IRIS Accounts Production v24.3.0.553 11319585 Board of Directors 1.5.23 30.4.24 30.4.24 to deliver a wide range of high-quality veterinary services encompassing preventative health, first opinion consultations, surgical treatments and end-of-life care. These services are provided from its four large and well-appointed centres located throughout the UK. true false true true false false false true true true false Auditors Opinion 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REGISTERED NUMBER: 11319585 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024

FOR

THE PET VET (UK VETERINARY SERVICES) LTD

THE PET VET (UK VETERINARY SERVICES) LTD (REGISTERED NUMBER: 11319585)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


THE PET VET (UK VETERINARY SERVICES) LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: Dr M J Fuller
R D Jones





REGISTERED OFFICE: 158 Doncaster Road
Dalton
Rotherham
South Yorkshire
S65 3EW





REGISTERED NUMBER: 11319585 (England and Wales)





AUDITORS: CLA Evelyn Partners Limited
Chartered Accountants & Statutory Auditors
3rd Floor
56 Wellington Street
Leeds
West Yorkshire
LS1 2EE

THE PET VET (UK VETERINARY SERVICES) LTD (REGISTERED NUMBER: 11319585)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their strategic report for the year ended 30 April 2024.

PRINCIPAL ACTIVITIES

The principal activities of The Pet Vet, are to deliver a wide range of high-quality veterinary services encompassing preventative health, first opinion consultations, surgical treatments and end-of-life care. These services are provided from its four large and well-appointed centres located throughout the UK.

REVIEW OF BUSINESS
Trading and outlook

In the 12 month period ended 30 April 2024 the company delivered sales of £7,413,350, compared to £6,437,873 for the 12 month period ended 30 April 2023, an annualised increase of 15.15%.

A gross profit of £3,249,447 was achieved for the period compared with £2,673,058 in 2023 with gross margin increasing by 2.3% from 41.5% to 43.8%.

The EBITDA for the period was positive £985,982 compared with positive £619,317 in 2023 an improvement of 59%.

Overall the directors are satisfied with the result for the year and are looking forward to developing and enhancing the customer service experience.

PRINCIPAL RISKS AND UNCERTAINTIES
Future risks

The directors recognise there are future risks that may negatively impact the business, the main one being recruitment and retention of high-quality veterinary clinicians and as such have identified and implemented a more holistic solution and package of benefits in order to attract the highest calibre candidates. The costs associated both with recruitment and salary inflation are carefully monitored to mitigate risks to the business of reduced margins as is the use of premium interim locum resource utilised to fill short term vacancies.

Financial risk management

In conducting its operating activities, the Company engages in various types of basic financial instruments. In mitigating exposure arising from the use of financial instruments, the management team conducts an ongoing risk assessment of the business and manages the risks identified to proactively prevent any material and adverse risk to the Company's future operating activities or financial position. In addition, the other important financial risks are price risk, liquidity risk, credit risk and cash flow risk. The Company manages price risk by monitoring suppliers for changes in price and any longer term price agreements. The Company manages its liquidity, cash flow and credit risks with monitoring of external factors, reviewing regular working capital reporting and controls to keep trade debtors within acceptable levels and work closely with suppliers to manage payments where possible to ensure adequate liquidity.

ON BEHALF OF THE BOARD:





Dr M J Fuller - Director


7 November 2024

THE PET VET (UK VETERINARY SERVICES) LTD (REGISTERED NUMBER: 11319585)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their report with the financial statements of the company for the year ended 30 April 2024.

DIVIDENDS
No dividends will be distributed for the year ended 30 April 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report.

Dr M J Fuller
R D Jones

Other changes in directors holding office are as follows:

C E Hartwell - resigned 1 December 2023

DISCLOSURE IN THE STRATEGIC REPORT
Certain items required under Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports Regulations) 2008 to be disclosed in the directors' report are set out in the Strategic Report in accordance with Section 414C(11) Companies Act 2006.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

THE PET VET (UK VETERINARY SERVICES) LTD (REGISTERED NUMBER: 11319585)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2024


AUDITORS
The auditors, CLA Evelyn Partners Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



Dr M J Fuller - Director


7 November 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE PET VET (UK VETERINARY SERVICES) LTD

Qualified Opinion
We have audited the financial statements of The Pet Vet (UK Veterinary Services) Ltd (the 'company') for the year ended 30 April 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion, except for the possible effects of the matters described in the basis for qualified opinion section of our report, the financial statements:
- give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its profit for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for qualified opinion
No audit was carried out to 30 April 2023 and thus we did not observe the counting of physical stocks at the end of the year. We were unable to satisfy ourselves by alternative means concerning the stock quantities held at 30 April 2023, which are included in the balance sheet at £134,415 by using other audit procedures. Consequently, we were unable to determine whether any adjustment to this amount was necessary.

