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Registration number: SC368214

WVS (Shetland) Limited
trading as Shetland Vets
Annual Report and Unaudited Filleted Abridged Financial Statements
for the Year Ended 28 February 2025

WVS (Shetland) Limited
trading as Shetland Vets

Contents

Abridged Balance Sheet | 1 to 2
Notes to the Unaudited Abridged Financial Statements | 3 to 5

WVS (Shetland) Limited
trading as Shetland Vets

(Registration number: SC368214)
Abridged Balance Sheet as at 28 February 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Intangible assets | 4 | 65,460 | 78,451
Tangible assets | 5 | 165,440 | 144,624
|  | 230,900 | 223,075
Current assets |  |  |
Stocks |  | 119,376 | 118,808
Debtors |  | 60,977 | 56,124
Cash at bank and in hand |  | 862,951 | 799,225
|  | 1,043,304 | 974,157
Creditors: Amounts falling due within one year | 6 | (209,978) | (188,174)
Net current assets |  | 833,326 | 785,983
Total assets less current liabilities |  | 1,064,226 | 1,009,058
Creditors: Amounts falling due after more than one year | 7 | (1,907) | (3,367)
Provisions for liabilities |  | (27,384) | (16,924)
Net assets |  | 1,034,935 | 988,767
Capital and reserves |  |  |
Called up share capital |  | 2 | 2
Profit and loss account |  | 1,034,933 | 988,765
Total equity |  | 1,034,935 | 988,767

For the financial year ending 28 February 2025 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 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 and the option not to file the Profit and Loss Account has been taken.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

WVS (Shetland) Limited
trading as Shetland Vets

(Registration number: SC368214)
Abridged Balance Sheet as at 28 February 2025

Approved and authorised by the Board on 23 September 2025 and signed on its behalf by:

K Williamson

Director

D Caithness

Director

A L McAllister

Director

A J McMillan

Director

WVS (Shetland) Limited
trading as Shetland Vets

Notes to the Unaudited Abridged Financial Statements for the Year Ended 28 February 2025

1 | General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
T/A Shetland Vets
Veterinary Surgery
Bixter
Shetland
ZE2 9NA
Scotland

2 | Accounting policies

Statement of compliance

These abridged financial statements were 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 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.

Revenue recognition

Turnover represents the amounts, excluding VAT, derived from the provision of goods and services to customers during the year.

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 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 on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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
Land and buildings | 2% straight line
Motor vehicles | 25% reducing balance
Fixtures and equipment | 15% reducing balance

WVS (Shetland) Limited
trading as Shetland Vets

Notes to the Unaudited Abridged Financial Statements for the Year Ended 28 February 2025

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 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 the directors consider to be 20 years.

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:

Asset class | Amortisation method and rate
Goodwill | 5% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs of sale.

Leases

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.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 31 (2024 - 33).

WVS (Shetland) Limited
trading as Shetland Vets

Notes to the Unaudited Abridged Financial Statements for the Year Ended 28 February 2025

4 | Intangible assets

| Total £
Cost or valuation
At 1 March 2024 | 259,827
At 28 February 2025 | 259,827
Amortisation
At 1 March 2024 | 181,376
Amortisation charge | 12,991
At 28 February 2025 | 194,367
Carrying amount
At 28 February 2025 | 65,460
At 29 February 2024 | 78,451

5 | Tangible assets

| Total £
Cost or valuation
At 1 March 2024 | 353,720
Additions | 50,090
Disposals | (8,600)
At 28 February 2025 | 395,210
Depreciation
At 1 March 2024 | 209,096
Charge for the year | 28,413
Eliminated on disposal | (7,739)
At 28 February 2025 | 229,770
Carrying amount
At 28 February 2025 | 165,440
At 29 February 2024 | 144,624

6 | Creditors: amounts falling due within one year

Creditors include hire purchase contracts which are secured of £1,500 (2024 - £1,500).

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

Creditors include hire purchase contracts which are secured of £1,907 (2024 - £3,367).