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Registration number: 09620041

Swaffham Veterinary Centre Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 November 2020 to 14 December 2021

 

Swaffham Veterinary Centre Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 10

 

Swaffham Veterinary Centre Limited

Company Information

Directors

D L Chapman

M A Gillings

C A Grant

Registered office

The Chocolate Factory
Keynsham
Bristol
BS31 2AU

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Swaffham Veterinary Centre Limited

(Registration number: 09620041)
Balance Sheet as at 14 December 2021

Note

14 December 2021
 £

31 October 2020
 £

Fixed assets

 

Tangible assets

5

106,695

336,203

Current assets

 

Stocks

28,907

75,000

Debtors

6

379,135

239,801

Cash at bank and in hand

 

811,565

434,189

 

1,219,607

748,990

Creditors: Amounts falling due within one year

7

(657,617)

(261,930)

Net current assets

 

561,990

487,060

Total assets less current liabilities

 

668,685

823,263

Creditors: Amounts falling due after more than one year

7

-

(466,346)

Deferred tax liabilities

8

(14,168)

(18,780)

Net assets

 

654,517

338,137

Capital and reserves

 

Called up share capital

10

300

300

Profit and loss account

654,217

337,837

Total equity

 

654,517

338,137

For the financial period ending 14 December 2021 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 accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 13 September 2022 and signed on its behalf by:
 


D L Chapman
Director

 

Swaffham Veterinary Centre Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2020 to 14 December 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:
The Chocolate Factory
Keynsham
Bristol
BS31 2AU

The principal place of business is:
Unit 3
Tower Meadows
Swaffham
PE37 7LT

 

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.

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.

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, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

 

Swaffham Veterinary Centre Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2020 to 14 December 2021

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Short leasehold property

Over the term of the lease

Freehold property

2% straight line

Office equipment

15% reducing balance

Motor vehicles

25% reducing balance

Plant and machinery

25% reducing balance

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

 

Swaffham Veterinary Centre Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2020 to 14 December 2021

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% straight line

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 merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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 transaction 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.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Swaffham Veterinary Centre Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2020 to 14 December 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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

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.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 24 (2020 - 20).

 

Swaffham Veterinary Centre Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2020 to 14 December 2021

 

4

Intangible assets

Goodwill
 £

Cost

At 1 November 2020

33,300

At 14 December 2021

33,300

Amortisation

At 1 November 2020

33,300

At 14 December 2021

33,300

Carrying amount

At 14 December 2021

-

 

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 November 2020

386,923

110,067

25,995

522,985

Additions

6,823

10,593

-

17,416

Disposals

(198,410)

(6,390)

(25,995)

(230,795)

At 14 December 2021

195,336

114,270

-

309,606

Depreciation

At 1 November 2020

116,960

63,323

6,499

186,782

Charge for the year

28,586

10,799

-

39,385

Eliminated on disposal

(13,577)

(3,180)

(6,499)

(23,256)

At 14 December 2021

131,969

70,942

-

202,911

Carrying amount

At 14 December 2021

63,367

43,328

-

106,695

At 31 October 2020

269,963

46,744

19,496

336,203

Included within the net book value of land and buildings above is £Nil (2020 - £179,131) in respect of freehold land and buildings, and £63,367 (2020 - £90,832) in respect of short leasehold property improvements.

The freehold property was disposed of at market value to SVC (Swaffham) Properties Limited.
 

 

6

Debtors

14 December 2021
 £

31 October 2020
 £

Trade debtors

22,642

73,790

Other debtors

350,199

152,577

Prepayments

6,294

13,434

 

379,135

239,801

 

Swaffham Veterinary Centre Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2020 to 14 December 2021

 

7

Creditors

Note

14 December 2021
 £

31 October 2020
 £

Due within one year

 

Loans and borrowings

9

-

41,700

Trade creditors

 

46,574

58,616

Social security and other taxes

 

142,401

148,401

Outstanding defined contribution pension costs

 

554

4,206

Other creditors

 

414,306

3,263

Accrued expenses

 

53,782

5,744

 

657,617

261,930

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

9

-

466,346

 

8

Deferred tax

Deferred tax assets and liabilities

2021

Liability
£

Difference between depreciation and amortisation and capital allowance

16,090

Short term timing differences

(1,922)

 

14,168

2020

Liability
£

Difference between depreciation and amortisation and capital allowance

18,780

Short term timing differences

-

 

18,780

 

Swaffham Veterinary Centre Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2020 to 14 December 2021

 

9

Loans and borrowings

2021
£

2020
£

Current loans and borrowings

Bank borrowings

-

37,300

HP and finance lease liabilities

-

4,400

-

41,700

2021
£

2020
£

Non-current loans and borrowings

Bank borrowings

-

449,851

HP and finance lease liabilities

-

16,495

-

466,346

 

10

Share capital

Allotted, called up and fully paid shares

 

14 December 2021

31 October 2020

 

No.

£

No.

£

Ordinary shares of £1 each

270

270

270

270

Ordinary A shares of £1 each

10

10

10

10

Ordinary B shares of £1 each

10

10

10

10

Ordinary C shares of £1 each

10

10

10

10

 

300

300

300

300

The different classes of share referred to above carry separate rights to dividend but, in all other significant respects, rank pari passu.

 

11

Financial commitments

Operating leases

The total of future minimum lease payments is as follows:

2021
 £

2020
 £

Not later than one year

28,030

31,846

Later than one year and not later than five years

42,510

40,083

70,540

71,929

The amount of non-cancellable operating lease payments recognised as an expense during the period was £47,536 (2020 - £42,919).

 

Swaffham Veterinary Centre Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2020 to 14 December 2021

 

12

Related party transactions

Summary of transactions with key management

Key management personnel are considered to be the former directors of the company.

At the balance sheet date, the company was owed £327,757 by the former directors (2020: £133,555) shown under other debtors. The loans were repayable on demand and interest was charged at a commercial rate.

During the year, the freehold property was sold to SVC (Swaffham) Properties Limited, a company under the control of the former directors, at market value.

 

Transactions with directors

2021

At 1 November 2020
£

Advances to directors
£

Repayments by director
£

At 14 December 2021
£

L Manson

Amount due (to)/from former director

48,136

203,829

(122,364)

129,601

         
       

J Mills

Amounts owed (to)/from former director

36,417

133,908

(88,680)

81,645

         
       

H Manning

Amounts owed (to)/from former director

49,002

229,457

(161,948)

116,511

         
       

 

2020

At 1 November 2019
£

Advances to directors
£

Repayments by director
£

At 31 October 2020
£

L Manson

Amount due (to)/from former director

23,249

54,870

(29,983)

48,136

         
       

J Mills

Amounts owed (to)/from former director

4,232

51,085

(18,900)

36,417

         
       

H Manning

Amounts owed (to)/from former director

42,535

51,946

(45,479)

49,002