Silverfin false false 29/02/2024 01/03/2023 29/02/2024 John Robert Kidd 29/02/2016 28 November 2024 The principal activity of the Company during the financial year continued to be that of the provision of veterinary services. SC528237 2024-02-29 SC528237 bus:Director1 2024-02-29 SC528237 2023-02-28 SC528237 core:CurrentFinancialInstruments 2024-02-29 SC528237 core:CurrentFinancialInstruments 2023-02-28 SC528237 core:ShareCapital 2024-02-29 SC528237 core:ShareCapital 2023-02-28 SC528237 core:RetainedEarningsAccumulatedLosses 2024-02-29 SC528237 core:RetainedEarningsAccumulatedLosses 2023-02-28 SC528237 core:Goodwill 2023-02-28 SC528237 core:Goodwill 2024-02-29 SC528237 core:LandBuildings 2023-02-28 SC528237 core:OtherPropertyPlantEquipment 2023-02-28 SC528237 core:LandBuildings 2024-02-29 SC528237 core:OtherPropertyPlantEquipment 2024-02-29 SC528237 2022-02-28 SC528237 bus:OrdinaryShareClass1 2024-02-29 SC528237 bus:OrdinaryShareClass2 2024-02-29 SC528237 2023-03-01 2024-02-29 SC528237 bus:FilletedAccounts 2023-03-01 2024-02-29 SC528237 bus:SmallEntities 2023-03-01 2024-02-29 SC528237 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 SC528237 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 SC528237 bus:Director1 2023-03-01 2024-02-29 SC528237 core:Goodwill core:TopRangeValue 2023-03-01 2024-02-29 SC528237 core:Goodwill 2023-03-01 2024-02-29 SC528237 core:LandBuildings 2023-03-01 2024-02-29 SC528237 core:OtherPropertyPlantEquipment 2023-03-01 2024-02-29 SC528237 2022-03-01 2023-02-28 SC528237 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 SC528237 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 SC528237 bus:OrdinaryShareClass2 2023-03-01 2024-02-29 SC528237 bus:OrdinaryShareClass2 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC528237 (Scotland)

KVCANGUS LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH THE REGISTRAR

KVCANGUS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024

Contents

KVCANGUS LIMITED

BALANCE SHEET

AS AT 29 FEBRUARY 2024
KVCANGUS LIMITED

BALANCE SHEET (continued)

AS AT 29 FEBRUARY 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 88,775 101,457
Tangible assets 4 163,082 174,908
251,857 276,365
Current assets
Stocks 107,476 111,691
Debtors 212,767 276,150
Cash at bank and in hand 642,743 634,390
962,986 1,022,231
Creditors: amounts falling due within one year 5 ( 526,056) ( 673,543)
Net current assets 436,930 348,688
Total assets less current liabilities 688,787 625,053
Provision for liabilities 6, 7 ( 34,626) ( 38,765)
Net assets 654,161 586,288
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 654,061 586,188
Total shareholders' funds 654,161 586,288

For the financial year ending 29 February 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of KVCAngus Limited (registered number: SC528237) were approved and authorised for issue by the Director on 28 November 2024. They were signed on its behalf by:

John Robert Kidd
Director
KVCANGUS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024
KVCANGUS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024
1. Accounting policies

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

General information and basis of accounting

KVCAngus Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 15 Academy Street, Forfar, DD8 2HA, United Kingdom. The principal place of business is 44-46 Brechin Road, Forfar, DD8 3JX, , .

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

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

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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.

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

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

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

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

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 15 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 15 years.

Tangible fixed assets

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

Land and buildings 15 % reducing balance
Plant and machinery etc. 20 - 33 % reducing balance

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

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its 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.

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. 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.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity.

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 and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument.

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 assets
Basic financial assets, which include debtors and cash and bank balances are measured at transaction price.

Basic financial liabilities
Basic financial liabilities, including creditors are recognised at transaction price.

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 fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

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

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

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

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 22 22

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 March 2023 190,231 190,231
At 29 February 2024 190,231 190,231
Accumulated amortisation
At 01 March 2023 88,774 88,774
Charge for the financial year 12,682 12,682
At 29 February 2024 101,456 101,456
Net book value
At 29 February 2024 88,775 88,775
At 28 February 2023 101,457 101,457

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 March 2023 27,420 311,618 339,038
Additions 14,576 14,572 29,148
Disposals 0 ( 12,652) ( 12,652)
At 29 February 2024 41,996 313,538 355,534
Accumulated depreciation
At 01 March 2023 18,538 145,592 164,130
Charge for the financial year 2,403 36,018 38,421
Disposals 0 ( 10,099) ( 10,099)
At 29 February 2024 20,941 171,511 192,452
Net book value
At 29 February 2024 21,055 142,027 163,082
At 28 February 2023 8,882 166,026 174,908

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 37,774 37,276
Taxation and social security 130,654 100,026
Other creditors 357,628 536,241
526,056 673,543

6. Provision for liabilities

2024 2023
£ £
Deferred tax 34,626 38,765

7. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 38,765) ( 33,233)
Credited/(charged) to the Statement of Income and Retained Earnings 4,139 ( 5,532)
At the end of financial year ( 34,626) ( 38,765)

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
60 A ordinary shares of £ 1.00 each 60 60
40 B ordinary shares of £ 1.00 each 40 40
100 100