Company Registration No. 03076466 (England and Wales)
VET PLUS LIMITED
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
VET PLUS LIMITED
COMPANY INFORMATION
Directors
Mr D A Haythornthwaite
Mrs S Haythornthwaite
Secretary
Mr D A Haythornthwaite
Company number
03076466
Registered office
Animal House
Boundary Road
Lytham
Lancashire
FY8 5LT
Auditor
Bishops Audit Limited
1 Croft Court
Plumpton Close
Whitehills Business Park
Blackpool
Lancashire
FY4 5PR
VET PLUS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Income statement
8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Notes to the financial statements
12 - 25
VET PLUS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -
The directors present the strategic report for the year ended 30 June 2024.
Performance during the year
Vet Plus Limited (“Vetplus”) is one of the leading manufacturers of animal nutraceutical products within the UK companion pet market.
The strength of our brands and focus on super-premium quality products has allowed the Company to continue to grow in the veterinary companion pet nutraceutical market. The Company continues to invest each year to ensure we have capacity to meet our growth plans and as such we are in a strong position to enable us to continue to move forward.
Turnover has increased by £3.2m, with VetPlus only selling products to other group companies since 2022. The increase in turnover reflects increased volume growth across the group and an adjustment in transfer pricing. Profit before tax has increased by £0.78m.
Net current assets have moved in year from £0.6m positive to (£2.7m) negative largely as a consequence of intercompany movements.
Key Performance Indicators
The Company is a leading manufacturer and as such it is important to maintain high quality and strong gross margins. The gross profit margin of the Company increased to 36.4% (2023: 23.0%) due to the change in intercompany transfer pricing.
Principal Risks and Uncertainties
The principal risks facing the Company are the volatility in the supply chain and increasing price of raw materials and distribution costs. The Directors have drawn up prudent forecasts and have reassessed the cost base to mitigate the risks to the business and are confident they can manage the risks effectively.
Future Developments
The Company is continually looking at developing and improving its products and product range with its own inhouse research and development. It is part of the Company’s long term objectives to continually invest in this area to keep the Company at the forefront of its field.
Financial instruments
The Company's operations expose it to a variety of financial risks that include the effects of credit risk. The Company is part of the Tangerine Group of companies, which has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the Group by monitoring levels of debt finance and related finance costs. The Group does not use derivative financial instruments to manage interest rate costs and as such, no hedge accounting is applied.
Given the size of the Group, the Directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board are implemented by the Group's finance department.
The Directors will revisit the appropriateness of this policy should the Group's operations change in size or nature.
Mr D A Haythornthwaite
Director
24 June 2025
VET PLUS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
The directors present their annual report and financial statements for the year ended 30 June 2024.
Principal activities
The principal activity of the company continued to be that of sales of animal health products.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr D A Haythornthwaite
Mrs S Haythornthwaite
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £3,039,000. The directors do not recommend payment of a final dividend.
The increase in dividends compared to prior year is due to a group reorganisation related to the property portfolio of the Group.
Qualifying third party indemnity provisions
Qualifying third party indemnity provision was in place for the benefit of all directors of the company.
Research and development
The company is continually looking at developing and improving its product range with its own in-house research and development. It is part of the Company's long term objectives to continually invest in this area to keep the Company at the forefront of its field. This involves research into the highest quality materials and continuously improving formulas to ensure our products are the market leaders as well as remaining innovative through development of new products.
Auditor
The auditor, Bishops Audit Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Matters of strategic importance
It is the Company's aim to continue to support and educate the independent vet practices to ensure the end user receives the best advice and care for its pet. To achieve this, the Company continually reviews, updates and improves its support materials and trains its sales staff to be able to offer this support to its customers.
A review of the business has been provided in the strategic report.
Strategic report
The information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 has been included in the separate Strategic Report in accordance with section 414C (11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013.
VET PLUS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
Mr D A Haythornthwaite
Director
24 June 2025
VET PLUS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
VET PLUS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF VET PLUS LIMITED
- 5 -
Opinion
We have audited the financial statements of Vet Plus Limited (the 'company') for the year ended 30 June 2024 which comprise the income statement, the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
VET PLUS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF VET PLUS LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement (page 5), the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
As a result of our procedures we did not identify any key audit matters related to the potential risk of fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
Our procedures to respond to risks identified included the following:
Review of the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations described as having a direct effect on the financial statements.
