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Registration number: 09572325

Prepared for the registrar

Bowbridge Stroud Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2023

 

Bowbridge Stroud Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Bowbridge Stroud Limited

Company Information

Directors

L P Brand

N Eaton

P Birch

Registered office

Bowbridge Surgery
Butterow Hill
Stroud
Gloucestershire
GL5 2LA

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Bowbridge Stroud Limited

(Registration number: 09572325)
Balance Sheet as at 31 May 2023

Note

2023
 £

2022
 £

Fixed assets

 

Intangible assets

4

652,014

705,239

Tangible assets

5

94,427

108,280

 

746,441

813,519

Current assets

 

Stocks

83,672

72,459

Debtors

6

399,059

468,462

Cash at bank and in hand

 

242,690

337,311

 

725,421

878,232

Creditors: Amounts falling due within one year

7

(322,126)

(436,559)

Net current assets

 

403,295

441,673

Total assets less current liabilities

 

1,149,736

1,255,192

Creditors: Amounts falling due after more than one year

7

(21,817)

(29,517)

Deferred tax liabilities

10

(23,299)

(26,761)

Net assets

 

1,104,620

1,198,914

Capital and reserves

 

Called up share capital

600

601

Capital redemption reserve

1

-

Other reserves

792,362

792,362

Profit and loss account

311,657

405,951

Total equity

 

1,104,620

1,198,914

For the financial year ending 31 May 2023 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.

 

Bowbridge Stroud Limited

(Registration number: 09572325)
Balance Sheet as at 31 May 2023

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 3 October 2023 and signed on its behalf by:
 


L P Brand
Director


N Eaton
Director


P Birch
Director

 

Bowbridge Stroud Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

 

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:
Bowbridge Surgery
Butterow Hill
Stroud
Gloucestershire
GL5 2LA

 

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 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.

 

Bowbridge Stroud Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

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.

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

Plant and machinery

15% of written down value

Office equipment

33.33% of cost

Motor Vehicles

25% of written down value

Goodwill

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

 

Bowbridge Stroud Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

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.

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.

 

Bowbridge Stroud Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

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.

 

Bowbridge Stroud Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

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:

 

Bowbridge Stroud Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

 

4

Intangible assets

Goodwill
 £

Total
£

Cost

At 1 June 2022

1,064,508

1,064,508

At 31 May 2023

1,064,508

1,064,508

Amortisation

At 1 June 2022

359,269

359,269

Amortisation charge

53,225

53,225

At 31 May 2023

412,494

412,494

Carrying amount

At 31 May 2023

652,014

652,014

At 31 May 2022

705,239

705,239

 

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 June 2022

158,941

46,877

205,818

Additions

9,997

-

9,997

Disposals

(4,553)

-

(4,553)

At 31 May 2023

164,385

46,877

211,262

Depreciation

At 1 June 2022

85,039

12,499

97,538

Charge for the year

12,701

8,595

21,296

Eliminated on disposal

(1,999)

-

(1,999)

At 31 May 2023

95,741

21,094

116,835

Carrying amount

At 31 May 2023

68,644

25,783

94,427

At 31 May 2022

73,902

34,378

108,280

 

6

Debtors

2023
 £

2022
 £

Trade debtors

151,879

231,212

Other debtors

247,180

237,250

 

399,059

468,462

 

Bowbridge Stroud Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

 

7

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

9

7,700

38,484

Trade creditors

 

99,558

101,886

Social security and other taxes

 

201,244

281,037

Outstanding defined contribution pension costs

 

2,418

2,695

Other creditors

 

11,206

12,457

 

322,126

436,559

Due after one year

 

Loans and borrowings

9

21,817

29,517

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

21,817

29,517

 

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A shares of £1 each

102

102

102

102

Ordinary B shares of £1 each

98

98

98

98

Ordinary C shares of £1 each

-

-

1

1

Ordinary D shares of £1 each

100

100

100

100

Ordinary E shares of £1 each

100

100

100

100

Ordinary F shares of £1 each

102

102

102

102

Ordinary G shares of £1 each

98

98

98

98

 

600

600

601

601

On 27 July 2022, the company purchased for cancellation 1 Ordinary C £1 share from M Rogers, a retired director. The share held had no voting rights or rights to dividends and only had a right to a return on capital in the event that a controlling interest or a substantial part of the company's business was disposed of as set out in the articles of association of the company. The share was held and cancelled in accordance with the articles of association of the company and was purchased at the nominal value of £1. See the Statement of Changes in Equity.

 

Bowbridge Stroud Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

 

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

7,700

31,659

HP and finance lease liabilities

-

6,825

7,700

38,484

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

21,817

29,517

 

10

Deferred tax

Deferred tax assets and liabilities

2023

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

23,607

Short term timing difference

(308)

23,299

2022

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

27,070

Short term timing difference

(309)

26,761

 

Bowbridge Stroud Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

 

11

Related party transactions

Summary of transactions with key management

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

The amount owed from the directors at the year end was £202,208 (2022: £181,097 owed from the directors and £2,648 owed to a director).

 

Transactions with directors

2023

At 1 June 2022
£

Advances to director
£

Repayments by director
£

At 31 May 2023
£

M P Harris

Amount due to / (from) director

(117,497)

(168,366)

208,654

(77,209)

         
       

N Eaton

Amounts due to / (from) director

2,648

(126,677)

121,475

(2,554)

         
       

L P Brand

Amount due to / (from) director

(46,271)

(205,633)

165,794

(86,110)

         
       

P Birch

Amount due to / (from) director

(17,329)

(123,332)

104,326

(36,335)

         
       

 

2022

At 1 June 2021
£

Advances to director
£

Repayments by director
£

At 31 May 2022
£

M P Harris

Amount due to / (from) director

(63,898)

(158,984)

105,385

(117,497)

         
       

N Eaton

Amounts due to / (from) director

2,178

(120,950)

121,420

2,648

         
       

L P Brand

Amount due to / (from) director

(18,415)

(193,690)

165,834

(46,271)

         
       

P Birch

Amount due to / (from) director

(5,344)

(120,593)

108,608

(17,329)