Company Registration No. 05575700 (England and Wales)
Vetstream Limited
Unaudited Filleted Abridged Financial Statements
for the year ended 31 December 2024
Vetstream Limited
Unaudited Filleted Abridged Financial Statements
Contents
Vetstream Limited
Company Information
for the year ended 31 December 2024
Directors
Dr. G M Johnston
Mr P Blackwell
Mr E Benyon
Mr R Moss
Secretary
Dr. G M Johnston
Company Number
05575700 (England and Wales)
Registered Office
Three Hills Farm
Bartlow
Cambridge
CB21 4EN
Accountants
Caseron Cloud Accounting Ltd
7 Swallow Drive
Stowmarket
Suffolk
IP14 5BY
Chartered Management Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of
Vetstream 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 Vetstream Limited for the year ended 31 December 2024 which comprise of the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.
As a CIMA Registered Member in Practice and Practising Certificate holder, I am subject to its ethical and other professional requirements which are detailed at https://www.cimaglobal.com/Members/Your-Membership-Information/Members-handbook/Licensing-and-monitoring/Members-in-practice/
Our work has been undertaken in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at http://www.cimaglobal.com.
Caseron Cloud Accounting Ltd
Member in Practice
7 Swallow Drive
Stowmarket
Suffolk
IP14 5BY
27 September 2025
Vetstream Limited
Statement of financial position
as at 31 December 2024
Intangible assets
1,451,401
1,342,708
Tangible assets
22,156
8,955
Cash at bank and in hand
60,978
92,301
Creditors: amounts falling due within one year
(565,715)
(589,619)
Net current liabilities
(384,419)
(420,036)
Total assets less current liabilities
1,089,138
931,627
Creditors: amounts falling due after more than one year
(244,101)
(254,239)
Net assets
845,037
677,388
Called up share capital
2
2
Revaluation reserve
803,389
803,389
Profit and loss account
41,646
(126,003)
Shareholders' funds
845,037
677,388
For the 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. 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 the year in accordance with Section 444(2A).
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by
Dr. G M Johnston
Director
Company Registration No. 05575700
Vetstream Limited
Notes to the Accounts
for the year ended 31 December 2024
Vetstream Limited is a private company, limited by shares, registered in England and Wales, registration number 05575700. The registered office is Three Hills Farm, Bartlow, Cambridge, CB21 4EN.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
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.
These abridged 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.
The accounts are presented in £ sterling.
The accounts have been prepared on a going concern basis as the directors consider that the company will be able to meet its liabilities as they fall due despite having net current liabilities. The directors have reviewed the cashflow and results to the date of signing the financial statements and considers that the company will have adequate resources to continue in operational existence for at least 12 months from the date of approval of the accounts.
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, in particular;
Revenue from the sale of subscriptions is recognised over the period the subscription is valid as part period refunds are allowed if a subscription is cancelled mid-period.
Revenue from the sale of association licences is recognised in the month of sale as sales are non-refundable once invoiced regardless of use over the term of the licence.
Vetstream Limited
Notes to the Accounts
for the year ended 31 December 2024
The tax expense for the period comprises current 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.
Tangible fixed assets and depreciation
Tangible assets are stated in the statement of financial position 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 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:
Plant & machinery
33% straight line
Fixtures & fittings
25% straight line
Computer equipment
33% straight line
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 held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Intangible assets are initially recognised at cost. After recognition, under the revaluation model, intangible assets shall be carried at a revalued amount, being its fair value at the date of revaluation less any subsequent accumulated amortisation and subsequent impairment losses - provided that the fair value can be determined by reference to an active market.
Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting date.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Website development costs are recognised as an intangible asset when all of the following criteria are demonstrated:
- The technical feasibility of completing the software so that it will be available for use or sale.
- The intention to complete the software and use or sell it.
- The ability to use the software or to sell it.
- How the software will generate probable future economic benefits.
- The availability of adequate technical, financial and other resources to complete the development and to use or sell the software.
- The ability to measure reliably the expenditure attributable to the software during its development.
Vetstream Limited
Notes to the Accounts
for the year ended 31 December 2024
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
- Goodwill is written off over 10 years on a 10% straight-line basis
- Software development costs are written off over four years on a 25% straight-line basis
- Content development costs are recognised at fair value, where a reliable measure of fair value is not available the asset will be recognised at carrying value plus cost, less impairment.
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.
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.
Interest income is recognised using the effective interest method.
Trade debtors are amounts due from customers for merchandise sold 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.
Trade creditors 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 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.
Vetstream Limited
Notes to the Accounts
for the year ended 31 December 2024
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.
Interest Paid and Finance Costs
Finance costs are charged to the profit and loss account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
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.
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
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account for the year in which they are payable to the scheme. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments at the year end.
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.
Vetstream Limited
Notes to the Accounts
for the year ended 31 December 2024
4
Intangible fixed assets
Total
At 1 January 2024
2,059,113
At 31 December 2024
2,216,979
Charge for the year
49,173
At 31 December 2024
765,578
At 31 December 2024
1,451,401
At 31 December 2023
1,342,708
The company has reviewed the fair value of its content database asset at 31 December 2024.
The content database asset is recorded at a fair value of £1,311,344 at the year-end (2023 £1,255,880 ). The directors are confident that this reflects a fair value as supported by growing revenue streams.
An independent review of the content database was conducted during the year, which estimated its value to be in the range of £1.5m to £2.0m. This independent valuation further supports the directors' confidence that the asset’s recorded fair value of £1,311,344 is reasonable and conservative, considering both current revenue streams and future growth potential.
Website infrastructure assets are valued at £140,058 at the year-end (2023 £86,829). These assets are valued at historic cost and written off over four years on a straight-line basis.
5
Tangible fixed assets
Total
At 31 December 2024
109,271
At 31 December 2024
87,115
At 31 December 2024
22,156
Vetstream Limited
Notes to the Accounts
for the year ended 31 December 2024
6
Operating lease commitments
2024
2023
At 31 December 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
20,381
9,893
Later than one year and not later than five years
40,762
-
7
Average number of employees
During the year the average number of employees was 15 (2023: 15).