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Registration number: 01879262

Prepared for the registrar

Estreham Veterinary Services Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2023

 

Estreham Veterinary Services Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Estreham Veterinary Services Ltd

Company Information

Director

N Gurrin

Company secretary

H Maneh

Registered office

1203a London Road
Norbury
London
SW16 4UY

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Estreham Veterinary Services Ltd

(Registration number: 01879262)
Balance Sheet as at 31 May 2023

Note

2023
 £

2022
 £

Fixed assets

 

Tangible assets

5

484,564

504,751

Current assets

 

Stocks

22,552

19,652

Debtors

6

35,716

19,607

Cash at bank and in hand

 

690,768

700,719

 

749,036

739,978

Creditors: Amounts falling due within one year

7

(155,321)

(157,945)

Net current assets

 

593,715

582,033

Total assets less current liabilities

 

1,078,279

1,086,784

Creditors: Amounts falling due after more than one year

7

-

(120,173)

Deferred tax liabilities

9

(3,764)

(8,471)

Net assets

 

1,074,515

958,140

Capital and reserves

 

Called up share capital

10

2

2

Profit and loss account

1,074,513

958,138

Total equity

 

1,074,515

958,140

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.

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 her 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.

Approved and authorised by the director on 17 November 2023
 


N Gurrin
Director

 

Estreham Veterinary Services Ltd

Notes to the Unaudited 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:
1203a London Road
Norbury
London
SW16 4UY

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

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

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Estreham Veterinary Services Ltd

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

Tax

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

The current income 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 income 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.

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

Freehold land and buildings

2% straight line

Plant and machinery

15% straight line

Fixtures and fittings

15% straight line

Motor vehicles

25% reducing balance

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

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

5% straight line

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

 

Estreham Veterinary Services Ltd

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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.

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.

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.

 

Estreham Veterinary Services Ltd

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

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was as follows:

 

Estreham Veterinary Services Ltd

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

 

4

Intangible assets

Goodwill
 £

Total
£

Cost

At 1 June 2022

26,849

26,849

At 31 May 2023

26,849

26,849

Amortisation

At 1 June 2022

26,849

26,849

At 31 May 2023

26,849

26,849

Carrying amount

At 31 May 2023

-

-

 

5

Tangible assets

Freehold land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 June 2022

581,455

154,257

24,840

760,552

Additions

-

4,565

-

4,565

Disposals

-

-

(1,200)

(1,200)

At 31 May 2023

581,455

158,822

23,640

763,917

Depreciation

At 1 June 2022

129,548

116,350

9,903

255,801

Charge for the year

11,630

9,320

3,735

24,685

Eliminated on disposal

-

-

(1,133)

(1,133)

At 31 May 2023

141,178

125,670

12,505

279,353

Carrying amount

At 31 May 2023

440,277

33,152

11,135

484,564

At 31 May 2022

451,907

37,907

14,937

504,751

 

6

Debtors

2023
 £

2022
 £

Trade debtors

14,952

8,510

Other debtors

13,191

2,867

Prepayments

7,573

8,230

 

35,716

19,607

 

Estreham Veterinary Services Ltd

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

 

7

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

8

-

31,031

Trade creditors

 

21,869

19,720

Social security and other taxes

 

126,984

101,204

Outstanding defined contribution pension costs

 

314

405

Accrued expenses

 

6,154

5,585

 

155,321

157,945

Due after one year

 

Loans and borrowings

8

-

120,173

 

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

-

13,233

Director's Loan Account

-

17,798

-

31,031

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

-

120,173

 

9

Deferred tax

Deferred tax assets and liabilities

2023

Liability
£

Difference between accumulated depreciation and amortisation and capital allowance

3,764

3,764

2022

Liability
£

Difference between accumulated depreciation and amortisation and capital allowance

8,471

8,471

 

Estreham Veterinary Services Ltd

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

 

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A of £0.10 each

15

1.50

15

1.50

Ordinary B of £0.10 each

5

0.50

5

0.50

 

20

2

20

2

 

11

Related party transactions

Summary of transactions with key management

Key management personnel are considered to be the directors of the company.

As at the balance sheet date the director owed the company £10,606 (2022: the director was owed £17,798).

There are no fixed repayment terms and no interest is charged

 

Transactions with the director

2023

At 1 June 2022
£

Advances to director
£

Repayments by director
£

At 31 May 2023
£

N Gurrin

Director's Loan Account

17,798

(258,729)

230,324

(10,606)

         
       

 

2022

At 1 June 2021
£

Advances to director
£

Repayments by director
£

At 31 May 2022
£

N Gurrin

Director's Loan Account

(800)

(98,725)

117,323

17,798