Company registration number 05060525 (England and Wales)
VETPLUS INTERNATIONAL LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
VETPLUS INTERNATIONAL LTD
COMPANY INFORMATION
Directors
Mr D A Haythornthwaite
Mrs S Haythornthwaite
Secretary
Mrs S Haythornthwaite
Company number
05060525
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
VETPLUS INTERNATIONAL LTD
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Income statement
7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Notes to the financial statements
11 - 18
VETPLUS INTERNATIONAL LTD
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 International Limited is one of the leading sellers of animal nutraceutical products within the international companion pet market. The strength of our brands and focus on super-premium quality products has allowed the Company to continue its growth 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 £3.0m year on year driven by key strategic markets around the world along with expansion into new territories. Gross profit margin has decreased to 38.1% (2023: 55.5%) due to a change in transfer pricing from another group entity. Administrative costs have decreased by £0.2m due to a reduction in group management charges.

Net current assets have increased by £2.4m year on year.

Principal risks and uncertainties

The principal risks facing the Company are the increasing threat of sales through e-commerce however we remain committed to working in partnership with veterinary practices and maintaining this route to market, which has yielded positive results.

Key performance indicators

The Company is a leading seller and as such it is important to maintain high quality and strong gross margins. The gross profit margin of the Company decreased to 38.1% (2023: 55.5%). The decrease in margin is attributed to an increase in transfer pricing on goods supplied by another group company.

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.

On behalf of the board

Mr D A Haythornthwaite
Director
24 June 2025
VETPLUS INTERNATIONAL LTD
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 export 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
Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. 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.

Auditor

The auditor, Bishops Audit Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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
VETPLUS INTERNATIONAL LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -

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:

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.

VETPLUS INTERNATIONAL LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF VETPLUS INTERNATIONAL LTD
- 4 -
Opinion

We have audited the financial statements of Vetplus International Ltd (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:

Basis for opinion

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.

Other information

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:

VETPLUS INTERNATIONAL LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF VETPLUS INTERNATIONAL LTD (CONTINUED)
- 5 -
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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement (page1), 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:

 

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.

VETPLUS INTERNATIONAL LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF VETPLUS INTERNATIONAL LTD (CONTINUED)
- 6 -

Use of our report

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
VETPLUS INTERNATIONAL LTD
INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
17,941,928
14,972,915
Cost of sales
(11,101,487)
(6,659,862)
Gross profit
6,840,441
8,313,053
Distribution costs
(52,945)
(234,055)
Administrative expenses
(4,390,494)
(4,627,333)
Operating profit
6
2,397,002
3,451,665
Interest payable and similar expenses
5
(21,044)
-
0
Profit before taxation
2,375,958
3,451,665
Tax on profit
9
14,015
(453,788)
Profit for the financial year
2,389,973
2,997,877

The income statement has been prepared on the basis that all operations are continuing operations.

VETPLUS INTERNATIONAL LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
2024
2023
£
£
Profit for the year
2,389,973
2,997,877
Other comprehensive income
-
-
Total comprehensive income for the year
2,389,973
2,997,877
VETPLUS INTERNATIONAL LTD
STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2024
30 June 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
11
100
100
Current assets
Debtors
13
18,196,635
18,114,443
Cash at bank and in hand
149,374
39,807
18,346,009
18,154,250
Creditors: amounts falling due within one year
14
(5,621,656)
(7,819,870)
Net current assets
12,724,353
10,334,380
Net assets
12,724,453
10,334,480
Capital and reserves
Called up share capital
17
2
2
Profit and loss reserves
18
12,724,451
10,334,478
Total equity
12,724,453
10,334,480

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 05060525 (England and Wales)
VETPLUS INTERNATIONAL LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 July 2022
2
10,458,849
10,458,851
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
2,997,877
2,997,877
Transactions with owners: Dividends
8
-
(3,122,248)
(3,122,248)
Balance at 30 June 2023
2
10,334,478
10,334,480
Year ended 30 June 2024:
Profit and total comprehensive income for the year
-
2,389,973
2,389,973
Balance at 30 June 2024
2
12,724,451
12,724,453
VETPLUS INTERNATIONAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
1
Accounting policies
Company information

Vetplus International Ltd 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.

 

Preparation of consolidated financial statements

The financial statements contain information about Vetplus International Ltd as an individual company and do not contain consolidated financial information as the parent of a small 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 undertaking 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.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Tangerine Group Holdings Limited. These consolidated financial statements are available from Companies House, Cardiff.

1.2
Going concern

The financial statements have been prepared on a going concern basis. The Company has net current assets £true12,724,453 at 30 June 2024 (2023: £10,334,380). The Company is expected to continue to be profit making for the next 12 months and continue in a net current asset position. 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.

