Company No: 11548567 (England and Wales)

Contents

• Company Information
• Accountants' Report
• Balance Sheet
• Notes to the Financial Statements

Directors	D Elsworth
	C Redman

Registered office	2nd Floor
	168 Shoreditch High Street
	London
	E1 6RA
	United Kingdom

Company number

11548567 (England and Wales)

Accountant	Kreston Reeves LLP
	37 St Margarets Street
	Canterbury
	Kent
	CT1 2TU

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Vetzpetz Limited for the financial year ended 31 December 2024 which comprise the Balance Sheet and the related notes 1 to 9 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 www.icaew.com/regulation.

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

We have not been instructed to carry out an audit or a review of the financial statements of Vetzpetz 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 financial statements.

This report is made solely to the Board of Directors of Vetzpetz Limited, as a body, in accordance with the terms of our engagement letter dated 27 September 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Vetzpetz Limited and state those matters that we have agreed to state to the Board of Directors of Vetzpetz 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 Vetzpetz Limited and its Board of Directors as a body for our work or for this report.

Kreston Reeves LLP
Chartered Accountants

37 St Margarets Street
Canterbury
Kent
CT1 2TU

29 September 2025

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	3	14,144		126
		14,144		126
Current assets
Stocks	4	69,915		106,584
Debtors	5	124,797		113,220
Cash at bank and in hand		149,760		54,101
		344,472		273,905
Creditors: amounts falling due within one year	6	( 3,015,596)		( 2,489,275)
Net current liabilities		(2,671,124)		(2,215,370)
Total assets less current liabilities		(2,656,980)		(2,215,244)
Creditors: amounts falling due after more than one year	7	( 5,286)		( 15,661)
Net liabilities		( 2,662,266)		( 2,230,905)
Capital and reserves
Called-up share capital	8	100		100
Profit and loss account		( 2,662,366 )		( 2,231,005 )
Total shareholder's deficit		( 2,662,266)		( 2,230,905)

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 member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Vetzpetz Limited (registered number: 11548567) were approved and authorised for issue by the Board of Directors on 29 September 2025. They were signed on its behalf by:

C Redman Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Vetzpetz Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2nd Floor, 168 Shoreditch High Street, London, E1 6RA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The company continues to establish itself in the UK market, having secured distribution via three of the UK’s leading veterinary wholesalers and launching the e-commerce platform.

The business development of the company has met significant headwind, as have all companies faced with inflationary pressures, especially around shipping, packaging, and distribution. Vet channel sales have continued to be sluggish as the channel is challenged by significant staff shortages, procurement roadblocks and a highly competitive mobility category for medicines. Despite this, veterinary engagement has been good, despite it taking longer than anticipated to achieve product distribution.

The company has focused on driving e-commerce through its own website since the latter half of 2021. This has led to steady growth in the online channel, and this will continue to be a pillar of sales.

The directors have continued to monitor changing dynamics of the channels in which it operates and the macro-economic environment on the company and whilst there have been challenges, do not believe that it will impact upon the company's ability to trade for the foreseeable future. The group's ultimate beneficial owners have confirmed their long-term commitment to the UK market and will continue to provide financial support to allow the Company to trade as a going concern.

On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so 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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles	5 years straight line
Computer equipment	3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		3

3. Tangible assets

	Vehicles		Computer equipment		Total
	£		£		£
Cost
At 01 January 2024	0		5,895		5,895
Additions	15,154		0		15,154
At 31 December 2024	15,154		5,895		21,049
Accumulated depreciation
At 01 January 2024	0		5,769		5,769
Charge for the financial year	1,010		126		1,136
At 31 December 2024	1,010		5,895		6,905
Net book value
At 31 December 2024	14,144		0		14,144
At 31 December 2023	0		126		126

4. Stocks

	2024		2023
	£		£
Finished goods	69,915		106,584

5. Debtors

	2024		2023
	£		£
Trade debtors	48,140		28,825
Amounts owed by Group undertakings	75,934		79,811
Amounts owed by directors	0		3,650
Other debtors	723		934
	124,797		113,220

6. Creditors: amounts falling due within one year

	2024		2023
	£		£
Bank loans	10,375		10,119
Trade creditors	109,688		125,987
Amounts owed to Group undertakings	2,839,273		2,314,976
Accruals	20,853		18,764
Other taxation and social security	35,407		18,768
Other creditors	0		661
	3,015,596		2,489,275

7. Creditors: amounts falling due after more than one year

	2024		2023
	£		£
Bank loans	5,286		15,661

8. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100

9. Ultimate controlling party

The company is a wholly owned subsidiary of Star Build Enterprises Limited, a company registered in Hong Kong.