My Vet 24-7 Limited 07033237 false 2023-10-01 2024-09-30 2024-09-30 The principal activity of the company is the provision of veterinary services. Digita Accounts Production Advanced 6.30.9574.0 true true 07033237 2023-10-01 2024-09-30 07033237 2024-09-30 07033237 bus:Director1 1 2024-09-30 07033237 bus:Director2 1 2024-09-30 07033237 core:AcceleratedTaxDepreciationDeferredTax 2024-09-30 07033237 core:OtherDeferredTax 2024-09-30 07033237 core:CurrentFinancialInstruments 2024-09-30 07033237 core:CurrentFinancialInstruments core:WithinOneYear 2024-09-30 07033237 core:Goodwill 2024-09-30 07033237 core:ConstructionInProgressAssetsUnderConstruction 2024-09-30 07033237 core:FurnitureFittingsToolsEquipment 2024-09-30 07033237 core:LandBuildings 2024-09-30 07033237 core:MotorVehicles 2024-09-30 07033237 bus:SmallEntities 2023-10-01 2024-09-30 07033237 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 07033237 bus:FilletedAccounts 2023-10-01 2024-09-30 07033237 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 07033237 bus:RegisteredOffice 2023-10-01 2024-09-30 07033237 bus:CompanySecretary1 2023-10-01 2024-09-30 07033237 bus:Director1 2023-10-01 2024-09-30 07033237 bus:Director1 1 2023-10-01 2024-09-30 07033237 bus:Director2 2023-10-01 2024-09-30 07033237 bus:Director2 1 2023-10-01 2024-09-30 07033237 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 07033237 core:Goodwill 2023-10-01 2024-09-30 07033237 core:ConstructionInProgressAssetsUnderConstruction 2023-10-01 2024-09-30 07033237 core:FurnitureFittingsToolsEquipment 2023-10-01 2024-09-30 07033237 core:LandBuildings 2023-10-01 2024-09-30 07033237 core:MotorVehicles 2023-10-01 2024-09-30 07033237 core:OfficeEquipment 2023-10-01 2024-09-30 07033237 core:PlantMachinery 2023-10-01 2024-09-30 07033237 core:AllSubsidiaries 2023-10-01 2024-09-30 07033237 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-10-01 2024-09-30 07033237 core:Subsidiary1 2023-10-01 2024-09-30 07033237 core:Subsidiary1 1 2023-10-01 2024-09-30 07033237 core:Subsidiary1 countries:AllCountries 2023-10-01 2024-09-30 07033237 countries:EnglandWales 2023-10-01 2024-09-30 07033237 2023-09-30 07033237 bus:Director1 1 2023-09-30 07033237 bus:Director2 1 2023-09-30 07033237 core:Goodwill 2023-09-30 07033237 core:ConstructionInProgressAssetsUnderConstruction 2023-09-30 07033237 core:FurnitureFittingsToolsEquipment 2023-09-30 07033237 core:LandBuildings 2023-09-30 07033237 core:MotorVehicles 2023-09-30 07033237 2022-10-01 2023-09-30 07033237 2023-09-30 07033237 bus:Director1 1 2023-09-30 07033237 bus:Director2 1 2023-09-30 07033237 core:AcceleratedTaxDepreciationDeferredTax 2023-09-30 07033237 core:OtherDeferredTax 2023-09-30 07033237 core:CurrentFinancialInstruments 2023-09-30 07033237 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 07033237 core:ConstructionInProgressAssetsUnderConstruction 2023-09-30 07033237 core:FurnitureFittingsToolsEquipment 2023-09-30 07033237 core:LandBuildings 2023-09-30 07033237 core:MotorVehicles 2023-09-30 07033237 bus:Director1 1 2022-10-01 2023-09-30 07033237 bus:Director2 1 2022-10-01 2023-09-30 07033237 core:Subsidiary1 1 2022-10-01 2023-09-30 07033237 bus:Director1 1 2022-09-30 07033237 bus:Director2 1 2022-09-30 iso4217:GBP xbrli:pure

Registration number: 07033237

Prepared for the registrar

My Vet 24-7 Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2024

 

My Vet 24-7 Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 11

 

My Vet 24-7 Limited

Company Information

Director

Mrs A Doherty

Company secretary

Mr D Doherty

Registered office

26 - 28 Pield Heath Road
Uxbridge
Middlesex
UB8 3NG

Accountants

Hazlewoods
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

My Vet 24-7 Limited

(Registration number: 07033237)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

560,438

243,254

Investments

6

10

10

 

560,448

243,264

Current assets

 

Stocks

44,364

34,668

Debtors

7

1,241,620

1,624,194

Cash at bank and in hand

 

1,922,040

2,498,488

 

3,208,024

4,157,350

Creditors: Amounts falling due within one year

8

(190,186)

(186,867)

Net current assets

 

3,017,838

3,970,483

Total assets less current liabilities

 

3,578,286

4,213,747

Deferred tax liabilities

9

(39,245)

(48,303)

Net assets

 

3,539,041

4,165,444

Capital and reserves

 

Called up share capital

10

100

100

Retained earnings

3,538,941

4,165,344

Shareholders' funds

 

3,539,041

4,165,444

For the financial year ending 30 September 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 her 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 18 June 2025
 


Mrs A Doherty
Director


Mr D Doherty
Company secretary

 

My Vet 24-7 Limited

Notes to the Financial Statements for the Year Ended 30 September 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:
26 - 28 Pield Heath Road
Uxbridge
Middlesex
UB8 3NG

The principal place of business is:
26 - 28 Pield Heath Road
Uxbridge
Middlesex
UB8 3NG

 

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.

