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Registered number: 12205991
Vets 1 Group (King's Lynn) Limited
Unaudited Financial Statements
For The Year Ended 30 April 2024
MAC Accounting (Norfolk) Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12205991
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 203,640 242,102
203,640 242,102
CURRENT ASSETS
Stocks 5 30,803 31,248
Debtors 6 328,652 261,750
Cash at bank and in hand 25,766 10,064
385,221 303,062
Creditors: Amounts Falling Due Within One Year 7 (649,977 ) (578,969 )
NET CURRENT ASSETS (LIABILITIES) (264,756 ) (275,907 )
TOTAL ASSETS LESS CURRENT LIABILITIES (61,116 ) (33,805 )
Creditors: Amounts Falling Due After More Than One Year 8 (8,261 ) (38,585 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (15,308 ) (22,398 )
NET LIABILITIES (84,685 ) (94,788 )
CAPITAL AND RESERVES
Called up share capital 10 206 202
Share premium account 1,353 160
Profit and Loss Account (86,244 ) (95,150 )
SHAREHOLDERS' FUNDS (84,685) (94,788)
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For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Simon Power
Director
11/12/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Vets 1 Group (King's Lynn) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12205991 . The registered office is Home Farm Barns Downham Road, Crimplesham, King's Lynn, PE33 9DU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of veterinary services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 10 Year Straight line
Plant & Machinery 25% Reducing balance
Fixtures & Fittings 25% Reducing balance
Computer Equipment 25% Reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.7. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 10 (2023: 10)
10 10
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 May 2023 250,084 162,778 824 13,930 427,616
Additions - 6,219 - - 6,219
As at 30 April 2024 250,084 168,997 824 13,930 433,835
Depreciation
As at 1 May 2023 82,669 94,020 495 8,330 185,514
Provided during the period 25,008 18,191 82 1,400 44,681
As at 30 April 2024 107,677 112,211 577 9,730 230,195
Net Book Value
As at 30 April 2024 142,407 56,786 247 4,200 203,640
As at 1 May 2023 167,415 68,758 329 5,600 242,102
5. Stocks
2024 2023
£ £
Stock 30,803 31,248
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 280,937 214,894
Amounts owed by group undertakings 260 259
Other debtors 47,455 46,597
328,652 261,750
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 29,133 26,338
Trade creditors 166,504 91,750
Other creditors 411,937 443,568
Taxation and social security 42,403 17,313
649,977 578,969
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 8,261 38,585
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 29,133 26,338
Later than one year and not later than five years 8,261 38,585
37,394 64,923
37,394 64,923
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 206 202
11. Related Party Transactions
Vets 1 Group Holdings LtdParent Company of Vets 1 Group (King's Lynn) LimitedNo transactions took place during the year ended 30th April 2024 between Vets 1 Group (King's Lynn) Limited and Vets 1 Group Holdings Ltd. As at 30th April 2024, Vets 1 Group Holdings Ltd owed Vets 1 Group (King's Lynn) Limited £260.00 (2023: £260). This balance is interest free, repayable on demand and has been included within ‘Amounts owed by group undertakings’

Vets 1 Group Holdings Ltd

Parent Company of Vets 1 Group (King's Lynn) Limited

No transactions took place during the year ended 30th April 2024 between Vets 1 Group (King's Lynn) Limited and Vets 1 Group Holdings Ltd. As at 30th April 2024, Vets 1 Group Holdings Ltd owed Vets 1 Group (King's Lynn) Limited £260.00 (2023: £260). This balance is interest free, repayable on demand and has been included within ‘Amounts owed by group undertakings’

Vets 1 Group LtdCompany under common control

Vets 1 Group Ltd

Company under common control

During the year, Vets 1 Group Ltd invoiced Vets 1 Group (King's Lynn) Limited a net amount of £123,467 to cover wage expenses (2023: £162,486). As of 30th April 2024, Vets 1 Group (King's Lynn) Limited owed an outstanding balance of £112,376 (2023: £17,800) to Vets 1 Group Ltd. This balance is included in the trade receivables of Vets 1 Group (King's Lynn) Limited as of 30th April 2024.
In addition to the transactions previously noted, Vets 1 Group (King's Lynn) Ltd has an outstanding balance of £409,368 payable to Vets 1 Group Ltd as of 30th April 2024 (2023: £442,460). This balance includes a variety of items, such as bank interest payments amounting to £14,322 (2023: £15,192) that were settled on behalf of Vets 1 Group (King's Lynn) Ltd. Additionally, the balance reflects reciprocal settlements of purchase invoices and cash transfers exchanged between the two entities. This amount is interest-free, repayable on demand, and is classified under Other creditors.
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