Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-302023-11-30true2022-12-0111falseThe principal activity of the Company was that of an online veterinary dispensary.8trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09158572 2022-12-01 2023-11-30 09158572 2021-12-01 2022-11-30 09158572 2023-11-30 09158572 2022-11-30 09158572 c:Director1 2022-12-01 2023-11-30 09158572 d:FurnitureFittings 2022-12-01 2023-11-30 09158572 d:FurnitureFittings 2023-11-30 09158572 d:FurnitureFittings 2022-11-30 09158572 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 09158572 d:OtherPropertyPlantEquipment 2022-12-01 2023-11-30 09158572 d:OtherPropertyPlantEquipment 2023-11-30 09158572 d:OtherPropertyPlantEquipment 2022-11-30 09158572 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 09158572 d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 09158572 d:CurrentFinancialInstruments 2023-11-30 09158572 d:CurrentFinancialInstruments 2022-11-30 09158572 d:Non-currentFinancialInstruments 2023-11-30 09158572 d:Non-currentFinancialInstruments 2022-11-30 09158572 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 09158572 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 09158572 d:Non-currentFinancialInstruments d:AfterOneYear 2023-11-30 09158572 d:Non-currentFinancialInstruments d:AfterOneYear 2022-11-30 09158572 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-11-30 09158572 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-11-30 09158572 d:ShareCapital 2023-11-30 09158572 d:ShareCapital 2022-11-30 09158572 d:RetainedEarningsAccumulatedLosses 2023-11-30 09158572 d:RetainedEarningsAccumulatedLosses 2022-11-30 09158572 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-11-30 09158572 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-11-30 09158572 c:FRS102 2022-12-01 2023-11-30 09158572 c:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 09158572 c:FullAccounts 2022-12-01 2023-11-30 09158572 c:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 09158572 2 2022-12-01 2023-11-30 09158572 e:PoundSterling 2022-12-01 2023-11-30 iso4217:GBP xbrli:pure

Registered number: 09158572









VETIMED LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
VETIMED LIMITED
REGISTERED NUMBER: 09158572

BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
38,899
47,917

  
38,899
47,917

Current assets
  

Stocks
 5 
129,750
178,542

Debtors: amounts falling due within one year
 6 
4,343
50,706

Cash at bank and in hand
 7 
50,252
43,530

  
184,345
272,778

Creditors: amounts falling due within one year
 8 
(346,133)
(295,187)

Net current liabilities
  
 
 
(161,788)
 
 
(22,409)

Total assets less current liabilities
  
(122,889)
25,508

Creditors: amounts falling due after more than one year
 9 
(15,000)
(25,000)

  

Net (liabilities)/assets
  
(137,889)
508


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(137,989)
408

  
(137,889)
508


Page 1

 
VETIMED LIMITED
REGISTERED NUMBER: 09158572
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023

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 income and retained earnings 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 on 17 April 2024.




................................................
Mr A Reeder
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
VETIMED LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

Vetimed Limited is a private company limited by shares, incorporated in England and Wales. The principal activity of the Company throughout the year was that of an online veterinary dispensary.

2.Accounting policies

 
2.1

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The accounts have been prepared on a going concern basis, the Company relies on the continuing support of the directors, the directors confirm their continuing support.. 

 
2.3

Revenue

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. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue 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 revenue 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.

 
2.4

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.

 
2.5

Interest income

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

 
2.6

Finance costs

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.

Page 3

 
VETIMED LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

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.

 
2.9

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. .

Depreciation is provided on the following basis:

Fixtures and fittings
-
15%
reducing balance
Other fixed assets
-
10%
straight line

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.

 
2.10

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 first in, first out basis.

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.

 
2.11

Debtors

Short-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.

Page 4

 
VETIMED LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.


3.


Employees

The average monthly number of employees, including directors, during the year was 11 (2022 - 8).

Page 5

 
VETIMED LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

4.


Tangible fixed assets





Fixtures and fittings
Other fixed assets
Total

£
£
£



Cost or valuation


At 1 December 2022
23,583
73,234
96,817



At 30 November 2023

23,583
73,234
96,817



Depreciation


At 1 December 2022
12,284
36,616
48,900


Charge for the year on owned assets
1,695
7,323
9,018



At 30 November 2023

13,979
43,939
57,918



Net book value



At 30 November 2023
9,604
29,295
38,899



At 30 November 2022
11,299
36,618
47,917


5.


Stocks

2023
2022
£
£

Finished goods and goods for resale
129,750
178,542

129,750
178,542


Page 6

 
VETIMED LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

6.


Debtors

2023
2022
£
£


Other debtors
49
46,945

Prepayments and accrued income
4,294
3,761

4,343
50,706


Included within other debtors is a loan to Mr A Reeder and Mrs C Reeder, the directors, amounting to £Nil (2022 - £45,854). 




7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
50,252
43,530

Less: bank overdrafts
-
(6,287)

50,252
37,243



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
6,287

Bank loan
10,000
10,000

Trade creditors
194,838
229,077

Other taxation and social security
29,794
36,123

Other creditors
107,886
7,658

Accruals and deferred income
3,615
6,042

346,133
295,187


Page 7

 
VETIMED LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
15,000
25,000

15,000
25,000



10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,000
10,000

Amounts falling due 2-5 years

Bank loans
15,000
25,000

25,000
35,000



11.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
50,252
43,530




Financial assets measured at fair value through profit or loss comprise cash at bank.


12.


Pension commitments

The Company operates a defined contributions pension scheme in respect of the employees. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £2,768 (2022 - £2,030). Contributions totalling £703 (2022 - £490) were payable to the fund at the balance sheet date.

Page 8

 
VETIMED LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

13.


Controlling party

The Company is controlled by the director, Mr A Reeder, by virtue of his shareholding as described in the directors' report.

 
Page 9