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Registration number: 04989580

Prepared for the registrar

Veterinary Neurology Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2024

 

Veterinary Neurology Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Veterinary Neurology Limited

Company Information

Director

Dr S J Wheeler

Registered office

9 West Way
Rickmansworth
Hertfordshire
WD3 7ER

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Veterinary Neurology Limited

(Registration number: 04989580)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,202

743

Current assets

 

Debtors

6

2,202

15,972

Other financial assets

5

-

32,504

Cash at bank and in hand

 

136,682

125,270

 

138,884

173,746

Creditors: Amounts falling due within one year

7

(5,147)

(14,780)

Net current assets

 

133,737

158,966

Total assets less current liabilities

 

134,939

159,709

Deferred tax liabilities

8

(301)

(141)

Net assets

 

134,638

159,568

Capital and reserves

 

Called up share capital

9

3

3

Retained earnings

134,635

159,565

Shareholders' funds

 

134,638

159,568

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

Director's responsibilities:

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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 7 May 2025
 


Dr S J Wheeler
Director

 

Veterinary Neurology Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
9 West Way
Rickmansworth
Hertfordshire
WD3 7ER
United Kingdom

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's current forecasts and projections, together with the facilities available to the company, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Veterinary Neurology Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income 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 income 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.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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:

Asset class

Depreciation method and rate

Plant and machinery

25% straight line

Fixtures and fittings

25% straight line

Reference and teaching aids

10% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

 

Veterinary Neurology Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.


Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.


Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

 

Veterinary Neurology Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was as follows:

Fixtures and fittings
£

Equipment
£

Reference and teaching aids
 £

Total
£

Cost or valuation

At 1 January 2024

2,454

3,835

14,147

20,436

Additions

-

1,167

-

1,167

At 31 December 2024

2,454

5,002

14,147

21,603

Depreciation

At 1 January 2024

2,263

3,283

14,147

19,693

Charge for the year

48

660

-

708

At 31 December 2024

2,311

3,943

14,147

20,401

Carrying amount

At 31 December 2024

143

1,059

-

1,202

At 31 December 2023

191

552

-

743

 

Veterinary Neurology Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

 

5

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Current financial assets

Cost or valuation

At 1 January 2024

32,504

Disposals

(32,504)

At 31 December 2024

-

Carrying amount

At 31 December 2024

-

 

6

Debtors

2024
£

2023
£

Trade debtors

-

15,600

Prepayments

395

372

Other debtors

1,807

-

2,202

15,972

 

7

Creditors

2024
£

2023
£

Due within one year

Trade creditors

22

-

Taxation and social security

2,141

4,904

Accruals and deferred income

2,984

2,838

Other creditors

-

7,038

5,147

14,780

 

8

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

301

301

2023

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

141

141

 

Veterinary Neurology Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

 

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary A of £1 each

1

1

1

1

Ordinary B of £1 each

1

1

1

1

Ordinary C of £1 each

1

1

1

1

 

3

3

3

3

The different classes of share referred to above carry separate rights to dividends but, in all other significant respects, rank parri passu.

 

10

Related party transactions

Key management personnel
The key management personnel is the director of the company.

Summary of transactions with key management

As at 31 December 2024, the company was owed £1,807 by the director, (2023: the company owed the director £7,038). This amount is included in other debtors (2023: other creditors). There are no fixed repayment terms and no interest is charged.
 

2024

At 1 January 2024
£

Advances to director
£

Repayments by director
£

At 31 December 2024
£

Dr S J Wheeler

Amounts due to / (from) director

7,038

(9,157)

312

(1,807)

 

11

Financial instruments

Categorisation of financial instruments

2024
 £

2023
 £

Financial assets measured at fair value through profit or loss

-

32,504

Financial assets measured at fair value

Listed investments
Investment in equity shares which are publicly traded are included at fair value based on the price quoted on the relevant exchange at the year end.

The fair value is £Nil (2023 - £32,504) and the change in value included in profit or loss is £Nil (2023 - £85).

 

Veterinary Neurology Limited

Detailed Income Statement for the Year Ended 31 December 2024

2024

2023

 

£

£

£

£

Turnover

 

 

Sales

 

90,356

 

124,963

Cost of sales

 

 

Purchases

 

7,112

 

1,058

Gross profit

 

83,244

 

123,905

Employment costs

 

 

Directors remuneration

12,889

 

3,033

 

Directors' pensions

60,000

 

60,000

 

 

(72,889)

 

(63,033)

Establishment costs

 

 

Insurance

1,518

 

1,885

 

Use of home as office

312

 

312

 

 

(1,830)

 

(2,197)

Motor expenses

 

 

Travel and subsistence

16,222

 

24,454

 

 

(16,222)

 

(24,454)

Administrative expenses

 

 

Printing, postage and stationery

58

 

258

 

Telephone and fax

917

 

1,065

 

Computer software and maintenance costs

410

 

378

 

Other insurance

886

 

372

 

Subscriptions

701

 

978

 

Staff training

4,410

 

2,011

 

Legal and professional fees

13

 

58

 

Accountancy fees

2,987

 

2,864

 

Bank charges

277

 

415

 

Sundry expenses

502

 

458

 

Staff entertaining

992

 

553

 

Depreciation of equipment

660

 

553

 

Depreciation of fixtures and fittings

48

 

-

 

 

(12,861)

 

(9,963)

Operating (loss)/profit

 

(20,558)

 

24,258

Gain/(loss) on financial assets at fair value through profit and loss account

 

 

Fair value gain/(loss) on other investments

-

 

763

 

(Profit)/loss on disposal of current asset investments

-

 

(678)

 

 

-

 

85

 

Veterinary Neurology Limited

Detailed Income Statement for the Year Ended 31 December 2024

2024

2023

 

£

£

£

£

Other interest receivable and similar income

 

 

Listed investment interest receivable

-

 

1,016

 

Other interest receivable

47

 

-

 

Bank interest receivable

8,070

 

515

 

 

8,117

 

1,531

(Loss)/profit before tax

 

(12,441)

 

25,874