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Registration number: SC425078

Armac Vets Limited

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 30 November 2023

 

Armac Vets Limited

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 5

 

Armac Vets Limited

(Registration number: SC425078)
Abridged Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

391,257

426,826

Tangible assets

5

356,686

310,292

 

747,943

737,118

Current assets

 

Stocks

180,124

94,768

Debtors

384,429

394,217

Cash at bank and in hand

 

490,855

667,105

 

1,055,408

1,156,090

Creditors: Amounts falling due within one year

(664,343)

(862,889)

Net current assets

 

391,065

293,201

Total assets less current liabilities

 

1,139,008

1,030,319

Provisions for liabilities

(24,125)

(11,220)

Net assets

 

1,114,883

1,019,099

Capital and reserves

 

Called up share capital

120

120

Profit and loss account

1,114,763

1,018,979

Total equity

 

1,114,883

1,019,099

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

Armac Vets Limited

(Registration number: SC425078)
Abridged Balance Sheet as at 30 November 2023

Approved and authorised by the Board on 30 August 2024 and signed on its behalf by:
 

Mr D Gardner-Roberts

Director

Mr A C Middleton

Director

Mrs K M Reive

Director

 

Armac Vets Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
4 Station Road
Biggar
Lanarkshire
ML12 6BW

2

Accounting policies

Statement of compliance

These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover represents the amounts, excluding value added tax, derived from the provision of goods and services to customers during the year.

Tax

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

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

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land

Nil

Buildings

2% straight line

Motor vehicles

25% reducing balance

Fixtures and equipment

15% reducing balance

 

Armac Vets Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 2023

Goodwill

Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 30 (2022 - 19).

 

Armac Vets Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 2023

4

Intangible assets

Total
£

Cost or valuation

At 1 December 2022

711,377

At 30 November 2023

711,377

Amortisation

At 1 December 2022

284,551

Amortisation charge

35,569

At 30 November 2023

320,120

Carrying amount

At 30 November 2023

391,257

At 30 November 2022

426,826

5

Tangible assets

Total
£

Cost or valuation

At 1 December 2022

448,628

Additions

79,623

At 30 November 2023

528,251

Depreciation

At 1 December 2022

138,336

Charge for the year

33,229

At 30 November 2023

171,565

Carrying amount

At 30 November 2023

356,686

At 30 November 2022

310,292

6

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £27,220 (2022 - £42,595). The company has commitments in relation to leasing of equipment