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Registration number: 05045016

Prepared for the registrar

Oaks Veterinary Centre Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2022

 

Oaks Veterinary Centre Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 11

 

Oaks Veterinary Centre Limited

Company Information

Directors

Mrs R Rowe

Mr R Rowe

Registered office

87 Watford Road
Cotteridge
Birmingham
B30 1NP

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Oaks Veterinary Centre Limited

(Registration number: 05045016)
Balance Sheet as at 30 April 2022

Note

2022
 £

2021
 £

Fixed assets

 

Intangible assets

4

20,625

31,875

Tangible assets

5

56,090

57,379

 

76,715

89,254

Current assets

 

Stocks

26,449

21,095

Debtors

6

61,755

19,770

Cash at bank and in hand

 

83,812

111,910

 

172,016

152,775

Creditors: Amounts falling due within one year

7

(122,013)

(145,130)

Net current assets

 

50,003

7,645

Total assets less current liabilities

 

126,718

96,899

Creditors: Amounts falling due after more than one year

7

(12,603)

(20,008)

Deferred tax liabilities

9

(13,892)

(10,415)

Net assets

 

100,223

66,476

Capital and reserves

 

Called up share capital

10

982

982

Capital redemption reserve

218

218

Profit and loss account

99,023

65,276

Total equity

 

100,223

66,476

 

Oaks Veterinary Centre Limited

(Registration number: 05045016)
Balance Sheet as at 30 April 2022

For the financial year ending 30 April 2022 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 year 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 10 September 2022 and signed on its behalf by:
 


Mrs R Rowe
Director

 

Oaks Veterinary Centre Limited

Notes to the Financial Statements for the Year Ended 30 April 2022

 

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:
87 Watford Road
Cotteridge
Birmingham
B30 1NP

 

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 current 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.

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

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.

 

Oaks Veterinary Centre Limited

Notes to the Financial Statements for the Year Ended 30 April 2022

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 provided at rates calculated to write off the cost less estimated residual of each asset over its expected useful life, as follows:

Asset class

Depreciation method and rate

Leasehold property

Over the term of the lease

Fixtures and equipment

15% of written down value

Office equipment

33% of written down value

Goodwill

Goodwill is amortised over its useful life, estimated by the directors to be 20 years.

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.

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.

 

Oaks Veterinary Centre Limited

Notes to the Financial Statements for the Year Ended 30 April 2022

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.

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.

 

Oaks Veterinary Centre Limited

Notes to the Financial Statements for the Year Ended 30 April 2022

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 year, was as follows:

 

Oaks Veterinary Centre Limited

Notes to the Financial Statements for the Year Ended 30 April 2022

 

4

Intangible assets

Goodwill
 £

Cost

At 1 May 2021

225,000

At 30 April 2022

225,000

Amortisation

At 1 May 2021

193,125

Amortisation charge

11,250

At 30 April 2022

204,375

Carrying amount

At 30 April 2022

20,625

At 30 April 2021

31,875

 

5

Tangible assets

Leasehold property
£

Fixtures and equipment
 £

Office equipment
 £

Total
£

Cost

At 1 May 2021

15,161

150,862

20,353

186,376

Additions

-

3,800

4,475

8,275

Disposals

-

(750)

-

(750)

At 30 April 2022

15,161

153,912

24,828

193,901

Depreciation

At 1 May 2021

15,161

93,483

20,353

128,997

Charge for the year

-

8,888

621

9,509

Eliminated on disposal

-

(695)

-

(695)

At 30 April 2022

15,161

101,676

20,974

137,811

Carrying amount

At 30 April 2022

-

52,236

3,854

56,090

At 30 April 2021

-

57,379

-

57,379

 

6

Debtors

Note

2022
 £

2021
 £

Trade debtors

 

24,648

8,341

Amounts owed by related parties

12

33,173

3,095

Other debtors

 

448

4,649

Prepayments

 

3,486

3,685

 

61,755

19,770

 

Oaks Veterinary Centre Limited

Notes to the Financial Statements for the Year Ended 30 April 2022

 

7

Creditors

Note

2022
 £

2021
 £

Due within one year

 

Loans and borrowings

8

7,373

17,395

Trade creditors

 

46,806

42,893

Social security and other taxes

 

55,144

63,604

Outstanding defined contribution pension costs

 

1,211

1,571

Other creditors

 

219

4

Accrued expenses

 

11,260

19,663

 

122,013

145,130

Due after one year

 

Loans and borrowings

8

12,603

20,008

The bank loans and borrowings are secured on leasehold property.

 

8

Loans and borrowings

2022
£

2021
£

Current loans and borrowings

Bank borrowings

6,737

13,632

Hire purchase liabilities

284

3,411

Other borrowings

352

352

7,373

17,395

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

12,603

19,724

Hire purchase liabilities

-

284

12,603

20,008

 

Oaks Veterinary Centre Limited

Notes to the Financial Statements for the Year Ended 30 April 2022

 

9

Deferred tax

Deferred tax assets and liabilities

2022

Liability
£

Difference between accumulated depreciation and capital allowances

13,892

   

2021

Liability
£

Difference between accumulated depreciation and capital allowances

10,415

   
 

10

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary class C of £1 each

371

371

371

371

Ordinary class D of £1 each

120

120

120

120

Ordinary class E of £1 each

275

275

275

275

Ordinary class F of £1 each

216

216

216

216

 

982

982

982

982

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

 

11

Financial commitments

Operating leases

The total of future minimum lease payments is as follows:

2022
 £

2021
 £

Not later than one year

31,344

20,896

Later than one year and not later than five years

125,376

-

Later than five years

125,376

-

282,096

20,896

The amount of non-cancellable operating lease payments recognised as an expense during the year was £31,646 (2021 - £31,864).

 

Oaks Veterinary Centre Limited

Notes to the Financial Statements for the Year Ended 30 April 2022

 

12

Related party transactions

Key management personnel
The key management personnel are the directors of the company.

Summary of transactions with key management

As at 30 April 2022 the company owed the director of the company, Mrs R Rowe £352 (2021 - £352). These balances are included in other borrowings. There are no fixed repayment terms and no interest is charged.

Summary of transactions with parent

On 1 March 2021 OVC Holdings Limited acquired 100% of the issued share capital of the company.

As at 30 April 2022 Oaks Veterinary Centre Limited is a wholly owned subsidiary of OVC Holdings Limited, a company incorporated in England and Wales.

 
During the year Oaks Veterinary Centre limited made payments of £30,078 to OVC Holdings Limited.

 
As at 30 April 2022 OVC Holdings Limited owed Oaks Veterinary Centre Limited £33,173 (2021: £3,095). The balance is included in other debtors.
 

 

13

Parent and ultimate parent undertaking

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