REGISTERED NUMBER: 13860847 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
TPV (UK HOLDINGS) LIMITED |
REGISTERED NUMBER: 13860847 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
TPV (UK HOLDINGS) LIMITED |
TPV (UK HOLDINGS) LIMITED (REGISTERED NUMBER: 13860847) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Director | 3 |
Report of the Independent Auditors | 5 |
Consolidated Income Statement | 9 |
Consolidated Other Comprehensive Income | 10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Financial Statements | 17 |
TPV (UK HOLDINGS) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 APRIL 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Statutory Auditors |
3rd Floor |
56 Wellington Street |
Leeds |
West Yorkshire |
LS1 2EE |
TPV (UK HOLDINGS) LIMITED (REGISTERED NUMBER: 13860847) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 APRIL 2024 |
The director presents his strategic report of the company and the group for the year ended 30 April 2024. |
Principal activities |
The principal activities of group 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 by the subsidiaries of TPV (UK Holdings) Limited, namely The Pet Vet (UK Veterinary Services) Limited and Quality Pet Care Limited from twelve 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 group delivered sales of £21,599,503, compared to £16,926,876 for the 12 month period ended 30 April 2023, an annualised increase of 27.6%. |
A gross profit of £9,636,795 was achieved for the period compared with £6,832,630 in 2023 with gross margin increasing by 4.2% from 40.4% to 44.6%. |
The Operating Profit for the period was positive £809,564 compared with an Operating Loss of £1,031,140 in 2023. |
Whilst the comparative year includes a full years results from The Pet Vet (UK Veterinary Services), it only includes ten months results from Quality Pet Care Limited, as this entities share capital was acquired by the group on 30 June 2022. |
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 director recognises 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. Additionally changes to the Bank of England base interest rates are a risk for interest repayments on the Group's loans. |
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: |
TPV (UK HOLDINGS) LIMITED (REGISTERED NUMBER: 13860847) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 30 APRIL 2024 |
The director presents his report with the financial statements of the company and the group for the year ended 30 April 2024. |
DIVIDENDS |
No dividends will be distributed for the year ended 30 April 2024. |
DIRECTOR |
DISABLED EMPLOYEES |
The Group has a recruitment policy to ensure that all applications for employment, including those made by disabled persons, are given full and fair consideration in light of the applicants’ aptitudes and abilities. There is also an equal opportunities policy to ensure that all employees are treated equally in terms of employment, training, career development and promotion. Where employees develop a disability during their employment, every effort is made to continue their employment and arrange for appropriate training as far as is reasonably practicable. |
ENGAGEMENT WITH EMPLOYEES |
We consider that our employees act with the utmost integrity and professional expertise in providing our customers with the veterinary services that they expect. In doing so, the Board considers that its employees are both rewarded fairly and incentivised to deliver the Group’s strategy. |
The Board is kept informed on employee-related matters at every Board meeting at which it receives a standing agenda update from the Group’s Human Resources Partner. For our senior people, feedback is regularly received from the work that our remuneration committee undertakes throughout the year. Employee surveys are undertaken regularly to monitor issues arising and these surveys form the basis of action plans. Consultation with employees happens when their views need to be considered in decisions the Group needs to make that will likely affect their interests. All employees are kept abreast of Group news and financial performance in quarterly business updates. There is also ongoing communication through the Group’s Intranet, notice boards, newsletters and team briefings. |
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 DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
TPV (UK HOLDINGS) LIMITED (REGISTERED NUMBER: 13860847) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 30 APRIL 2024 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, CLA Evelyn Partners Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
TPV (UK HOLDINGS) LIMITED |
Qualified opinion |
