DRUMRAGH VETERINARY CENTRE LTD

Company Registration Number:
NI655324 (Northern Ireland)

Unaudited abridged accounts for the year ended 31 August 2024

Period of accounts

Start date: 01 September 2023

End date: 31 August 2024

DRUMRAGH VETERINARY CENTRE LTD

Contents of the Financial Statements

for the Period Ended 31 August 2024

Balance sheet
Notes

DRUMRAGH VETERINARY CENTRE LTD

Balance sheet

As at 31 August 2024


Notes

2024

2023


£

£
Fixed assets
Tangible assets: 3 93,807 80,049
Total fixed assets: 93,807 80,049
Current assets
Stocks: 122,772 73,361
Debtors:   154,242 100,394
Cash at bank and in hand: 47,342 414
Total current assets: 324,356 174,169
Creditors: amounts falling due within one year: 4 (249,605) (164,879)
Net current assets (liabilities): 74,751 9,290
Total assets less current liabilities: 168,558 89,339
Creditors: amounts falling due after more than one year: 5 (44,308) (50,905)
Provision for liabilities: (20,347) (16,840)
Total net assets (liabilities): 103,903 21,594
Capital and reserves
Called up share capital: 200 200
Profit and loss account: 103,703 21,394
Shareholders funds: 103,903 21,594

The notes form part of these financial statements

DRUMRAGH VETERINARY CENTRE LTD

Balance sheet statements

For the year ending 31 August 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 22 August 2025
and signed on behalf of the board by:

Name: Eamonn Harkin
Status: Director

The notes form part of these financial statements

DRUMRAGH VETERINARY CENTRE LTD

Notes to the Financial Statements

for the Period Ended 31 August 2024

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover represents the invoiced value of goods supplied during the year excluding value added tax.

Tangible fixed assets and depreciation policy

Tangible fixed assets are stated at cost less depreciation and impairment. The cost of tangible fixed assets is their purchase cost, together with any incidental costs of acquisition. Depreciation is calculated so as to write off the cost of tangible fixed assets, less their estimated residual values on a straight line or reducing balance basis, over the expected useful economic lives of the assets concerned. The principal annual rates used are as follows:-

Valuation and information policy

Stocks are stated at the lower of cost and net realisable value. Cost comprises direct costs relevant to the stage of completion of work in progress. Net realisable value is based on estimated selling prices less further costs expected to be incurred in bringing the work in progress to completion and billing.

Other accounting policies

Debtors Debtors are stated after all known bad debts have been written off and specific provision has been made against all debts considered doubtful of collection. Cash at bank and in hand Cash at bank and in hand includes cash on hand, demand deposits and other term highly liquid investments regardless of maturity. Creditors Short term creditors are measured at transaction price. Financial instruments The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans to or from related parties which are recognised at transaction price. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price (present value of the future cash flows, including transaction costs) and subsequently at amortised cost using the effective interest method. Tax Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Grants Grants that relate to specific capital expenditure are credited to the profit and loss account over the useful lives of the related assets. Grants that relate to revenue expenditure are credited to the profit and loss account over the period that the revenue expenditure relates to. Pensions The company operates a defined contribution scheme for directors and employees. Contributions payable are recognised in profit and loss account when due.

DRUMRAGH VETERINARY CENTRE LTD

Notes to the Financial Statements

for the Period Ended 31 August 2024

2. Employees

2024 2023
Average number of employees during the period 5 6

DRUMRAGH VETERINARY CENTRE LTD

Notes to the Financial Statements

for the Period Ended 31 August 2024

3. Tangible Assets

Total
Cost £
At 01 September 2023 120,719
Additions 27,958
At 31 August 2024 148,677
Depreciation
At 01 September 2023 40,670
Charge for year 14,200
At 31 August 2024 54,870
Net book value
At 31 August 2024 93,807
At 31 August 2023 80,049

DRUMRAGH VETERINARY CENTRE LTD

Notes to the Financial Statements

for the Period Ended 31 August 2024

4. Creditors: amounts falling due within one year note

Creditors 2024: £244,763; Accruals 2024: £4,842 Creditors 2023: £159,449; Accruals 2023: £5,430

DRUMRAGH VETERINARY CENTRE LTD

Notes to the Financial Statements

for the Period Ended 31 August 2024

5. Creditors: amounts falling due after more than one year note

Creditors: £41,728 (2024); £47,895 (2023)

DRUMRAGH VETERINARY CENTRE LTD

Notes to the Financial Statements

for the Period Ended 31 August 2024

6. Changes in presentation and prior period adjustments

The financial statements of the company for the year ended 31 August 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006. These are the company's first set of financial statements prepared in accordance with FRS 102. Under FRS 105 the company did not provide for deferred tax. Under FRS 102 Section 1A, the company has now made a provision for deferred tax which has impacted the accounts as follows: Capital and reserves As previously stated at 1 September 2022: £35,283 Recognition of deferred tax: (£14,690) Capital and reserves as restated: £20,593 As previously stated at 31 August 2023: £38,434 Recognition of deferred tax: (£16,840) Capital and reserves as restated: £21,594 In addition, accruals have also been reclassified as being due within one year rather than as being due in more than one year.

DRUMRAGH VETERINARY CENTRE LTD

Notes to the Financial Statements

for the Period Ended 31 August 2024

7. Related party transactions

Name of the related party:
Relationship:
Director
Description of the Transaction: Amount owed to director
£
Balance at 01 September 2023 55,498
Balance at 31 August 2024 61,942
Name of the related party:
Relationship:
Director
Description of the Transaction: Amount owed to director
£
Balance at 01 September 2023 49,318
Balance at 31 August 2024 58,567

Amounts owed are interest free and repayable on demand.