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Registration number: SC502218

Thistle Vets Limited

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 30 June 2024

 

Thistle Vets Limited

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 6

 

Thistle Vets Limited

(Registration number: SC502218)
Abridged Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

254,554

278,156

Tangible assets

5

1,359,239

1,384,520

 

1,613,793

1,662,676

Current assets

 

Stocks

74,892

65,973

Debtors

40,181

40,101

Cash at bank and in hand

 

1,054,578

378,464

 

1,169,651

484,538

Creditors: Amounts falling due within one year

6

(601,162)

(465,754)

Net current assets

 

568,489

18,784

Total assets less current liabilities

 

2,182,282

1,681,460

Creditors: Amounts falling due after more than one year

(22,372)

(27,678)

Provisions for liabilities

(90,912)

(92,331)

Net assets

 

2,068,998

1,561,451

Capital and reserves

 

Called up share capital

110

110

Capital redemption reserve

10

10

Profit and loss account

2,068,878

1,561,331

Total equity

 

2,068,998

1,561,451

 

Thistle Vets Limited

(Registration number: SC502218)
Abridged Balance Sheet as at 30 June 2024

For the financial year ending 30 June 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 23 March 2025 and signed on its behalf by:
 

Mr J W G McCann

Director

Mr S A McGinlay

Director

 

Thistle Vets Limited

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

1

General information

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

The address of its registered office is:
1 Alcorn Rigg
Clovenstone Drive
Wester Hailes
Edinburgh
EH14 3BF
Scotland

These financial statements were authorised for issue by the Board on 23 March 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 represents the amounts, excluding VAT, derived from the provision of goods and services.

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.

 

Thistle Vets Limited

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

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

Land

Nil

Buildings

2% straight line

Leasehold improvements

5% straight line

Motor vehicles

25% reducing balance

Fixtures and equipment

15% reducing balance

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 28 (2023 - 30).

 

Thistle Vets Limited

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

4

Intangible assets

Total
£

Cost or valuation

At 1 July 2023

472,043

At 30 June 2024

472,043

Amortisation

At 1 July 2023

193,887

Amortisation charge

23,602

At 30 June 2024

217,489

Carrying amount

At 30 June 2024

254,554

At 30 June 2023

278,156

5

Tangible assets

Total
£

Cost or valuation

At 1 July 2023

1,587,639

Additions

31,603

At 30 June 2024

1,619,242

Depreciation

At 1 July 2023

203,119

Charge for the year

56,884

At 30 June 2024

260,003

Carrying amount

At 30 June 2024

1,359,239

At 30 June 2023

1,384,520

6

Creditors: amounts falling due within one year

Creditors include bank loans which are secured of - £Nil (2023 - £147,571).

7

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 £361,097 (2023 - £380,597). The commitments relate to rental of land and buildings

 

Thistle Vets Limited

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

8

Non adjusting events after the financial period

Following the year end, there was a share transfer, share for share exchange and shareholder exit. The proposed transactions have received the relevant clearance from HMRC and will not impact the day-to-day running of the company.