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Registration number: 06288299

Friendly Vets Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Friendly Vets Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Friendly Vets Limited

(Registration number: 06288299)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

154,503

133,754

Current assets

 

Stocks

5

4,350

4,350

Debtors

6

12,812

54,095

Cash at bank and in hand

 

7,268

2,997

 

24,430

61,442

Creditors: Amounts falling due within one year

7

(337,651)

(297,767)

Net current liabilities

 

(313,221)

(236,325)

Net liabilities

 

(158,718)

(102,571)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(158,818)

(102,671)

Shareholders' deficit

 

(158,718)

(102,571)

 

Friendly Vets Limited

(Registration number: 06288299)
Balance Sheet as at 31 December 2021

For the financial year ending 31 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 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 14 September 2022 and signed on its behalf by:
 

.........................................
Mr C P Edmondson
Director

 

Friendly Vets Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 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:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

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

Revenue recognition

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

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.

Tangible assets

Tangible assets are stated in the balance sheet 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

Office Equipment

20% Straight Line Basis

Fixtures and Fittings

20% Straight Line Basis

Motor Vehicles

20% Straight Line Basis

Other Property, Plant and Machinery

20% Straight Line Basis

 

Friendly Vets Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

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.

Debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2020 - 1).

 

Friendly Vets Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

4

Tangible assets

Long leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 January 2021

46,430

24,776

206,958

18,813

43,658

Additions

7,348

1,223

50,559

1,577

-

At 31 December 2021

53,778

25,999

257,517

20,390

43,658

Depreciation

At 1 January 2021

4,033

14,260

141,866

15,784

30,938

Charge for the year

2,655

2,763

25,527

1,380

7,633

At 31 December 2021

6,688

17,023

167,393

17,164

38,571

Carrying amount

At 31 December 2021

47,090

8,976

90,124

3,226

5,087

At 31 December 2020

42,397

10,516

65,092

3,029

12,720

Total
£

Cost or valuation

At 1 January 2021

340,635

Additions

60,707

At 31 December 2021

401,342

Depreciation

At 1 January 2021

206,881

Charge for the year

39,958

At 31 December 2021

246,839

Carrying amount

At 31 December 2021

154,503

At 31 December 2020

133,754

 

Friendly Vets Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

5

Stocks

2021
£

2020
£

Other inventories

4,350

4,350

6

Debtors

Current

2021
£

2020
£

Trade debtors

9,984

49,364

Prepayments

2,828

4,097

Other debtors

-

634

 

12,812

54,095

 

Friendly Vets Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

7

Creditors

Creditors: amounts falling due within one year

2021
£

2020
£

Due within one year

Trade creditors

12,800

21,348

Taxation and social security

4,023

12,564

Other creditors

320,828

263,855

337,651

297,767

8

Related party transactions

The directors had a loan with the company. At the balance sheet date the amount due to the directors was (£320,478) (2019 - £263,505).