| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| FOR |
| PORTLAND VETERINARY SERVICES LIMITED |
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| FOR |
| PORTLAND VETERINARY SERVICES LIMITED |
| PORTLAND VETERINARY SERVICES LIMITED (REGISTERED NUMBER: 04620736) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| PORTLAND VETERINARY SERVICES LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Sterling House |
| 27 Hatchlands Road |
| Redhill |
| Surrey |
| RH1 6RW |
| PORTLAND VETERINARY SERVICES LIMITED (REGISTERED NUMBER: 04620736) |
| BALANCE SHEET |
| 31 MARCH 2025 |
| 2025 | 2024 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| Investments | 6 |
| Investment property | 7 |
| CURRENT ASSETS |
| Debtors | 8 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 9 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 10 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Fair value reserve |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| PORTLAND VETERINARY SERVICES LIMITED (REGISTERED NUMBER: 04620736) |
| BALANCE SHEET - continued |
| 31 MARCH 2025 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| PORTLAND VETERINARY SERVICES LIMITED (REGISTERED NUMBER: 04620736) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 1. | STATUTORY INFORMATION |
| Portland Veterinary Services Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Goodwill |
| Goodwill, being the amount paid in connection with the acquisition of two businesses in 2007, is being amortised evenly over its estimated useful life of 10 years. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Improvements to property | - |
| Office equipment and furniture | - |
| Motor vehicles | - |
| Computer equipment | - |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 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. |
| PORTLAND VETERINARY SERVICES LIMITED (REGISTERED NUMBER: 04620736) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 April 2024 |
| and 31 March 2025 |
| AMORTISATION |
| At 1 April 2024 |
| and 31 March 2025 |
| NET BOOK VALUE |
| At 31 March 2025 |
| At 31 March 2024 |
| 5. | TANGIBLE FIXED ASSETS |
| Office |
| Improvements | equipment |
| to | Plant and | and |
| property | machinery | furniture |
| £ | £ | £ |
| COST |
| At 1 April 2024 |
| Additions |
| Disposals |
| At 31 March 2025 |
| DEPRECIATION |
| At 1 April 2024 |
| Charge for year |
| Eliminated on disposal |
| At 31 March 2025 |
| NET BOOK VALUE |
| At 31 March 2025 |
| At 31 March 2024 |
| PORTLAND VETERINARY SERVICES LIMITED (REGISTERED NUMBER: 04620736) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 5. | TANGIBLE FIXED ASSETS - continued |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 April 2024 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 March 2025 |
| DEPRECIATION |
| At 1 April 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 March 2025 |
| NET BOOK VALUE |
| At 31 March 2025 |
| At 31 March 2024 |
| 6. | FIXED ASSET INVESTMENTS |
| Shares in |
| group | Other |
| undertakings | investments | Totals |
| £ | £ | £ |
| COST |
| At 1 April 2024 |
| and 31 March 2025 | 69,490 |
| NET BOOK VALUE |
| At 31 March 2025 | 69,490 |
| At 31 March 2024 | 69,490 |
| 7. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 April 2024 |
| Additions |
| At 31 March 2025 |
| NET BOOK VALUE |
| At 31 March 2025 |
| At 31 March 2024 |
| PORTLAND VETERINARY SERVICES LIMITED (REGISTERED NUMBER: 04620736) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 7. | INVESTMENT PROPERTY - continued |
| Fair value at 31 March 2025 is represented by: |
| £ |
| Valuation in 2022 | 2,347,593 |
| Valuation in 2023 | 252,407 |
| Valuation in 2024 | 764,476 |
| Valuation in 2025 | 2,599,362 |
| 5,963,838 |
| 8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Amounts owed by group undertakings |
| Other debtors |
| VAT |
| Prepayments |
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Amounts owed to group undertakings |
| Corporation tax |
| Social security and other taxes |
| Directors' loan accounts | 1,554,998 | 1,032,025 |
| Accrued expenses |
| 10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Bank loan |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loan | 2,587,576 | 978,336 |
| PORTLAND VETERINARY SERVICES LIMITED (REGISTERED NUMBER: 04620736) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 11. | RELATED PARTY DISCLOSURES |
| During the year under review, rent of £11,190 (2024: £11,190) was paid to key management personnel. |
| During the year, management fees of £35,255 (2024: £34,359) were received from Green Counties Vets Limited, a company registered in England and Wales and controlled by key management personnel. At the year end, £47,487 (2024: £28,381) was owed from Green Counties Vets Limited. |
| During the year, management fees of £30,000 (2024: £95,599) were received from Lingfield Equine Limited, a company registered in England and Wales. During the year, rent totalling £75,000 (2024: £Nil) was received from Lingfield Equine Limited. The director and shareholder of Portland Veterinary Services is also a director of Lingfield Equine Limited. At the year end, £108,000 (2024: £120,000) was owed from Lingfield Equine Limited. |
| During the year, the company charged management fees of £565,317 (2024: £972,179) to Portland Vets Ltd, and paid management charges of £Nil (2024: £202,500) to Portland Vets Ltd, a company under the same control as Portland Veterinary Services Limited. At the year end, the company owed £547,838 (2024: £420,000) to Portland Vets Ltd. |
| At the year end, the company owed £75,800 (2024: £87,000) to Crawley Emergency Vets Ltd. Management fees of £Nil (2024: £Nil) were charged to Crawley Emergency Vets Ltd during the year. The director and shareholder of Portland Veterinary Services is also a director of Crawley Emergency Vets Ltd. |
| During the year, management fees of £Nil (2024: £8,000) were received from Portland Vets Horley Limited, a company registered in England and Wales. At the year end the company owed £247,096 (2024: £147,695) to Portland Vets Horley Ltd. The director and shareholder of Portland Veterinary Services is also a director of Portland Vets Horley Limited. |