Dryfe Vets Limited


Directors	FRENCH, Joanna
	VEITCH, George Andrew


Company Secretary	VEITCH, George Andrew


Registered Address	51 Rae Street
	Dumfries
	DG1 1JD


Registered Number	SC266139 (Scotland)

Notes to the Financial Statements
for the year ended 31 March 2025

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

	Basis of preparation
	The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Employee benefits
	The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Employee benefits

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation.

Contributions to defined contribution plans are expensed in the period to which they relate.  Amounts not paid are shown in accruals in the Statement of Financial Position.  The assets of the plan are held separately from the company in independently administered funds.

	Current taxation
	Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Intangible assets
	Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. The assets’ residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement. Depreciation is provided on all tangible fixed assets as follows:

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. 

The assets’ residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement.

Depreciation is provided on all tangible fixed assets as follows:


	Reducing balance (%)	Straight line (years)
Land and buildings	-	25
Plant and machinery	15	-
Vehicles	25	-

	Investment property
	Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate. These values are adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Income Statement.

	Finance leases and hire purchase contracts
	Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.

	Stocks and work in progress
	Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to completed the sale. The impairment loss is recognised immediately in the Income Statement.

	Financial instruments
	The Company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

	Government grants or assistance
	Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.

Government grants or assistance

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.

2.	Average number of employees


		2025		2024
	Average number of employees during the year	15		15

3.	Intangible assets

	Goodwill	Total
	£	£
Cost or valuation
At 01 April 24	523,000	523,000
At 31 March 25	523,000	523,000
Amortisation and impairment
At 01 April 24	522,999	522,999
At 31 March 25	522,999	522,999
Net book value
At 31 March 25	1	1
At 31 March 24	1	1

4.	Useful life of intangible assets
	Intangible assets are not permitted to have an indefinite life and must be amortised over their estimated useful life. The estimated useful life of Goodwill has been set at 5 years and the asset will be amortised on a straight line basis over that period.

5.	Tangible fixed assets

	Land & buildings	Plant & machinery	Vehicles	Total
	£	£	£	£
Cost or valuation
At 01 April 24	589,967	670,499	127,038	1,387,504
Additions	-	13,165	39,345	52,510
Disposals	-	(3,967)	(23,200)	(27,167)
At 31 March 25	589,967	679,697	143,183	1,412,847
Depreciation and impairment
At 01 April 24	43,195	194,102	82,046	319,343
Charge for year	19,596	71,874	12,834	104,304
On disposals	-	(2,431)	(22,166)	(24,597)
At 31 March 25	62,791	263,545	72,714	399,050
Net book value
At 31 March 25	527,176	416,152	70,469	1,013,797
At 31 March 24	546,772	476,397	44,992	1,068,161

6.	Investment property
	The valuations were made by directors, on an open market value for existing use basis.


		£
	Fair value at 01 April 24	327,600
	At 31 March 25	327,600

7.	Stocks

	2025	2024
	£	£
Raw materials and consumables	68,700	79,000
Total	68,700	79,000

8.	Debtors: amounts due within one year

	2025	2024
	£	£
Trade debtors / trade receivables	206,696	233,119
Other debtors	10,123	3,096
Total	216,819	236,215


	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

9.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	94,491	147,890
Bank borrowings and overdrafts	18,000	18,000
Taxation and social security	46,447	16,358
Other creditors	128,800	130,955
Accrued liabilities and deferred income	2,939	46,993
Total	290,677	360,196


	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Bank borrowings are secured by fixed and floating charges over the assets of the company.

10.	Creditors: amounts due after one year

	2025	2024
	£	£
Bank borrowings and overdrafts	475,398	504,213
Total	475,398	504,213


	Bank borrowings are secured by fixed and floating charges over the assets of the company.

11.	Provisions for liabilities

	2025	2024
	£	£
Net deferred tax liability (asset)	130,600	116,200
Total	130,600	116,200

12.	Operating lease commitments
	At the reporting date the company had commitments contracted for but not provided for in these financial statements of £772,500 (2024 - £817,500). These commitments are payable as follows: Within 1 year £45,000 Over 1 to 5 years £180,000 After 5 years £547,500

13.	Directors advances, credits and guarantees

	Brought forward	Amount advanced	Amount repaid	Carried forward
	£	£	£	£
FRENCH, Joanna	3,096	16,509	9,482	10,123
	3,096	16,509	9,482	10,123


	The maximum outstanding during the period was £10,123. This loan is unsecured and repayable on demand. Interest of £78.29 was calculated at the current official rate of 2.25%.

14.	Related party transactions
	The directors have provided the company with interest free loans totalling £128,800 (2024 - £130,955).

15.	Further information regarding the company's financial position
	The profit and loss reserve comprises accumulated profits made less dividends paid and accumulated surpluses and deficits on the revaluation of the investment properties held. At the balance sheet date £894,522 (2024 - £863,086) of the profit and loss reserve is distributable.

	Notes	2025		2024
		£	£	£	£
Fixed assets
Intangible assets	3		1		1
Tangible assets	5		1,013,797		1,068,161
Investment property	6		327,600		327,600
			1,341,398		1,395,762
Current assets
Stocks	7	68,700		79,000
Debtors	8	216,819		236,215
Cash at bank and on hand		309,724		278,162
		595,243		593,377
Creditors amounts falling due within one year	9	(290,677)		(360,196)
Net current assets (liabilities)			304,566		233,181
Total assets less current liabilities			1,645,964		1,628,943
Creditors amounts falling due after one year	10		(475,398)		(504,213)
Provisions for liabilities	11		(130,600)		(116,200)
Net assets			1,039,966		1,008,530
Capital and reserves
Called up share capital			68		68
Other reserves			32		32
Profit and loss account			1,039,866		1,008,430
Shareholders' funds			1,039,966		1,008,530