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Registration number: 14211511

KGS Veterinary Services Limited

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 July 2024

 

KGS Veterinary Services Limited

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 4

 

KGS Veterinary Services Limited

(Registration number: 14211511)
Abridged Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

33,368

39,099

Current assets

 

Debtors

95,198

29,745

Cash at bank and in hand

 

4,574

25,972

 

99,772

55,717

Creditors: Amounts falling due within one year

(34,842)

(33,813)

Net current assets

 

64,930

21,904

Total assets less current liabilities

 

98,298

61,003

Provisions for liabilities

(7,207)

(7,429)

Net assets

 

91,091

53,574

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

90,991

53,474

Total equity

 

91,091

53,574

 

KGS Veterinary Services Limited

(Registration number: 14211511)
Abridged Balance Sheet as at 31 July 2024

For the financial year ending 31 July 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.

Approved and authorised by the Board on 11 January 2025 and signed on its behalf by:
 

Mr M Seth

Director

Mrs L M Seth

Director

 

KGS Veterinary Services Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2024

1

General information

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

The address of its registered office is:
25 Allard Way
Saffron Walden
Essex
CB11 3GP

These financial statements were authorised for issue by the Board on 11 January 2025.

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 comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable the future economic benefits will flow into the entity, and specific criteria have been met for each of the company activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

 

KGS Veterinary Services Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2024

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

Motor Vehicles

20% reducing balance

Office Equipment

33% straight line

Fixtures and Fittings

25% straight line

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Tangible assets

Total
£

Cost or valuation

At 1 August 2023

49,203

Additions

3,550

At 31 July 2024

52,753

Depreciation

At 1 August 2023

10,104

Charge for the year

9,281

At 31 July 2024

19,385

Carrying amount

At 31 July 2024

33,368

At 31 July 2023

39,099

5

Related party transactions

Advances to directors


Mr M Seth

During the period Mr M Seth went overdrawn on their director's loan account. The maximum overdrawn balance during the year was £19,476 ( 2023 - £16,766). At the year end the amount outstanding from Mr M Seth was £Nil ( 2023 - £Nil). Interest has been charged at the commercial rate.