Additionally, with respect to the tangible fixed assets the evidence available in respect of their original cost was limited. Owing to the nature of the company's records, we were unable to obtain sufficient appropriate audit evidence regarding the accuracy of the cost of freehold property with a carrying value of £715,987 and leasehold land and buildings with a carrying value of £244,868 by using other procedures. Consequently, we were unable to determine whether any adjustment to this amount was necessary.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Key audit matters
Except for the matters disclosed in the basis for qualified opinion, we have determined that there are no key audit matters to be communicated in our report.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE PET VET (UK VETERINARY SERVICES) LTD


Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent
otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the stock quantities of £134,415 held at 30 April 2023. We have concluded that where the other information refers to the stock balance or related balances such as cost of sales, it may be materially misstated for the same reason.

Additionally, we were unable to satisfy ourselves concerning the freehold property with a carrying value of £715,987 and leasehold land and buildings with a carrying value of £244,868 or related balances. We have concluded that where the other information refers to these balances or related balances such as depreciation charges, it may be materially misstated for the same reason.

Opinions on other matters prescribed by the Companies Act 2006
Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
Except for the matter described in the basis for qualified opinion section of our report, in the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Report of the Directors.

Arising solely from the limitation on the scope of our work relating to stock, referred to above:
- we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and
- we were unable to determine whether adequate accounting records have been kept.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE PET VET (UK VETERINARY SERVICES) LTD


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management; and from our commercial knowledge and experience of the veterinary sector
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit

We assessed the susceptibility of the company's financial statements to misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and
- understanding the design of the company's remuneration policies.

To address the risk of fraud through management bias and override of controls, including the impact on revenue recognition, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 4 were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions; and
- the use of data analytics to identify transactions requiring further investigation.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosure to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE PET VET (UK VETERINARY SERVICES) LTD


Other matter which we are required to address
As the company was entitled to claim exemption from audit under section 477 of the Companies Act 2006 relating to small companies, the prior year financial statements were not audited.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Matthew Barton BA (Hons) FCA CTA (Senior Statutory Auditor)
for and on behalf of CLA Evelyn Partners Limited
Chartered Accountants & Statutory Auditors
3rd Floor
56 Wellington Street
Leeds
West Yorkshire
LS1 2EE

14 November 2024

THE PET VET (UK VETERINARY SERVICES) LTD (REGISTERED NUMBER: 11319585)

INCOME STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £   

TURNOVER 5 7,413,350 6,437,873

Cost of sales 4,163,903 3,764,815
GROSS PROFIT 3,249,447 2,673,058

Administrative expenses 2,571,870 2,718,722
677,577 (45,664 )

Other operating income - 345,358
OPERATING PROFIT 7 677,577 299,694


Interest payable and similar expenses 8 71,426 74,979
PROFIT BEFORE TAXATION 606,151 224,715

Tax on profit 9 51,083 (161,664 )
PROFIT FOR THE FINANCIAL YEAR 555,068 386,379

THE PET VET (UK VETERINARY SERVICES) LTD (REGISTERED NUMBER: 11319585)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 555,068 386,379


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

555,068

386,379

THE PET VET (UK VETERINARY SERVICES) LTD (REGISTERED NUMBER: 11319585)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - 104,200
Tangible assets 11 3,238,751 3,422,496
3,238,751 3,526,696

CURRENT ASSETS
Stocks 12 165,812 134,415
Debtors 13 1,901,688 1,299,305
Cash at bank and in hand 99,729 568,948
2,167,229 2,002,668
CREDITORS
Amounts falling due within one year 14 3,176,353 3,779,600
NET CURRENT LIABILITIES (1,009,124 ) (1,776,932 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,229,627

1,749,764

CREDITORS
Amounts falling due after more than one
year

15

155,967

231,172
NET ASSETS 2,073,660 1,518,592

CAPITAL AND RESERVES
Called up share capital 19 100 100
Retained earnings 2,073,560 1,518,492
SHAREHOLDERS' FUNDS 2,073,660 1,518,592

