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COMPANY REGISTRATION NUMBER: 07649354
Deborah Wragg Ltd
Filleted Unaudited Financial Statements
31 July 2023
Deborah Wragg Ltd
Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
7
1,413,141
1,430,454
Current assets
Stocks
103,843
92,755
Debtors
8
166,240
141,173
Cash at bank and in hand
121,614
175,503
---------
---------
391,697
409,431
Creditors: amounts falling due within one year
9
270,091
216,845
---------
---------
Net current assets
121,606
192,586
------------
------------
Total assets less current liabilities
1,534,747
1,623,040
Creditors: amounts falling due after more than one year
10
1,093,304
1,170,419
Provisions
Taxation including deferred tax
47,845
47,766
------------
------------
Net assets
393,598
404,855
------------
------------
Deborah Wragg Ltd
Statement of Financial Position (continued)
31 July 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
393,498
404,755
---------
---------
Shareholder funds
393,598
404,855
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 July 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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 9 October 2023 , and are signed on behalf of the board by:
Miss D Wragg
Director
Company registration number: 07649354
Deborah Wragg Ltd
Notes to the Financial Statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Hope Veterinary Surgery, Sherbourne Close, Newstead Industrial Estate, Stoke on Trent, Staffordshire, ST4 8ZJ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold Property
-
2% straight line
Medical equipment
-
25% reducing balance
Fixtures and fittings
-
15% reducing balance
Motor Vehicles
-
25% reducing balance
Office equipment
-
33% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 38 (2022: 37 ).
5. Dividends
2023
2022
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
40,000
65,000
--------
--------
6. Intangible assets
Goodwill
£
Cost
At 1 August 2022 and 31 July 2023
214,552
---------
Amortisation
At 1 August 2022 and 31 July 2023
214,552
---------
Carrying amount
At 31 July 2023
---------
At 31 July 2022
---------
7. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Aug 2022
1,465,472
211,734
55,587
3,020
9,112
1,744,925
Additions
22,314
8,088
30,402
Disposals
( 1,343)
( 513)
( 1,856)
------------
---------
--------
-------
-------
------------
At 31 Jul 2023
1,465,472
232,705
63,162
3,020
9,112
1,773,471
------------
---------
--------
-------
-------
------------
Depreciation
At 1 Aug 2022
119,795
151,871
34,586
2,184
6,035
314,471
Charge for the year
24,099
16,508
3,874
209
2,717
47,407
Disposals
( 1,172)
( 376)
( 1,548)
------------
---------
--------
-------
-------
------------
At 31 Jul 2023
143,894
167,207
38,084
2,393
8,752
360,330
------------
---------
--------
-------
-------
------------
Carrying amount
At 31 Jul 2023
1,321,578
65,498
25,078
627
360
1,413,141
------------
---------
--------
-------
-------
------------
At 31 Jul 2022
1,345,677
59,863
21,001
836
3,077
1,430,454
------------
---------
--------
-------
-------
------------
8. Debtors
2023
2022
£
£
Trade debtors
69,178
56,889
Other debtors
97,062
84,284
---------
---------
166,240
141,173
---------
---------
The debtors above include the following amounts falling due after more than one year:
2023
2022
£
£
Other debtors
2,975
-------
----
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
65,926
51,500
Trade creditors
100,888
71,968
Corporation tax
9,476
11,650
Social security and other taxes
69,359
68,013
Other creditors
24,442
13,714
---------
---------
270,091
216,845
---------
---------
Barcla's bank borrowings are secured by fixed and floating charges over the company's assets.
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,093,304
1,170,419
------------
------------
Included within creditors: amounts falling due after more than one year is an amount of £849,719 (2022: £872,992) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The amounts shown as liabilities repayable by installments in more than 5 years time is the aggregate of two 20 year loans commencing in June 2018. Interest Currently7.55%.
Bank borrowings are secured by fixed and floating charges over the company's assets.
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Later than 1 year and not later than 5 years
37,000
99,795
--------
--------
12. Charges on assets
Barclays bank borrowings are secured by a charges over the company's fixed and current assets.
13. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Miss D Wragg
48,818
57,275
( 42,592)
63,501
--------
--------
--------
--------
2022
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Miss D Wragg
60,945
54,805
( 66,932)
48,818
--------
--------
--------
--------
14. Related party transactions
The company was under the control of Miss D Wragg throughout the current period. The balance on the director's loan account is interest free and repayable on demand. A dividend of £40,000 was paid to the director during the year. The director has given a guarantee in the sum of £240,000 to Barclay's Bank PLC.