|
|
|
|
|
VETERINARY SPECIALISTS (SCOTLAND) LIMITED
|
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 22 MAY 2023
Veterinary Specialists (Scotland) Limited is a private company limited by shares and is registered and incorporated in Scotland. The address of its registered office is shown on the Company Information page.
2.Accounting policies
|
|
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 Company was dormant (within the meaning of Section 480 of the companies Act 2006) throughout the year. The Company has not traded during the year. During this period, the company received no income and incurred no expenditure and therefore made neither profit nor loss.
After reviewing the company’s forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investements in ordinary shares.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when apporved by the shareholders at an annual general meeting.
|