REGISTERED NUMBER: SC537595 (Scotland)

Unaudited Financial Statements for the Year Ended 31st March 2026

for

Galloway Vets Limited

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

7

DIRECTORS:

W F McCarthy

Mrs S L McCarthy

REGISTERED OFFICE:

Farries, Kirk & McVean

Dumfries Enterprise Park

Heathhall

Dumfries

DG1 3SJ

REGISTERED NUMBER:

SC537595 (Scotland)

ACCOUNTANTS:

Farries Kirk & McVean

Dumfries Enterprise Park

Heathhall

Dumfries

DUMFRIESSHIRE

DG1 3SJ

FIXED ASSETS

Intangible assets

4

-

41,901

Tangible assets

5

329,915

333,690

329,915

375,591

CURRENT ASSETS

Stocks

62,672

82,847

Debtors

6

152,830

149,936

Prepayments and accrued income

-

5,816

Cash at bank

122,480

96,565

337,982

335,164

CREDITORS

Amounts falling due within one year

7

(214,797

)

(213,382

)

NET CURRENT ASSETS

123,185

121,782

TOTAL ASSETS LESS CURRENT LIABILITIES

453,100

497,373

CREDITORS

Amounts falling due after more than one year

8

(36,820

)

(42,124

)

PROVISIONS FOR LIABILITIES

(20,938

)

(21,881

)

NET ASSETS

395,342

433,368

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

394,342

432,368

SHAREHOLDERS' FUNDS

395,342

433,368

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2026.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2026 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4th August 2026 and were signed on its behalf by:

W F McCarthy - Director

1.	STATUTORY INFORMATION

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover represents net invoiced sales of veterinary services and medicines excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of ten 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.

The assets are reviewed for impairment if there are any factors that indicate the carrying amount may be impaired.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance, 15% on reducing balance and not provided

Amounts written off each asset over the estimated useful life represent cost less residual value.

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Financial instruments

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods and services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price and represent the full value of the goods and services charged to customers, including any amounts charged on for third parties.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date they are presented as non current liabilities.

Borrowings

Interest bearing borrowings are initially recorded at fair value, net of transaction costs. Interest bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transactions costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Provisions and contingencies

Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2025 - 18 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st April 2025

and 31st March 2026

472,590

AMORTISATION

At 1st April 2025

430,689

Charge for year

41,901

At 31st March 2026

472,590

NET BOOK VALUE

At 31st March 2026

-

At 31st March 2025

41,901

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1st April 2025

246,165

200,378

446,543

Additions

-

23,828

23,828

Disposals

-

(20,296

)

(20,296

)

At 31st March 2026

246,165

203,910

450,075

DEPRECIATION

At 1st April 2025

-

112,853

112,853

Charge for year

-

20,528

20,528

Eliminated on disposal

-

(13,221

)

(13,221

)

At 31st March 2026

-

120,160

120,160

NET BOOK VALUE

At 31st March 2026

246,165

83,750

329,915

At 31st March 2025

246,165

87,525

333,690

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade debtors

147,155

144,436

Other debtors

5,675

5,500

152,830

149,936

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Bank loans and overdrafts

5,000

5,000

Trade creditors

120,084

119,066

Taxation and social security

80,801

80,521

Other creditors

8,912

8,795

214,797

213,382

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2026

2025

£

£

Bank loans

36,820

42,124

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

16,820

22,124

9.	SECURED DEBTS

The following secured debts are included within creditors:

2026

2025

£

£

Bank loans

41,820

47,124

The bank loan is secured on the property on which the loan is outstanding.

10.	RELATED PARTY DISCLOSURES

The company paid a dividend of £201,000 (2025 - 180,000) to William McCarthy Limited.

As at 31st March 2026, the company owed the sum of £788 (2025 - £338) by way of a directors' current account. This sum is interest free and repayable on demand.