Registered number
SC378593
DIR Veterinary Services Limited
Unaudited Filleted Accounts
31 March 2024
DIR Veterinary Services Limited
Registered number: SC378593
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 185,128 222,155
Tangible assets 4 955,895 934,561
1,141,023 1,156,716
Current assets
Stocks 96,755 91,888
Debtors 6 503,521 462,008
Cash at bank and in hand 180,234 134,674
780,510 688,570
Creditors: amounts falling due within one year 7 (436,982) (352,474)
Net current assets 343,528 336,096
Total assets less current liabilities 1,484,551 1,492,812
Creditors: amounts falling due after more than one year 8 (580,763) (616,060)
Provisions for liabilities (131,787) (97,059)
Net assets 772,001 779,693
Capital and reserves
Called up share capital 100 100
Profit and loss account 771,901 779,593
Shareholder's funds 772,001 779,693
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S W McMorrow
Director
Approved by the board on 20 August 2024
DIR Veterinary Services Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services to customers during the year.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Goodwill 10% straight line
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings 2% straight line
Leasehold improvements straight line over the lease period
Motor vehicles 25% reducing balance
Fixtures and equipment 15% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 45 35
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 594,208
At 31 March 2024 594,208
Amortisation
At 1 April 2023 372,053
Provided during the year 37,027
At 31 March 2024 409,080
Net book value
At 31 March 2024 185,128
At 31 March 2023 222,155
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 292,282 742,803 217,495 1,252,580
Additions 5,000 75,950 85,803 166,753
Disposals (1,700) (153,019) - (154,719)
At 31 March 2024 295,582 665,734 303,298 1,264,614
Depreciation
At 1 April 2023 33,289 273,633 11,097 318,019
Charge for the year 5,912 81,610 12,195 99,717
On disposals (204) (108,813) - (109,017)
At 31 March 2024 38,997 246,430 23,292 308,719
Net book value
At 31 March 2024 256,585 419,304 280,006 955,895
At 31 March 2023 258,993 469,170 206,398 934,561
5 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 April 2023 100,120
Revaluation (100,120)
At 31 March 2024 -
6 Debtors 2024 2023
£ £
Trade debtors 159,728 127,183
Amounts owed by group undertakings and undertakings in which the company has a participating interest 337,147 333,875
Other debtors 6,646 950
503,521 462,008
7 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 33,196 30,934
Trade creditors 97,270 109,905
Amounts owed to group undertakings and undertakings in which the company has a participating interest 100,120 100,120
Taxation and social security costs 182,313 95,427
Other creditors 24,083 16,088
436,982 352,474
8 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 580,763 616,060
9 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 312,462 464,871
Secured bank loans 613,959 646,994
Bank borrowings are secured by a floating charge over the assets of the company.
10 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 72,935 102,000
11 Other information
DIR Veterinary Services Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
Unit 42
Mill Road Industrial Estate
Linlithgow
West Lothian
EH49 7SF
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