Enquiring of management concerning actual and potential litigation and claims.
Performing analytical procedures to identify and unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
Reading available forecasts.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
VET PLUS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF VET PLUS LIMITED (CONTINUED)
- 7 -
This report is made solely to the company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to the member in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member, for our audit work, for this report, or for the opinions we have formed.
David Evans BA FCA (Senior Statutory Auditor)
For and on behalf of Bishops Audit Limited, Statutory Auditor
Chartered Accountants
1 Croft Court
Plumpton Close
Whitehills Business Park
Blackpool
Lancashire
FY4 5PR
26 June 2025
VET PLUS LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
14,925,860
11,772,622
Cost of sales
(9,499,272)
(9,070,963)
Gross profit
5,426,588
2,701,659
Distribution costs
(384,066)
(50,585)
Administrative expenses
(4,962,592)
(3,250,020)
Operating profit/(loss)
4
79,930
(598,946)
Interest receivable and similar income
9
100,000
Profit/(loss) before taxation
179,930
(598,946)
Tax on profit/(loss)
10
(167,246)
17,682
Profit/(loss) for the financial year
12,684
(581,264)
The income statement has been prepared on the basis that all operations are continuing operations.
VET PLUS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
2024
2023
£
£
Profit/(loss) for the year
12,684
(581,264)
Other comprehensive income
-
-
Total comprehensive income for the year
12,684
(581,264)
VET PLUS LIMITED
STATEMENT OF FINANCIAL POSITION
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
12
109,018
173,281
Tangible assets
13
1,518,913
879,450
Investments
14
62,093
62,093
1,690,024
1,114,824
Current assets
Stocks
16
4,678,550
3,926,139
Debtors
17
8,044,516
10,597,945
Cash at bank and in hand
16,327
265,393
12,739,393
14,789,477
Creditors: amounts falling due within one year
18
(15,530,269)
(14,146,083)
Net current (liabilities)/assets
(2,790,876)
643,394
Total assets less current liabilities
(1,100,852)
1,758,218
Provisions for liabilities
Deferred tax liability
21
374,246
207,000
(374,246)
(207,000)
Net (liabilities)/assets
(1,475,098)
1,551,218
Capital and reserves
Called up share capital
23
100
100
Profit and loss reserves
24
(1,475,198)
1,551,118
Total equity
(1,475,098)
1,551,218
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 24 June 2025 and are signed on its behalf by:
Mr D A Haythornthwaite
Director
Company registration number 03076466 (England and Wales)
VET PLUS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 July 2022
100
5,355,082
5,355,182
Year ended 30 June 2023:
Loss and total comprehensive income for the year
-
(581,264)
(581,264)
Transactions with owner: Dividends
11
-
(3,222,700)
(3,222,700)
Balance at 30 June 2023
100
1,551,118
1,551,218
Year ended 30 June 2024:
Profit and total comprehensive income for the year
-
12,684
12,684
Dividends
11
-
(3,039,000)
(3,039,000)
Balance at 30 June 2024
100
(1,475,198)
(1,475,098)
VET PLUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 12 -
1
Accounting policies
Company information
Vet Plus Limited is a private company limited by shares incorporated in England and Wales. The registered office is Animal House, Boundary Road, Lytham, Lancashire, FY8 5LT.
1.1
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.
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 £.
The financial statements have been prepared under the historical cost convention.
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirement of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.41(b), 11.41(c), 11.41(e), 11.41(f), 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirement of Section 33 Related Party Disclosures paragraph 33.7.
Preparation of consolidated financial statements
The financial statements contain information about Vet Plus Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Tangerine Group Holdings Limited, Animal House, Boundary Road, Lytham, Lancashire, FY8 5LT, United Kingdom.
1.2
Going concern
The financial statements have been prepared on a going concern basis. The Company has net truecurrent liabilities of £2,790,876 at 30 June 2024 (2023: net current assets of £643,394) and net liabilities of £1,475,098 (2023: net assets of £1,551,218). The company has the ongoing financial support of Tangerine Group Holdings Limited and the directors confirm that no intercompany loans will be called for repayment in the 12 months from approval of the accounts. The directors are of the opinion that the company can continue as a going concern for the foreseeable future.
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Sales are recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the product have been transferred to the customer.
VET PLUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 13 -
1.4
Intangible assets
Research and development
Expenditure on research and development is recognised in the profit and loss as an expense as incurred.
