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Registration number: 12193224

East Anglia Vets Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

East Anglia Vets Ltd

Contents

Company Information

1

Statement of financial position

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

East Anglia Vets Ltd

Company Information

Director

Mr Tomasz Lancucki

Registered office

19 King Street
King's Lynn
Norfolk
PE30 1HB

Accountants

Hayhow & Co.
Chartered Certified Accountants & Business Advisers
19 King Street
King's Lynn
Norfolk
PE30 1HB

 

East Anglia Vets Ltd

(Registration number: 12193224)
Statement of financial position as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

424,786

332,501

Current assets

 

Stocks

5

23,244

13,000

Debtors

6

803

6,644

Cash at bank and in hand

 

47,070

18,446

 

71,117

38,090

Creditors: Amounts falling due within one year

7

(171,150)

(159,202)

Net current liabilities

 

(100,033)

(121,112)

Total assets less current liabilities

 

324,753

211,389

Creditors: Amounts falling due after more than one year

7

(260,917)

(221,113)

Provisions for liabilities

(20,367)

(10,679)

Net assets/(liabilities)

 

43,469

(20,403)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

43,369

(20,503)

Shareholders' funds/(deficit)

 

43,469

(20,403)

For the financial year ending 30 September 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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 Statement of comprehensive income.

Approved and authorised by the director on 19 November 2023
 

 

East Anglia Vets Ltd

(Registration number: 12193224)
Statement of financial position as at 30 September 2023

.........................................
Mr Tomasz Lancucki
Director

 

East Anglia Vets Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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:
19 King Street
King's Lynn
Norfolk
PE30 1HB

These financial statements were authorised for issue by the director on 19 November 2023.

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 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.

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.

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.

 

East Anglia Vets Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

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 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 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 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

Furniture and fittings

25% Reducing balance

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.

 

East Anglia Vets Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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 subsequently measured at amortised cost using the effective interest method.

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 statement of comprehensive income 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 are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

East Anglia Vets Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2022 - 5).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2022

276,291

78,163

-

354,454

Additions

67,025

39,404

9,759

116,188

At 30 September 2023

343,316

117,567

9,759

470,642

Depreciation

At 1 October 2022

-

21,953

-

21,953

Charge for the year

-

23,903

-

23,903

At 30 September 2023

-

45,856

-

45,856

Carrying amount

At 30 September 2023

343,316

71,711

9,759

424,786

At 30 September 2022

276,291

56,210

-

332,501

Included within the net book value of land and buildings above is £343,316 (2022 - £276,291) in respect of freehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

23,244

13,000

 

East Anglia Vets Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

319

1,052

Prepayments

484

2,705

Other debtors

-

2,887

 

803

6,644

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

31,268

33,659

trade creditors

 

24,175

24,433

Taxation and social security

 

22,929

6,857

Accruals and deferred income

 

1,875

4,345

Other creditors

 

72,638

89,908

Tax liability

 

18,265

-

 

171,150

159,202

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £25,690 (2022 -28,291

Other creditors include an amount owing to the director of £72,078
(2022 - £89,544).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

260,917

221,113

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £224,138 (2022 - £178,996).

8

Share capital

Allotted, called up and fully paid shares

 

East Anglia Vets Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

 

2023

2022

 

No.

£

No.

£

Ordinary A of £1 each

55

55

55

55

Ordinary B of £1 each

45

45

45

45

 

100

100

100

100

Each share is entitled to one vote in any circumstances and each share is also entitled pari passu to dividend payments or any other distribution, including a distribution arising from a winding up of the company.

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

211,953

155,264

Other borrowings

31,311

42,314

HP and finance lease liability 3 (1-2 yrs)

17,653

23,535

260,917

221,113

2023
£

2022
£

Current loans and borrowings

Bank borrowings

14,682

12,508

Other borrowings

10,703

10,146

HP and finance lease liability 1 (under 1yr)

5,883

11,005

31,268

33,659