WVS (Shetland) Limited SC368214 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is veterinary activities. Digita Accounts Production Advanced 6.30.9574.0 true true SC368214 2023-03-01 2024-02-29 SC368214 2024-02-29 SC368214 core:RetainedEarningsAccumulatedLosses 2024-02-29 SC368214 core:ShareCapital 2024-02-29 SC368214 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 SC368214 core:Non-currentFinancialInstruments core:AfterOneYear 2024-02-29 SC368214 bus:SmallEntities 2023-03-01 2024-02-29 SC368214 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 SC368214 bus:FullAccounts 2023-03-01 2024-02-29 SC368214 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 SC368214 bus:RegisteredOffice 2023-03-01 2024-02-29 SC368214 bus:Director1 2023-03-01 2024-02-29 SC368214 bus:Director4 2023-03-01 2024-02-29 SC368214 bus:Director8 2023-03-01 2024-02-29 SC368214 bus:Director9 2023-03-01 2024-02-29 SC368214 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 SC368214 core:Goodwill 2023-03-01 2024-02-29 SC368214 core:FurnitureFittings 2023-03-01 2024-02-29 SC368214 core:LandBuildings 2023-03-01 2024-02-29 SC368214 core:MotorVehicles 2023-03-01 2024-02-29 SC368214 countries:Scotland 2023-03-01 2024-02-29 SC368214 2023-02-28 SC368214 2022-03-01 2023-02-28 SC368214 2023-02-28 SC368214 core:RetainedEarningsAccumulatedLosses 2023-02-28 SC368214 core:ShareCapital 2023-02-28 SC368214 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 SC368214 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 iso4217:GBP xbrli:pure

Registration number: SC368214

WVS (Shetland) Limited

trading as Shetland Vets

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 29 February 2024

 

WVS (Shetland) Limited

trading as Shetland Vets

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 5

 

WVS (Shetland) Limited

trading as Shetland Vets

(Registration number: SC368214)
Abridged Balance Sheet as at 29 February 2024

Note

2024
£

Restated
2023
£

Fixed assets

 

Intangible assets

4

78,451

91,442

Tangible assets

5

144,624

157,270

 

223,075

248,712

Current assets

 

Stocks

118,808

121,157

Debtors

56,124

55,280

Cash at bank and in hand

 

799,225

761,418

 

974,157

937,855

Creditors: Amounts falling due within one year

6

(188,174)

(189,344)

Net current assets

 

785,983

748,511

Total assets less current liabilities

 

1,009,058

997,223

Creditors: Amounts falling due after more than one year

7

(3,367)

(4,867)

Provisions for liabilities

(16,924)

(26,238)

Net assets

 

988,767

966,118

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

988,765

966,116

Total equity

 

988,767

966,118

For the financial year ending 29 February 2024 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.

 

WVS (Shetland) Limited

trading as Shetland Vets

(Registration number: SC368214)
Abridged Balance Sheet as at 29 February 2024

Approved and authorised by the Board on 15 October 2024 and signed on its behalf by:
 

K Williamson

Director

D Caithness

Director

A L McAllister

Director

A J McMillan

Director

 

WVS (Shetland) Limited

trading as Shetland Vets

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

1

General information

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

The address of its registered office is:
T/A Shetland Vets
Veterinary Surgery
Bixter
Shetland
ZE2 9NA
Scotland

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover represents the amounts, excluding VAT, 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 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 and buildings

2% straight line

 

WVS (Shetland) Limited

trading as Shetland Vets

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

Motor vehicles

25% reducing balance

Fixtures and equipment

15% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which the directors consider to be 20 years.

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 of sale.

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 transaction 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.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 33 (2023 - 30).

 

WVS (Shetland) Limited

trading as Shetland Vets

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

4

Intangible assets

Total
£

Cost or valuation

At 1 March 2023

259,827

At 29 February 2024

259,827

Amortisation

At 1 March 2023

168,385

Amortisation charge

12,991

At 29 February 2024

181,376

Carrying amount

At 29 February 2024

78,451

At 28 February 2023

91,442

5

Tangible assets

Total
£

Cost or valuation

At 1 March 2023

367,217

Additions

17,113

Disposals

(30,610)

At 29 February 2024

353,720

Depreciation

At 1 March 2023

209,947

Charge for the year

20,215

Eliminated on disposal

(21,066)

At 29 February 2024

209,096

Carrying amount

At 29 February 2024

144,624

At 28 February 2023

157,270

6

Creditors: amounts falling due within one year

Creditors include hire purchase contracts which are secured of £4,867 (2023 - £6,327).

7

Creditors: amounts falling due after more than one year

Creditors include hire purchase contracts which are secured of £3,367 (2022 - £4,887).