Armac Holdings Limited - Period Ending 2021-06-30

Armac Holdings Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 6

Armac Holdings Limited

Company Information

Directors

J C Malone M Stanworth

Registered office

Spitfire House Aviator Court York YO30 4UZ

Auditors

Hazlewoods LLP Windsor House Bayshill Road Cheltenham GL50 3AT

Armac Holdings Limited

(Registration number: 12500724)
Balance Sheet as at 30 June 2021

	Note	30 June 2021  £
Fixed assets
Investments	5	200
Capital and reserves
Called up share capital	6	200
Total equity		200

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 2 December 2021 and signed on its behalf by:
 

 

M Stanworth
Director

Armac Holdings Limited

Notes to the Financial Statements for the Period from 5 March 2020 to 30 June 2021

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Spitfire House
Aviator Court
York
YO30 4UZ
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Group accounts not prepared

The company has taken advantage of the exemption from the requirement to prepare consolidated financial statements on the basis that it is a wholly-owned subsidiary and is included in the consolidated accounts of its parent, as set out in section 400(1) of the Companies Act 2006.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements and estimation uncertainty

These financial statements do not contain any significant judgements or estimation uncertainty.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquiisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Armac Holdings Limited

Notes to the Financial Statements for the Period from 5 March 2020 to 30 June 2021

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
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 profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
 

Armac Holdings Limited

Notes to the Financial Statements for the Period from 5 March 2020 to 30 June 2021

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was as follows:

	5 March 2020 to 30 June 2021  No.
Directors	2

4

Auditors' remuneration

Fees payable to the company's auditor for the audit of the company's accounts have been borne by a fellow group company.

5

Investments

	2021 £
Investments in subsidiaries	200

Subsidiaries	£
Cost and carrying amount
Additions	200
Cost and carrying amount at 30 June 2021	200

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2021
Subsidiary undertakings
Armac Veterinary Group Limited	United Kingdom	Ordinary	100%

Subsidiary undertakings

Armac Veterinary Group Limited The principal activity of Armac Veterinary Group Limited is the provision of veterinary services.

Armac Holdings Limited

Notes to the Financial Statements for the Period from 5 March 2020 to 30 June 2021

6

Share capital

Allotted, called up and fully paid shares

	30 June 2021
	No.	£
Ordinary class A shares of £1 each	26	26
Ordinary class B shares of £1 each	26	26
Ordinary class C shares of £1 each	24	24
Ordinary class D shares of £1 each	24	24
Ordinary shares of £1 each	100	100
	200	200

7

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The company is bound by an intra-group cross guarantee in respect of bank debt with other members of the group headed by VetPartners Group Limited. The total amount of contingencies not included in the balance sheet is £717,078,629.

8

Parent and ultimate parent undertaking

The company's immediate parent is VetPartners Limited, incorporated in England and Wales.

 The ultimate controlling party is BC European Capital X, a collection of Limited Partnerships with no single controlling party.

The parent of the largest group in which these financial statements are consolidated is Scooby Bidco Limited, incorporated in England and Wales.

The address of Scooby Bidco Limited is:
C/O VetPartners Ltd
Spitfire House
Aviator Court
Amy Johnson Way
Clifton Moor
York
England
YO30 4GY

The parent of the smallest group in which these financial statements are consolidated is VetPartners Group Limited, incorporated in England and Wales.

The address of VetPartners Group Limited is:
Spitfire House
Aviator Court
York
England
YO30 4UZ

9

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 3 December 2021 was Martin Howard, who signed for and on behalf of Hazlewoods LLP.