The financial statements were approved by the Board of Directors and authorised for issue on 7 November 2024 and were signed on its behalf by:





Dr M J Fuller - Director


THE PET VET (UK VETERINARY SERVICES) LTD (REGISTERED NUMBER: 11319585)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 May 2022 100 1,132,113 1,132,213

Changes in equity
Total comprehensive income - 386,379 386,379
Balance at 30 April 2023 100 1,518,492 1,518,592

Changes in equity
Total comprehensive income - 555,068 555,068
Balance at 30 April 2024 100 2,073,560 2,073,660

THE PET VET (UK VETERINARY SERVICES) LTD (REGISTERED NUMBER: 11319585)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

The Pet Vet (UK Veterinary Services) 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 presentation currency of the financial statements is the Pound Sterling (£).


These financial statements cover the entity as an individual company.

The figures in the financial statements are rounded to the nearest £.

2. STATEMENT OF COMPLIANCE

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" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Going concern
Following the company's acquisition in the prior year by TPV (UK Holdings) Limited and the restructure that facilitated the financing of the acquisition, the new management have now improved the financial returns of the business and it is performing profitably in line with expectations.

Convenance checks are monitored by daily cash flow balances and monthly EBITDA levels,. Compliance with these covenants are reported on a monthly basis to our finance providers.

The directors have prepared forecasts based on the expected working capital requirements of the company and group and have concluded that there is a reasonable expectation that the company will have adequate resources available to continue in operational existence for the foreseeable future.

After considering these issues the directors conclude that no material uncertainty exists, the company therefore continues to adopt the going concern basis in preparing its financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and
11.48(c);
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

THE PET VET (UK VETERINARY SERVICES) LTD (REGISTERED NUMBER: 11319585)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

3. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

THE PET VET (UK VETERINARY SERVICES) LTD (REGISTERED NUMBER: 11319585)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings 2% straight line
Long leasehold property 10% straight line
Plant and equipment 20% straight line
Computers 20% straight line

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.

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

THE PET VET (UK VETERINARY SERVICES) LTD (REGISTERED NUMBER: 11319585)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

3. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.


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 current liabilities.

THE PET VET (UK VETERINARY SERVICES) LTD (REGISTERED NUMBER: 11319585)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

3. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.


THE PET VET (UK VETERINARY SERVICES) LTD (REGISTERED NUMBER: 11319585)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts are capitalised in the balance sheet and are depreciated over their estimated useful lives.The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

4. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

THE PET VET (UK VETERINARY SERVICES) LTD (REGISTERED NUMBER: 11319585)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

5. TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the company.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Treatments 6,500,799 5,805,221
Pet Health Plans 912,551 632,652
7,413,350 6,437,873

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 7,413,350 6,437,873
7,413,350 6,437,873

6. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,946,011 2,909,482
Social security costs 277,812 277,324
Other pension costs 97,775 66,240
3,321,598 3,253,046

The average number of employees during the year was as follows:
2024 2023

Clinical - vet 23 19
Clinical - nurse 31 25
Non clinical 39 31
Management and administration 26 21
119 96

The 2023 employee numbers have been restated.

2024 2023
£    £   
Directors' remuneration 138,834 94,638
Directors' pension contributions to money purchase schemes 6,250 5,411

THE PET VET (UK VETERINARY SERVICES) LTD (REGISTERED NUMBER: 11319585)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

7. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 117,068 128,905
Depreciation - assets on hire purchase contracts 86,928 86,518
Goodwill amortisation 104,200 104,200
Auditors' remuneration 18,518 -
Operating lease charges 134,076 116,051

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Interest on overdue taxation 27,053 21,588
Hire purchase 44,373 53,391
71,426 74,979

9. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2024 2023
£    £   
Deferred tax 51,083 (161,664 )
Tax on profit 51,083 (161,664 )

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 606,151 224,715
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19.461%)

151,538

43,732

Effects of:
Expenses not deductible for tax purposes 26,050 20,278
Depreciation in excess of capital allowances 44,371 33,121
Utilisation of tax losses - (15,526 )
Available group relief (221,959 ) (81,605 )
Movement in deferred tax position - (161,664 )
Release of deferred tax asset 51,083 -
Total tax charge/(credit) 51,083 (161,664 )

