Company registration number 10041959 (England and Wales)
TVM UK ANIMAL HEALTH LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
TVM UK ANIMAL HEALTH LTD
COMPANY INFORMATION
Directors
S Boussemart
J Hill
(Appointed 1 August 2023)
Company number
10041959
Registered office
Building B, Kirtlington Business Centre
Slade Farm
Kirtlington
Oxfordshire
OX5 3JA
Auditor
Ellacotts Audit Services Limited
Countrywide House
23 West Bar
Banbury
Oxfordshire
England
OX16 9SA
TVM UK ANIMAL HEALTH LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
TVM UK ANIMAL HEALTH LTD
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
2,158
5,011
Tangible assets
5
93,586
119,919
95,744
124,930
Current assets
Stocks
861,061
479,807
Debtors
6
2,172,763
1,601,453
Cash at bank and in hand
694,465
329,769
3,728,289
2,411,029
Creditors: amounts falling due within one year
7
(2,759,586)
(1,293,805)
Net current assets
968,703
1,117,224
Total assets less current liabilities
1,064,447
1,242,154
Creditors: amounts falling due after more than one year
8
(27,178)
Provisions for liabilities
(23,160)
(28,998)
Net assets
1,041,287
1,185,978
Capital and reserves
Called up share capital
9
200
200
Share premium account
177,938
177,938
Profit and loss reserves
863,149
1,007,840
Total equity
1,041,287
1,185,978
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 4 September 2024 and are signed on its behalf by:
S Boussemart
J Hill
Director
Director
Company registration number 10041959 (England and Wales)
TVM UK ANIMAL HEALTH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
TVM UK Animal Health Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Building B, Kirtlington Business Centre, Slade Farm, Kirtlington, Oxfordshire, OX5 3JA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements have been prepared under the historical cost convention.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.3
Intangible fixed assets other than goodwill
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.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
straight line over 5 years
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
between 3 and 10 years straight line
Fixtures and fittings
over 5 years straight line
Computer equipment
over 4 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
TVM UK ANIMAL HEALTH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
Tax is recognised in the Profit and Loss Account 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.
TVM UK ANIMAL HEALTH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
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.
At 31 December 2023, contributions of £6,747 (2022: £9,419) were outstanding and included within other creditors.
1.12
Leases
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
1.13
Foreign exchange
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
TVM UK ANIMAL HEALTH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
19
20
4
Intangible fixed assets
Other
£
Cost
At 1 January 2023 and 31 December 2023
14,263
Amortisation and impairment
At 1 January 2023
9,252
Amortisation charged for the year
2,853
At 31 December 2023
12,105
Carrying amount
At 31 December 2023
2,158
At 31 December 2022
5,011
5
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 January 2023
168,274
57,833
59,784
285,891
Additions
6,657
6,657
Disposals
(2,275)
(1,270)
(3,545)
At 31 December 2023
165,999
57,833
65,171
289,003
Depreciation and impairment
At 1 January 2023
71,445
47,790
46,737
165,972
Depreciation charged in the year
17,515
8,665
6,041
32,221
Eliminated in respect of disposals
(1,506)
(1,270)
(2,776)
At 31 December 2023
87,454
56,455
51,508
195,417
Carrying amount
At 31 December 2023
78,545
1,378
13,663
93,586
At 31 December 2022
96,829
10,043
13,047
119,919
TVM UK ANIMAL HEALTH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,931,804
1,458,022
Corporation tax recoverable
90,545
Amounts owed by group undertakings
6,235
14,566
Other debtors
144,179
128,865
2,172,763
1,601,453
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
387,038
52,536
Amounts owed to group undertakings
1,467,600
400,533
Corporation tax
56,886
Other taxation and social security
475,490
370,821
Other creditors
429,458
413,029
2,759,586
1,293,805
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
27,178
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
200
200
200
200
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
David Stevens BA FCA
Statutory Auditor:
Ellacotts Audit Services Limited
Date of audit report:
5 September 2024
TVM UK ANIMAL HEALTH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
119,566
166,596
12
Related party transactions
During 2019, the company entered into a loan agreement with it's parent company. The loan carries interest at 0.58% and is repayable in instalments over 5 years. The balance owing at 31 December 2023 was £27,718 (2022: £73,556) of which £nil (2022: £27,718) was due outside of 1 year.
13
Parent company
The immediate parent and ultimate parent company is Domes Pharma, registered in France at the following address; 3 Rue Andre Citroen, 63430 Pont-du-Chateau, France.