General informationChanelle Vet UK Limited (‘the company’) is a private company limited by shares incorporated and registered in the United Kingdom. The registered office of the company is 483 Green Lanes, London N13 4BS, United Kingdom and its company registration number is 06203599. The financial statements have been presented in STG £ which is also the functional currency of the company.Summary of significant accounting policiesThese financial statements were prepared in accordance with the provisions of Section 1A ‘Small Entities’ of Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (“FRS 102”), issued in March 2018. There have been no material departures from that Standard.The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these financial statements. Measurement conventionThe financial statements are prepared on the historical cost basis.Going concernThe financial statements have been prepared on a going concern basis. No material uncertainty exists which may cast significant doubt on the company’s ability to continue as a going concern.Interest receivable and similar income Interest receivable and similar income comprises net foreign exchange gains.Foreign currenciesTransactions in foreign currencies are translated to the entity’s functional currency at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated to the functional currency at the foreign exchange rate ruling at that date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are retranslated to the functional currency at foreign exchange rates ruling at the dates the fair value was determined. Foreign exchange differences arising on translation are recognised in the profit and loss account.InventoriesInventories comprise goods held for resale. Inventories are stated at the lower of cost and net realisable value. Cost is calculated on a first in, first out basis and includes invoice price, import duties and transportation costs. Net realisable value comprises the actual or estimated selling price less all further costs to completion or to be incurred in marketing, selling and distribution.At the end of each reporting period inventories are assessed for impairment. If an item of inventory is impaired, the identified inventory is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is recognised the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.Basic financial instrumentsTrade and other debtors / creditorsTrade and other debtors are recognised initially at transaction price plus attributable transaction costs. Trade and other creditors are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.Cash and cash equivalentsCash and cash equivalents comprise cash balances and demand deposits.Employee benefitsThe company provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangements and defined contribution pension plans.Short term benefits Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.Annual bonus plans The company recognises a provision and an expense for bonuses where the group has a legal or constructive obligation as a result of past events and a reliable estimate can be made.Defined contribution pension plansThe company operates a defined contribution plan. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate fund. Under defined contribution plans, the company has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.For defined contribution plans, the company pays contributions to privately administered pension plans on a contractual or voluntary basis. The company has no further payment obligations once the contributions have been paid. The contributions are recognised as employee benefit expense when they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available.Taxation Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case tax is also recognised in other comprehensive income or directly in equity respectively.Current taxCurrent tax is calculated on the profits of the period. Current tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date.Deferred tax Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These 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 provided in full on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred tax liability is settled.Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised.Current or deferred taxation assets and liabilities are not discounted.Cash flow statementThe company has availed of the exemption contained in Section 1A of FRS 102 and as a result has elected not to prepare a cash flow statement or its related notes.Auditor’s remunerationAuditor’s remuneration is borne by another company in the group.Directors remunerationThe directors’ have not been remunerated for their services.Pension costs – defined contributionThe company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Pension costs amounted to £23,138 (2021: £16,154).Capital commitmentsThe company had no material capital commitments at the financial year ended 30 April 2022 (2021: £Nil).Controlling party and transactions with key management personnelThe company is a wholly owned subsidiary of Chanelle Pharma Limited (formerly Chanelle Pharma Unlimited Company), Dublin Road, Loughrea, Co Galway, Republic of Ireland. Michael H Burke is considered to be the ultimate controlling party.Transactions with key management personnelTotal compensation of key management personnel in the year amounted to £Nil (2021: £Nil).