Shropshire Farm Vets Limited 06497266 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is the provision of veterinary services. Digita Accounts Production Advanced 6.30.9574.0 true true 06497266 2022-04-01 2023-03-31 06497266 2023-03-31 06497266 core:RetainedEarningsAccumulatedLosses 2023-03-31 06497266 core:ShareCapital 2023-03-31 06497266 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss core:Non-currentFinancialInstruments 2023-03-31 06497266 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 06497266 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 06497266 core:FurnitureFittings 2023-03-31 06497266 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 06497266 core:MotorVehicles 2023-03-31 06497266 core:OfficeEquipment 2023-03-31 06497266 bus:SmallEntities 2022-04-01 2023-03-31 06497266 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 06497266 bus:FullAccounts 2022-04-01 2023-03-31 06497266 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 06497266 bus:RegisteredOffice 2022-04-01 2023-03-31 06497266 bus:Director2 2022-04-01 2023-03-31 06497266 bus:Director5 2022-04-01 2023-03-31 06497266 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 06497266 core:Goodwill 2022-04-01 2023-03-31 06497266 core:FurnitureFittings 2022-04-01 2023-03-31 06497266 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 06497266 core:LandBuildings core:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 06497266 core:LeaseholdImprovements 2022-04-01 2023-03-31 06497266 core:MotorVehicles 2022-04-01 2023-03-31 06497266 core:OfficeEquipment 2022-04-01 2023-03-31 06497266 countries:AllCountries 2022-04-01 2023-03-31 06497266 2022-03-31 06497266 core:FurnitureFittings 2022-03-31 06497266 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-31 06497266 core:MotorVehicles 2022-03-31 06497266 core:OfficeEquipment 2022-03-31 06497266 2021-04-01 2022-03-31 06497266 2022-03-31 06497266 core:RetainedEarningsAccumulatedLosses 2022-03-31 06497266 core:ShareCapital 2022-03-31 06497266 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 06497266 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 06497266 core:FurnitureFittings 2022-03-31 06497266 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-31 06497266 core:MotorVehicles 2022-03-31 06497266 core:OfficeEquipment 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 06497266

Shropshire Farm Vets Limited

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 March 2023

 

Shropshire Farm Vets Limited

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 6

 

Shropshire Farm Vets Limited

(Registration number: 06497266)
Abridged Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

900

1,200

Tangible assets

5

297,694

290,750

Other financial assets

6

10,000

10,000

 

308,594

301,950

Current assets

 

Stocks

7

134,452

89,867

Debtors

501,731

586,058

Cash at bank and in hand

 

228,362

20,782

 

864,545

696,707

Creditors: Amounts falling due within one year

8

(512,099)

(508,084)

Net current assets

 

352,446

188,623

Total assets less current liabilities

 

661,040

490,573

Creditors: Amounts falling due after more than one year

9

(65,525)

(44,562)

Provisions for liabilities

(61,055)

(60,219)

Net assets

 

534,460

385,792

Capital and reserves

 

Called up share capital

60

60

Profit and loss account

534,400

385,732

Total equity

 

534,460

385,792

 

Shropshire Farm Vets Limited

(Registration number: 06497266)
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 19 October 2023 and signed on its behalf by:
 

Mr AM Macpherson

Director

Mr TA O'Sullivan

Director

 

Shropshire Farm Vets 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 3
The Depot
Hanwood
Shrewsbury
Shropshire
SY5 8NY

These financial statements were authorised for issue by the Board on 19 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.

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 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.

 

Shropshire Farm Vets 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 improvements

4% straight line

Furniture, fittings and equipment

25% reducing balance

Motor vehicles

25% reducing balance

Office equipment

33% 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

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 36 (2022 - 35).

4

Intangible assets

Total
£

Cost or valuation

At 1 April 2022

659,298

At 31 March 2023

659,298

Amortisation

At 1 April 2022

658,098

Amortisation charge

300

At 31 March 2023

658,398

Carrying amount

At 31 March 2023

900

At 31 March 2022

1,200

 

Shropshire Farm Vets Limited

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

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

97,339

320,964

214,889

310,858

944,050

Additions

12,495

11,273

24,507

56,800

105,075

Disposals

-

-

-

(16,927)

(16,927)

At 31 March 2023

109,834

332,237

239,396

350,731

1,032,198

Depreciation

At 1 April 2022

21,134

236,927

190,754

204,485

653,300

Charge for the year

4,393

23,827

25,427

39,563

93,210

Eliminated on disposal

-

-

-

(12,006)

(12,006)

At 31 March 2023

25,527

260,754

216,181

232,042

734,504

Carrying amount

At 31 March 2023

84,307

71,483

23,215

118,689

297,694

At 31 March 2022

76,205

84,037

24,135

106,373

290,750

6

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2022

10,000

10,000

At 31 March 2023

10,000

10,000

Carrying amount

At 31 March 2023

10,000

10,000

7

Stocks

2023
£

2022
£

Stock

134,452

89,867

8

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 £25,850 (2022 - £34,200).

 

Shropshire Farm Vets Limited

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

9

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 £72,635 (2022 - £44,562).

10

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 £49,356 (2022 - £74,034).