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Registration number: 05412181

The Downs Veterinary Practice Limited

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 March 2023

 

The Downs Veterinary Practice Limited

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 6

 

The Downs Veterinary Practice Limited

(Registration number: 05412181)
Abridged Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

19,932

29,898

Tangible assets

5

199,158

244,213

 

219,090

274,111

Current assets

 

Stocks

6

15,526

21,080

Debtors

190,862

169,206

Cash at bank and in hand

 

115,150

188,465

 

321,538

378,751

Creditors: Amounts falling due within one year

7

(208,826)

(218,881)

Net current assets

 

112,712

159,870

Total assets less current liabilities

 

331,802

433,981

Creditors: Amounts falling due after more than one year

8

(150,209)

(182,056)

Provisions for liabilities

(45,211)

(56,774)

Net assets

 

136,382

195,151

Capital and reserves

 

Called up share capital

102

102

Profit and loss account

136,280

195,049

Total equity

 

136,382

195,151

 

The Downs Veterinary Practice Limited

(Registration number: 05412181)
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 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 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 director on 22 November 2023
 

Mr D Bush

Director

 

The Downs Veterinary Practice 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.

The address of its registered office is:
Calyx House
South Road
Taunton
Somerset
TA1 3DU

These financial statements were authorised for issue by the director on 22 November 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.

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 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

Long leasehold property

2% Straight line

Plant and machinery

20% Reducing balance

Fixtures and fittings

20% Reducing balance

Office equipment

33% Straight line

 

The Downs Veterinary Practice Limited

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

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

5% 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 the director) during the year, was 24 (2022 - 21).

4

Intangible assets

Total
£

Cost or valuation

At 1 April 2022

199,325

At 31 March 2023

199,325

Amortisation

At 1 April 2022

169,427

Amortisation charge

9,966

At 31 March 2023

179,393

Carrying amount

At 31 March 2023

19,932

At 31 March 2022

29,898

 

The Downs Veterinary Practice Limited

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

5

Tangible assets

Total
£

Cost or valuation

At 1 April 2022

554,517

Additions

5,161

At 31 March 2023

559,678

Depreciation

At 1 April 2022

310,304

Charge for the year

50,216

At 31 March 2023

360,520

Carrying amount

At 31 March 2023

199,158

At 31 March 2022

244,213

Included within the net book value of land and buildings above is £14,926 (2022 - £15,254) in respect of long leasehold land and buildings.
 

6

Stocks

2023
£

2022
£

Stock

15,526

21,080

7

Creditors: amounts falling due within one year

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £31,900 (2022 - £31,900). The leases have been secured against the assets to which they relate (fixed charge).

8

Creditors: amounts falling due after more than one year

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £150,209 (2022 - £182,056). The leases have been secured against the assets to which they relate (fixed charge).

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 £25,000 (2022 - £25,000).

 

The Downs Veterinary Practice Limited

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

10

Related party transactions

Advances to directors


Mr D Bush

During the period Mr D Bush went overdrawn on their director's loan account. The maximum overdrawn balance during the year was £71,532 (2022 - £91,958). At the year end the amount outstanding from Mr D Bush was £61,935 (2022 - £90,616). Interest has been charged at the HMRC official rate.