Company Registration No. 13063790 (England and Wales)
SCOTT MITCHELL VETERINARY CARE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
28 FEBRUARY 2025
PAGES FOR FILING WITH REGISTRAR
St Matthews House
Haugh Lane
Hexham
Northumberland
NE46 3PU
SCOTT MITCHELL VETERINARY CARE LIMITED
CONTENTS
Page
Company information
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
SCOTT MITCHELL VETERINARY CARE LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2025
28 February 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1,080,000
1,260,000
Tangible assets
4
72,279
134,256
Investments
5
3,405
3,405
1,155,684
1,397,661
Current assets
Stocks
55,314
71,369
Debtors
6
231,358
170,476
Cash at bank and in hand
77,269
51,864
363,941
293,709
Creditors: amounts falling due within one year
7
(546,330)
(1,553,631)
Net current liabilities
(182,389)
(1,259,922)
Total assets less current liabilities
973,295
137,739
Creditors: amounts falling due after more than one year
8
(879,619)
(55,834)
Provisions for liabilities
(12,000)
(27,000)
Net assets
81,676
54,905
Capital and reserves
Called up share capital
1,500
1,500
Profit and loss reserves
80,176
53,405
Total equity
81,676
54,905
SCOTT MITCHELL VETERINARY CARE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2025
28 February 2025
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 6 August 2025 and are signed on its behalf by:
Mr R N Scott
Miss S A Cook
Director
Director
Company registration number 13063790 (England and Wales)
SCOTT MITCHELL VETERINARY CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 3 -
1
Accounting policies
Company information
Scott Mitchell Veterinary Care Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Surgeries, Tyne Green, Hexham, Northumberland, NE46 3SG.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 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 recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% straight line
Fixtures and fittings
25% straight line
Office equipment
33% straight line
Motor vehicles
25% straight line
SCOTT MITCHELL VETERINARY CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 4 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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 liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
SCOTT MITCHELL VETERINARY CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 5 -
1.10
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Total
44
42
SCOTT MITCHELL VETERINARY CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 6 -
3
Intangible fixed assets
Goodwill
£
Cost
At 29 February 2024 and 28 February 2025
1,800,000
Amortisation and impairment
At 29 February 2024
540,000
Amortisation charged for the year
180,000
At 28 February 2025
720,000
Carrying amount
At 28 February 2025
1,080,000
At 28 February 2024
1,260,000
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Office equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 29 February 2024 and 28 February 2025
142,307
8,520
5,800
98,153
254,780
Depreciation and impairment
At 29 February 2024
89,615
4,375
5,799
20,735
120,524
Depreciation charged in the year
35,764
2,199
1
24,013
61,977
At 28 February 2025
125,379
6,574
5,800
44,748
182,501
Carrying amount
At 28 February 2025
16,928
1,946
53,405
72,279
At 28 February 2024
52,692
4,145
1
77,418
134,256
5
Fixed asset investments
2025
2024
£
£
Shares in group undertakings and participating interests
3,405
3,405
SCOTT MITCHELL VETERINARY CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 7 -
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
186,841
131,806
Other debtors
44,517
38,670
231,358
170,476
7
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
134,340
142,209
Taxation and social security
150,480
105,735
Other creditors
261,510
1,305,687
546,330
1,553,631
8
Creditors: amounts falling due after more than one year
2025
2024
£
£
Other creditors
879,619
55,834