Firstvet Ltd

	Page
Balance Sheet	1
Notes to the Financial Statements	2—5

1. General Information

Firstvet Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11787494 . The registered office is The Fisheries, 1 Mentmore Terrace, London, Greater London, E8 3PN.

The presentation currency of the financial statements is the Pound Sterling (£).

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

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 from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Rendering of services

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 is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery

25% Straight line

2.4. Leasing and Hire Purchase Contracts

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred over the period of the lease.

2.5. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.6. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 12 (2024: 13)

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Firstvet Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

4. Tangible Assets

	Plant & Machinery
	£
Cost
As at 1 January 2025	28,395
Additions	216
Disposals	(19,396 )

As at 31 December 2025	9,215

Depreciation
As at 1 January 2025	20,669
Provided during the period	3,300
Disposals	(17,214 )

As at 31 December 2025	6,755

Net Book Value
As at 31 December 2025	2,460

As at 1 January 2025	7,726

5. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	157,490	137,927
Prepayments and accrued income	60,063	44,861
Other debtors	800	-

	218,353	182,788

6. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	81,562	62,242
Other taxes and social security	18,218	13,412
VAT	54,506	59,549
Other creditors	163	2,291
Accruals and deferred income	15,236	10,476
Amounts owed to group undertakings	9,649,609	8,943,506

	9,819,294	9,091,476

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Firstvet Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

7. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	1	1

Share options

First Vet AB (registered in Sweden) a parent company of FirstVet Ltd, has reserved shares for issuance as stock options under its FirstVet EMI Share Option Scheme ("the plan"). Equity options granted under the plan generally become exercisable over a service period of 4 years or 1 year from the date of grant. Options have been granted to certain employees of FirstVet Ltd.

The share option charge for the year in these financial statements is £2,329 (2024: £(27,065)). This amount has been taken to other capital reserves on the balance sheet. The fair value of the options was estimated at the date of grant using the Black-Scholes option pricing model.

At 31 December 2025 46,200 (2024: 46,200) options were outstanding and 40,800 (2024: 38,000l) options were exercisable. During the year zero options were granted (2024: 5,400) and zero (2024: 20,600) options were forfeited.

The weighted average remaining contractual term of the share options outstanding at 31 December 2024 was 5.86 (2024 5.86) years and the exercise price of these share options was €5.56 (2024 €5.56).

8. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2025	2024
	£	£
Not later than one year	18,200	3,200
Later than one year and not later than five years	1,500	-

	19,700	3,200

9. Post Balance Sheet Events

In April 2026 a customer which constituted 58% of turnover in 2025 did not renew its contract with FirstVet Limited the impact of the loss of this contract is estimated to cause a reduction in forecast turnover for the year ended 31 December 2026 of 40%.

10. Related Party Transactions

As at 31 December 2025, the company owed £9,649,609 (2024: £8,943,506 ) to First Vet AB. First Vet AB is the controlling shareholder in Firstvet Ltd. Interest was charged on the loan at 5.2%.

During the year the company was charged management fees of £609,488 (2024: £606,742) by First Vet AB. All transactions are on a commercial arms length basis.

11. Ultimate Controlling Party

The company is a fully owned subsidiary of First|Vet AB, a company registered in Sweden whose registered office is:

Sveavägen 34

111 34 Stockholm

Sweden

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Firstvet Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

12. Audit Information

The auditor's report on the accounts of Firstvet Ltd for the year ended 31 December 2025 was unqualified.

Date of audit report: 12 May 2026

The auditor's report was signed by Caroline Peverett BA FCA (Senior Statutory Auditor) for and on behalf of Tuerner Audit Limited , Statutory Auditor.

Tuerner Audit Limited

Bridge House

Old Grantham Road

Whatton

Nottingham

NG13 9FG

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		2,460		7,726

			2,460		7,726
CURRENT ASSETS
Debtors	5	218,353		182,788
Cash at bank and in hand		315,762		331,884

		534,115		514,672
Creditors: Amounts Falling Due Within One Year	6	(9,819,294 )		(9,091,476 )

NET CURRENT ASSETS (LIABILITIES)			(9,285,179 )		(8,576,804 )

TOTAL ASSETS LESS CURRENT LIABILITIES			(9,282,719 )		(8,569,078 )

NET LIABILITIES			(9,282,719 )		(8,569,078 )

CAPITAL AND RESERVES
Called up share capital	7		1		1
Other reserves			51,154		48,825
Profit and Loss Account			(9,333,874 )		(8,617,904 )

SHAREHOLDERS' FUNDS			(9,282,719)		(8,569,078)