Acorah Software Products - Accounts Production 16.3.350 false true 31 December 2023 1 January 2023 false 9 May 2025 1 January 2024 31 December 2024 31 December 2024 11787494 Mr David Prien Mr Per Victor Mr Max Ecroyd true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 11787494 2023-12-31 11787494 2024-12-31 11787494 2024-01-01 2024-12-31 11787494 frs-core:CurrentFinancialInstruments 2024-12-31 11787494 frs-core:PlantMachinery 2024-12-31 11787494 frs-core:PlantMachinery 2024-01-01 2024-12-31 11787494 frs-core:PlantMachinery 2023-12-31 11787494 frs-core:WithinOneYear 2024-12-31 11787494 frs-core:OtherReservesSubtotal 2024-12-31 11787494 frs-core:ShareCapital 2024-12-31 11787494 frs-core:RetainedEarningsAccumulatedLosses 2024-12-31 11787494 frs-bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 11787494 frs-bus:FilletedAccounts 2024-01-01 2024-12-31 11787494 frs-bus:SmallEntities 2024-01-01 2024-12-31 11787494 frs-bus:Audited 2024-01-01 2024-12-31 11787494 frs-bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 11787494 1 2024-01-01 2024-12-31 11787494 frs-bus:Director1 2024-01-01 2024-12-31 11787494 frs-bus:Director2 2024-01-01 2024-12-31 11787494 frs-bus:Director3 2024-01-01 2024-12-31 11787494 frs-countries:EnglandWales 2024-01-01 2024-12-31 11787494 2022-12-31 11787494 2023-12-31 11787494 2023-01-01 2023-12-31 11787494 frs-core:CurrentFinancialInstruments 2023-12-31 11787494 frs-core:WithinOneYear 2023-12-31 11787494 frs-core:OtherReservesSubtotal 2023-12-31 11787494 frs-core:ShareCapital 2023-12-31 11787494 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31
Registered number: 11787494
Firstvet Ltd
Financial Statements
For The Year Ended 31 December 2024
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—4
Page 1
Balance Sheet
Registered number: 11787494
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 7,726 10,329
7,726 10,329
CURRENT ASSETS
Debtors 5 182,788 360,761
Cash at bank and in hand 331,884 622,650
514,672 983,411
Creditors: Amounts Falling Due Within One Year 6 (9,091,476 ) (8,764,695 )
NET CURRENT ASSETS (LIABILITIES) (8,576,804 ) (7,781,284 )
TOTAL ASSETS LESS CURRENT LIABILITIES (8,569,078 ) (7,770,955 )
NET LIABILITIES (8,569,078 ) (7,770,955 )
CAPITAL AND RESERVES
Called up share capital 7 1 1
Other reserves 48,825 75,890
Profit and Loss Account (8,617,904 ) (7,846,846 )
SHAREHOLDERS' FUNDS (8,569,078) (7,770,955)
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Max Ecroyd
Director
09/05/2025
The notes on pages 2 to 4 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
Firstvet Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11787494 . The registered office is Uncommon, 25 Horsell Road, Highbury & Islington, London, N5 1XL.
The presentation currency of the financial statements is the Pound Sterling (£).
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% Straight line
2.4. Leasing and Hire Purchase Contracts
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred over the period of the lease.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.7. Audit information
The audit report is unqualified.
Senior statutory auditor: Caroline Peverett BA FCA
Firm: Tuerner Audit Limited
Date of audit report: 9 May 2025
3. Average Number of Employees
Average number of employees, including directors, during the year was: 13 (2023: 16)
13 16
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4. Tangible Assets
Plant & Machinery
£
Cost
As at 1 January 2024 25,665
Additions 2,730
As at 31 December 2024 28,395
Depreciation
As at 1 January 2024 15,336
Provided during the period 5,333
As at 31 December 2024 20,669
Net Book Value
As at 31 December 2024 7,726
As at 1 January 2024 10,329
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 137,927 271,824
Prepayments and accrued income 44,861 88,937
182,788 360,761
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 62,242 86,550
Other taxes and social security 13,412 24,768
VAT 59,549 73,381
Other creditors 2,291 3,541
Accruals and deferred income 10,476 1,265,384
Amounts owed to group undertakings 8,943,506 7,311,071
9,091,476 8,764,695
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
Share options
First Vet AB (registered in Sweden) a parent company of FirstVet Ltd, has reserved shares for issuance as stock options under its FirstVet EMI Share Option Scheme ("the plan"). Equity options granted under the plan generally become exercisable over a service period of 4 years or 1 year from the date of grant. Options have been granted to certain employees of FirstVet Ltd.
The share option charge for the year in these financial statements is £(27,065) (2023: £27,146). This amount has been taken to other capital reserves on the balance sheet. The fair value of the options was estimated at the date of grant using the Black-Scholes option pricing model.
...CONTINUED
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7. Share Capital - continued
At 31 December 2024 46,200 (2023: 61,400) options were outstanding and 38,000 (2023: nil) options were exercisable. During the year 5,400 options were granted (2023: 1,800) and 20,600 (2023: 400) options were forfeited.
The weighted average remaining contractual term of the share options outstanding at 31 December 2024 was 5.86 (2023 6.70) years and the exercise price of these share options was €5.56 (2023 €6.89).
8. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 3,200 28,150
3,200 28,150
9. Post Balance Sheet Events
FirstVet Ltd has entered into a new 1 year property lease on 01 March 2025 with a two month notice period.
The annual rent is £19,200.
10. Related Party Transactions
As at 31 December 2024, the company owed £8,943,506 (2023: £7,311,071 ) to First Vet AB. First Vet AB is the controlling shareholder in Online Vet 247 UK Ltd. Interest was charged on the loan at 6.80%. 
During the year the company was charged management fees of £606,742 (2023: £771,508) by First Vet AB. All transactions are on a commercial arms length basis. 
11. Ultimate Controlling Party
The company is a fully owned subsidiary of First|Vet AB, a company registered in Sweden whose registered office is:
Regeringsgatan 29
111 53 Stockholm
Sweden
12. Audit Information
The auditor's report on the accounts of Firstvet Ltd for the year ended 31 December 2024 was unqualified.
The auditor's report was signed by Caroline Peverett BA FCA (Senior Statutory Auditor) for and on behalf of Tuerner Audit Limited , Statutory Auditor.
Tuerner Audit Limited
Bridge House
Old Grantham Road
Whatton
Nottingham
NG13 9FG
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