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| REGISTRAR OF COMPANIES

Registration number: 04464469

Paragonvet Limited
Unaudited Financial Statements
31 December 2024

Paragonvet Limited

Contents

Accountants' Report | 1
Balance Sheet | 2
Notes to the Unaudited Financial Statements | 4

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Paragonvet Limited
for the Year Ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Paragonvet Limited for the year ended 31 December 2024 as set out on pages 2 to 13 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Paragonvet Limited, as a body, in accordance with the terms of our engagement letter dated 28 March 2023. Our work has been undertaken solely to prepare for your approval the accounts of Paragonvet Limited and state those matters that we have agreed to state to the Board of Directors of Paragonvet Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Paragonvet Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Paragonvet Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Paragonvet Limited. You consider that Paragonvet Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Paragonvet Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

24 March 2025

Paragonvet Limited

(Registration number: 04464469)
Balance Sheet as at 31 December 2024

| Note | 2024 £ | 2023 £
Fixed assets |  |  |
Tangible assets | 5 | 970,326 | 973,740
Investment property | 6 | 458,398 | 458,398
Investments | 7 | 21,498 | 21,498
Other financial assets | 8 | 30,234 | 30,234
|  | 1,480,456 | 1,483,870
Current assets |  |  |
Stocks |  | 294,051 | 291,974
Debtors | 9 | 858,486 | 985,943
Cash at bank and in hand |  | 555,954 | 296,504
|  | 1,708,491 | 1,574,421
Creditors: Amounts falling due within one year | 10 | (912,191) | (951,382)
Net current assets |  | 796,300 | 623,039
Total assets less current liabilities |  | 2,276,756 | 2,106,909
Creditors: Amounts falling due after more than one year | 10 | (33,963) | (21,243)
Provisions for liabilities |  | (146,945) | (143,868)
Net assets |  | 2,095,848 | 1,941,798
Capital and reserves |  |  |
Allotted, called up and fully paid share capital |  | 7,033 | 7,033
Capital redemption reserve |  | 2,247 | 2,247
Profit and loss account |  | 2,086,568 | 1,932,518
Total equity |  | 2,095,848 | 1,941,798

Paragonvet Limited

(Registration number: 04464469)
Balance Sheet as at 31 December 2024 (continued)

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

Directors' responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 24 March 2025 and signed on its behalf by:

.........................................

D H Black

Director

Paragonvet Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Carlisle House
Townhead Road
Dalston
CARLISLE
CA5 7JF

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Government grants
Grants relating to revenue are recognised in the profit and loss account on a systematic basis over the periods in which the related costs are recognised for which the grant is intended to compensate.
Grants for the purpose of giving immediate financial support with no future related costs to be incurred are recognised in the profit and loss account when the grant proceeds become receivable.

Other grants
Other grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets on a basis consistent with the depreciation policy.

Paragonvet Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Buildings | 50 years straight line basis and over length of lease
Motor vehicles | 25% reducing balance basis
Furniture, fittings and office equipment | 4 years straight line and 15% and 20% reducing balance basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

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

Paragonvet Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

Asset class | Amortisation method and rate
Goodwill | Amortised in full in year of acquisition

Investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Paragonvet Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Equity shares and debt securities
Recognition and measurement
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Impairment
For instruments measured at cost less impairment the impairment is the difference between the assets' carrying amount and the best estimate the entity would receive for the asset if it were sold at the reporting date.

Paragonvet Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 82 (2023 - 81).

