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INTAKE VETERINARY SERVICES LIMITED

Registered Number
04378592
(England and Wales)

Unaudited Financial Statements for the Year ended
31 October 2024

INTAKE VETERINARY SERVICES LIMITED
Company Information
for the year from 1 November 2023 to 31 October 2024

Directors

Mr D J Parkins
Mrs S Yeend

Registered Address

Unit 1 Peterel Field Business Village
Dipton Mill Road
Hexham
NE46 2JT

Registered Number

04378592 (England and Wales)
INTAKE VETERINARY SERVICES LIMITED
Statement of Financial Position
31 October 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3195,639115,168
195,639115,168
Current assets
Stocks69,38474,595
Debtors4329,883306,326
Cash at bank and on hand220,471578,886
619,738959,807
Creditors amounts falling due within one year5(233,398)(298,812)
Net current assets (liabilities)386,340660,995
Total assets less current liabilities581,979776,163
Creditors amounts falling due after one year6(31,840)(12,683)
Provisions for liabilities7(48,910)(28,792)
Net assets501,229734,688
Capital and reserves
Called up share capital5,2506,000
Other reserves750-
Profit and loss account495,229728,688
Shareholders' funds501,229734,688
The financial statements were approved and authorised for issue by the Board of Directors on 4 February 2025, and are signed on its behalf by:
Mr D J Parkins
Director
Mrs S Yeend
Director

Registered Company No. 04378592
INTAKE VETERINARY SERVICES LIMITED
Notes to the Financial Statements
for the year ended 31 October 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 financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
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/or the rendering of services. 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
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
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. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Plant and machinery25-
Fixtures and fittings20-
Vehicles25-
Office Equipment-4
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease. Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to completed the sale. The impairment loss is recognised immediately in the Income Statement.
Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
2.Average number of employees

20242023
Average number of employees during the year97
3.Tangible fixed assets

Plant & machinery

Vehicles

Fixtures & fittings

Office Equipment

Total

£££££
Cost or valuation
At 01 November 23185,199143,8689,21210,896349,175
Additions62,24761,1803076,112129,846
Disposals(16,936)(18,100)-(2,245)(37,281)
At 31 October 24230,510186,9489,51914,763441,740
Depreciation and impairment
At 01 November 23131,29090,6006,0056,112234,007
Charge for year20,03021,0596992,53544,323
On disposals(13,843)(16,665)-(1,721)(32,229)
At 31 October 24137,47794,9946,7046,926246,101
Net book value
At 31 October 2493,03391,9542,8157,837195,639
At 31 October 2353,90953,2683,2074,784115,168
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables315,098299,468
Other debtors3,132-
Prepayments and accrued income11,6536,858
Total329,883306,326
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables58,54461,280
Taxation and social security137,511179,963
Finance lease and HP contracts14,2184,091
Other creditors16,97547,758
Accrued liabilities and deferred income6,1505,720
Total233,398298,812
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. Finance lease and HP contracts are secured against the assets to which they relate.
6.Creditors: amounts due after one year

2024

2023

££
Other creditors31,84012,683
Total31,84012,683
Finance lease and HP contracts equal to £31,840 (2023 - £12,683) are included within other creditors and are secured against the assets to which they relate.
7.Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of financial position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

2024

2023

££
Net deferred tax liability (asset)48,91028,792
Total48,91028,792
8.Related party transactions
On 1st November 2023 the company owed a Director £35,174. During the period the Director was repaid £71,000 and extracted a further £109,306. At 31st October 2024 the Director owed the company £3,132. No interest was charged on this loan and the loan is repayable on demand.