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REGISTERED NUMBER: 07566199 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

VETSONIC (UK) LTD

VETSONIC (UK) LTD (REGISTERED NUMBER: 07566199)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


VETSONIC (UK) LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: A K Atkinson
E A Stephenson
C W Sparrow





REGISTERED OFFICE: Riccal Drive
York Road Business Park
Malton
North Yorkshire
YO17 6YE





REGISTERED NUMBER: 07566199 (England and Wales)





ACCOUNTANTS: Gibson Booth Limited
12 Victoria Road
Barnsley
South Yorkshire
S70 2BB

VETSONIC (UK) LTD (REGISTERED NUMBER: 07566199)

BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 188,484 131,422
188,484 131,422

CURRENT ASSETS
Stocks 1,184,141 746,683
Debtors 6 1,792,536 2,580,153
Cash at bank and in hand 945,290 273,683
3,921,967 3,600,519
CREDITORS
Amounts falling due within one year 7 1,469,967 1,230,643
NET CURRENT ASSETS 2,452,000 2,369,876
TOTAL ASSETS LESS CURRENT LIABILITIES 2,640,484 2,501,298

CREDITORS
Amounts falling due after more than
one year

8

-

(61,787

)

PROVISIONS FOR LIABILITIES (16,220 ) (876 )
NET ASSETS 2,624,264 2,438,635

CAPITAL AND RESERVES
Called up share capital 11 1,000 1,000
Share premium 24,975 24,975
Capital redemption reserve 25 25
Retained earnings 2,598,264 2,412,635
SHAREHOLDERS' FUNDS 2,624,264 2,438,635

VETSONIC (UK) LTD (REGISTERED NUMBER: 07566199)

BALANCE SHEET - continued
31 MARCH 2024


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

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

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 September 2024 and were signed on its behalf by:





A K Atkinson - Director


VETSONIC (UK) LTD (REGISTERED NUMBER: 07566199)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Vetsonic (Uk) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound.

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.

Significant judgements and estimates
No judgements have been made in the process of applying the below accounting policies that have had the most significant effect on amounts recognised in the financial statements.

There are no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts.

Turnover from the sale of pharmaceutical goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business has been fully amortised.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences have been fully amortised.

VETSONIC (UK) LTD (REGISTERED NUMBER: 07566199)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:


Plant and machinery20% on cost
Motor vehicles25% on cost
Computer equipment33% on cost


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

Cost is calculated using the first-in, first-out method and includes all purchase, transport and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

VETSONIC (UK) LTD (REGISTERED NUMBER: 07566199)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

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.

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

Rentals applicable to operating leases where substantially all of the benefits and risk of ownership remain with the lessor are charged to the profit and loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 12 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 175,000 4,027 179,027
AMORTISATION
At 1 April 2023
and 31 March 2024 175,000 4,027 179,027
NET BOOK VALUE
At 31 March 2024 - - -
At 31 March 2023 - - -

VETSONIC (UK) LTD (REGISTERED NUMBER: 07566199)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2023 142,995 147,305 20,792 311,092
Additions 19,400 131,225 4,113 154,738
Disposals (20,475 ) (72,453 ) - (92,928 )
At 31 March 2024 141,920 206,077 24,905 372,902
DEPRECIATION
At 1 April 2023 101,442 64,445 13,783 179,670
Charge for year 14,877 38,377 3,667 56,921
Eliminated on disposal (20,475 ) (31,698 ) - (52,173 )
At 31 March 2024 95,844 71,124 17,450 184,418
NET BOOK VALUE
At 31 March 2024 46,076 134,953 7,455 188,484
At 31 March 2023 41,553 82,860 7,009 131,422

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 743,942 1,043,886
Amounts due from group 666,772 1,163,563
Other debtors 363,283 372,704
Prepayments and accrued income 18,539 -
1,792,536 2,580,153

VETSONIC (UK) LTD (REGISTERED NUMBER: 07566199)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts (see note 9) - 27,461
Trade creditors 908,898 871,169
Corporation tax 355,949 133,095
Social security and other taxes 9,544 10,463
VAT 150,093 149,984
Other creditors 40,515 13,576
Accruals and deferred income 4,968 24,895
1,469,967 1,230,643

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts (see note 9) - 61,787

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.3.24 31.3.23
£    £   
Net obligations repayable:
Within one year - 27,461
Between one and five years - 61,787
- 89,248

Non-cancellable operating leases
31.3.24 31.3.23
£    £   
Within one year 49,017 43,118
Between one and five years 122,309 172,471
In more than five years 27,943 55,886
199,269 271,475

VETSONIC (UK) LTD (REGISTERED NUMBER: 07566199)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

10. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Hire purchase contracts - 89,248

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
1,000 Ordinary £1 1,000 1,000

12. ULTIMATE CONTROLLING PARTY

The ultimate parent undertaking is Yorkshire Pharma Holdings Limited.

The parent company's registered office address is;

12 Victoria Road
Barnsley
S70 2BB