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Registered number: 06989197 (England and Wales)














SUMMIT VETERINARY PHARMACEUTICALS LIMITED
UNAUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
SUMMIT VETERINARY PHARMACEUTICALS LIMITED
 
 
COMPANY INFORMATION


Directors
L M Organ 
S D Organ 




Registered number
06989197



Registered office
Birchin Court
5th Floor

19-25 Birchin Lane

London

United Kingdom

EC3V 9DU




Company secretary
ZEDRA CoSec (UK) Limited





 
SUMMIT VETERINARY PHARMACEUTICALS LIMITED
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Statement of Changes in Equity
 
3
Notes to the Financial Statements
 
4 - 11


 
SUMMIT VETERINARY PHARMACEUTICALS LIMITED
REGISTERED NUMBER:06989197

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
537,433
462,135

Tangible assets
 5 
1,171,669
1,319,812

  
1,709,102
1,781,947

Current assets
  

Stocks
 6 
625,090
591,729

Debtors: amounts falling due after more than one year
 7 
102,000
102,000

Debtors: amounts falling due within one year
 7 
1,185,774
892,858

Bank and cash balances
  
600,271
1,837,040

  
2,513,135
3,423,627

Creditors: amounts falling due within one year
 8 
(955,804)
(1,468,610)

Net current assets
  
 
 
1,557,331
 
 
1,955,017

Total assets less current liabilities
  
3,266,433
3,736,964

Provisions for liabilities
  

Deferred tax
 9 
(189,205)
(152,291)

  
 
 
(189,205)
 
 
(152,291)

Net assets
  
3,077,228
3,584,673

Page 1

 
SUMMIT VETERINARY PHARMACEUTICALS LIMITED
REGISTERED NUMBER:06989197
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

2024
2023
£
£

Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
3,077,227
3,584,672

  
3,077,228
3,584,673


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 comprehensive income 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 by: 

S D Organ
Director

Date: 16 August 2024

The notes on pages 4 to 11 form part of these financial statements.

Page 2

 
SUMMIT VETERINARY PHARMACEUTICALS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2022
1
3,335,644
3,335,645


Comprehensive income for the year

Profit for the year
-
999,028
999,028

Final dividends
-
(750,000)
(750,000)


Total transactions with owners
-
(750,000)
(750,000)



At 1 April 2023
1
3,584,672
3,584,673


Comprehensive income for the year

Profit for the year
-
492,555
492,555

Final dividends
-
(1,000,000)
(1,000,000)


Total transactions with owners
-
(1,000,000)
(1,000,000)


At 31 March 2024
1
3,077,227
3,077,228


The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
SUMMIT VETERINARY PHARMACEUTICALS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.Accounting policies

 
1.1

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:

 
1.2

Going concern

The Company's financial statements are prepared on the going concern basis as the Company continues to generate profits from normal operating activites and has appropriate cash on hand in order to finance its operations. The directors have reviewed the forecast performance of the Company for a period of at least 12 months from the date of approval of these financial statements and on this basis have prepared the financial statements on a going concern basis.

 
1.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

Page 4

 
SUMMIT VETERINARY PHARMACEUTICALS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.Accounting policies (continued)

 
1.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Sale of goods

Turnover 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 turnover 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.

 
1.5

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.

 
1.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. 
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
1.7

Interest income

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

 
1.8

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.

Page 5

 
SUMMIT VETERINARY PHARMACEUTICALS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.Accounting policies (continued)

 
1.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
1.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Development expenditure
-
10
years
Computer software
-
2
years

 
1.11

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.

Page 6

 
SUMMIT VETERINARY PHARMACEUTICALS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.Accounting policies (continued)


1.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Short-term leasehold property
-
5 - 7 years (straight line basis)
Plant and machinery
-
30%
Fixtures and fittings
-
30%
Computer equipment
-
30%

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.

 
1.12

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 weighted average basis. Work in progress and finished goods include labour and attributable overheads.

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.

 
1.13

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.

 
1.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions.

  
1.15

Creditors

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

 
1.16

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.

Page 7

 
SUMMIT VETERINARY PHARMACEUTICALS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.


Judgements in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, the directors have considered areas of judgement or estimation
which may have the potential to cause material misstatement.
During the year, the Company entered into three leases for vehicles. In line with FRS 102, the directors have considered the substance of the lease arrangements and determined that they represent operating leases since they do not expect to obtain substantially all the risks and rewards incidental to ownership. This is a significant judgement which may have a material impact on the presentation of assets and liabilities in these financial statements. The minimum non-cancellable future payments of these leases have been included within note 10.


3.


Employees

The average monthly number of employees during the year was 35 (2023 - 34).


4.


Intangible assets




Development expenditure
Computer software
Total

£
£
£



Cost


At 1 April 2023
400,000
82,228
482,228


Additions
-
133,007
133,007



At 31 March 2024

400,000
215,235
615,235



Amortisation


At 1 April 2023
16,667
3,426
20,093


Charge for the year on owned assets
16,667
41,042
57,709



At 31 March 2024

33,334
44,468
77,802



Net book value



At 31 March 2024
366,666
170,767
537,433



At 31 March 2023
383,333
78,802
462,135



Page 8

 
SUMMIT VETERINARY PHARMACEUTICALS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost


At 1 April 2023
1,850,587
953,800
87,732
71,586
2,963,705


Additions
30,537
109,605
8,737
28,364
177,243



At 31 March 2024

1,881,124
1,063,405
96,469
99,950
3,140,948



Depreciation


At 1 April 2023
959,461
615,958
43,770
24,703
1,643,892


Charge for the year on owned assets
200,715
96,995
13,531
14,146
325,387



At 31 March 2024

1,160,176
712,953
57,301
38,849
1,969,279



Net book value



At 31 March 2024
720,948
350,452
39,168
61,101
1,171,669



At 31 March 2023
891,125
337,842
43,962
46,883
1,319,812


6.


Stocks

2024
2023
£
£

Raw materials and consumables
335,906
300,554

Finished goods and goods for resale
289,184
291,175

625,090
591,729


Page 9

 
SUMMIT VETERINARY PHARMACEUTICALS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
102,000
102,000

102,000
102,000


Other debtors due after more than one year represent security deposits held against rental properties. These are expected to be recovered during 2025. Management has considered the need to discount the amount due, but concluded that this would have an immaterial effect to the balance.

2024
2023
£
£

Due within one year

Trade debtors
981,752
719,065

Other debtors
1,891
28,675

Prepayments and accrued income
202,131
145,118

1,185,774
892,858



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
411,295
178,690

Amounts owed to related parties
136,382
138,687

Corporation tax
1,369
-

Other taxation and social security
310,553
282,582

Other creditors
22,478
764,685

Accruals and deferred income
73,727
103,966

955,804
1,468,610


Page 10

 
SUMMIT VETERINARY PHARMACEUTICALS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Deferred taxation




2024
2023


£

£






At beginning of year
(152,291)
(126,322)


Charged to profit or loss
(36,914)
(25,969)



At end of year
(189,205)
(152,291)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(194,825)
(155,962)

Pension surplus
5,620
3,671

(189,205)
(152,291)


10.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than one year
217,090
184,500

Later than one year and not later than five years
272,824
403,125

489,914
587,625


11.


Post balance sheet events

There were no adjusting or non-adjusting events occurring between the end of the reporting period and the date these financial statements were approved.

 
Page 11