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Registration number: 09731215

North West Equine Vets Ltd

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 January 2023

 

North West Equine Vets Ltd

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 6

 

North West Equine Vets Ltd

(Registration number: 09731215)
Abridged Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

105,692

135,536

Tangible assets

5

196,998

204,854

Other financial assets

10,000

10,000

 

312,690

350,390

Current assets

 

Stocks

6

94,258

78,506

Debtors

226,902

202,591

Cash at bank and in hand

 

3,436

73,260

 

324,596

354,357

Creditors: Amounts falling due within one year

7

(414,514)

(422,051)

Net current liabilities

 

(89,918)

(67,694)

Total assets less current liabilities

 

222,772

282,696

Creditors: Amounts falling due after more than one year

8

(88,586)

(157,601)

Provisions for liabilities

(43,000)

(33,144)

Net assets

 

91,186

91,951

Capital and reserves

 

Called up share capital

600

600

Profit and loss account

90,586

91,351

Total equity

 

91,186

91,951

 

North West Equine Vets Ltd

(Registration number: 09731215)
Abridged Balance Sheet as at 31 January 2023

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

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.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 24 October 2023 and signed on its behalf by:
 

Mr P Smith

Director

Mrs C H Speakman

Director

Mrs J A King

Director

Mr R J Knight

Director

 

North West Equine Vets Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
The Equine Clinic
Rathmell
Settle
North Yorkshire
BD24 0LA

These financial statements were authorised for issue by the Board on 24 October 2023.

2

Accounting policies

Statement of compliance

These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis. Of the company's current liabilities at 31 January 2023 an amount is owed to the directors, who have agreed to continue to support the company, and not to demand repayment of this amount to the extent that any such repayment would jeopardise the future of the company.

Revenue recognition

Turnover represents the amounts, excluding value added tax, derived from the provision of goods and services to customers during the year.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current 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 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 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.

 

North West Equine Vets Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2023

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

Motor Vehicles

25% Reducing balance

Plant and Machinery

20% Reducing balance

Leasehold Improvements

15% Reducing balance

Goodwill

Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

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

10% Straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 30 (2022 - 25).

4

Intangible assets

Total
£

Cost or valuation

At 1 February 2022

298,441

At 31 January 2023

298,441

Amortisation

At 1 February 2022

162,905

Amortisation charge

29,844

At 31 January 2023

192,749

Carrying amount

At 31 January 2023

105,692

At 31 January 2022

135,536

 

North West Equine Vets Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2023

5

Tangible assets

Long leasehold land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2022

16,619

321,994

120,280

458,893

Additions

-

20,938

31,250

52,188

Disposals

-

-

(16,895)

(16,895)

At 31 January 2023

16,619

342,932

134,635

494,186

Depreciation

At 1 February 2022

4,893

176,922

72,224

254,039

Charge for the year

1,759

33,202

18,074

53,035

Eliminated on disposal

-

-

(9,886)

(9,886)

At 31 January 2023

6,652

210,124

80,412

297,188

Carrying amount

At 31 January 2023

9,967

132,808

54,223

196,998

At 31 January 2022

11,726

145,072

48,056

204,854

6

Stocks

2023
£

2022
£

Stock

94,258

78,506

7

Creditors: amounts falling due within one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £107,888 (2022 - £65,933).

8

Creditors: amounts falling due after more than one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £88,585 (2022 - £157,600).

Bank borrowings

HP, finance lease liabilities and bank loans is denominated in with a nominal interest rate of %, and the final instalment is due on . The carrying amount at year end is £196,473 (2022 - £223,533).

HSBC Bank PLC hold fixed charges over the assets in the company in relation to the debt outstanding.

 

North West Equine Vets Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2023

9

Related party transactions

Advances to directors


Mr P Smith

During the period Mr P Smith went overdrawn on their director's loan account. The maximum overdrawn balance during the year was £12,451 (2022 - £6,297). At the year end the amount outstanding from Mr P Smith was £18,748 (2022 - £6,297). Interest has been charged at the commercial rate.