liabilities

2023 2022
£ £
Deferred tax 35,272 29,126

12. Off Balance Sheet arrangements

The total amount of financial commitments not included in the balance sheet is £24,500 (2022 - £24,500).