Expenditure on development activities may be capitalised if the product or process is technically and commercially feasible, the company intends and has the technical ability and sufficient resources to complete development, future economic benefits are probable and if the Company can measure reliably the expenditure attributable to the intangible asset during its development.
Other intangible assets that are acquired by the Company are stated at cost less accumulated amortisation and less accumulated impairment.
Amortisation is charged to the profit or loss on a straight line basis over the estimated useful lives on intangible assets. Intangible assets are amortised from the date they are available for use. The estimated useful lives are as follows:
Patents & licences
5% straight line
Development costs
10 years
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 charged to the profit and loss account on a straight-line basis over the estimated useful lives of each part of an item of tangible fixed assets. Leased assets are depreciated over the shorter of the lease term and their useful lives. The estimated useful lives are as follows:
Plant and machinery
10% on cost
Fixtures and fittings
10% - 20% on cost
Show equipment
10% - 33% on cost
Depreciation methods, useful lives and residual values are reviewed if there is an indication of a significant change since last annual reporting date in the pattern by which the company expects to consume an asset's future economic benefits.
VET PLUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 14 -
1.6
Impairment excluding stocks
Financial assets (including trade and other debtors)
A financial asset not carried at fair value through profit or loss is assessed at each reporting date to determine whether there is objective evidence that it is impaired. A financial asset is impaired if objective evidence indicates that a loss event has occurred after the initial recognition of the asset, and that the loss event had a negative effect on the estimated future cash flows of that asset that can be estimated reliably.
An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the asset's original effective interest rate. For financial instruments measured at cost less impairment an impairment is calculated as the difference between its carrying amount and the best estimate of the amount that the Company would receive for the asset if it were to be sold at the reporting date. Interest on the impaired asset continues to be recognised through the unwinding of the discount. Impairment losses are recognised in profit or loss. When a subsequent event causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through profit or loss.
Non-financial assets
The carrying amounts of the Company's non-financial assets, other than stocks, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset's recoverable amount is estimated. The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the "cash-generating unit").
An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss.
1.7
Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.
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.
VET PLUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 15 -
1.8
Financial instruments
The company has elected to apply the provision of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.
Trade and other debtors/creditors
Trade and other debtors are recognised initially at transaction price less attributable transaction costs, trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if the payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of instrument for a similar debt instrument.
1.9
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
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.
1.10
Provisions
A provision is recognised in the balance sheet when the Company has a present legal or constructive obligation as a result of a past event, that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.
Where the Company enters into financial guarantee contracts to guarantee the indebtedness of other companies within its group, the company treats the guarantee contract as a contingent liability until such time as it becomes probable that the company will be required to make a payment under the guarantee.
1.11
Employee benefits
A defined contribution plan is a post-employment benefit plan under which the company pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the profit and loss account in the periods during which services are rendered by employees.
VET PLUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 16 -
1.12
Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
1.13
Operating lease
Payments made under operating leases are recognised in the profit and loss account on a straight-line basis over the term of the lease unless the payments to the lessor are structured to increase in line with expected general inflation; in which case the payments related to the structured increases are recognised as incurred. Lease incentives received are recognised in profit and loss over the term of the lease as an integral part of the total lease expense.
1.14
Foreign currencies
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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
1.15
Dividend income is recognised as the company's right to receive payment is established.
2
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 amount 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 on going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects both current and future periods.
Key Judgements (except estimates)
Management do not consider that there are any critical area of accounting judgement in the financial statements.
Key sources of estimation uncertainty
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definitions, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities with the next financial year are discussed below.
At the end of the reporting period, management undertake an assessment as to whether there are indications that stock may be impaired. If such indications exist then a provision for impairment is estimated between the carrying value of stock and the estimated net realisable value.
The expected useful economic life of development costs is estimated based upon the planned period in which the benefit of the associated project is expected to unwind.