We have audited the financial statements of TPV (UK Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 matter 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 group's and of the parent company's affairs as at 30 April 2024 and of the group's loss 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 for The Pet Vet (UK Veterinary Services) Limited 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 existence of stock 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 in The Pet Vet (UK Veterinary Services) Limited 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 director's 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 group's and the parent 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 director 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 |
TPV (UK HOLDINGS) LIMITED |
Other information |
The other information comprises the information included in the Group Strategic Report and the Report of the Director, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within Group Strategic Report and the Report of the Director. 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 course of 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 in The Pet Vet (UK Veterinary Services) Limited. 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 in The Pet Vet (UK Veterinary Services) Limited 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- the strategic report and the directors' report 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 group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. |
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 parent company 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 director |
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is responsible for assessing the group's and the parent 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
TPV (UK HOLDINGS) LIMITED |
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. |
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. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below: |
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 |
TPV (UK HOLDINGS) LIMITED |
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. |
Other matters which we are required to address |
As The Pet Vet (UK Veterinary Services) Limited and TPV (UK Holdings) Limited were 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. The financial statements for Quality Pet Care Limited were audited in the prior year. |
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. |
for and on behalf of |
Chartered Accountants & Statutory Auditors |
3rd Floor |
56 Wellington Street |
Leeds |
West Yorkshire |
LS1 2EE |
TPV (UK HOLDINGS) LIMITED (REGISTERED NUMBER: 13860847) |
CONSOLIDATED INCOME STATEMENT |
FOR THE YEAR ENDED 30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 5 | 21,599,503 | 16,926,876 |
Cost of sales | 11,962,708 | 10,094,246 |
GROSS PROFIT | 9,636,795 | 6,832,630 |
Administrative expenses | 8,827,231 | 7,863,770 |
OPERATING PROFIT/(LOSS) | 7 | 809,564 | (1,031,140 | ) |
Interest receivable and similar income | - | 10 |
809,564 | (1,031,130 | ) |
Interest payable and similar expenses | 8 | 2,233,787 | 1,750,829 |
LOSS BEFORE TAXATION | (1,424,223 | ) | (2,781,959 | ) |
Tax on loss | 9 | 51,083 | (150,558 | ) |
LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
Loss attributable to: |
Owners of the parent | (1,475,306 | ) | (2,631,401 | ) |
TPV (UK HOLDINGS) LIMITED (REGISTERED NUMBER: 13860847) |
CONSOLIDATED OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ |
LOSS FOR THE YEAR | (1,475,306 | ) | (2,631,401 | ) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
(1,475,306 |
) |
(2,631,401 |
) |
Total comprehensive income attributable to: |
Owners of the parent | (1,475,306 | ) | (2,631,401 | ) |
TPV (UK HOLDINGS) LIMITED (REGISTERED NUMBER: 13860847) |
CONSOLIDATED BALANCE SHEET |
30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 | 7,725,159 | 8,680,414 |
Tangible assets | 12 | 4,216,530 | 4,743,626 |
Investments | 13 | - | - |
11,941,689 | 13,424,040 |
CURRENT ASSETS |
Stocks | 14 | 491,295 | 423,063 |
Debtors | 15 | 1,626,728 | 1,781,725 |
Cash at bank and in hand | 596,943 | 884,057 |
2,714,966 | 3,088,845 |
CREDITORS |
Amounts falling due within one year | 16 | 8,040,972 | 7,228,008 |
NET CURRENT LIABILITIES | (5,326,006 | ) | (4,139,163 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
6,615,683 |
9,284,877 |
CREDITORS |
Amounts falling due after more than one year |
17 |
(10,650,631 |
) |
(11,844,519 |
) |
PROVISIONS FOR LIABILITIES | 21 | (50,000 | ) | (50,000 | ) |
NET LIABILITIES | (4,084,948 | ) | (2,609,642 | ) |
CAPITAL AND RESERVES |
Called up share capital | 22 | 2,000 | 2,000 |
Retained earnings | (4,086,948 | ) | (2,611,642 | ) |
SHAREHOLDERS' FUNDS | (4,084,948 | ) | (2,609,642 | ) |
The financial statements were approved by the director and authorised for issue on 8 November 2024 and were signed by: |
R D Jones - Director |