 

VETPLUS INTERNATIONAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 12 -
1.4
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 recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Show equipment
20% on cost
1.5
Investment in subsidiaries
Investments in subsidiary undertakings are recognised at cost.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments'  of FRS 102 to all of its financial instruments.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in
the assets of the entity after deducting all of its financial liabilities.

Financial assets with no stated interest rate and receivable within one year are stated at transaction price. Any losses arising from impairment are recognised in the income statement in other administrative expenses.
1.7
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 tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
1.8
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.9
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.
VETPLUS INTERNATIONAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
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 ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

There are no significant judgements on estimation uncertainty.

3
Turnover

In the years to 30 June 2024 and 30 June 2023 the Company's entire turnover was to markets outside the United Kingdom.

4
Intercompany transfer pricing

During the year there was a one-off transfer pricing adjustment of £1,600,000 in favour of Vet Plus Limited (2023: £Nil)

5
Interest payable and similar expenses
2024
2023
£
£
Other interest
21,044
-
0
6
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Exchange losses
17,755
-
0
Research and development costs
707
1,150
Fees payable to the company's auditor for the audit of the company's financial statements
5,000
5,000
7
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Management and administration
2
2
Sales and Production
3
2
Total
5
4
VETPLUS INTERNATIONAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
7
Employees
(Continued)
- 14 -

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.

2024
2023
£
£
Wages and salaries
402,871
443,274
Social security costs
46,214
38,847
Pension costs
4,109
-
0
453,194
482,121

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.

8
Dividends
2024
2023
£
£
Interim paid
-
0
3,122,248
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
599,250
708,000
Adjustments in respect of prior periods
(613,265)
(254,391)
Total current tax
(14,015)
453,609
Deferred tax
Origination and reversal of timing differences
-
0
179
Total tax (credit)/charge
(14,015)
453,788
VETPLUS INTERNATIONAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
9
Taxation
(Continued)
- 15 -

The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
2,375,958
3,451,665
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
593,990
862,916
Tax effect of expenses that are not deductible in determining taxable profit
5,260
409
Effect of change in corporation tax rate
-
0
(155,325)
Under/(over) provided in prior years
(613,265)
(254,391)
Deferred tax adjustments in respect of prior years
-
0
179
Taxation (credit)/charge for the year
(14,015)
453,788
10
Tangible fixed assets
Show equipment
£
Cost
At 1 July 2023 and 30 June 2024
819
Depreciation and impairment
At 1 July 2023 and 30 June 2024
819
Carrying amount
At 30 June 2024
-
0
At 30 June 2023
-
0
11
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
12
100
100
12
Subsidiaries

Details of the company's subsidiaries at 30 June 2024 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Vetplus Asia PTE. Ltd
England
Provision of veterinary products
Ordinary
100
VETPLUS INTERNATIONAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
12
Subsidiaries
(Continued)
- 16 -

 

The registered office of Vetplus Asia PTE. Ltd is 8 Wilkie Edge, Singapore (228095)
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,479,820
844,135
Amounts owed by group undertakings
11,608,905
12,065,617
Other debtors
5,020,116
4,880,014
Prepayments and accrued income
87,794
324,677
18,196,635
18,114,443

The amount owed by group undertakings are interest free and repayable on demand.

14
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
111,566
696,500
Amounts owed to group undertakings
1,289,957
3,220,157
Corporation tax
599,250
1,217,057
Other taxation and social security
117,395
143,431
Other creditors
7,778
67,839
Accruals and deferred income
3,495,710
2,474,886
5,621,656
7,819,870

The amounts owed to group undertakings are interest free and repayable on demand.

15
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
4,109
-

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

VETPLUS INTERNATIONAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 17 -
16
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Balances:
There were no deferred tax movements in the year.

Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes.

17
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
2
2
2
2
18
Profit and loss reserves

This reserve reflects cumulative profits and losses net of distributions to owners.

19
Contingent Liabilities

The Company is a party to an unlimited multilateral cross guarantee in respect of the borrowings of other Group companies from Yorkshire Bank.

The companies involved are Vet Plus Limited, Tangerine Holdings Limited, Vet Plus International Limited

 

The maximum potential liability arising under this guarantee at the year end was £14,115,795 (2023: £13,760,171)

20
Related Party Disclosures
During the year the Company had transactions with companies under the control of D A Haythonrthwaite.
2024
2023
£
£
Goods provided
-
-
Good purchased
366,337
338,682
At the year end the Company had net balances outstanding with companies under the control of D A Haythornthwaite.
2024
2023
£
£
Include in Other debtors/(creditors)
4,807,175
4,177,267
During the year the Company paid royalties amounting to £140,100 (2023: £123,614) to D A Haythornthwaite. An amount of £43,747 (2023: 36,874) which is included in trade creditors was due to D A Haythornthwaite at the year end.
VETPLUS INTERNATIONAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
20
Related Party Disclosures
(Continued)
- 18 -
21
Ultimate controlling party

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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