VET PLUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 17 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Animal/veterinary products
14,925,860
11,772,622
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
12,742,689
10,789,240
Overseas
2,183,171
983,382
14,925,860
11,772,622
2024
2023
£
£
Other revenue
Dividends received
100,000
-
4
Operating profit/(loss)
2024
2023
Operating profit/(loss) for the year is stated after charging:
£
£
Exchange losses
83,694
Research and development costs
355,253
298,993
Depreciation of owned tangible fixed assets
143,540
121,122
Amortisation of intangible assets
25,926
25,967
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
5,000
5,000
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Number of management, sales and administration
6
6
Number of production
46
47
Total
52
53
VET PLUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
6
Employees
(Continued)
- 18 -
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
2,347,379
1,840,244
Social security costs
152,839
276,760
Pension costs
62,721
78,213
2,562,939
2,195,217
7
Transfer pricing adjustment
During the year there was a one-off transfer pricing adjustment of £1,600,000 to Vetplus International Limited (2023: £Nil)
8
Directors' remuneration
No Directors received remuneration from the Company in respect of services provided in either the current or prior year. Directors remuneration is paid by Tangerine Holdings Ltd.
9
Interest receivable and similar income
2024
2023
£
£
Income from fixed asset investments
Income from shares in group undertakings
100,000
10
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
(115,170)
Deferred tax
Origination and reversal of timing differences
167,246
97,488
Total tax charge/(credit)
167,246
(17,682)
VET PLUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
10
Taxation
(Continued)
- 19 -
The actual charge/(credit) for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit/(loss) before taxation
179,930
(598,946)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
44,983
(149,737)
Effect of change in corporation tax rate
21,114
Group relief
125,021
128,623
Amortisation on assets not qualifying for tax allowances
6,482
Under/(over) provided in prior years
(115,170)
Deferred tax adjustments in respect of prior years
15,760
97,488
Dividend income
(25,000)
Taxation charge/(credit) for the year
167,246
(17,682)
11
Dividends
2024
2023
£
£
Interim paid
3,039,000
3,222,700
VET PLUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 20 -
12
Intangible fixed assets
Patents & licences
Development costs
Total
£
£
£
Cost
At 1 July 2023
14,487
297,607
312,094
Reclassification to tangible assets
(38,337)
(38,337)
At 30 June 2024
14,487
259,270
273,757
Amortisation and impairment
At 1 July 2023
13,849
124,964
138,813
Amortisation charged for the year
195
25,731
25,926
At 30 June 2024
14,044
150,695
164,739
Carrying amount
At 30 June 2024
443
108,575
109,018
At 30 June 2023
638
172,643
173,281
13
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Show equipment
Total
£
£
£
£
Cost
At 1 July 2023
1,244,745
124,924
186,575
1,556,244
Additions
744,420
248
744,668
Reclassification from intangible assets
(11,489)
52,055
40,566
At 30 June 2024
1,977,676
176,979
186,823
2,341,478
Depreciation and impairment
At 1 July 2023
487,829
94,617
94,348
676,794
Depreciation charged in the year
109,999
19,732
13,809
143,540
Reclassification from intangible assets
2,231
2,231
At 30 June 2024
600,059
114,349
108,157
822,565
Carrying amount
At 30 June 2024
1,377,617
62,630
78,666
1,518,913
At 30 June 2023
756,916
30,307
92,227
879,450
VET PLUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 21 -
14
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
15
62,093
62,093
15
Subsidiaries
Details of the company's subsidiaries at 30 June 2024 are as follows:
Subsidiary undertakings
Nature of business
Class
Share held %
V.P. Nominee Company Ltd *
(a)
Dormant
Ordinary
100
Laboratorios Vet Plus S.L. *
(b)
Provision of veterinary products
Ordinary
100
Vetplus Ireland Ltd *
(c)
Provision of veterinary products
Ordinary
100
Vetplus GmbH *
(d)
Provision of veterinary products
Ordinary
100
Vetplus Inc *
(e)
Dormant
Ordinary
100
Veclusive Inc *
(e)
Provision of veterinary products
Ordinary
100
Vetclusive Unipessoal LDA*
(f)
Provision of veterinary products
Ordinary
100
Vet Plus Limited Sucursal Argentina*
(g)
Provision of veterinary products
Ordinary
100
Companies marked * above are wholly owned subsidiaries of Vet Plus Ltd.
Registered offices
(a)
Docklands, Dock Road, Lytham St Annes, Lancashire, FY8 5AQ
(b)
C/ Salvador Espriu 2422, 08908 L'Hospitalet de Llobregat, Spain
(c)
Unit 1 Milllenium Business Park, Finglas Dublin, 11, Republic of Ireland
(d)
Bonner Str. 333, 40589 Düsseldorf, Germany
(e)
4896 North Royal Atlanta Drive, Suite 305, Tucker, GA, 30084, USA
(f)
Estrada de Adarse, Centro Empresarial de Alverca, Armazem D-1, Alverca do Ribatejo 2615 180, Portugal
(g)
Yrigoyen Hipolito 476 Piso: 6-CABA - Ciudad, Autonoma de Buenos Aires, Argentina
The investments in subsidiaries are all stated at cost.