TPV (UK HOLDINGS) LIMITED (REGISTERED NUMBER: 13860847) |
COMPANY BALANCE SHEET |
30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 |
Tangible assets | 12 |
Investments | 13 |
CURRENT ASSETS |
Debtors | 15 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 16 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
17 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 22 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
Company's loss for the financial year | (5,220,622 | ) | (1,765,674 | ) |
The financial statements were approved by the director and authorised for issue on |
TPV (UK HOLDINGS) LIMITED (REGISTERED NUMBER: 13860847) |
CONSOLIDATED 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 | 1 | 19,759 | 19,760 |
Changes in equity |
Issue of share capital | 1,999 | - | 1,999 |
Total comprehensive income | - | (2,631,401 | ) | (2,631,401 | ) |
Balance at 30 April 2023 | 2,000 | (2,611,642 | ) | (2,609,642 | ) |
Changes in equity |
Total comprehensive income | - | (1,475,306 | ) | (1,475,306 | ) |
Balance at 30 April 2024 | 2,000 | (4,086,948 | ) | (4,084,948 | ) |
TPV (UK HOLDINGS) LIMITED (REGISTERED NUMBER: 13860847) |
COMPANY 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 | ( |
) | ( |
) |
Changes in equity |
Issue of share capital | - |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 30 April 2023 | ( |
) | ( |
) |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 30 April 2024 | ( |
) | ( |
) |
TPV (UK HOLDINGS) LIMITED (REGISTERED NUMBER: 13860847) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,846,972 | (2,191,411 | ) |
Interest paid | (1,314,516 | ) | (977,411 | ) |
Interest element of hire purchase payments paid |
(59,520 |
) |
(53,391 |
) |
Tax paid | (78,784 | ) | - |
Cash balance on subsidiary acquisition | - | 76,675 |
Net cash from operating activities | 394,152 | (3,145,538 | ) |
Cash flows from investing activities |
Purchase of tangible fixed assets | (9,312 | ) | (117,516 | ) |
Acquisition of subsidiary undertaking | - | (4,917,117 | ) |
Deferred consideration paid | (88,488 | ) | - |
Interest received | - | 10 |
Net cash from investing activities | (97,800 | ) | (5,034,623 | ) |
Cash flows from financing activities |
New bank loans in year | - | 9,000,000 |
Bank loan repayments in year | (837,837 | ) | (369,205 | ) |
Bank loan arrangement fee paid | - | (270,000 | ) |
HP capital repayments in year | (155,629 | ) | (99,016 | ) |
Amount introduced by directors | 410,000 | - |
Amount withdrawn by directors | - | (60,000 | ) |
Related party loan received | - | 650,000 |
Net cash from financing activities | (583,466 | ) | 8,851,779 |
(Decrease)/increase in cash and cash equivalents | (287,114 | ) | 671,618 |
Cash and cash equivalents at beginning of year |
2 |
884,057 |
212,439 |
Cash and cash equivalents at end of year | 2 | 596,943 | 884,057 |
TPV (UK HOLDINGS) LIMITED (REGISTERED NUMBER: 13860847) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 APRIL 2024 |
1. | RECONCILIATION OF OPERATING PROFIT/(LOSS) TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Operating profit/(loss) | 809,564 | (1,031,140 | ) |
Depreciation charges | 680,205 | 657,674 |
Amortisation charges | 955,255 | 899,841 |
2,445,024 | 526,375 |
Increase in stocks | (68,232 | ) | (109,618 | ) |
Decrease in trade and other debtors | 153,778 | 105,238 |
Decrease in trade and other creditors | (683,598 | ) | (2,713,406 | ) |
Cash generated from operations | 1,846,972 | (2,191,411 | ) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 April 2024 |
30/4/24 | 1/5/23 |
£ | £ |
Cash and cash equivalents | 596,943 | 884,057 |
Year ended 30 April 2023 |
30/4/23 | 1/5/22 |
£ | £ |
Cash and cash equivalents | 884,057 | 212,439 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1/5/23 | Cash flow | At 30/4/24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 884,057 | (287,114 | ) | 596,943 |
884,057 | (287,114 | ) | 596,943 |
Debt |
Finance leases | (379,149 | ) | 11,832 | (367,317 | ) |
Debts falling due within 1 year | (867,827 | ) | (89,984 | ) | (957,811 | ) |
Debts falling due after 1 year | (10,886,034 | ) | 978,185 | (9,907,849 | ) |
(12,133,010 | ) | 900,033 | (11,232,977 | ) |
Total | (11,248,953 | ) | 612,919 | (10,636,034 | ) |
TPV (UK HOLDINGS) LIMITED (REGISTERED NUMBER: 13860847) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
1. | STATUTORY INFORMATION |
TPV (UK Holdings) Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
The consolidated financial statements cover a group of entities. |
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 |
Going concern |
Following the acquisition of The Pet Vet (UK Veterinary Services) Limited in March 2022 and Quality Pet Care Limited in June 2022, the new management are working to improve the financial returns of the group and it is performing in line with expectations, however the group is still reporting a loss for the year and there still remains negative reserves at the balance sheet date.. |