Paragonvet Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

4 | Intangible assets

| Goodwill £ | Total £
Cost
At 1 January 2024 | 60,510 | 60,510
At 31 December 2024 | 60,510 | 60,510
Amortisation
At 1 January 2024 | 60,510 | 60,510
At 31 December 2024 | 60,510 | 60,510
Carrying amount
At 31 December 2024 | - | -

5 | Tangible assets

| Land and buildings £ | Motor vehicles £ | Furniture, fittings and office equipment £ | Total £
Cost
At 1 January 2024 | 829,510 | 462,473 | 840,736 | 2,132,719
Additions | - | 107,186 | 84,224 | 191,410
Disposals | - | (33,111) | (50,826) | (83,937)
At 31 December 2024 | 829,510 | 536,548 | 874,134 | 2,240,192
Depreciation
At 1 January 2024 | 510,983 | 167,835 | 480,161 | 1,158,979
Charge for the year | 8,049 | 89,621 | 66,584 | 164,254
Eliminated on disposal | - | (12,819) | (40,548) | (53,367)
At 31 December 2024 | 519,032 | 244,637 | 506,197 | 1,269,866
Carrying amount
At 31 December 2024 | 310,478 | 291,911 | 367,937 | 970,326
At 31 December 2023 | 318,527 | 294,638 | 360,575 | 973,740

Paragonvet Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

6 | Investment properties

| £
At 1 January 2024 | 458,398
At 31 December 2024 | 458,398

Investment properties have been valued at fair value by the directors, based on observable market prices of comparable properties.
There has been no valuation of investment property by an independent valuer.

7 | Investments

| 2024 £ | 2023 £
Investments in joint ventures | 1 | 1
Investments in associates | 21,497 | 21,497
| 21,498 | 21,498

Joint ventures | £
Cost
At 1 January 2024 | 1
At 31 December 2024 | 1
Carrying amount
At 31 December 2024 | 1
At 31 December 2023 | 1

Associates | £
Cost
At 1 January 2024 | 21,497
At 31 December 2024 | 21,497
Provision
Carrying amount
At 31 December 2024 | 21,497
At 31 December 2023 | 21,497

Paragonvet Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

8 | Other financial assets (current and non-current)

| 2024 £ | 2023 £
Non-current financial assets
Financial assets at cost less impairment | 30,234 | 30,234

| Financial assets at cost less impairment £ | Total £
Non-current financial assets
Cost or valuation
At 1 January 2024 | 30,234 | 30,234
At 31 December 2024 | 30,234 | 30,234
Carrying amount
At 31 December 2024 | 30,234 | 30,234
At 31 December 2023 | 30,234 | 30,234

9 | Debtors

| 2024 £ | 2023 £
Trade debtors | 503,461 | 562,061
Other debtors | 355,025 | 423,882
| 858,486 | 985,943

Details of non-current trade and other debtors

£12,912 (2023 -£38,879) of Other debtors is classified as non current.

Paragonvet Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

10 | Creditors

| Note | 2024 £ | 2023 £
Due within one year |  |  |
Loans and borrowings | 11 | 66,015 | 135,359
Trade creditors |  | 283,285 | 294,288
Taxation and social security |  | 241,996 | 226,199
Corporation tax liability |  | 189,145 | 162,568
Other creditors |  | 131,750 | 132,968
|  | 912,191 | 951,382
Due after one year |  |  |
Loans and borrowings | 11 | 33,963 | 21,243

11 | Loans and borrowings

| 2024 £ | 2023 £
Current loans and borrowings
Bank borrowings | 577 | 88,745
Finance lease liabilities | 39,529 | 19,513
Other borrowings | 25,909 | 27,101
| 66,015 | 135,359

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

| 2024 £ | 2023 £
Bank borrowings | 577 | 88,745
Finance lease liabilities | 39,529 | 19,513
| 40,106 | 108,258

Bank borrowings are secured by fixed and floating charges over the company's assets.
Finance lease liabilities are secured on the assets to which they relate.

| 2024 £ | 2023 £
Non-current loans and borrowings
Bank borrowings | - | 577
Finance lease liabilities | 33,963 | 20,666
| 33,963 | 21,243

Paragonvet Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

| 2024 £ | 2023 £
Bank borrowings | - | 577
Finance lease liabilities | 33,963 | 20,666
| 33,963 | 21,243

Bank borrowings are secured by fixed and floating charges over the company's assets.
Finance lease liabilities are secured on the assets to which they relate.

12 | Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £1,216 (2023 - £1,216).