VET PLUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 22 -
16
Stocks
2024
2023
£
£
Raw materials and consumables
3,019,615
2,258,114
Work in progress
1,615,929
1,571,448
Finished goods and goods for resale
43,006
96,577
4,678,550
3,926,139
17
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
73,173
38,189
Amounts owed by group undertakings
5,393,002
8,316,438
Other debtors
716,968
1,332,299
Prepayments and accrued income
1,861,373
911,019
8,044,516
10,597,945
The amounts owed by group undertakings are interest free and repayable on demand.
18
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loan
19
5,203,660
4,588,698
Trade creditors
754,899
851,042
Amounts owed to group undertakings
7,498,526
3,810,191
Corporation tax
84,507
77,246
Other taxation and social security
79,642
308,910
Other creditors
456,368
1,300,695
Accruals and deferred income
1,452,667
3,209,301
15,530,269
14,146,083
The amounts owed to group undertakings are interest free and repayable on demand.
19
Loans and overdrafts
2024
2023
£
£
Bank loans
5,203,660
4,588,698
Payable within one year
5,203,660
4,588,698
VET PLUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
19
Loans and overdrafts
(Continued)
- 23 -
The bank loan is secured by first legal charges granted by Tangerine Group Holdings Limited and its subsidiaries over land and buildings at Animal House, Boundary Road, Lytham St Annes as well as an all monies debenture granted by Tangerine Holdings.
20
Leasing Agreements
Minimum lease payments under non-cancellable operating leases fall due as follows:
2024
2023
£
£
Within one year
137,012
98,794
Between two and five years
199,297
110,981
336,309
209,775
21
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Timing differences
374,246
207,000
2024
Movements in the year:
£
Liability at 1 July 2023
207,000
Charge to profit or loss
167,246
Liability at 30 June 2024
374,246
Deferred tax relates to accelerated capital allowances. The deferred tax provision set out above is expected to reverse within 5-10 years from the balance sheet date.
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
62,721
78,213
The company operates a defined contribution pension scheme in respect of certain staff. The scheme and its assets are held by independent managers. The amount outstanding at the year end was £nil.
VET PLUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 24 -
23
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
100
100
100
100
24
Reserves
Profit and loss reserves
This reserve reflects cumulative profits and losses net of distributions to owners.
25
Contingent Liabilities
The Company is a party to an unlimited multilateral cross guarantee in respect of the borrowings of other Group companies from Virgin Money.
The companies involved are Vet Plus Limited, Tangerine Holdings Limited and Vet Plus International Limited.
The maximum potential liability arising under this guarantee at the year end was £14,115,795 (2023: £13,760,171)
26
Related Party Disclosures
During the year the Company had transactions with companies under the control of D A Haythornthwaite.
2024
2023
£
£
Goods provided
305,044
278,916
Good purchased
(3,195,375)
(2,131,099)
At the year end the Company had net balances outstanding with companies under the control of D A Haythornthwaite.
2024
2023
£
£
Included in Other debtors/(creditors)
229,651
1,101,969
During the year the Company paid royalties amounting to £Nil (2023: £Nil) to D A Haythornthwaite. An amount of £Nil (2023: £10,288) which is included in trade creditors was due to D A Haythornthwaite at the year end.
27
Ultimate controlling party
VET PLUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
27
Ultimate controlling party
(Continued)
- 25 -
The company is a subsidiary of Tangerine Holdings Limited which in turn is a 100% owned subsidiary of Tangerine Group Holdings Limited.
Tangerine Group Holdings Limited heads the only group the accounts are consolidated in. The consolidated financial statements of this Group are available to the public and may be obtained from Companies House, Cardiff.
The registered office for Tangerine Group Holdings Limited is Animal House, Boundary Road, Lytham, Lancashire, FY8 5LT.
Tangerine Group Holdings Limited is owned by Rendell Limited, a company incorporated in the Isle of Man. The Company is under the ultimate control of D A Haythornthwaite, the controlling shareholder of Rendell Limited.
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