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Registration number: 09517798

Downes Veterinary Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 March 2023

 

Downes Veterinary Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 9

 

Downes Veterinary Limited

Company Information

Directors

Mr Walter John Downes

Mrs Hilary Jane Downes

Mrs Samantha Downes

Mr Tom Downes

Registered office

Blaenberllan
Park Avenue
Aberystwyth
Ceredigion
SY23 1PB

Accountants

Sarah Lloyd Chartered Accountants
Brynwerydd
Gwenlli
Synod Inn
Ceredigion
SA44 6JH

 

Downes Veterinary Limited

(Registration number: 09517798)
Abridged Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

10,124

20,248

Tangible assets

5

125,746

104,535

 

135,870

124,783

Current assets

 

Stocks

6

44,393

54,273

Debtors

7

72,129

89,737

Cash at bank and in hand

 

217,210

160,264

 

333,732

304,274

Creditors: Amounts falling due within one year

(232,053)

(194,951)

Net current assets

 

101,679

109,323

Total assets less current liabilities

 

237,549

234,106

Creditors: Amounts falling due after more than one year

(35,670)

(45,287)

Accruals and deferred income

 

(2,990)

(4,931)

Net assets

 

198,889

183,888

Capital and reserves

 

Called up share capital

8

10

10

Retained earnings

198,879

183,878

Shareholders' funds

 

198,889

183,888

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.

Directors' 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 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Downes Veterinary Limited

(Registration number: 09517798)
Abridged Balance Sheet as at 31 March 2023

Approved and authorised by the Board on 18 October 2023 and signed on its behalf by:
 

.........................................
Mr Walter John Downes
Director

.........................................
Mr Tom Downes
Director

.........................................
Mrs Hilary Jane Downes
Director

.........................................
Mrs Samantha Downes
Director

     
 

Downes Veterinary 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 & Wales.

The address of its registered office is:
Blaenberllan
Park Avenue
Aberystwyth
Ceredigion
SY23 1PB
Wales

These financial statements were authorised for issue by the Board on 18 October 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 abridged 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 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 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.

Tax

The tax expense for the period comprises current 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.

 

Downes Veterinary Limited

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

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% reducing balance

Motor vehicles

20% reducing balance

Furniture and fittings

10% reducing balance

Goodwill

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. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

20% 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. 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.

 

Downes Veterinary Limited

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

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.

 

Downes Veterinary Limited

Notes to the Unaudited Abridged 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

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 19 (2022 - 18).

4

Intangible assets

Total
£

Cost or valuation

At 1 April 2022

50,620

At 31 March 2023

50,620

Amortisation

At 1 April 2022

30,372

Amortisation charge

10,124

At 31 March 2023

40,496

Carrying amount

At 31 March 2023

10,124

At 31 March 2022

20,248

 

Downes Veterinary Limited

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

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

30,081

27,421

14,000

57,744

129,246

Additions

-

1,489

-

59,827

61,316

Disposals

-

-

-

(19,459)

(19,459)

At 31 March 2023

30,081

28,910

14,000

98,112

171,103

Depreciation

At 1 April 2022

-

2,742

2,800

19,169

24,711

Charge for the year

-

2,617

2,240

15,789

20,646

At 31 March 2023

-

5,359

5,040

34,958

45,357

Carrying amount

At 31 March 2023

30,081

23,551

8,960

63,154

125,746

At 31 March 2022

30,081

24,679

11,200

38,575

104,535

Included within the net book value of land and buildings above is £30,081 (2022 - £30,081) in respect of freehold land and buildings.
 

 

Downes Veterinary Limited

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

6

Stocks

2023
£

2022
£

Other inventories

44,393

54,273

7

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

10

10

10

10

         

9

Dividends

   

2023

 

2022

   

£

 

£

Final dividend of £Nil (2022 - £Nil) per ordinary share

 

-

 

-

Interim dividend of £13,700.00 (2022 - £11,000.00) per ordinary share

 

137,000

 

110,000

   

137,000

 

110,000

         

10

Parent and ultimate parent undertaking

The ultimate controlling party is The Directors.