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Registration number: 09474552

Vale Veterinary Group (SA) Limited

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 30 April 2024

 

Vale Veterinary Group (SA) Limited

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 8

 

Vale Veterinary Group (SA) Limited

(Registration number: 09474552)
Abridged Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

7,810

81,065

Tangible assets

5

1,523,228

1,344,069

Investment property

6

490,108

-

 

2,021,146

1,425,134

Current assets

 

Stocks

7

53,132

56,711

Debtors

1,291,653

1,026,555

Cash at bank and in hand

 

628,508

229,753

 

1,973,293

1,313,019

Creditors: Amounts falling due within one year

(1,098,014)

(1,174,197)

Net current assets

 

875,279

138,822

Total assets less current liabilities

 

2,896,425

1,563,956

Creditors: Amounts falling due after more than one year

8

(1,752,758)

(314,878)

Provisions for liabilities

(144,144)

(78,073)

Net assets

 

999,523

1,171,005

Capital and reserves

 

Called up share capital

500

600

Capital redemption reserve

100

-

Revaluation reserve

124,781

-

Profit and loss account

874,142

1,170,405

Total equity

 

999,523

1,171,005

For the financial 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 of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

Vale Veterinary Group (SA) Limited

(Registration number: 09474552)
Abridged Balance Sheet as at 30 April 2024

Approved and authorised by the Board on 27 January 2025 and signed on its behalf by:
 

Mr D Leyman

Director

 

Vale Veterinary Group (SA) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
College Road
Cullompton
Devon
EX15 1TG

2

Accounting policies

Statement of compliance

These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover represents the amounts, excluding value added tax, derived from the provision of goods and services to customers during the year.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

2% straight line

Leasehold improvements

Straight line over the life of the lease

Plant and machinery

33% straight line

Investment property

Investment property is carried at fair value. Gains are recognised in the profit and loss account. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

 

Vale Veterinary Group (SA) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

Goodwill

Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 6).

4

Intangible assets

Total
£

Cost or valuation

At 1 May 2023

135,109

Disposals

(70,000)

At 30 April 2024

65,109

Amortisation

At 1 May 2023

54,044

Amortisation charge

3,255

At 30 April 2024

57,299

Carrying amount

At 30 April 2024

7,810

At 30 April 2023

81,065

 

Vale Veterinary Group (SA) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

5

Tangible assets

Total
£

Cost or valuation

At 1 May 2023

1,934,426

Revaluations

100,244

Additions

660,991

Transfers to/from investment property

(485,000)

At 30 April 2024

2,210,661

Depreciation

At 1 May 2023

590,357

Charge for the year

155,874

Revaluations

(58,798)

At 30 April 2024

687,433

Carrying amount

At 30 April 2024

1,523,228

At 30 April 2023

1,344,069

6

Investment properties

2024
£

Additions

5,108

Transfers to and from property, plant and equipment

485,000

At 30 April 2024

490,108

The property was last valued by an independent external valuer in March 2023, an assumption has been made that any change in fair value since that date does not justify the time and cost of carrying out an external valuation of the property at the balance sheet date.

7

Stocks

2024
£

2023
£

Stock

53,132

56,711

8

Creditors: amounts falling due after more than one year

Bank borrowings

Bank loans have a carrying amount at year end of £1,920,621 (2023 - £344,775).

Secured by way of fixed charge, floating charge, and negative pledge.

 

Vale Veterinary Group (SA) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

Other borrowings

The carrying amount of finance leases and hire purchase contracts at year end is £Nil (2023 - £8,287).

The hire purchases are secured against the related plant and machinery (fixed charge).

Due after more than five years

Included within creditors are the following amounts due after more than five years:

2024
£

2023
£

After more than five years by instalments

1,081,300

195,290

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £814,123 (2023 - £864,352).

The total amount of guarantees not included in the balance sheet is £25,805 (2023 - £32,363). Vale Veterinary Group (SA) Limited has entered into a guarantee agreement with the bank to guarantee the payment of any loans provided to Vale Veterinary Group (LA) Ltd and Vale Services (Devon) LLP. As part of this agreement any positive bank account balances that the company has with the bank has been provided as security.

 

Vale Veterinary Group (SA) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

10

Related party transactions

Transactions with directors

2024

At 1 May 2023
£

Advances to directors
£

Repayments by director
£

At 30 April 2024
£

Mr A M Biggs

Directors' advances and credits - repayable on demand and interest charged at HMRC's rate.

101,331

-

(101,331)

-

         
       

Mr J T Dainton

Directors' advances and credits - repayable on demand and interest charged at HMRC's rate.

103,827

95,559

(90,482)

108,904

         
       

Mr J G M Whitehead

Directors' advances and credits - repayable on demand and interest charged at HMRC's rate.

90,545

95,969

(87,398)

99,116

         
       

Mr A W M Benson

Directors' advances and credits - repayable on demand and interest charged at HMRC's rate.

86,095

91,516

(90,482)

87,129

         
       

Mr J D Findlay

Directors' advances and credits - repayable on demand and interest charged at HMRC's rate.

84,060

102,802

(90,482)

96,380

         
       

Mr D Leyman

Directors' advances and credits - repayable on demand and interest charged at HMRC's rate.

94,484

94,744

(79,698)

109,530

         
       

 

Vale Veterinary Group (SA) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

 

2023

At 1 May 2022
£

Advances to directors
£

Repayments by director
£

At 30 April 2023
£

Mr A M Biggs

Directors' advances and credits - repayable on demand and interest charged at HMRC's rate.

86,171

94,714

(79,554)

101,331

         
       

Mr J T Dainton

Directors' advances and credits - repayable on demand and interest charged at HMRC's rate.

55,607

120,910

(72,690)

103,827

         
       

Mr J G M Whitehead

Directors' advances and credits - repayable on demand and interest charged at HMRC's rate.

82,877

86,592

(78,924)

90,545

         
       

Mr A W M Benson

Directors' advances and credits - repayable on demand and interest charged at HMRC's rate.

80,352

85,117

(79,374)

86,095

         
       

Mr J D Findlay

Directors' advances and credits - repayable on demand and interest charged at HMRC's rate.

79,638

83,781

(79,359)

84,060

         
       

Mr D Leyman

Directors' advances and credits - repayable on demand and interest charged at HMRC's rate.

83,508

90,447

(79,471)

94,484