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 of the trading subsidiaries have prepared forecasts based on the expected working capital requirements of the group and have concluded that there is a reasonable expectation that the group will have adequate resources available to continue in operational existence for the foreseeable future. |
After considering these issues the director concludes that as no material uncertainty exists, the group therefore continues to adopt the going concern basis in preparing its consolidated financial statements. |
Basis of consolidation |
The Group financial statements consolidate the financial statements of TPV (UK Holdings) Limited and all its subsidiary undertakings. The Group profit and loss account includes the results of TPV (UK Holdings) Limited and all its subsidiaries after intra group trading and profits have been eliminated. |
TPV (UK HOLDINGS) LIMITED (REGISTERED NUMBER: 13860847) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
3. | ACCOUNTING POLICIES - continued |
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. |
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. |
Goodwill |
Goodwill represents the difference between the costs of a business combination and the Group's interest in the fair value of the identifiable assets and liabilities of the acquiree at the acquisition date. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. |
Goodwill is amortised on a straight-line basis over its useful economic life. This is assessed individually for each acquisition taking into account the period over which the Group expects to realise the synergies from the combination.The director has assessed that this period is ten 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. |
TPV (UK HOLDINGS) LIMITED (REGISTERED NUMBER: 13860847) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
3. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
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. |
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. |
TPV (UK HOLDINGS) LIMITED (REGISTERED NUMBER: 13860847) |
NOTES TO THE CONSOLIDATED 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 liabilities |
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. |
TPV (UK HOLDINGS) LIMITED (REGISTERED NUMBER: 13860847) |
NOTES TO THE CONSOLIDATED 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 or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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 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. |
Pension costs and other post-retirement benefits |
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. |
TPV (UK HOLDINGS) LIMITED (REGISTERED NUMBER: 13860847) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
3. | ACCOUNTING POLICIES - continued |
Provisions |
Provisions are recognised when the company has a legal or constructive present obligation 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 reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises. |
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 group'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. |
5. | TURNOVER |
The turnover and loss before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
2024 | 2023 |
£ | £ |
Treatments | 18,299,385 | 14,674,890 |
Pet Health Plans | 3,300,118 | 2,251,986 |
21,599,503 | 16,926,876 |
An analysis of turnover by geographical market is given below: |
2024 | 2023 |
£ | £ |
United Kingdom | 21,599,503 | 16,926,876 |
21,599,503 | 16,926,876 |
TPV (UK HOLDINGS) LIMITED (REGISTERED NUMBER: 13860847) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
6. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 8,063,603 | 6,915,284 |
Social security costs | 745,776 | 667,501 |
Other pension costs | 259,755 | 235,471 |
9,069,134 | 7,818,256 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Clinical - Vet | 61 | 62 |
Clinical - Nurse | 86 | 87 |
Non clinical | 116 | 118 |
Management and administration | 26 | 21 |
2024 | 2023 |
£ | £ |
Director's remuneration | - | - |
7. | OPERATING PROFIT/(LOSS) |
The operating profit (2023 - operating loss) is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Depreciation - owned assets | 580,189 | 703,831 |
Depreciation - assets on hire purchase contracts | 100,016 | 86,518 |
Profit on disposal of fixed assets | - | (750 | ) |
Goodwill amortisation | 955,255 | 899,841 |
Auditors' remuneration | 46,268 | 18,000 |
Amortisation of intangible assets | - | 1,754 |
Operating lease charges | 810,466 | 689,439 |
8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank loan interest | 1,961,088 | 1,526,984 |
Other interest | 2,000 | 13,585 |
Interest on overdue taxation | 27,053 | 21,588 |
Related party balances | 69,830 | 6,776 |
