REGISTERED NUMBER: 04639770 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025

FOR

PRIORY VETERINARY SURGEONS LIMITED

Page

Statement of Financial Position

1

Notes to the Financial Statements

3

FIXED ASSETS

Intangible assets

5

4,250

7,250

Property, plant and equipment

6

132,437

89,379

136,687

96,629

CURRENT ASSETS

Inventories

145,484

104,167

Debtors

7

208,812

841,711

Cash at bank and in hand

887,018

217,102

1,241,314

1,162,980

CREDITORS

Amounts falling due within one year

8

443,670

326,896

NET CURRENT ASSETS

797,644

836,084

TOTAL ASSETS LESS CURRENT LIABILITIES

934,331

932,713

PROVISIONS FOR LIABILITIES

20,349

20,875

NET ASSETS

913,982

911,838

CAPITAL AND RESERVES

Called up share capital

10

120

120

Retained earnings

913,862

911,718

SHAREHOLDERS' FUNDS

913,982

911,838

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2025 and were signed on its behalf by:

S W Carter - Director

1.	STATUTORY INFORMATION

Priory Veterinary Surgeons Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

04639770

Registered office:

10 Evesham Road

Reigate

Surrey

RH2 9DF

The presentation currency of the financial statements is the Pound Sterling (£).

All amounts in the financial statements have been rounded to the nearest £.

2.	STATEMENT OF COMPLIANCE

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

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

In preparing these financial statements, the directors have made the following judgements:

- Determine whether leases entered into by the entity either as a lessor or a lessee are operating leases or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.

- Determine whether there are indicators of impairment of the entity's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.

Other key sources of estimation uncertainty

Tangible fixed assets

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Turnover and revenue recognition

Turnover represents net invoiced sales of goods and services, excluding value added tax. Revenue is recognised when the company fulfils its contractual supply obligations to customers.

Goodwill

Goodwill, being the amount recognised on the incorporation of the Practice in 2003 is being written off evenly over its estimated useful life of 20 years.

Tangible fixed assets

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and equipment

- 33% on cost, 20% on cost, 10% on cost,

25% on reducing balance

Inventories

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

i. Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances and loan to its parent undertaking are initially recognised at transaction price.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled; or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party; or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

ii. Financial liabilities

Basic financial liabilities, including trade and other payables are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

The company has no financial assets or financial liabilities measured at fair value, and the company has no external borrowings, therefore the company is not exposed to any risk arising from the interest rate benchmark reform as LIBOR is replaced with alternative benchmark interest rates.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive income, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 the 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.

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.

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which has accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary costs of the future holiday entitlement accrued at the balance sheet date.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 51 (2024 - 52 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 February 2024

and 31 January 2025

597,643

AMORTISATION

At 1 February 2024

590,393

Charge for year

3,000

At 31 January 2025

593,393

NET BOOK VALUE

At 31 January 2025

4,250

At 31 January 2024

7,250

6.	PROPERTY, PLANT AND EQUIPMENT

Plant and

machinery

etc

£

COST

At 1 February 2024

409,287

Additions

71,527

Disposals

(570

)

At 31 January 2025

480,244

DEPRECIATION

At 1 February 2024

319,908

Charge for year

28,401

Eliminated on disposal

(502

)

At 31 January 2025

347,807

NET BOOK VALUE

At 31 January 2025

132,437

At 31 January 2024

89,379

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

99,792

82,275

Amounts owed by group undertakings

63,849

733,808

Other debtors

45,171

25,628

208,812

841,711

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

143,936

72,148

Taxation and social security

275,464

203,699

Other creditors

24,270

51,049

443,670

326,896

9.	LEASING AGREEMENTS

At the balance sheet date, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £303,000 (2024: £81,364).

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

120

Ordinary

£1

120

120

11.	CONTINGENT LIABILITIES

A cross guarantee is in place with a bank to secure the monies owed to it by the parent undertaking. As at 31 January 2025 the amounts due to the bank by the parent undertaking was £366,895 (2024: £428,622).

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the company paid rent of £20,928 (2024: £15,116) to a director in relation to various properties used by the company.

13.	ULTIMATE PARENT UNDERTAKING

Weslandia Limited, a company registered in England and Wales, is regarded by the directors as being the company's parent and ultimate parent undertaking. The registered office of Weslandia Limited is at Chancery House, Hatchlands Road, Redhill, Surrey RH1 6AA.