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Registration number: 06498670

Farm First Veterinary Services Limited

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 March 2023

 

Farm First Veterinary Services Limited

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 5

 

Farm First Veterinary Services Limited

(Registration number: 06498670)
Abridged Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

141,024

197,133

Other financial assets

5

10,000

10,000

 

151,024

207,133

Current assets

 

Stocks

49,044

49,318

Debtors

330,120

328,535

Cash at bank and in hand

 

104,166

89,709

 

483,330

467,562

Creditors: Amounts falling due within one year

(270,750)

(266,717)

Net current assets

 

212,580

200,845

Total assets less current liabilities

 

363,604

407,978

Creditors: Amounts falling due after more than one year

6

(82,667)

(114,747)

Provisions for liabilities

(5,345)

(13,309)

Net assets

 

275,592

279,922

Capital and reserves

 

Called up share capital

120

120

Profit and loss account

275,472

279,802

Total equity

 

275,592

279,922

 

Farm First Veterinary Services Limited

(Registration number: 06498670)
Abridged Balance Sheet as at 31 March 2023

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.

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 29 September 2023 and signed on its behalf by:
 

Mr R Smith

Director

Miss J Anscombe

Director

Miss V Fisher

Director

 

Farm First Veterinary Services Limited

Notes to the Unaudited Abridged 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:
Unit 1 The Bryn Garage
Penpergwm
Abergavenny
Monmouthshire
NP7 9AT
United Kingdom

These financial statements were authorised for issue by the Board on 29 September 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.

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.

 

Farm First Veterinary Services Limited

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

Leasehold land and buildings

Over length of lease

Fixtures and fittings

20% straight line

Motor vehicles

25% straight line

Plant and machinery

20% straight line

Goodwill

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

Amortisation

Asset class

Amortisation method and rate

Goodwill

10% straight line

Investments

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

Stocks

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

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2022 - 18).

 

Farm First Veterinary Services Limited

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

4

Tangible assets

Total
£

Cost or valuation

At 1 April 2022

468,747

Additions

11,398

Disposals

(2,250)

At 31 March 2023

477,895

Depreciation

At 1 April 2022

271,614

Charge for the year

66,686

Eliminated on disposal

(1,429)

At 31 March 2023

336,871

Carrying amount

At 31 March 2023

141,024

At 31 March 2022

197,133

Included within the net book value of land and buildings above is £Nil (2022 - £Nil) in respect of freehold land and buildings and £83,848 (2022 - £125,441) in respect of long leasehold land and buildings.
 

5

Other financial assets (current and non-current)

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2022

10,000

At 31 March 2023

10,000

Carrying amount

At 31 March 2023

10,000

6

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 £114,667 (2021 - £146,667).

Creditors include a bank loan of £82,667 (2022 - £114,747) falling due after more than one year.

7

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £34,720 (2022 - £49,072).