Park Hill Veterinary Clinic Limited 08839270 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is the provision of veterinary services. Digita Accounts Production Advanced 6.30.9574.0 true true 08839270 2022-04-01 2023-03-31 08839270 2023-03-31 08839270 core:AcceleratedTaxDepreciationDeferredTax 2023-03-31 08839270 core:ProvisionsDeferredTax 2023-03-31 08839270 core:RetainedEarningsAccumulatedLosses 2023-03-31 08839270 core:ShareCapital 2023-03-31 08839270 core:CurrentFinancialInstruments 2023-03-31 08839270 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 08839270 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 08839270 core:Goodwill 2023-03-31 08839270 core:ConstructionInProgressAssetsUnderConstruction 2023-03-31 08839270 core:FurnitureFittingsToolsEquipment 2023-03-31 08839270 core:LandBuildings 2023-03-31 08839270 core:MotorVehicles 2023-03-31 08839270 bus:SmallEntities 2022-04-01 2023-03-31 08839270 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 08839270 bus:FullAccounts 2022-04-01 2023-03-31 08839270 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 08839270 bus:RegisteredOffice 2022-04-01 2023-03-31 08839270 bus:Director1 2022-04-01 2023-03-31 08839270 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 08839270 core:Goodwill 2022-04-01 2023-03-31 08839270 core:Buildings 2022-04-01 2023-03-31 08839270 core:ConstructionInProgressAssetsUnderConstruction 2022-04-01 2023-03-31 08839270 core:FurnitureFittings 2022-04-01 2023-03-31 08839270 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 08839270 core:LandBuildings 2022-04-01 2023-03-31 08839270 core:MotorVehicles 2022-04-01 2023-03-31 08839270 core:OfficeEquipment 2022-04-01 2023-03-31 08839270 core:PlantMachinery 2022-04-01 2023-03-31 08839270 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-04-01 2023-03-31 08839270 core:OtherRelatedParties 2022-04-01 2023-03-31 08839270 countries:EnglandWales 2022-04-01 2023-03-31 08839270 2022-03-31 08839270 core:Goodwill 2022-03-31 08839270 core:ConstructionInProgressAssetsUnderConstruction 2022-03-31 08839270 core:FurnitureFittingsToolsEquipment 2022-03-31 08839270 core:LandBuildings 2022-03-31 08839270 core:MotorVehicles 2022-03-31 08839270 2021-04-01 2022-03-31 08839270 2022-03-31 08839270 core:AcceleratedTaxDepreciationDeferredTax 2022-03-31 08839270 core:ProvisionsDeferredTax 2022-03-31 08839270 core:RetainedEarningsAccumulatedLosses 2022-03-31 08839270 core:ShareCapital 2022-03-31 08839270 core:CurrentFinancialInstruments 2022-03-31 08839270 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 08839270 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 08839270 core:Goodwill 2022-03-31 08839270 core:ConstructionInProgressAssetsUnderConstruction 2022-03-31 08839270 core:FurnitureFittingsToolsEquipment 2022-03-31 08839270 core:LandBuildings 2022-03-31 08839270 core:MotorVehicles 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 08839270

Prepared for the registrar

Park Hill Veterinary Clinic Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Park Hill Veterinary Clinic Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 10

 

Park Hill Veterinary Clinic Limited

Company Information

Director

Mrs C F Tapp

Registered office

Lower Yedbury
Pennymoor
Tiverton
Devon
EX16 8LH

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Park Hill Veterinary Clinic Limited

(Registration number: 08839270)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

191,122

165,411

Tangible assets

5

245,649

274,999

 

436,771

440,410

Current assets

 

Stocks

35,852

64,018

Debtors

6

258,823

271,778

Cash at bank and in hand

 

446,086

353,460

 

740,761

689,256

Creditors: Amounts falling due within one year

7

(368,104)

(382,613)

Net current assets

 

372,657

306,643

Total assets less current liabilities

 

809,428

747,053

Creditors: Amounts falling due after more than one year

7

(19,669)

(64,169)

Deferred tax liabilities

8

(1,229)

(5,592)

Net assets

 

788,530

677,292

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

788,430

677,192

Shareholders' funds

 

788,530

677,292

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her 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 director on 11 October 2023
 


Mrs C F Tapp
Director

 

Park Hill Veterinary Clinic Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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:
Lower Yedbury
Pennymoor
Tiverton
Devon
EX16 8LH

 

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.

