ACCOUNTS - Final Accounts

Registered number: 05317970

MED&VET UK LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 30 SEPTEMBER 2020


MED&VET UK LIMITED REGISTERED NUMBER:05317970

STATEMENT OF FINANCIAL POSITION

AS AT 30 SEPTEMBER 2020

		2020		2019
Note		£		£


Current assets
Debtors: amounts falling due after more than one year	4	200,911		122,738
Debtors: amounts falling due within one year	4	80,215		113,729
		281,126		236,467
Creditors: amounts falling due within one year	5	(87,171)		(40,793)
Net current assets			193,955		195,674
Total assets less current liabilities			193,955		195,674

Net assets			193,955		195,674

Capital and reserves
Called up share capital	1,000	1,000
Profit and loss account	192,955	194,674
	193,955	195,674

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MED&VET UK LIMITED REGISTERED NUMBER:05317970

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 30 SEPTEMBER 2020

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

Dr M Bouvet

Director

Date: 30 September 2021

The notes on pages 3 to 6 form part of these financial statements.

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MED&VET UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 SEPTEMBER 2020

1.	General information

Med&Vet UK Limited is a private company limited by shares and incorporated in England and Wales, registration number 05317970. The registered office is Cherry Tree Stables, Roydon Road, Diss, Norfolk, IP22 4LN.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention 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.

The following principal accounting policies have been applied:

2.2

Going concern

The Director has considered the Company’s position at the time of signing the financial statements,
and in particular the current issues caused by Covid-19 and its potential impact on the Company and the wider economy. As such under the current circumstances, it is difficult to produce meaningful forecasts for the remainder of the financial year and medium term. Nevertheless, the Director has considered the current financial strength of the Company, together with the range of measures the Director can take to mitigate ongoing costs should they need to, and ultimately should it be required,the support now being offered by the UK government for which the Company would be eligible to apply.
Based on this, the Director has concluded that there is a reasonable expectation that the Company
will have adequate resources to continue in operational existence for the foreseeable future, and,
based on the economic environment recovering within the timeframe currently being widely
anticipated, at least twelve months from the date of signing these financial statements, the director
continues to adopt the going concern basis of accounting in preparing these financial statements
The director has confirmed that the company has commenced new trades of supply of plants and operation of a plant nursery in June 2020 and as such the company continues to trade as a going concern.

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MED&VET UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 SEPTEMBER 2020

2.Accounting policies (continued)

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.4

Government grants

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.

2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

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MED&VET UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 SEPTEMBER 2020

2.Accounting policies (continued)

2.8

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

The exceptional items disclosed within the comparative accounts arose from the cessation of the veterinary trade at 01 December 2018. At this date the veterinary services and supply of medicines trades were transferred as a going concern to Cherry Tree Vets Limited. All assets and stock were sold to Cherry Tree Vets Ltd at the date of the transfer and are disclosed as exceptional items on the face of the income statement.

2.9

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.10

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.11

Financial instruments

The Company only 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.

Employees

The average monthly number of employees, including directors, during the period was 1 (2019 - 3).

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MED&VET UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 SEPTEMBER 2020

4.	Debtors
		2020	2019
		£	£

Due after more than one year
Pretrading expenditure - Poppins Plants	200,911	122,738
	200,911	122,738

					2020	2019
					£	£

Due within one year
Other debtors	79,215	112,729
Called up share capital not paid	1,000	1,000
	80,215	113,729

5.	Creditors: Amounts falling due within one year
		2020	2019
		£	£

Bank overdrafts	5,875	62
Trade creditors	2,898	-
Corporation tax	7,524	8,351
Other taxation and social security	-	541
Other creditors	68,774	29,839
Accruals and deferred income	2,100	2,000
	87,171	40,793

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