Company registration number 08039723 (England and Wales)
VETFIX LTD
Unaudited Financial Statements
For The Year Ended 30 April 2024
Pages For Filing With Registrar
Contents
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
Balance Sheet
As At 30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
49,935
54,492
Current assets
Stocks
8,613
4,397
Debtors
6
163,292
186,089
Investments
7
67,435
50,124
Cash at bank and in hand
23,916
23,918
263,256
264,528
Creditors: amounts falling due within one year
8
(63,251)
(81,723)
Net current assets
200,005
182,805
Total assets less current liabilities
249,940
237,297
Provisions for liabilities
Deferred tax liability
9
1,481
2,201
(1,481)
(2,201)
Net assets
248,459
235,096
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
248,457
235,094
Total equity
248,459
235,096
Balance Sheet (Continued)
As At 30 April 2024
- 2 -
For the financial year ended 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 financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 27 January 2025 and are signed on its behalf by:
Mr AP Morris
Director
Company registration number 08039723 (England and Wales)
Statement Of Changes In Equity
For The Year Ended 30 April 2024
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 May 2022
2
198,079
198,081
Year ended 30 April 2023:
Profit and total comprehensive income
-
62,015
62,015
Dividends
-
(25,000)
(25,000)
Balance at 30 April 2023
2
235,094
235,096
Year ended 30 April 2024:
Profit and total comprehensive income
-
55,363
55,363
Dividends
-
(42,000)
(42,000)
Balance at 30 April 2024
2
248,457
248,459
Notes To The Financial Statements
For The Year Ended 30 April 2024
- 4 -
1
Accounting policies
Company information
VetFix Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 55 Fenton Road, Bournemouth, Dorset, England, BH6 5BP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.4
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
Not depreciated
Plant and equipment
25% reducing balance
Motor vehicles
25% reducing balance
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.
1.5
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.
Notes To The Financial Statements (Continued)
For The Year Ended 30 April 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
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.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
3
3
3
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
18,852
18,410
Company pension contributions to defined contribution schemes
903
252
19,755
18,662
Notes To The Financial Statements (Continued)
For The Year Ended 30 April 2024
- 6 -
4
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
18,565
12,698
Deferred tax
Origination and reversal of timing differences
(720)
(191)
Total tax charge
17,845
12,507
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
73,208
74,522
Expected tax charge based on the standard rate of corporation tax in the UK of 24.07% (2023: 19.00%)
17,621
14,159
Tax effect of expenses that are not deductible in determining taxable profit
1,609
Tax effect of income not taxable in determining taxable profit
(665)
Deferred tax adjustments in respect of prior years
(720)
(191)
Adjustments
(1,461)
Taxation charge for the year
17,845
12,507
Notes To The Financial Statements (Continued)
For The Year Ended 30 April 2024
- 7 -
5
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2023
51,346
60,765
5,850
117,961
Additions
1,749
1,749
At 30 April 2024
51,346
62,514
5,850
119,710
Depreciation and impairment
At 1 May 2023
5,658
51,961
5,850
63,469
Depreciation charged in the year
1,343
4,963
6,306
At 30 April 2024
7,001
56,924
5,850
69,775
Carrying amount
At 30 April 2024
44,345
5,590
49,935
At 30 April 2023
45,688
8,804
54,492
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
25,086
13,524
Corporation tax recoverable
7,294
Other debtors
137,285
161,862
Prepayments and accrued income
921
3,409
163,292
186,089
7
Current asset investments
2024
2023
£
£
Listed investments
67,435
50,124
Notes To The Financial Statements (Continued)
For The Year Ended 30 April 2024
- 8 -
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
11,147
8,211
Corporation tax
18,565
19,041
Other taxation and social security
9,610
6,023
Dividends payable
25,000
Other creditors
1,704
1,498
Accruals and deferred income
22,225
21,950
63,251
81,723
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
1,481
2,201
2024
Movements in the year:
£
Liability at 1 May 2023
2,201
Credit to profit or loss
(720)
Liability at 30 April 2024
1,481