 

Park Hill Veterinary Clinic Limited

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

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

Freehold property

2% Straight line

Leasehold property

15% Straight line

Fixtures and fittings

15% Straight line

Office equipment

15% Straight line

Plant and machinery

15% Straight line

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% Straight line

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.

 

Park Hill Veterinary Clinic Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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.

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.

 

Park Hill Veterinary Clinic Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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 the director) during the year, was 24 (2022 - 20).

 

Park Hill Veterinary Clinic Limited

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

 

4

Intangible assets

Goodwill
 £

Cost

At 1 April 2022

813,043

Additions

107,133

At 31 March 2023

920,176

Amortisation

At 1 April 2022

647,632

Amortisation charge

81,422

At 31 March 2023

729,054

Carrying amount

At 31 March 2023

191,122

At 31 March 2022

165,411

 

Park Hill Veterinary Clinic Limited

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

 

5

Tangible assets

Land and buildings
£

Plant and machinery
 £

Fixtures and fittings
 £

Office equipment
 £

Total
£

Cost

At 1 April 2022

302,604

120,748

13,128

26,182

462,662

Additions

-

618

-

792

1,410

At 31 March 2023

302,604

121,366

13,128

26,974

464,072

Depreciation

At 1 April 2022

66,753

93,408

5,719

21,783

187,663

Charge for the year

19,201

8,330

1,969

1,260

30,760

At 31 March 2023

85,954

101,738

7,688

23,043

218,423

Carrying amount

At 31 March 2023

216,650

19,628

5,440

3,931

245,649

At 31 March 2022

235,851

27,340

7,409

4,399

274,999

Included within the net book value of land and buildings above is £185,382 (2022 - £189,244) in respect of freehold land and buildings.
 

 

Park Hill Veterinary Clinic Limited

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

 

6

Debtors

2023
 £

2022
 £

Trade debtors

26,199

49,492

Other debtors

217,515

207,959

Prepayments

15,109

14,327

 

258,823

271,778

 

7

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

83,726

74,431

Trade creditors

 

50,952

51,728

Social security and other taxes

 

86,937

103,724

Outstanding defined contribution pension costs

 

2,454

2,019

Other creditors

 

32,622

32,500

Accrued expenses

 

111,413

118,211

 

368,104

382,613

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

19,667

31,667

Other non-current financial liabilities

 

2

32,502

 

19,669

64,169

 

8

Deferred tax

Deferred tax assets and liabilities

2023

Liability
£

Differences between accumulated depreciation and amortisation and capital allowances

1,496

Short term timing differences

(267)

1,229

2022

Liability
£

Differences between accumulated depreciation and amortisation and capital allowances

5,814

Short term timing differences

(222)

5,592

 

Park Hill Veterinary Clinic Limited

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

 

9

Related party transactions

Summary of transactions with key management

Key management personnel is considered to be the director of the company.

As at the balance sheet date, the company owed the director £71,726 (2022: £64,431). This amount is included within loans and borrowings. There are no fixed repayment terms and no interest is charged on the loan.

 

Summary of transactions with other related parties

Woody Coombe Limited
 The director of the company is also a director, and owns 50% of the shares in Woody Coombe Limited.

As at the balance sheet date Woody Coombe Limited owed Park Hill Veterinary Clinic £212,416 (2022: £201,616). This amount is included within other debtors.