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REGISTERED NUMBER: SC537595 (Scotland)















Unaudited Financial Statements for the Year Ended 31st March 2024

for

Galloway Vets Limited

Galloway Vets Limited (Registered number: SC537595)






Contents of the Financial Statements
for the Year Ended 31st March 2024




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 7


Galloway Vets Limited

Company Information
for the Year Ended 31st March 2024







DIRECTORS: W F McCarthy
Mrs S L McCarthy





REGISTERED OFFICE: Farries, Kirk & McVean
Dumfries Enterprise Park
Heathhall
Dumfries
DG1 3SJ





REGISTERED NUMBER: SC537595 (Scotland)





ACCOUNTANTS: Farries Kirk & McVean
Dumfries Enterprise Park
Heathhall
Dumfries
DUMFRIESSHIRE
DG1 3SJ

Galloway Vets Limited (Registered number: SC537595)

Balance Sheet
31st March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 4 83,803 125,705
Tangible assets 5 332,645 313,558
416,448 439,263

CURRENT ASSETS
Stocks 38,381 61,275
Debtors 6 178,203 166,385
Prepayments and accrued income 5,018 -
Cash at bank and in hand 92,110 67,202
313,712 294,862
CREDITORS
Amounts falling due within one year 7 (217,554 ) (155,644 )
NET CURRENT ASSETS 96,158 139,218
TOTAL ASSETS LESS CURRENT
LIABILITIES

512,606

578,481

CREDITORS
Amounts falling due after more than one year 8 (47,989 ) (53,707 )

PROVISIONS FOR LIABILITIES (21,620 ) (12,805 )
NET ASSETS 442,997 511,969

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 441,997 510,969
SHAREHOLDERS' FUNDS 442,997 511,969

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 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.

Galloway Vets Limited (Registered number: SC537595)

Balance Sheet - continued
31st March 2024


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

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

The financial statements were approved by the Board of Directors and authorised for issue on 14th August 2024 and were signed on its behalf by:





W F McCarthy - Director


Galloway Vets Limited (Registered number: SC537595)

Notes to the Financial Statements
for the Year Ended 31st March 2024

1. STATUTORY INFORMATION

Galloway Vets Limited 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.

Turnover
Turnover represents net invoiced sales of veterinary services and medicines excluding value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2017, 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.

The assets are reviewed for impairment if there are any factors that indicate the carrying amount may be impaired.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance, 15% on reducing balance and not provided

Amounts written off each asset over the estimated useful life represent cost less residual value.

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period.

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Galloway Vets Limited (Registered number: SC537595)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024

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.

Financial instruments
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors
Trade debtors are amounts due from customers for the sale of goods and services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price and represent the full value of the goods and services charged to customers, including any amounts charged on for third parties.

Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date they are presented as non current liabilities.

Borrowings
Interest bearing borrowings are initially recorded at fair value, net of transaction costs. Interest bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transactions costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Provisions and contingencies
Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2023 - 14 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st April 2023
and 31st March 2024 472,590
AMORTISATION
At 1st April 2023 346,885
Charge for year 41,902
At 31st March 2024 388,787
NET BOOK VALUE
At 31st March 2024 83,803
At 31st March 2023 125,705

Galloway Vets Limited (Registered number: SC537595)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1st April 2023 246,165 144,095 390,260
Additions - 38,738 38,738
Disposals - (4,895 ) (4,895 )
At 31st March 2024 246,165 177,938 424,103
DEPRECIATION
At 1st April 2023 - 76,702 76,702
Charge for year - 18,486 18,486
Eliminated on disposal - (3,730 ) (3,730 )
At 31st March 2024 - 91,458 91,458
NET BOOK VALUE
At 31st March 2024 246,165 86,480 332,645
At 31st March 2023 246,165 67,393 313,558

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 163,703 154,983
Other debtors 14,500 11,402
178,203 166,385

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 24,561 5,000
Trade creditors 137,575 102,032
Taxation and social security 45,654 39,235
Other creditors 9,764 9,377
217,554 155,644

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 47,989 53,707

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 27,989 33,707

Galloway Vets Limited (Registered number: SC537595)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 52,989 58,707

The bank loan is secured on the property on which the loan is outstanding.
The hire purchase creditors are secured on the assets on which the finance is actually outstanding.

10. RELATED PARTY DISCLOSURES

The company paid a dividend of £166,000 (2023 - 153,000) to William McCarthy Limited.

As at 31st March 2024, the company owed W F McCarthy the sum of £15 (2023 - £246) by way of a director's current account. This sum is interest free and repayable on demand.