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Registration number: 9578225

387 Veterinary Centre Limited

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 May 2023

 

387 Veterinary Centre Limited

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 6

 

387 Veterinary Centre Limited

(Registration number: 9578225)
Abridged Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

170,736

171,694

Current assets

 

Stocks

6

43,733

31,455

Debtors

427,429

47,284

Cash at bank and in hand

 

245,521

478,797

 

716,683

557,536

Creditors: Amounts falling due within one year

7

(199,159)

(214,949)

Net current assets

 

517,524

342,587

Total assets less current liabilities

 

688,260

514,281

Creditors: Amounts falling due after more than one year

8

(7,207)

(16,754)

Provisions for liabilities

(24,081)

(23,569)

Net assets

 

656,972

473,958

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

656,872

473,858

Total equity

 

656,972

473,958

 

387 Veterinary Centre Limited

(Registration number: 9578225)
Abridged Balance Sheet as at 31 May 2023

For the financial year ending 31 May 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 10 October 2023 and signed on its behalf by:
 

Mr H Duncan

Director

Mrs RB Duncan

Director

 

387 Veterinary Centre Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 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:
387 Walsall Road
Great Wyrley
Staffordshire
WS6 6DP

These financial statements were authorised for issue by the Board on 10 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.

Prior period errors

Incorrect dividend value included within the accounts.

The comparative period has been restated and in the current year the reserves have been updated with an adjustment of £7,000 to increase the reserves.

 

Relating to the current period disclosed in these financial statements
£

Relating to the prior period disclosed in these financial statements
£

Relating to periods before the prior period disclosed in these financial statements
£

Dividends overstated

-

7,000

-

Other creditors overstated

-

7,000

-

    

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.

 

387 Veterinary Centre Limited

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

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.

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 improvements

2% straight line

Plant and machinery

20% reducing balance

Fixtures and fittings

33% straight line

Motor vehicles

25% 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

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

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 21 (2022 - 18).

4

Intangible assets

Total
£

Cost or valuation

At 1 June 2022

124,253

At 31 May 2023

124,253

Amortisation

At 1 June 2022

124,253

At 31 May 2023

124,253

Carrying amount

At 31 May 2023

-

 

387 Veterinary Centre Limited

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

5

Tangible assets

Long leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2022

87,692

76,284

164,224

79,543

407,743

Additions

2,357

2,803

44,323

-

49,483

Disposals

-

(895)

-

-

(895)

At 31 May 2023

90,049

78,192

208,547

79,543

456,331

Depreciation

At 1 June 2022

3,554

49,094

117,754

65,651

236,053

Charge for the year

1,801

15,986

18,158

13,892

49,837

Eliminated on disposal

-

(295)

-

-

(295)

At 31 May 2023

5,355

64,785

135,912

79,543

285,595

Carrying amount

At 31 May 2023

84,694

13,407

72,635

-

170,736

At 31 May 2022

84,139

27,192

46,471

13,892

171,694

6

Stocks

2023
£

2022
£

Stock

43,733

31,455

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 £9,500 (2022 - £9,500).

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 £7,208 (2022 - £16,755).

9

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 £190,271 (2022 - £152,238).

 

387 Veterinary Centre Limited

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

10

Related party transactions

Advances to directors


Mr H Duncan

During the period Mr H Duncan went overdrawn on their director's loan account. The maximum overdrawn balance during the year was £25,448 (2022 - £16,832). At the year end the amount outstanding from Mr H Duncan was £Nil (2022 - £-). Interest has been charged at the commercial rate.