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Registration number: 09510310

RC Equine Veterinary Consultancy Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

RC Equine Veterinary Consultancy Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

RC Equine Veterinary Consultancy Ltd

(Registration number: 09510310)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

71,916

98,085

Current assets

 

Stocks

6

33,728

12,265

Debtors

7

2,065,841

1,574,409

Cash at bank and in hand

 

594,936

700,516

 

2,694,505

2,287,190

Creditors: Amounts falling due within one year

8

(352,358)

(351,627)

Net current assets

 

2,342,147

1,935,563

Total assets less current liabilities

 

2,414,063

2,033,648

Provisions for liabilities

(11,490)

(12,933)

Net assets

 

2,402,573

2,020,715

Capital and reserves

 

Called up share capital

100

100

Retained earnings

2,402,473

2,020,615

Shareholders' funds

 

2,402,573

2,020,715

 

RC Equine Veterinary Consultancy Ltd

(Registration number: 09510310)
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.

Director's responsibilities:

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 director acknowledges his 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 10 November 2023
 

.........................................
Mr R N P Cnockaert
Director

 

RC Equine Veterinary Consultancy Ltd

Notes to the Unaudited 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:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These 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 comprises the fair value of the consideration received or receivable for the provision of veterinary consultancy services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

The current corporation 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.

 

RC Equine Veterinary Consultancy Ltd

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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

Plant and machinery

20% and 33% pa on cost

Fixtures, fittings and equipment

20% and 33% pa on cost

Motor vehicles

25% pa on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for veterinary consultancy services performed in the ordinary course of business.

Stocks

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

RC Equine Veterinary Consultancy Ltd

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

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Taxation

2023

2022

£

£

Corporation tax

133,511

119,002

Deferred tax

(1,443)

12,933

132,068

131,935

4

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2022 - 4).

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

85,157

114,943

48,250

248,350

Additions

18,017

2,145

-

20,162

At 31 March 2023

103,174

117,088

48,250

268,512

Depreciation

At 1 April 2022

42,575

71,501

36,189

150,265

Charge for the year

16,548

17,722

12,061

46,331

At 31 March 2023

59,123

89,223

48,250

196,596

Carrying amount

At 31 March 2023

44,051

27,865

-

71,916

At 31 March 2022

42,582

43,442

12,061

98,085

 

RC Equine Veterinary Consultancy Ltd

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

6

Stocks

2023
£

2022
£

Veterinary supplies on hand

33,728

12,265

7

Debtors

Current

2023
£

2022
£

Trade debtors

62,671

71,511

Prepayments

3,170

2,898

Other debtors

2,000,000

1,500,000

 

2,065,841

1,574,409

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

3,879

6,657

Taxation and social security

173,975

156,759

Other creditors

174,504

188,211

352,358

351,627

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 £11,750 (2022 - £11,750).

10

Related party transactions

Other transactions with directors

During the year, R Cnockaert (director), had an interest free loan with the company. At the balance sheet date the amount due to R Cnockaert was £ 75,076 (2022 - £ 82,375).