2023-06-012024-05-312024-05-31false10185871LV VETERINARY SERVICES 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LV VETERINARY SERVICES LIMITED

Registered Number
10185871
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2024

LV VETERINARY SERVICES LIMITED
Company Information
for the year from 1 June 2023 to 31 May 2024

Director

VALENTINE, Luke Christopher, Dr

Registered Address

2nd Floor Grove House
55 Lowlands Road
Harrow
HA1 3AW

Registered Number

10185871 (England and Wales)
LV VETERINARY SERVICES LIMITED
Balance Sheet as at
31 May 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets35,6517,534
5,6517,534
Current assets
Debtors495,34375,443
Cash at bank and on hand14,2734,145
109,61679,588
Creditors amounts falling due within one year5(67,470)(61,059)
Net current assets (liabilities)42,14618,529
Total assets less current liabilities47,79726,063
Creditors amounts falling due after one year6(12,592)(17,182)
Provisions for liabilities7(1,413)(1,883)
Net assets33,7926,998
Capital and reserves
Called up share capital100100
Profit and loss account33,6926,898
Shareholders' funds33,7926,998
The financial statements were approved and authorised for issue by the Director on 23 January 2025, and are signed on its behalf by:
VALENTINE, Luke Christopher, Dr
Director
Registered Company No. 10185871
LV VETERINARY SERVICES LIMITED
Notes to the Financial Statements
for the year ended 31 May 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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 services.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery25
Fixtures and fittings25
Office Equipment25
2.Average number of employees

20242023
Average number of employees during the year11
3.Tangible fixed assets

Plant & machinery

Fixtures & fittings

Office Equipment

Total

££££
Cost or valuation
At 01 June 2310,3413657,19917,905
At 31 May 2410,3413657,19917,905
Depreciation and impairment
At 01 June 237,7092992,36310,371
Charge for year658171,2081,883
At 31 May 248,3673163,57112,254
Net book value
At 31 May 241,974493,6285,651
At 31 May 232,632664,8367,534
4.Debtors: amounts due within one year

2024

2023

££
Amounts owed by group undertakings94,90375,003
Other debtors440440
Total95,34375,443
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
5.Creditors: amounts due within one year

2024

2023

££
Bank borrowings and overdrafts8,2008,200
Taxation and social security40,98635,735
Other creditors18,28417,124
Total67,47061,059
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
6.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts12,59217,182
Total12,59217,182
7.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)1,4131,883
Total1,4131,883
8.Directors advances, credits and guarantees
Included in other creditors is an amount of £18,284(2023: £17,124 Cr) relates to the directors' loan account Dr. Luke Valentine.
9.Related party transactions
At the year-end, Amounts owed by/to group undertakings balance include £20,300 (2023: £20,300) due from THLV Commercial Properties Ltd and £25 (2023: £25) due from Valens Country Cottages Ltd and £74,678 (2023: £54,678) due from L&H Valentine Ltd, where Dr. Luke Valentine is also director of those companies.