Hire purchase | 59,520 | 53,391 |
Costs of obtaining new finance | 114,296 | 128,505 |
2,233,787 | 1,750,829 |
TPV (UK HOLDINGS) LIMITED (REGISTERED NUMBER: 13860847) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
9. | TAXATION |
Analysis of the tax charge/(credit) |
The tax charge/(credit) on the loss for the year was as follows: |
2024 | 2023 |
£ | £ |
Deferred tax | 51,083 | (150,558 | ) |
Tax on loss | 51,083 | (150,558 | ) |
Reconciliation of total tax charge/(credit) included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Loss before tax | (1,424,223 | ) | (2,781,959 | ) |
Loss multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19.461 %) |
(356,056 |
) |
(541,397 |
) |
Effects of: |
Expenses not deductible for tax purposes | 239,352 | 189,631 |
Depreciation in excess of capital allowances | 98,267 | 40,532 |
Utilisation of tax losses | (318,639 | ) | (112,442 | ) |
Tax losses carried forward | 337,076 | 245,807 |
Deferred tax asset not recognised | - | 177,869 |
Movement in deferred tax provision | 51,083 | (150,558 | ) |
Total tax charge/(credit) | 51,083 | (150,558 | ) |
10. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
TPV (UK HOLDINGS) LIMITED (REGISTERED NUMBER: 13860847) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
11. | INTANGIBLE FIXED ASSETS |
Group |
Website |
Goodwill | development | Totals |
£ | £ | £ |
COST |
At 1 May 2023 |
and 30 April 2024 | 9,899,888 | 159,336 | 10,059,224 |
AMORTISATION |
At 1 May 2023 | 1,219,474 | 159,336 | 1,378,810 |
Amortisation for year | 955,255 | - | 955,255 |
At 30 April 2024 | 2,174,729 | 159,336 | 2,334,065 |
NET BOOK VALUE |
At 30 April 2024 | 7,725,159 | - | 7,725,159 |
At 30 April 2023 | 8,680,414 | - | 8,680,414 |
12. | TANGIBLE FIXED ASSETS |
Group |
Leasehold |
Freehold | land and | Plant and |
property | buildings | machinery |
£ | £ | £ |
COST |
At 1 May 2023 | 2,801,892 | 4,025,130 | 1,580,537 |
Additions | 1,140 | - | 128,463 |
Disposals | - | - | (968 | ) |
At 30 April 2024 | 2,803,032 | 4,025,130 | 1,708,032 |
DEPRECIATION |
At 1 May 2023 | 176,133 | 2,692,054 | 918,997 |
Charge for year | 51,292 | 373,546 | 183,505 |
At 30 April 2024 | 227,425 | 3,065,600 | 1,102,502 |
NET BOOK VALUE |
At 30 April 2024 | 2,575,607 | 959,530 | 605,530 |
At 30 April 2023 | 2,625,759 | 1,333,076 | 661,540 |
TPV (UK HOLDINGS) LIMITED (REGISTERED NUMBER: 13860847) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
12. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 May 2023 | 590,217 | 268,748 | 9,266,524 |
Additions | 21,985 | 2,489 | 154,077 |
Disposals | - | - | (968 | ) |
At 30 April 2024 | 612,202 | 271,237 | 9,419,633 |
DEPRECIATION |
At 1 May 2023 | 533,323 | 202,391 | 4,522,898 |
Charge for year | 32,958 | 38,904 | 680,205 |
At 30 April 2024 | 566,281 | 241,295 | 5,203,103 |
NET BOOK VALUE |
At 30 April 2024 | 45,921 | 29,942 | 4,216,530 |
At 30 April 2023 | 56,894 | 66,357 | 4,743,626 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Fixtures |
Plant and | and |
machinery | fittings | Totals |
£ | £ | £ |
COST |
At 1 May 2023 | 510,500 | - | 510,500 |
Additions | 109,136 | 13,404 | 122,540 |
At 30 April 2024 | 619,636 | 13,404 | 633,040 |
DEPRECIATION |
At 1 May 2023 | 97,958 | - | 97,958 |
Charge for year | 99,058 | 958 | 100,016 |
At 30 April 2024 | 197,016 | 958 | 197,974 |
NET BOOK VALUE |
At 30 April 2024 | 422,620 | 12,446 | 435,066 |
At 30 April 2023 | 412,542 | - | 412,542 |
TPV (UK HOLDINGS) LIMITED (REGISTERED NUMBER: 13860847) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
13. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: 158 Doncaster Road, Dalton, Rotherham, South Yorkshire, S65 3EW |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 158 Doncaster Road, Dalton, Rotherham, South Yorkshire, S65 3EW |
Nature of business: |
% |
Class of shares: | holding |
14. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Raw materials and consumables | 491,295 | 423,063 |
TPV (UK HOLDINGS) LIMITED (REGISTERED NUMBER: 13860847) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
15. | DEBTORS |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 648,473 | 933,918 |
Amounts owed by group undertakings | - | - |
Other debtors | 105,355 | 8,039 |
Directors' current accounts | - | 60,000 | - | - |
Deferred tax asset | - | 51,083 | - | - |
Called up share capital not paid | 1,999 | 1,999 |
Prepayments | 793,869 | 684,005 |
1,549,696 | 1,739,044 |
Amounts falling due after more than one | year: |
Other debtors | 77,032 | 42,681 |
Aggregate amounts | 1,626,728 | 1,781,725 |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 18) | 957,811 | 757,827 |
Other loans (see note 18) | - | 110,000 |
Hire purchase contracts (see note 19) | 157,898 | 147,977 |
Trade creditors | 2,715,739 | 2,154,582 |
Amounts owed to group undertakings | - | - |
Tax | - | 78,784 |
