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Registration number: 14158402

Linkswood Equine Vets Limited

Annual Report and Unaudited Financial Statements

for the Period from 8 June 2022 to 30 June 2023

 

Linkswood Equine Vets Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Linkswood Equine Vets Limited

Company Information

Directors

H L Harvey

C O Wyse

Registered office

Linkswood Equine Vets Limited, Linkswood Stud
Catley Cross
Halstead
Essex
England
CO9 2PE

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Linkswood Equine Vets Limited

(Registration number: 14158402)
Balance Sheet as at 30 June 2023

Note

2023
£

Fixed assets

 

Tangible assets

4

79,309

Current assets

 

Stocks

11,461

Debtors

5

16,748

Cash at bank and in hand

 

78,665

 

106,874

Creditors: Amounts falling due within one year

6

(93,049)

Net current assets

 

13,825

Total assets less current liabilities

 

93,134

Creditors: Amounts falling due after more than one year

6

(55,256)

Deferred tax liabilities

7

(5,585)

Net assets

 

32,293

Capital and reserves

 

Called up share capital

400

Profit and loss account

31,893

Shareholders' funds

 

32,293

For the financial period ending 30 June 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 period 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.

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 Board on 23 November 2023 and signed on its behalf by:
 


H L Harvey
Director


C O Wyse
Director

 

Linkswood Equine Vets Limited

Notes to the Unaudited Financial Statements for the Period from 8 June 2022 to 30 June 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:
Linkswood Equine Vets Limited, Linkswood Stud
Catley Cross
Halstead
Essex
England
CO9 2PE

 

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.

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.

 

Linkswood Equine Vets Limited

Notes to the Unaudited Financial Statements for the Period from 8 June 2022 to 30 June 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.

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

Plant and machinery

25% of the written down value

Office equipment

33.3% cost

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

Linkswood Equine Vets Limited

Notes to the Unaudited Financial Statements for the Period from 8 June 2022 to 30 June 2023

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.

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.

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.

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 Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account 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.

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.

 

Linkswood Equine Vets Limited

Notes to the Unaudited Financial Statements for the Period from 8 June 2022 to 30 June 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.

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 directors) during the period, was 3.

 

Linkswood Equine Vets Limited

Notes to the Unaudited Financial Statements for the Period from 8 June 2022 to 30 June 2023

 

4

Tangible assets

Plant and machinery
 £

Office equipment
 £

Total
£

Cost

Additions

94,364

965

95,329

At 30 June 2023

94,364

965

95,329

Depreciation

Charge for the

15,764

256

16,020

At 30 June 2023

15,764

256

16,020

Carrying amount

At 30 June 2023

78,600

709

79,309

 

5

Debtors

30 June 2023
 £

Trade debtors

13,218

Other debtors

1,238

Prepayments

2,292

 

16,748

 

6

Creditors

Note

30 June 2023
 £

Due within one year

 

Loans and borrowings

8

74,553

Trade creditors

 

7,391

Social security and other taxes

 

5,470

Outstanding defined contribution pension costs

 

435

Accrued expenses

 

5,200

 

93,049

Note

2023
£

Due after one year

 

Loans and borrowings

8

55,256

 

Linkswood Equine Vets Limited

Notes to the Unaudited Financial Statements for the Period from 8 June 2022 to 30 June 2023

 

7

Deferred tax

Deferred tax assets and liabilities

2023

Liability
£

Difference between accumulated depreciated and amortisation and capital allowances

19,827

Losses and other deductions

(14,196)

Short term timing differences

(46)

5,585

 

8

Loans and borrowings

2023
£

Current loans and borrowings

HP and finance lease liabilities

16,156

Other borrowings

58,397

74,553

2023
£

Non-current loans and borrowings

HP and finance lease liabilities

55,256

 

9

Share capital

Allotted, called up and fully paid shares

 

30 June 2023

 

No.

£

Ordinary A of £1 each

100

100

Ordinary B of £1 each

100

100

Ordinary C of £1 each

200

200

 

400

400

At incorporation on 8 June 2022 100 Ordinary A shares, 100 Ordinary B shares and 200 Ordinary C shares were allotted.

 

Linkswood Equine Vets Limited

Notes to the Unaudited Financial Statements for the Period from 8 June 2022 to 30 June 2023

 

10

Related party transactions

Summary of transactions with key management

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

As at 30 June 2023, the company owed a director £58,373. This amount is included within other borrowings. There are no fixed repayment terms and no interest is due on the outstanding amount.

As at 30 June 2023, C O Wyse owed the company £1,262. This amount is included in other debtors. There are no fixed repayment terms and interest is charged on the outstanding amount.

An analysis of the movement in the amount owed to the company is as follows:

 

Transactions with directors

2023

At 8 June 2022
£

Advances to director
£

Repayments by director
£

At 30 June 2023
£

C O Wyse

-

1,568

(330)

1,238