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DERMVET LIMITED

Registered Number
11541294
(England and Wales)

Unaudited Financial Statements for the Year ended
31 August 2024

DERMVET LIMITED
Company Information
for the year from 1 September 2023 to 31 August 2024

Directors

BENTLEY, David Graeme
BENTLEY, Lisa Jane

Company Secretary

BENTLEY, Lisa Jane

Registered Address

2nd Floor Grove House
55 Lowlands Road
Harrow
HA1 3AW

Registered Number

11541294 (England and Wales)
DERMVET LIMITED
Balance Sheet as at
31 August 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3300,849266,500
300,849266,500
Current assets
Debtors42,0614,645
Cash at bank and on hand41,76440,649
43,82545,294
Creditors amounts falling due within one year5(195,885)(237,926)
Net current assets (liabilities)(152,060)(192,632)
Total assets less current liabilities148,78973,868
Creditors amounts falling due after one year6(8,426)-
Provisions for liabilities7(14,204)(4,591)
Net assets126,15969,277
Capital and reserves
Called up share capital100100
Profit and loss account126,05969,177
Shareholders' funds126,15969,277
The financial statements were approved and authorised for issue by the Board of Directors on 7 May 2025, and are signed on its behalf by:
BENTLEY, David Graeme
Director
Registered Company No. 11541294
DERMVET LIMITED
Notes to the Financial Statements
for the year ended 31 August 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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 veterinary services.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are initially stated at cost and subsequently at cost less depreciation. Depreciation is provided on all tangible fixed assets as follows: The building included in land and building is depreciated at 2% SLM.

Reducing balance (%)
Plant and machinery25
Fixtures and fittings25
Office Equipment25
Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes a party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortized cost using the effective interest method.
2.Average number of employees

20242023
Average number of employees during the year22
3.Tangible fixed assets

Land & buildings

Plant & machinery

Fixtures & fittings

Office Equipment

Total

£££££
Cost or valuation
At 01 September 23256,33934,79617,5524,850313,537
Additions-42,788-31643,104
At 31 August 24256,33977,58417,5525,166356,641
Depreciation and impairment
At 01 September 238,20324,08712,1052,64247,037
Charge for year4,1012,6821,3616118,755
At 31 August 2412,30426,76913,4663,25355,792
Net book value
At 31 August 24244,03550,8154,0861,913300,849
At 31 August 23248,13610,7095,4472,208266,500
4.Debtors: amounts due within one year

2024

2023

££
Other debtors1,4853,594
Prepayments and accrued income5761,051
Total2,0614,645
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables7,9266,753
Bank borrowings and overdrafts16,673-
Taxation and social security42,95946,933
Other creditors128,093181,313
Accrued liabilities and deferred income2342,927
Total195,885237,926
6.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts8,426-
Total8,426-
Included in bank borrowings and overdrafts within one year and after one year is and amount of £25,100 (2023 : £Nil), a small business loan from NatWest.
7.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)14,2044,591
Total14,2044,591
8.Related party transactions
Included in other creditors is an amount of £125,998 (2023 : £181,313) due to the directors.