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REGISTERED NUMBER: 04620736 (England and Wales)











FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

PORTLAND VETERINARY SERVICES LIMITED

PORTLAND VETERINARY SERVICES LIMITED (REGISTERED NUMBER: 04620736)

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


PORTLAND VETERINARY SERVICES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: G H C Christopherson
J M Christopherson





SECRETARY: G H C Christopherson





REGISTERED OFFICE: 27 Portland Road
East Grinstead
West Sussex
RH19 4EB





REGISTERED NUMBER: 04620736 (England and Wales)





ACCOUNTANTS: GBJ Financial Limited
Sterling House
27 Hatchlands Road
Redhill
Surrey
RH1 6RW

PORTLAND VETERINARY SERVICES LIMITED (REGISTERED NUMBER: 04620736)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 113,646 194,432
Investments 6 69,490 69,490
Investment property 7 3,364,476 2,600,000
3,547,612 2,863,922

CURRENT ASSETS
Debtors 8 175,234 140,774
Cash at bank 12,845 766,208
188,079 906,982
CREDITORS
Amounts falling due within one year 9 1,913,917 2,378,941
NET CURRENT LIABILITIES (1,725,838 ) (1,471,959 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,821,774

1,391,963

CREDITORS
Amounts falling due after more than one
year

10

(978,336

)

(1,024,278

)

PROVISIONS FOR LIABILITIES (91,150 ) (69,274 )
NET ASSETS 752,288 298,411

CAPITAL AND RESERVES
Called up share capital 300 300
Share premium 3,900 3,900
Fair value reserve 92,681 92,681
Retained earnings 655,407 201,530
SHAREHOLDERS' FUNDS 752,288 298,411

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.

PORTLAND VETERINARY SERVICES LIMITED (REGISTERED NUMBER: 04620736)

BALANCE SHEET - continued
31 MARCH 2024


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 24 October 2024 and were signed on its behalf by:





G H C Christopherson - Director


PORTLAND VETERINARY SERVICES LIMITED (REGISTERED NUMBER: 04620736)

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


1. STATUTORY INFORMATION

Portland Veterinary Services Limited 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.

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 as modified by the revaluation of certain assets.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of two businesses in 2007, is being amortised evenly over its estimated useful life of 10 years.

Intangible assets
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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Office equipment and furniture - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

PORTLAND VETERINARY SERVICES LIMITED (REGISTERED NUMBER: 04620736)

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


2. ACCOUNTING POLICIES - continued

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 2 (2023 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 637,734
AMORTISATION
At 1 April 2023
and 31 March 2024 637,734
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

5. TANGIBLE FIXED ASSETS
Office
Improvements equipment
to Plant and and
property machinery furniture
£    £    £   
COST
At 1 April 2023 1,028,298 425,903 178,354
Additions - - -
Disposals (18,402 ) - -
At 31 March 2024 1,009,896 425,903 178,354
DEPRECIATION
At 1 April 2023 958,150 367,574 168,752
Charge for year 49,332 14,582 2,401
Eliminated on disposal (5,738 ) - -
At 31 March 2024 1,001,744 382,156 171,153
NET BOOK VALUE
At 31 March 2024 8,152 43,747 7,201
At 31 March 2023 70,148 58,329 9,602

PORTLAND VETERINARY SERVICES LIMITED (REGISTERED NUMBER: 04620736)

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


5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 110,215 76,889 1,819,659
Additions 16,375 - 16,375
Disposals - - (18,402 )
At 31 March 2024 126,590 76,889 1,817,632
DEPRECIATION
At 1 April 2023 58,016 72,735 1,625,227
Charge for year 17,144 1,038 84,497
Eliminated on disposal - - (5,738 )
At 31 March 2024 75,160 73,773 1,703,986
NET BOOK VALUE
At 31 March 2024 51,430 3,116 113,646
At 31 March 2023 52,199 4,154 194,432

6. FIXED ASSET INVESTMENTS
Shares in
group Other
undertakings investments Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 45 69,445 69,490
NET BOOK VALUE
At 31 March 2024 45 69,445 69,490
At 31 March 2023 45 69,445 69,490

7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 2,600,000
Additions 764,476
At 31 March 2024 3,364,476
NET BOOK VALUE
At 31 March 2024 3,364,476
At 31 March 2023 2,600,000

PORTLAND VETERINARY SERVICES LIMITED (REGISTERED NUMBER: 04620736)

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


7. INVESTMENT PROPERTY - continued

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2022 2,347,593
Valuation in 2023 252,407
Valuation in 2024 764,476
3,364,476

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 148,381 138,088
Other debtors 1,863 1,863
VAT 20,950 -
Prepayments 4,040 823
175,234 140,774

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 76,760 76,760
Trade creditors 7,058 722
Amounts owed to group undertakings 654,695 877,291
Corporation tax 141,182 137,493
Social security and other taxes 152 774
VAT - 68,010
Directors' loan accounts 1,032,025 1,215,951
Accrued expenses 2,045 1,940
1,913,917 2,378,941

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loan 978,336 1,024,278

Amounts falling due in more than five years:

Repayable by instalments
Bank loan 978,336 1,024,278

PORTLAND VETERINARY SERVICES LIMITED (REGISTERED NUMBER: 04620736)

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


11. RELATED PARTY DISCLOSURES

During the year under review, rent of £11,190 (2023: £42,182) was paid to key management personnel.

During the year, management fees of £34,359 (2023: £19,311) were received from Green Counties Vets Limited, a company registered in England and Wales and controlled by key management personnel. At the year end, £28,381 (2023: £33,088) was owed from Green Counties Vets Limited.

During the year, management fees of £95,599 (2023: £92,760) were received from Lingfield Equine Limited, a company registered in England and Wales. The director and shareholder of Portland Veterinary Services is also a director of Lingfield Equine Limited. At the year end, £120,000 (2023: £Nil) was owed from Lingfield Equine Limited.

During the year, the company charged management fees of £972,179 (2023: £694,174) to Portland Vets Limited, and paid management charges of £202,500 (2023: £Nil) to Portland Vets Limited, a company under the same control as Portland Veterinary Services Limited. At the year end, the company owed £420,000 (2023: £629,596) to Portland Vets Limited.

At the year end, the company owed £87,000 (2023: £100,000) to Crawley Emergency Vets Ltd. Management fees of £Nil (2023: £70,798) were charged to Crawley Emergency Vets Ltd during the year. The director and shareholder of Portland Veterinary Services is also a director of Crawley Emergency Vets Ltd.

During the year, management fees of £8,000 (2023: £Nil) were received from Portland Vets Horley Limited, a company registered in England and Wales. At the year end the company owed £147,695 (2023: £147,695) to Portland Vets Horley Ltd. The director and shareholder of Portland Veterinary Services is also a director of Portland Vets Horley Limited.

At the year end, the company was owed £Nil (2023: £105,000) by PVS Propco Limited M, a company under the same control as Portland Veterinary Services Limited.