THE PET VET (UK VETERINARY SERVICES) LTD (REGISTERED NUMBER: 11319585)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

10. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 521,000
AMORTISATION
At 1 May 2023 416,800
Amortisation for year 104,200
At 30 April 2024 521,000
NET BOOK VALUE
At 30 April 2024 -
At 30 April 2023 104,200

11. TANGIBLE FIXED ASSETS
Leasehold
Freehold land and Plant and Computer
property buildings machinery equipment Totals
£    £    £    £    £   
COST
At 1 May 2023 2,801,892 315,572 740,694 46,075 3,904,233
Additions 1,140 - 17,590 2,489 21,219
Disposals - - (968 ) - (968 )
At 30 April 2024 2,803,032 315,572 757,316 48,564 3,924,484
DEPRECIATION
At 1 May 2023 176,133 39,146 246,374 20,084 481,737
Charge for year 51,292 31,558 112,905 8,241 203,996
At 30 April 2024 227,425 70,704 359,279 28,325 685,733
NET BOOK VALUE
At 30 April 2024 2,575,607 244,868 398,037 20,239 3,238,751
At 30 April 2023 2,625,759 276,426 494,320 25,991 3,422,496

THE PET VET (UK VETERINARY SERVICES) LTD (REGISTERED NUMBER: 11319585)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

11. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 May 2023
and 30 April 2024 510,500
DEPRECIATION
At 1 May 2023 97,958
Charge for year 86,928
At 30 April 2024 184,886
NET BOOK VALUE
At 30 April 2024 325,614
At 30 April 2023 412,542

12. STOCKS
2024 2023
£    £   
Raw materials and consumables 165,812 134,415

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 197,442 515,008
Amounts owed by group undertakings 1,386,077 490,459
Other debtors 105,355 8,039
Directors' current accounts - 60,000
Deferred tax asset - 51,083
Prepayments 212,814 174,716
1,901,688 1,299,305

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other loans (see note 16) - 110,000
Hire purchase contracts (see note 17) 110,994 147,977
Trade creditors 901,613 677,772
Amounts owed to group undertakings 1,665,451 2,014,171
Tax - 78,784
Social security and other taxes 90,764 272,175
VAT 205,046 339,082
Other creditors 16,693 17,930
Directors' current accounts 110,000 -
Accrued expenses 75,792 121,709
3,176,353 3,779,600

THE PET VET (UK VETERINARY SERVICES) LTD (REGISTERED NUMBER: 11319585)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts (see note 17) 155,967 231,172

16. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Other loans - 110,000

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 110,994 147,977
Between one and five years 155,967 231,172
266,961 379,149

Non-cancellable operating leases
2024 2023
£    £   
Within one year 125,091 108,793
Between one and five years 259,412 303,096
In more than five years 107,250 188,100
491,753 599,989

18. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 266,961 379,149

The hire purchase obligations are secured over the assets to which they relate.

THE PET VET (UK VETERINARY SERVICES) LTD (REGISTERED NUMBER: 11319585)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £   

50 Ordinary A shares £1 50 50
25 Ordinary B shares £1 25 25
25 Ordinary C shares £1 25 25
100 100


The Ordinary A, B and C shares rank pari passu in all respects.

20. PENSION COMMITMENTS

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the
scheme are held separately from those of the company in an independently administered fund.

During the year the charge to profit or loss in resect of this scheme was £97,775 (2023: £66,240).

Contributions totalling £15,529 (2023 - £16,051) were payable to the fund at the reporting date.

21. OTHER FINANCIAL COMMITMENTS

The company has provided security over its freehold property, together with a fixed and floating charge over all the property or undertaking of the company in relation to borrowings of its parent undertaking.

22. RELATED PARTY DISCLOSURES

Key management personnel of the entity or its parent (in the aggregate)
2024 2023
£    £   
Amount due from related party - 60,000
Amount due to related party 110,000 -

The above loan has no fixed repayment date and interest is accruing at the rate of 3% over bank base rate.

During the year, a total of key management personnel compensation of £ 306,316 (2023 - £ 229,358 ) was paid.

23. ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY

The immediate and ultimate controlling company is TPV (UK Holdings) Limited whose registered office address is 158 Doncaster Road, Dalton, Rotherham, South Yorkshire, England, S65 3EW. No one person has control of TPV (UK Holdings) Limited.