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Registration number: 08480876

Chaseview Veterinary Clinic Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 May 2022 to 10 May 2023

 

Chaseview Veterinary Clinic Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Chaseview Veterinary Clinic Limited

Company Information

Directors

N G Misselbrook

W S T Mynott

Registered office

The Patch
Hildersley
Ross-On-Wye
Herefordshire
HR9 7NJ

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Chaseview Veterinary Clinic Limited

(Registration number: 08480876)
Balance Sheet as at 10 May 2023

Note

10 May 2023
 £

30 April 2022
 £

Fixed assets

 

Intangible assets

4

311,641

343,750

Tangible assets

5

399,324

464,113

 

710,965

807,863

Current assets

 

Stocks

88,315

80,907

Debtors

6

482,268

217,259

Cash at bank and in hand

 

73,669

416,280

 

644,252

714,446

Creditors: Amounts falling due within one year

7

(898,888)

(287,405)

Net current (liabilities)/assets

 

(254,636)

427,041

Total assets less current liabilities

 

456,329

1,234,904

Creditors: Amounts falling due after more than one year

7

(401,558)

(8,343)

Deferred tax liabilities

9

(58,106)

(75,257)

Net (liabilities)/assets

 

(3,335)

1,151,304

Capital and reserves

Called up share capital

51

100

Capital redemption reserve

50

-

Profit and loss account

(3,436)

1,151,204

Total equity

 

(3,335)

1,151,304

For the financial period ending 10 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 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.

 

Chaseview Veterinary Clinic Limited

(Registration number: 08480876)
Balance Sheet as at 10 May 2023

Approved and authorised by the Board on 9 October 2023 and signed on its behalf by:
 


N G Misselbrook
Director

 

Chaseview Veterinary Clinic Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2022 to 10 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:
The Patch
Hildersley
Ross-On-Wye
Herefordshire
HR9 7NJ

 

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.

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.

 

Chaseview Veterinary Clinic Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2022 to 10 May 2023

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 land and buildings

Straight line over the remainder of the lease

Fixtures and fittings

15% of written down value

Motor vehicles

25% of written down value

Office equipment

33.33% of cost

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.

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 years 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.

 

Chaseview Veterinary Clinic Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2022 to 10 May 2023

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.

 

Chaseview Veterinary Clinic Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2022 to 10 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 period, was as follows:

 

Chaseview Veterinary Clinic Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2022 to 10 May 2023

 

4

Intangible assets

Goodwill
 £

Total
£

Cost

At 1 May 2022

625,000

625,000

At 10 May 2023

625,000

625,000

Amortisation

At 1 May 2022

281,250

281,250

Amortisation charge

32,109

32,109

At 10 May 2023

313,359

313,359

Carrying amount

At 10 May 2023

311,641

311,641

At 30 April 2022

343,750

343,750

 

5

Tangible assets

Short leasehold land and buildings
£

Fixtures and equipment
£

Motor vehicles
 £

Office equipment
 £

Total
£

Cost

At 1 May 2022

329,739

425,618

93,375

23,799

872,531

Additions

5,410

9,022

-

5,886

20,318

Disposals

-

-

(58,415)

-

(58,415)

At 10 May 2023

335,149

434,640

34,960

29,685

834,434

Depreciation

At 1 May 2022

127,637

205,699

62,269

12,813

408,418

Charge for the year

14,834

34,319

7,990

11,698

68,841

Eliminated on disposal

-

-

(42,149)

-

(42,149)

At 10 May 2023

142,471

240,018

28,110

24,511

435,110

Carrying amount

At 10 May 2023

192,678

194,622

6,850

5,174

399,324

At 30 April 2022

202,102

219,919

31,106

10,986

464,113

 

6

Debtors

10 May 2023
 £

30 April 2022
 £

Trade debtors

103,985

100,765

Other debtors

363,935

110,595

Prepayments

14,348

5,899

 

482,268

217,259

 

Chaseview Veterinary Clinic Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2022 to 10 May 2023

 

7

Creditors

Note

10 May 2023
 £

30 April 2022
 £

Due within one year

 

Loans and borrowings

10

508,723

11,015

Trade creditors

 

48,099

44,169

Social security and other taxes

 

249,978

210,977

Outstanding defined contribution pension costs

 

1,116

3,510

Other creditors

 

49,843

5,851

Accrued expenses

 

41,129

11,883

 

898,888

287,405

Due after one year

 

Loans and borrowings

10

401,558

8,343

The bank loans and borrowings are secured by the company.

The hire purchase liabilities are secured on the assets for which the liability relates.
 

 

8

Share capital

Allotted, called up and fully paid shares

 

10 May 2023

30 April 2022

 

No.

£

No.

£

Ordinary A shares of £1 each

34

34

50

50

Ordinary B shares of £1 each

17

17

50

50

 

51

51

100

100

On 10 May 2023 the company purchased 50 Ordinary B shares of £1 each from Kate Kerry. The shares were purchased at a total price of £50. See the Statement of Changes in Equity.

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

 

9

Deferred tax

Deferred tax assets and liabilities

2023

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

58,221

Short term timing differences

(115)

58,106

2022

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

75,618

Short term timing differences

(361)

75,257

 

Chaseview Veterinary Clinic Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2022 to 10 May 2023

 

10

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

100,500

-

Hire purchase liabilities

6,396

11,015

Other borrowings

401,827

-

508,723

11,015

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

400,000

-

Hire purchase liabilities

1,558

8,343

401,558

8,343

The bank loans and borrowings are secured by the company.

The hire purchase liabilities are secured on the assets for which the liability relates.
 

 

11

Financial commitments

Operating leases

The total of future minimum lease payments is as follows:

2023
 £

2022
 £

Not later than one year

7,500

7,500

7,500

7,500

 

Chaseview Veterinary Clinic Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2022 to 10 May 2023

 

12

Related party transactions

Summary of transactions with key management

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

As at the balance sheet date, one of the directors owed the company £16,596 (2022: nil), this amount is shown in other debtors. The other director was owed £401,827 (2022: the directors owed the company £99,655), this is included in other borrowings (2022: other debtors). There are no fixed repayment terms and interest is charged on the overdue amount.

 

Transactions with directors

2023

At 1 May 2022
£

Advances to director
£

Repayments by director
£

At 10 May 2023
£

K Kerry

Amounts due to / (from) director

(65,595)

(165,641)

231,236

-

         
       

N G Misselbrook

Amounts due to / (from) director

(30,060)

(209,779)

641,666

401,827

         
       

W S T Mynott

Amounts due to / (from) director

-

(16,596)

-

(16,596)

         
       

 

2022

At 1 May 2021
£

Advances to director
£

Repayments by director
£

At 30 April 2022
£

K Kerry

Amounts due to / (from) director

26,029

(154,686)

59,062

(69,595)

         
       

N G Misselbrook

Amounts due to / (from) director

56,162

(145,284)

59,062

(30,060)