for the Period Ended 31 July 2024
Company Information - 3 | |
Balance sheet - 4 | |
Additional notes - 6 | |
Balance sheet notes - 9 |
for the Period Ended 31 July 2024
Director: |
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Registered office: |
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Company Registration Number: |
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As at
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2024 £ |
2023 £ |
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Fixed assets | |||
Intangible assets: | 4 |
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Tangible assets: | 5 |
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Total fixed assets: |
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Current assets | |||
Cash at bank and in hand: |
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Total current assets: |
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Creditors: amounts falling due within one year: | 6 |
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Net current assets (liabilities): |
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Total assets less current liabilities: |
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Creditors: amounts falling due after more than one year: | 7 |
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Total net assets (liabilities): |
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The notes form part of these financial statements
As at 31 July 2024
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2024 £ |
2023 £ |
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Capital and reserves | |||
Called up share capital: |
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Profit and loss account: |
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Shareholders funds: |
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This report was approved by the board of directors on
And Signed On Behalf Of The Board By:
Name:
Status: Director
The notes form part of these financial statements
for the Period Ended 31 July 2024
Basis of measurement and preparation
Turnover policy
Subscription revenue is recognised on a straight-line basis over the period of the subscription as the services are delivered. Amounts invoiced in advance of service delivery are deferred and recognised as income over the relevant period.
Revenue from consultancy services is recognised when the services have been provided and the company has a right to payment.
Transactional or usage-based fees are recognised at the point the service is rendered to the customer.
Revenue is only recognised when it is probable that the economic benefits will flow to the company and when the amount of revenue can be measured reliably.
Tangible fixed assets depreciation policy
Depreciation is provided to write off the cost of tangible fixed assets, less estimated residual value, on a straight-line basis over their estimated useful lives as follows:
Computer equipment: 2 years
Office equipment and furniture: 4 to 5 years
Leasehold improvements: Over the period of the lease or useful life, whichever is shorter.
The carrying value of tangible fixed assets is reviewed for indicators of impairment when events or changes in circumstances suggest the carrying amount may not be recoverable.
Intangible fixed assets amortisation policy
Development costs are capitalised when they meet the criteria set out in FRS 102 Section 18, including demonstrable technical feasibility and probable future economic benefits.
Amortisation is provided on a straight-line basis over the estimated useful economic life, typically 3 to 5 years, commencing when the asset is available for use.
Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.
Valuation information and policy
The company does not adopt a policy of revaluation for its tangible fixed assets.
Depreciation is calculated to write off the cost of each asset over its estimated useful life, as outlined in the accounting policies.
Other accounting policies
for the Period Ended 31 July 2024
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2023 |
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Average number of employees during the period |
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The directors did not receive any remuneration and were not employed under contracts of service.
for the Period Ended 31 July 2024
for the Period Ended 31 July 2024
Total | |
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Cost | £ |
At 01 August 2023 |
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Disposals |
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Revaluations |
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Transfers |
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At 31 July 2024 |
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Amortisation | |
Charge for year |
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On disposals |
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Other adjustments |
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Amortisation at 31 July 2024 |
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Net book value | |
Net book value at 31 July 2024 |
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Net book value at 31 July 2023 |
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The directors consider that certain intangible assets have an indefinite useful economic life and therefore are not amortised. This treatment is in accordance with UK GAAP. These assets are subject to an annual impairment review.
Development costs are capitalised when they meet the criteria set out in FRS 102 Section 18. Expenditure that does not meet these criteria is expensed as incurred.
for the Period Ended 31 July 2024
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Cost | £ |
At 01 August 2023 |
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Additions |
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Disposals |
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Revaluations |
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Transfers |
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At 31 July 2024 |
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Depreciation | |
At 01 August 2023 |
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Charge for year |
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On disposals |
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Other adjustments |
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At 31 July 2024 |
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Net book value | |
At 31 July 2024 |
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At 31 July 2023 |
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Depreciation is provided to write off the cost of tangible fixed assets, less estimated residual value, on a straight-line basis over their estimated useful economic lives as follows:
Computer equipment: 2 years
Office equipment and furniture: 4 to 5 years
Leasehold improvements: Over the term of the lease or the asset’s useful economic life, whichever is shorter.
The useful economic lives and residual values are reviewed annually and adjusted if appropriate.
Expenditure on repairs and maintenance is charged to the profit and loss account in the period in which it is incurred.
The carrying value of tangible fixed assets is reviewed for indicators of impairment when events or changes in circumstances suggest the carrying amount may not be recoverable. Any impairment loss is recognised in the profit and loss account.
for the Period Ended 31 July 2024
for the Period Ended 31 July 2024
The loan is repayable after more than one year, with no fixed repayment date agreed. It was interest-free until 31st October 2023. From 1st November 2023, interest accrues at the Bank of England Base Rate plus a margin, as determined by the parent company from time to time, subject to prevailing market conditions and arm's length principles.
for the Period Ended 31 July 2024
The comparative figures have been restated where necessary to align with the small company format. This change has had no impact on the reported financial performance or position for the prior period.
for the Period Ended 31 July 2024
Name of related party: |
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Description of relationship: | |
VETPASS Ltd. is a wholly owned subsidiary of VETPASS Inc., a company incorporated in the United States of America. VETPASS Inc. holds 100% of the issued share capital of VETPASS Ltd. and exercises control over the company. The ultimate parent and controlling party is VETPASS Inc., registered in Delaware, USA. VETPASS Inc. does not prepare consolidated financial statements as permitted under relevant US regulations. | |
Description of the transaction: | |
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Balance at 01 August 2023 |
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Balance at 31 July 2024 |
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At the balance sheet date, the amount outstanding was £723,248 (2023: £545,024). The loan is repayable after more than one year, with no fixed repayment date agreed.
The loan was interest-free until 31 October 2023. From 1 November 2023, interest accrues at the Bank of England Base Rate plus a margin, as determined by the parent company from time to time, subject to prevailing market conditions and arm's length principles.
Other than the loan detailed above, there were no related party transactions requiring disclosure under FRS 102 Section 1A during the year.