VETERINARY IMMUNOGENICS LIMITED


Directors	MACARTHUR, Andrew
	MACARTHUR, Felicity
	MACARTHUR, Fergus


Registered Address	James Watson House Montgomery Way
	Rosehill
	Carlisle
	CA1 2UU


Registered Number	02776008 (England and Wales)

Notes to the Financial Statements
for the year ended 30 September 2025

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. The principal activity of the company for the period continued to be the manufacturing and distribution of high quality hyperimmunised blood plasma products used to supplement the immune response system in animals.

Statutory information

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

The principal activity of the company for the period continued to be the manufacturing and distribution of high quality hyperimmunised blood plasma products used to supplement the immune response system in animals.

	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.

	Operating leases
	Where, substantially, all the risks and rewards of ownership of the asset do not transfer from the lessor to the company, the lease is treated as an operating lease. Rentals payable under operating leases are charged to the Income Statement on a straight-line basis over the period of the lease. Where the company is a lessor, rental income from operating leases is credited to the Income Statement on a straight-line basis over the lease term.

Operating leases

Where, substantially, all the risks and rewards of ownership of the asset do not transfer from the lessor to the company, the lease is treated as an operating lease. Rentals payable under operating leases are charged to the Income Statement on a straight-line basis over the period of the lease.

Where the company is a lessor, rental income from operating leases is credited to the Income Statement on a straight-line basis over the lease term.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement

	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.

	Research and development
	In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. 

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

	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	-	5
Plant and machinery	20	-
Vehicles	25	-
Office Equipment	-	3

	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 complete and sell. The impairment loss is recognised immediately in the Income Statement. Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

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 complete and sell.  The impairment loss is recognised immediately in the Income Statement.

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

	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.

2.	Average number of employees


		2025		2024
	Average number of employees during the year	8		8

3.	Tangible fixed assets

	Land & buildings	Plant & machinery	Vehicles	Office Equipment	Total
	£	£	£	£	£
Cost or valuation
At 01 October 24	47,027	63,115	50,043	6,097	166,282
Additions	4,542	42,582	-	-	47,124
At 30 September 25	51,569	105,697	50,043	6,097	213,406
Depreciation and impairment
At 01 October 24	4,081	20,844	21,037	5,864	51,826
Charge for year	10,190	9,144	7,251	233	26,818
At 30 September 25	14,271	29,988	28,288	6,097	78,644
Net book value
At 30 September 25	37,298	75,709	21,755	-	134,762
At 30 September 24	42,946	42,271	29,006	233	114,456

4.	Stocks

	2025	2024
	£	£
Finished goods	275,293	274,702
Total	275,293	274,702

5.	Debtors: amounts due within one year

	2025	2024
	£	£
Trade debtors / trade receivables	23,634	30,247
Other debtors	239,932	266,206
Prepayments and accrued income	10,003	8,793
Total	273,569	305,246

6.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	82,089	46,472
Other creditors	487,260	338,084
Accrued liabilities and deferred income	6,609	5,275
Total	575,958	389,831


	Secured debt Oxbury PLC holds a floating charge which covers all property and undertaking of the company. It also contains a fixed charge and negative pledge.

7.	Operating lease commitments
	At 30 September 2025 the company had future minimum lease payments under non-cancellable operating leases of £280,500 (2024 - £588,000).

8.	Related party transactions
	The company has chosen to take the exemption available under FRS 102 not to disclose related party transactions which are entered into between two or more members of a group, provided that the subsidiary which is a party to the transactions is wholly owned by such a member. Included within other debtors is an amount of £1,437 (2024 - £4,991) due from Plasvacc Ireland Limited, a company in which the directors have common interest. Included within other creditors is an amount of £195,951 (2024 - £67,763) due to Teviot Technologies USA Inc, a company in which the directors have common interest. Included within other creditors is an amount of £127,808 (2024 - £129,381) due to Macarthur Agriculture Ltd, a company in which the directors have common interest. Included within other creditors is an amount of £37,060 (2024 - £15,767) due to Plasvacc USA Inc, a company in which the directors have common interest. Included within other creditors is an amount of £490 (2024 - £26,355) due to Plasvacc Pty Ltd, a company in which the directors have common interest. This above amounts are unsecured, interest free and have no fixed terms of repayment.

Related party transactions

The company has chosen to take the exemption available under FRS 102 not to disclose related party transactions which are entered into between two or more members of a group, provided that the subsidiary which is a party to the transactions is wholly owned by such a member.

Included within other debtors is an amount of £1,437 (2024 - £4,991) due from Plasvacc Ireland Limited, a company in which the directors have common interest.

Included within other creditors is an amount of £195,951 (2024 - £67,763) due to Teviot Technologies USA Inc, a company in which the directors have common interest.

Included within other creditors is an amount of £127,808 (2024 - £129,381) due to Macarthur Agriculture Ltd, a company in which the directors have common interest.

Included within other creditors is an amount of £37,060 (2024 - £15,767) due to Plasvacc USA Inc, a company in which the directors have common interest.

Included within other creditors is an amount of £490 (2024 - £26,355) due to Plasvacc Pty Ltd, a company in which the directors have common interest.

This above amounts are unsecured, interest free and have no fixed terms of repayment.

9.	Parent-subsidiary relationships
	The immediate parent undertaking is Plasvacc UK Limited, a company registered in Scotland, SC734493. The registered office address is 24 Blythswood Square, Glasgow, G2 4BG. The ultimate parent undertaking is A & F Macarthur & Sons Pty Ltd, a company registered in Australia. The registered office is 6066 Cunningham Hwy Kalbar, Queensland, 4309. In the directors opinion, there is no ultimate controlling party.

Parent-subsidiary relationships

The immediate parent undertaking is Plasvacc UK Limited, a company registered in Scotland, SC734493. The registered office address is 24 Blythswood Square, Glasgow, G2 4BG.

The ultimate parent undertaking is A & F Macarthur & Sons Pty Ltd, a company registered in Australia. The registered office is 6066 Cunningham Hwy Kalbar, Queensland, 4309.

In the directors opinion, there is no ultimate controlling party.

	Notes	2025		2024
		£	£	£	£
Fixed assets
Tangible assets	3		134,762		114,456
			134,762		114,456
Current assets
Stocks	4	275,293		274,702
Debtors	5	273,569		305,246
Cash at bank and on hand		213,988		14,684
		762,850		594,632
Creditors amounts falling due within one year	6	(575,958)		(389,831)
Net current assets (liabilities)			186,892		204,801
Total assets less current liabilities			321,654		319,257
Net assets			321,654		319,257
Capital and reserves
Called up share capital			1,000		1,000
Profit and loss account			320,654		318,257
Shareholders' funds			321,654		319,257