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Company No: 14258681 (England and Wales)

VET3 EQUINE CARE LTD

Unaudited Financial Statements
For the financial year ended 31 July 2024
Pages for filing with the registrar

VET3 EQUINE CARE LTD

Unaudited Financial Statements

For the financial year ended 31 July 2024

Contents

VET3 EQUINE CARE LTD

STATEMENT OF FINANCIAL POSITION

As at 31 July 2024
VET3 EQUINE CARE LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 July 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 42,906 41,273
42,906 41,273
Current assets
Stocks 4 28,017 24,015
Debtors 5 58,993 38,765
Cash at bank and in hand 52,380 62,802
139,390 125,582
Creditors: amounts falling due within one year 6 ( 140,486) ( 111,681)
Net current (liabilities)/assets (1,096) 13,901
Total assets less current liabilities 41,810 55,174
Creditors: amounts falling due after more than one year 7 ( 1,696) ( 11,448)
Provision for liabilities ( 8,808) ( 10,318)
Net assets 31,306 33,408
Capital and reserves
Called-up share capital 300 300
Profit and loss account 31,006 33,108
Total shareholders' funds 31,306 33,408

For the financial year ending 31 July 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Vet3 Equine Care Ltd (registered number: 14258681) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

C Graham
Director

17 October 2024

VET3 EQUINE CARE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
VET3 EQUINE CARE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Vet3 Equine Care Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Carmel Worls, Park Road, Diss, IP22 4AS, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

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 fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 20 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 20 % reducing balance
Office equipment 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 5 5

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 August 2023 20,146 29,400 1,537 553 51,636
Additions 3,480 8,165 0 256 11,901
At 31 July 2024 23,626 37,565 1,537 809 63,537
Accumulated depreciation
At 01 August 2023 4,022 6,125 121 95 10,363
Charge for the financial year 3,552 6,329 283 104 10,268
At 31 July 2024 7,574 12,454 404 199 20,631
Net book value
At 31 July 2024 16,052 25,111 1,133 610 42,906
At 31 July 2023 16,124 23,275 1,416 458 41,273
Leased assets included above:
Net book value
At 31 July 2024 0 17,456 0 0 17,456
At 31 July 2023 0 23,275 0 0 23,275

4. Stocks

2024 2023
£ £
Finished goods 28,017 24,015

5. Debtors

2024 2023
£ £
Trade debtors 53,860 11,971
Prepayments and accrued income 5,133 26,794
58,993 38,765

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 19,872 8,989
Amounts owed to directors 44,660 59,597
Accruals 2,360 1,500
Corporation tax 43,327 17,625
Other taxation and social security 20,223 13,026
Obligations under finance leases and hire purchase contracts 9,717 8,569
Other creditors 327 2,375
140,486 111,681

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Obligations under finance leases and hire purchase contracts 1,696 11,448

There are no amounts included above in respect of which any security has been given by the small entity.