Company registration number SC796490 (Scotland)
NAISMITH VETS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
NAISMITH VETS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
NAISMITH VETS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
Notes
£
£
Fixed assets
Tangible assets
3
134,404
Current assets
Stocks
37,179
Debtors
4
17,878
Cash at bank and in hand
157,779
212,836
Creditors: amounts falling due within one year
5
(132,669)
Net current assets
80,167
Total assets less current liabilities
214,571
Creditors: amounts falling due after more than one year
6
(285,099)
Net liabilities
(70,528)
Capital and reserves
Called up share capital
8
100
Profit and loss reserves
(70,628)
Total equity
(70,528)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 30 April 2025
Ms B Craig
Director
Company Registration No. SC796490
NAISMITH VETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information
Naismith Vets Limited is a private company limited by shares incorporated in Scotland. The registered office is 2075 Paisley Road West, Glasgow, United Kingdom, G52 3JH.
1.1
Reporting period
The financial statements that have been presented are for eleven months and seven days as this is the company's first accounting period.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
1.3
Going concern
At the end of the period, the company had net liabilities of £70,528. However, the accounts have been prepared on a going concern basis owed to the continued support of the director.true
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% reducing balance
Fixtures and fittings
20% reducing balance
Computers
3 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
NAISMITH VETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
Number
Total
3
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 24 January 2024
Additions
112,021
21,839
11,356
145,216
At 31 December 2024
112,021
21,839
11,356
145,216
Depreciation and impairment
At 24 January 2024
Depreciation charged in the period
7,689
1,583
1,540
10,812
At 31 December 2024
7,689
1,583
1,540
10,812
Carrying amount
At 31 December 2024
104,332
20,256
9,816
134,404
4
Debtors
2024
Amounts falling due within one year:
£
Trade debtors
8,658
Other debtors
9,220
17,878
5
Creditors: amounts falling due within one year
2024
£
Bank loans
10,455
Trade creditors
45,027
Taxation and social security
13,353
Other creditors
63,834
132,669
NAISMITH VETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 4 -
6
Creditors: amounts falling due after more than one year
2024
£
Bank loans and overdrafts
182,618
Other creditors
102,481
285,099
7
Secured Debts
2024
£
Bank loans
171,281
Payable within one year
5,946
Payable after one year
165,335
The bank loan is secured by The Royal Bank of Scotland PLC, which holds a floating charge expressed to cover all the undertakings of the company
8
Called up share capital
2024
2024
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
100
100