Company No: 06795761 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2026		2025
		£		£
Fixed assets
Intangible assets	4	1,248		1,456
Tangible assets	5	3,113		4,860
		4,361		6,316
Current assets
Stocks	6	12,244		9,108
Debtors	7	11,099		12,868
Cash at bank and in hand	8	2,970		5,257
		26,313		27,233
Creditors: amounts falling due within one year	9	( 22,498)		( 20,007)
Net current assets		3,815		7,226
Total assets less current liabilities		8,176		13,542
Creditors: amounts falling due after more than one year	10	0		( 3,327)
Provision for liabilities	11, 12	0		( 2,382)
Net assets		8,176		7,833
Capital and reserves
Called-up share capital	13	1,000		1,000
Share premium account		49,600		49,600
Profit and loss account		( 42,424 )		( 42,767 )
Total shareholders' funds		8,176		7,833

For the financial year ending 31 March 2026 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Veterinary Tissue Bank (registered number: 06795761) were approved and authorised for issue by the Board of Directors on 16 October 2026. They were signed on its behalf by:

John Francis Innes Director

Dr Peter Myint Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Veterinary Tissue Bank (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is No 3, The Long Barn Brynkinalt Business Centre, Chirk, Wrexham, LL14 5NS, Wales, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets

10 - 0 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc.

4 - 0 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the directors have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

3. Employees

	2026		2025
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		3

4. Intangible assets

	Other intangible assets		Total
	£		£
Cost
At 01 April 2025	2,080		2,080
At 31 March 2026	2,080		2,080
Accumulated amortisation
At 01 April 2025	624		624
Charge for the financial year	208		208
At 31 March 2026	832		832
Net book value
At 31 March 2026	1,248		1,248
At 31 March 2025	1,456		1,456

5. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 01 April 2025	63,997		63,997
At 31 March 2026	63,997		63,997
Accumulated depreciation
At 01 April 2025	59,137		59,137
Charge for the financial year	1,747		1,747
At 31 March 2026	60,884		60,884
Net book value
At 31 March 2026	3,113		3,113
At 31 March 2025	4,860		4,860

6. Stocks

	2026		2025
	£		£
Stocks	12,244		9,108

7. Debtors

	2026		2025
	£		£
Trade debtors	8,938		8,794
Other debtors	2,161		4,074
	11,099		12,868

8. Cash and cash equivalents

	2026		2025
	£		£
Cash at bank and in hand	2,963		5,250
Short-term deposits	7		7
	2,970		5,257

9. Creditors: amounts falling due within one year

	2026		2025
	£		£
Bank loans	3,327		6,400
Trade creditors	3,239		6,297
Other taxation and social security	5,046		3,922
Other creditors	10,886		3,388
	22,498		20,007

10. Creditors: amounts falling due after more than one year

	2026		2025
	£		£
Bank loans	0		3,327

There are no amounts included above in respect of which any security has been given by the small entity.

11. Provision for liabilities

	2026		2025
	£		£
Deferred tax	0		2,382

12. Deferred tax

	2026		2025
	£		£
At the beginning of financial year	( 2,382)		( 2,382)
Credited to the Profit and Loss Account	2,382		0
At the end of financial year	0		( 2,382)

13. Called-up share capital

	2026		2025
	£		£
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each	1,000		1,000