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Registration number: SC450879

Two Rivers Veterinary Practice Limited

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 30 June 2024

 

Two Rivers Veterinary Practice Limited

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 5

 

Two Rivers Veterinary Practice Limited

(Registration number: SC450879)
Abridged Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

477,319

417,616

Current assets

 

Stocks

57,574

73,338

Debtors

108,488

99,302

Cash at bank and in hand

 

569,308

382,499

 

735,370

555,139

Creditors: Amounts falling due within one year

(249,144)

(176,011)

Net current assets

 

486,226

379,128

Total assets less current liabilities

 

963,545

796,744

Provisions for liabilities

(26,862)

(25,522)

Net assets

 

936,683

771,222

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

936,583

771,122

Total equity

 

936,683

771,222

 

Two Rivers Veterinary Practice Limited

(Registration number: SC450879)
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 director acknowledges his 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 director on 26 March 2025
 

Mr T Black

Director

 

Two Rivers Veterinary Practice 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:
157 High Street
Biggar
South Lanarkshire
ML12 6DL

These financial statements were authorised for issue by the director on 26 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.

Going concern

Revenue recognition

Turnover comprises the amounts, excluding VAT, derived from the provision of goods and services to customers during the year.

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.

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:

 

Two Rivers Veterinary Practice Limited

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

Asset class

Depreciation method and rate

Fixtures and equipment

15% reducing balance

Motor vehicles

25% reducing balance

Land and buildings

2% straight line

Goodwill

Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life, which the director considers to be ten years.

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

10% 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 the director) during the year, was 27 (2023 - 28).

4

Intangible assets

Total
£

Cost or valuation

At 1 July 2023

141,075

At 30 June 2024

141,075

Amortisation

At 1 July 2023

141,075

At 30 June 2024

141,075

Carrying amount

At 30 June 2024

-

 

Two Rivers Veterinary Practice Limited

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

5

Tangible assets

Total
£

Cost or valuation

At 1 July 2023

533,032

Additions

81,829

At 30 June 2024

614,861

Depreciation

At 1 July 2023

115,416

Charge for the year

22,126

At 30 June 2024

137,542

Carrying amount

At 30 June 2024

477,319

At 30 June 2023

417,616

6

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 £12,000 (2023 - £12,000).