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NITHSDALE FARM VETS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2023






NITHSDALE FARM VETS LTD (REGISTERED NUMBER: SC657425)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST AUGUST 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

NITHSDALE FARM VETS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST AUGUST 2023







DIRECTORS: Mr D I Hastings
Mr P F Hastings
Mr A T Padkin





SECRETARY: Mr A T Padkin





REGISTERED OFFICE: Nithsdale Farm Vets Ltd
Waterside Farm
Thornhill
Dumfriesshire
DG3 5AR





REGISTERED NUMBER: SC657425 (Scotland)





ACCOUNTANTS: JRW Hogg & Thorburn LLP
Riverside House
Ladhope Vale
Galashiels
Selkirkshire
TD1 1BT

NITHSDALE FARM VETS LTD (REGISTERED NUMBER: SC657425)

ABRIDGED BALANCE SHEET
31ST AUGUST 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,127,594 1,291,567
Tangible assets 5 345,936 319,763
1,473,530 1,611,330

CURRENT ASSETS
Stocks 152,453 124,372
Debtors 498,062 507,782
Cash at bank and in hand 176,910 198,629
827,425 830,783
CREDITORS
Amounts falling due within one year 700,570 733,202
NET CURRENT ASSETS 126,855 97,581
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,600,385

1,708,911

CREDITORS
Amounts falling due after more than one
year

(1,502,456

)

(1,664,456

)

PROVISIONS FOR LIABILITIES (20,897 ) (16,656 )
NET ASSETS 77,032 27,799

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 77,031 27,798
77,032 27,799

NITHSDALE FARM VETS LTD (REGISTERED NUMBER: SC657425)

ABRIDGED BALANCE SHEET - continued
31ST AUGUST 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st August 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31st August 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25th March 2024 and were signed on its behalf by:




Mr D I Hastings - Director Mr P F Hastings - Director




Mr A T Padkin - Director


NITHSDALE FARM VETS LTD (REGISTERED NUMBER: SC657425)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST AUGUST 2023

1. STATUTORY INFORMATION

Nithsdale Farm Vets Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The directors have considered the potential impact of ongoing worldwide events on the business and are satisfied that the Company has sufficient cash reserves to meet all financial obligations for the foreseeable future. The accounts have therefore been prepared on the going concern basis.

Significant judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that effect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The directors are of the opinion there are no matters of significant judgements, estimates or assumptions that have significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Turnover
The company provides veterinary services. Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue is recognised in the accounting period in which the services are rendered and when the outcome of the contract can be measured reliably.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - Straight line over 20 years
Plant and machinery - 40% on reducing balance and 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

NITHSDALE FARM VETS LTD (REGISTERED NUMBER: SC657425)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2023

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial assets
Basic financial assets, including trade and other debtors and bank balances, are initially recognised at transaction price.
At the end of each reporting period financial assets measured at cost are assessed for evidence of impairment. Any impairment loss is recognised in the Income and Expenditure Account.
Financial assets are derecognised when the contractual rights to the cash flows from the asset expire or are settled.

Financial liabilities
Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. These are classed as current liabilities as payment is due within one year or less. If not they are presented as non-current liabilities.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

NITHSDALE FARM VETS LTD (REGISTERED NUMBER: SC657425)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 11 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1st September 2022
and 31st August 2023 1,639,728
AMORTISATION
At 1st September 2022 348,161
Amortisation for year 163,973
At 31st August 2023 512,134
NET BOOK VALUE

At 31st August 2023 1,127,594
At 31st August 2022 1,291,567

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1st September 2022 384,352
Additions 72,479
Disposals (4,179 )
At 31st August 2023 452,652
DEPRECIATION
At 1st September 2022 64,589
Charge for year 43,701
Eliminated on disposal (1,574 )
At 31st August 2023 106,716
NET BOOK VALUE
At 31st August 2023 345,936
At 31st August 2022 319,763

NITHSDALE FARM VETS LTD (REGISTERED NUMBER: SC657425)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2023

6. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year - 13,220

7. PENSION COMMITMENTS

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The amount of unpaid contributions at the balance sheet date amounted to £89 (£1,118 - 2022) and are included in other creditors.

8. RELATED PARTY DISCLOSURES

At 31st August 2023, the company was due a balance of £1,918,570 (2022 - £2,080,570) to Nithsdale Properties Ltd, a group company in which I Hastings, P Hastings and A Padkin are directors.

At 31st August 2023, the company was due a balance of £10,774 (2022 - £13,776) to Threave Farm Vets Ltd, an associate company in which I Hastings, P Hastings and A Padkin are directors.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
NITHSDALE FARM VETS LTD

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Nithsdale Farm Vets Ltd for the year ended 31st August 2023 which comprise the Income Statement, Abridged Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Nithsdale Farm Vets Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Nithsdale Farm Vets Ltd and state those matters that we have agreed to state to the Board of Directors of Nithsdale Farm Vets Ltd, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Nithsdale Farm Vets Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Nithsdale Farm Vets Ltd. You consider that Nithsdale Farm Vets Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Nithsdale Farm Vets Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






JRW Hogg & Thorburn LLP
Riverside House
Ladhope Vale
Galashiels
Selkirkshire
TD1 1BT


25th March 2024