VETPASS LTD

Company Registration Number:
12740867 (England and Wales)

Unaudited abridged accounts for the year ended 31 July 2024

Period of accounts

Start date: 01 August 2023

End date: 31 July 2024

VETPASS LTD

Contents of the Financial Statements

for the Period Ended 31 July 2024

Company Information - 3
Balance sheet - 4
Additional notes - 6
Balance sheet notes - 9

VETPASS LTD

Company Information

for the Period Ended 31 July 2024




Director: JOSEPH KISSANE
Registered office: 71-75
Shelton Street
London
Greater London
GBR
WC2H 9JQ
Company Registration Number: 12740867 (England and Wales)

VETPASS LTD

Balance sheet

As at 31 July 2024


Notes

2024
£

2023
£
Fixed assets
Intangible assets: 4 388,602 307,937
Tangible assets: 5 3,452 2,052
Total fixed assets: 392,054 309,989
Current assets
Cash at bank and in hand: 335 814
Total current assets: 335 814
Creditors: amounts falling due within one year: 6 ( 118,093 ) ( 67,128 )
Net current assets (liabilities): ( 117,758 ) ( 66,314 )
Total assets less current liabilities: 274,296 243,675
Creditors: amounts falling due after more than one year: 7 ( 723,249 ) ( 545,024 )
Total net assets (liabilities): ( 448,953 ) ( 301,349 )

The notes form part of these financial statements

VETPASS LTD

Balance sheet continued

As at 31 July 2024


Notes

2024
£

2023
£
Capital and reserves
Called up share capital: 100 100
Profit and loss account: ( 449,053 ) ( 301,449 )
Shareholders funds: ( 448,953 ) ( 301,349 )

For the year ending 31 July 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 28 April 2025
And Signed On Behalf Of The Board By:

Name: JOSEPH KISSANE
Status: Director

The notes form part of these financial statements

VETPASS LTD

Notes to the Financial Statements

for the Period Ended 31 July 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover represents revenue earned from subscription services, software-as-a-service (SaaS) offerings, consultancy services, and other related activities, exclusive of VAT and trade discounts.

    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

    Tangible fixed assets are stated at cost less accumulated depreciation and any provision for impairment.

    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

    Intangible assets are stated at cost less accumulated amortisation and any provision for impairment.
    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

    Tangible fixed assets are stated at historical cost less accumulated depreciation and any provision for impairment.

    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

    The directors have assessed the company’s financial position and, having regard to the funding facilities available from its parent company, VETPASS Inc., consider it appropriate to prepare the financial statements on a going concern basis. The parent company has confirmed its intention to continue to provide financial support for at least 12 months from the date of approval of these financial statements. Accordingly, the financial statements do not include any adjustments that would result if the company were unable to continue as a going concern.

VETPASS LTD

Notes to the Financial Statements

for the Period Ended 31 July 2024

  • 2. Employees


    2024

    2023
    Average number of employees during the period 0 0

    The company had no employees during the year (2023: nil).
    The directors did not receive any remuneration and were not employed under contracts of service.

VETPASS LTD

Notes to the Financial Statements

for the Period Ended 31 July 2024

  • 3. Off balance sheet disclosure

    No

VETPASS LTD

Notes to the Financial Statements

for the Period Ended 31 July 2024

  • 4. Intangible assets

    Total
    Cost £
    At 01 August 2023 307,937
    Additions 80,665
    Disposals -
    Revaluations -
    Transfers -
    At 31 July 2024 388,602
    Amortisation
    Charge for year -
    On disposals -
    Other adjustments -
    Amortisation at 31 July 2024 -
    Net book value
    Net book value at 31 July 2024 388,602
    Net book value at 31 July 2023 307,937

    Intangible assets are stated at cost less any provision for impairment. The company reviews the carrying value of intangible assets annually to determine whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is estimated and any shortfall is recognised immediately in profit or loss.

    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.

VETPASS LTD

Notes to the Financial Statements

for the Period Ended 31 July 2024

5. Tangible Assets

Total
Cost £
At 01 August 2023 3,894
Additions 2,851
Disposals -
Revaluations -
Transfers -
At 31 July 2024 6,745
Depreciation
At 01 August 2023 1,842
Charge for year 1,451
On disposals -
Other adjustments -
At 31 July 2024 3,293
Net book value
At 31 July 2024 3,452
At 31 July 2023 2,052

Tangible fixed assets are stated at historical cost less accumulated depreciation and any provision for impairment. Cost includes all directly attributable expenses necessary to bring the asset into working condition for its intended use.

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.

VETPASS LTD

Notes to the Financial Statements

for the Period Ended 31 July 2024

6. Creditors: amounts falling due within one year note

Creditors due within one year total £118,093 (2023: £67,128) and consist of trade creditors, taxation, and other short-term liabilities arising in the normal course of business.

VETPASS LTD

Notes to the Financial Statements

for the Period Ended 31 July 2024

7. Creditors: amounts falling due after more than one year note

Amounts falling due after more than one year total £723,248 (2023: £545,024) and relate to an unsecured loan from the parent company, VETPASS Inc.

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.

VETPASS LTD

Notes to the Financial Statements

for the Period Ended 31 July 2024

  • 8. Changes in presentation and prior period adjustments

    In the current financial year, the company has prepared its financial statements under the small companies’ regime in accordance with Section 1A of FRS 102, having previously adopted the micro-entity provisions in the prior year. The change in presentation reflects the company’s growth and ensures that the financial statements provide a fair and relevant view of the company’s financial position.

    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.

VETPASS LTD

Notes to the Financial Statements

for the Period Ended 31 July 2024

9.1.Related party disclosures

Name of related party: VETPASS Inc.
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:
The company (VETPASS Ltd.) has received a loan from its parent company (VETPASS Inc.). The loan is unsecured, has no fixed repayment date, and became interest-bearing from 1 November 2023. There are no other related party transactions. This version is clean, compliant with FRS 102 Section 1A, and clearly communicates the relationship and terms
Balance at 01 August 2023 545,024
Balance at 31 July 2024 723,248

The company has received funding from its parent company, VETPASS Inc., in the form of an unsecured loan.

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.