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Registration number: 07129611

Prepared for the registrar

Ryedale Vets Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Ryedale Vets Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 13

 

Ryedale Vets Ltd

Company Information

Directors

L Moxon

F Vance

K Longmire

Registered office

133 Eastgate
Pickering
North Yorkshire
YO18 7DW

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Ryedale Vets Ltd

(Registration number: 07129611)
Balance Sheet as at 30 June 2023

Note

2023
 £

2022
 £

Fixed assets

 

Intangible assets

4

154,943

182,803

Tangible assets

5

166,950

160,140

 

321,893

342,943

Current assets

 

Stocks

57,083

45,936

Debtors

6

303,941

289,176

Cash at bank and in hand

 

90,195

31,006

 

451,219

366,118

Creditors: Amounts falling due within one year

7

(244,896)

(213,924)

Net current assets

 

206,323

152,194

Total assets less current liabilities

 

528,216

495,137

Creditors: Amounts falling due after more than one year

7

(354,722)

(401,083)

Deferred tax liabilities

(11,596)

(11,061)

Net assets

 

161,898

82,993

Capital and reserves

 

Called up share capital

10

3

3

Profit and loss account

161,895

82,990

Total equity

 

161,898

82,993

For the financial year ending 30 June 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.

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.

 

Ryedale Vets Ltd

(Registration number: 07129611)
Balance Sheet as at 30 June 2023

Approved and authorised by the Board on 28 September 2023 and signed on its behalf by:
 


L Moxon
Director


F Vance
Director


K Longmire
Director

 

Ryedale Vets Ltd

Notes to the Financial Statements for the Year Ended 30 June 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:
133 Eastgate
Pickering
North Yorkshire
YO18 7DW

 

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 current forecasts and projections, together with the facilities available to the company, 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 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.

 

Ryedale Vets Ltd

Notes to the Financial Statements for the Year Ended 30 June 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% of cost

Fixtures and fittings

10% of written down value

Motor vehicles

25% of written down value

Office equipment

33% of cost

Plant and machinery

15% of written down value

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life which the directors consider to be 10 years. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

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.

 

Ryedale Vets Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

Ryedale Vets Ltd

Notes to the Financial Statements for the Year Ended 30 June 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 or 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.

 

Ryedale Vets Ltd

Notes to the Financial Statements for the Year Ended 30 June 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:

 

Ryedale Vets Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023

 

4

Intangible assets

Goodwill
 £

Total
£

Cost

At 1 July 2022

384,297

384,297

At 30 June 2023

384,297

384,297

Amortisation

At 1 July 2022

201,494

201,494

Amortisation charge

27,860

27,860

At 30 June 2023

229,354

229,354

Carrying amount

At 30 June 2023

154,943

154,943

At 30 June 2022

182,803

182,803

 

Ryedale Vets Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023

 

5

Tangible assets

Freehold property
£

Fixtures and fittings
£

Motor vehicles
 £

Office equipment
£

Plant and machinery
£

Total
£

Cost

At 1 July 2022

114,417

15,132

623

8,459

105,659

244,290

Additions

-

725

-

632

17,166

18,523

At 30 June 2023

114,417

15,857

623

9,091

122,825

262,813

Depreciation

At 1 July 2022

7,817

6,859

392

6,630

62,452

84,150

Charge for the year

2,288

887

58

750

7,730

11,713

At 30 June 2023

10,105

7,746

450

7,380

70,182

95,863

Carrying amount

At 30 June 2023

104,312

8,111

173

1,711

52,643

166,950

At 30 June 2022

106,600

8,273

231

1,829

43,207

160,140

 

Ryedale Vets Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023

 

6

Debtors

Note

2023
 £

2022
 £

Trade debtors

 

114,070

102,166

Amounts owed by related parties

12

174,532

174,831

Other debtors

 

7,166

11,600

Prepayments

 

8,173

579

   

303,941

289,176

 

7

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

8

45,115

42,307

Trade creditors

 

63,732

71,419

Social security and other taxes

 

116,906

85,509

Outstanding defined contribution pension costs

 

8,818

4,148

Accrued expenses

 

10,325

9,605

Other creditors

 

-

936

 

244,896

213,924

Due after one year

 

Loans and borrowings

8

354,722

401,083

The banks loans and borrowings are secured on the assets of the company.

 

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

45,115

43,117

Other borrowings

-

(810)

45,115

42,307

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

354,722

401,083

 

Ryedale Vets Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023

 

9

Deferred tax

Deferred tax assets and liabilities

2023

Liability
£

Difference between capital allowances and depreciation

11,596

11,596

2022

Liability
£

Difference between capital allowances and depreciation

11,061

11,061

 

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A of £0.01 each

100

1

100

1

Ordinary B of £0.01 each

100

1

100

1

Ordinary C of £0.01 each

100

1

100

1

 

300

3

300

3

The different classes of share referred to above carry separate right 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:

2023
 £

2022
 £

Not later than one year

32,400

32,400

Later than one year and not later than five years

129,600

129,600

Later than five years

180,900

213,300

342,900

375,300

The amount of non-cancellable operating lease payments recognised as an expense during the year was £32,400 (2022 - £33,161).

 

Ryedale Vets Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023

 

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 the balance sheet date, the directors owed the company nil (2022: £810). This amount is included within other borrowings. There are no fixed repayment terms and no interest is charged.
 

Transactions with directors

2023

At 1 July 2022
£

Repayments by director
£

At 30 June 2023
£

K Longmire

405

(405)

-

       
     

L Moxon

405

(405)

-

       
     

 

2022

At 1 July 2021
£

Advances to director
£

At 30 June 2022
£

K Longmire

-

405

405

       
     

L Moxon

-

405

405

       
     

 

Summary of transactions with parent

Longmire and Moxon Limited (Ryedale Vets Limited 100% subsidiary of Longmire and Moxon Limited).
 
As at the balance sheet date, Longmire and Moxon Limited owed Ryedale Vets Ltd £174,532 (2022: £174,831). There are no fixed repayment terms and no interest is charged. This amount is included within amounts owed by related parties. All transactions were on an arms length basis.