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Company No: 14258681 (England and Wales)

VET3 EQUINE CARE LTD

Unaudited Financial Statements
For the financial period from 27 July 2022 to 31 July 2023
Pages for filing with the registrar

VET3 EQUINE CARE LTD

Unaudited Financial Statements

For the financial period from 27 July 2022 to 31 July 2023

Contents

VET3 EQUINE CARE LTD

STATEMENT OF FINANCIAL POSITION

As at 31 July 2023
VET3 EQUINE CARE LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 July 2023
Note 31.07.2023
£
Fixed assets
Tangible assets 3 41,273
41,273
Current assets
Stocks 4 24,015
Debtors 5 38,765
Cash at bank and in hand 62,802
125,582
Creditors: amounts falling due within one year 6 ( 111,681)
Net current assets 13,901
Total assets less current liabilities 55,174
Creditors: amounts falling due after more than one year 7 ( 11,448)
Provision for liabilities ( 10,318)
Net assets 33,408
Capital and reserves
Called-up share capital 8 300
Profit and loss account 33,108
Total shareholders' funds 33,408

For the financial period 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 Vet3 Equine Care Ltd (registered number: 14258681) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

C Graham
Director

28 March 2024

VET3 EQUINE CARE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 27 July 2022 to 31 July 2023
VET3 EQUINE CARE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 27 July 2022 to 31 July 2023
1. Accounting policies

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

General information and basis of accounting

Vet3 Equine Care 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 Carmel Worls, Park Road, Diss, IP22 4AS, United Kingdom.

The company was incorporated on 27 July 2022 and commenced trading on 30th September 2022

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 is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. 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 20 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 20 % reducing balance
Office equipment 20 % reducing balance

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Income Statement as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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 Statement of Financial Position 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.

2. Employees

Period from
27.07.2022 to
31.07.2023
Number
Monthly average number of persons employed by the Company during the period, including directors 5

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 27 July 2022 0 0 0 0 0
Additions 20,146 29,400 1,537 553 51,636
At 31 July 2023 20,146 29,400 1,537 553 51,636
Accumulated depreciation
At 27 July 2022 0 0 0 0 0
Charge for the financial period 4,022 6,125 121 95 10,363
At 31 July 2023 4,022 6,125 121 95 10,363
Net book value
At 31 July 2023 16,124 23,275 1,416 458 41,273
Leased assets included above:
Net book value
At 31 July 2023 0 23,275 0 0 23,275

4. Stocks

31.07.2023
£
Stocks 24,015

5. Debtors

31.07.2023
£
Trade debtors 11,971
Accrued income 26,794
38,765

6. Creditors: amounts falling due within one year

31.07.2023
£
Trade creditors 8,989
Amounts owed to directors 59,597
Accruals 1,500
Taxation and social security 30,651
Obligations under finance leases and hire purchase contracts 8,569
Other creditors 2,375
111,681

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

31.07.2023
£
Obligations under finance leases and hire purchase contracts 11,448

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

8. Called-up share capital

31.07.2023
£
Allotted, called-up and fully-paid
200 B ordinary shares of £ 1.00 each 200
100 A ordinary shares of £ 1.00 each 100
300