 

My Vet 24-7 Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

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

Revenue represents amounts earned from clients for veterinary services and the sale of products. Revenue for the delivery of veterinary services and products is recognised when the veterinary consultation or procedure is completed.

The company also operates a Pet Health Plan (“PHP”), where members pay an annual subscription fee on a monthly basis and receive a variety of benefits including consultations and treatments periodically plus discounts on certain products and services whilst they are a member. The monthly subscription receipt is recognised as revenue when it is received by the company from the client.

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

Long leasehold land and buildings

10% of written down value

Plant and machinery

10% and 15% of written down value

Motor vehicles

25% of written down value

Office equipment

33.33% of cost

Goodwill

Goodwill is the difference between the fair value of consideration paid for an acquired entity and the aggregate of the fair value of that entity's identifiable assets and liabilities.

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

 

My Vet 24-7 Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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.

 

My Vet 24-7 Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

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.

 

3

Staff numbers

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

 

My Vet 24-7 Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

 

4

Intangible assets

Goodwill
 £

Total
£

Cost

At 1 October 2023

450,000

450,000

At 30 September 2024

450,000

450,000

Amortisation

At 1 October 2023

450,000

450,000

At 30 September 2024

450,000

450,000

Carrying amount

At 30 September 2024

-

-

 

My Vet 24-7 Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

 

5

Tangible assets

Land and buildings
£

Plant and machinery
 £

Motor vehicles
 £

Office equipment
 £

Total
£

Cost

At 1 October 2023

104,451

315,010

164,674

32,386

616,521

Additions

359,721

-

-

-

359,721

At 30 September 2024

464,172

315,010

164,674

32,386

976,242

Depreciation

At 1 October 2023

63,839

218,723

58,634

32,071

373,267

Charge for the year

4,511

11,200

26,511

315

42,537

At 30 September 2024

68,350

229,923

85,145

32,386

415,804

Carrying amount

At 30 September 2024

395,822

85,087

79,529

-

560,438

At 30 September 2023

40,612

96,287

106,040

315

243,254

Included within the net book value of land and buildings above is £359,721 (2023 - £Nil) in respect of freehold land and buildings and £36,101 (2023 - £40,612) in respect of long leasehold land and buildings.
 

 

My Vet 24-7 Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

 

6

Investments

2024
£

2023
£

Investments in associates

10

10

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Uxbridge Animal Health Limited

26-28 Pield Road
Uxbridge
Middlesex
UB8 3NG

England & Wales

Ordinary £1

100%

100%

Subsidiary undertakings

Uxbridge Animal Health Limited

The principal activity of Uxbridge Animal Health Limited is that of a dormant company.

 

7

Debtors

2024
£

2023
£

Trade debtors

34,241

22,502

Prepayments

6,386

308

Other debtors

1,200,993

1,601,384

1,241,620

1,624,194

 

8

Creditors

2024
£

2023
£

Due within one year

Trade creditors

36,426

57,326

Taxation and social security

141,272

118,043

Accruals and deferred income

11,735

10,990

Other creditors

753

508

190,186

186,867

 

My Vet 24-7 Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

 

9

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

39,324

Short term timing differences

(79)

39,245

2023

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

48,355

Short term timing differences

(52)

48,303

 

10

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary A of £1 each

80

80

80

80

Ordinary B of £1 each

20

20

20

20

 

100

100

100

100

The different classes of shares referred to above carry separate right to dividends but, in all other significant respects rank pari passu.
 

 

My Vet 24-7 Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

 

11

Related party transactions

Summary of transactions with key management

Key management personnel are considered to be the directors of the company.
 

Transactions with the director

2024

At 1 October 2023
£

Advances to director
£

Repayments by director
£

At 30 September 2024
£

Mr D Doherty

Expenses paid on behalf of director (interest free with no conditions)

636,384

395,960

(596,155)

436,189

Mrs A Doherty

Expenses paid on behalf of director (interest free with no conditions)

636,384

395,960

(596,155)

436,189

2023

At 1 October 2022
£

Advances to director
£

Repayments by director
£

At 30 September 2023
£

Mr D Doherty

Expenses paid on behalf of director (interest free with no conditions)

608,371

68,325

(40,312)

636,384

Mrs A Doherty

Expenses paid on behalf of director (interest free with no conditions)

608,371

68,325

(40,312)

636,384

Summary of transactions with subsidiaries

Uxbridge Animal Health Limited.
 
Dormant subsidiary of the company.

 
As at 30 September 2024, the amount due to Uxbridge Animal Health Limited was £10 (2023: £10). This amount is included in other creditors. There are no fixed repayment terms and no interest is charged on the loan.