Social security and other taxes | 220,426 | 337,291 |
VAT | 789,873 | 1,242,994 | - | - |
Other creditors | 1,318,855 | 1,252,538 |
Directors' current accounts | 460,000 | - | 350,000 | - |
Accrued expenses | 1,420,370 | 1,146,015 |
8,040,972 | 7,228,008 |
17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans (see note 18) | 9,907,849 | 10,886,034 |
Hire purchase contracts (see note 19) | 209,419 | 231,172 |
Other creditors | 533,363 | 727,313 |
10,650,631 | 11,844,519 |
TPV (UK HOLDINGS) LIMITED (REGISTERED NUMBER: 13860847) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
18. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 957,811 | 757,827 |
Other loans | - | 110,000 |
957,811 | 867,827 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 2,513,404 | 937,147 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 7,394,445 | 9,948,887 |
The group has bank loans which are repayable either on 28 February 2026 or 30 March 2027. |
The bank loans that are repayable on 28 February 2026 attract an interest rate of 6.76%, whilst the loans which are repayable on 30 March 2027 attract and interest rate of 7.56% plus Bank of England base rate. |
19. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year | 157,898 | 147,977 |
Between one and five years | 209,419 | 231,172 |
367,317 | 379,149 |
Group |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year | 794,729 | 705,773 |
Between one and five years | 2,942,574 | 2,699,819 |
In more than five years | 1,136,985 | 1,632,935 |
4,874,288 | 5,038,527 |
TPV (UK HOLDINGS) LIMITED (REGISTERED NUMBER: 13860847) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
20. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans | 10,865,660 | 11,643,861 |
Hire purchase contracts | 367,317 | 379,149 | - | - |
11,232,977 | 12,023,010 |
The group has provided the following security to its bankers in connection with its bank loans. |
- Fixed charge over its freehold properties |
- Fixed charge of certain of its leasehold properties |
- Fixed and Floating charge over all the property and undertaking of the parent company and The Pet Vet (UK Veterinary Services) Limited. |
With regards to the hire purchase obligations, these are secured over the assets to which they relate. |
21. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2023 |
£ | £ |
Other provisions | 50,000 | 50,000 |
Aggregate amounts | 50,000 | 50,000 |
The provision relates to the element of dilapidations on the current property leases that the directors can reliably estimate, no provision has been made where the works are uncertain. |
TPV (UK HOLDINGS) LIMITED (REGISTERED NUMBER: 13860847) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
22. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
200 | A Growth | £1 | 200 | 200 |
900 | A Ordinary | £1 | 900 | 900 |
450 | B Ordinary | £1 | 450 | 450 |
450 | C Ordinary | £1 | 450 | 450 |
2,000 | 2,000 |
The rights attaching to each class of shares is as follows: |
A GROWTH SHARES:- |
Each A Growth share has the right to participate pari passu in any dividend distribution declared in respect of the A Growth shares. |
The A Growth shares have the right to receive notice of and attend any general meeting of the company and has the right to one vote per share in any circumstances. |
The A Growth shares have the right to participate pari passu in any distribution of capital in excess of Hurdle A on the winding up of the company or otherwise |
The A Growth shares are not redeemable or liable to be redeemed at the option of the company or the shareholder. |
A ORDINARY SHARES:- |
Each A Ordinary share carries the right to vote and receive dividends |
B ORDINARY SHARES:- |
Each B Ordinary share carries the right to vote and receive dividends |
C ORDINARY SHARES:- |
Each C Ordinary share carries the right to vote and receive dividends |
23. | PENSION COMMITMENTS |
The group operates a defined contribution pension scheme for all qualifying employees. The assets of the |
scheme are held separately from those of the group in an independently administered fund. |
During the year the charge to profit or loss in resect of this scheme was £259,755 (2023: £238,035). |
Contributions totalling £46,414 (2023 - £52,036) were payable to the fund at the reporting date. |
24. | 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 | 366,993 | - |
The above loan has no fixed repayment date and interest is accruing at the rate of 3% over bank base rate. |
Other related parties |
2024 | 2023 |
£ | £ |
Amount due to related party | 709,613 | 656,929 |
TPV (UK HOLDINGS) LIMITED (REGISTERED NUMBER: 13860847) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
24. | RELATED PARTY DISCLOSURES - continued |
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. |
25. | ULTIMATE CONTROLLING PARTY |
No one person has control of the group. |