Registration number:
for the Period from 8 June 2022 to
Linkswood Equine Vets Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Linkswood Equine Vets Limited
Company Information
Directors |
H L Harvey C O Wyse |
Registered office |
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Accountants |
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Linkswood Equine Vets Limited
(Registration number: 14158402)
Balance Sheet as at 30 June 2023
Note |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
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Deferred tax liabilities |
(5,585) |
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Net assets |
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Capital and reserves |
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Called up share capital |
400 |
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Profit and loss account |
31,893 |
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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:
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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
Director
Director
Linkswood Equine Vets Limited
Notes to the Unaudited Financial Statements for the Period from 8 June 2022 to 30 June 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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
Recognition and measurement
Impairment
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Linkswood Equine Vets Limited
Notes to the Unaudited Financial Statements for the Period from 8 June 2022 to 30 June 2023
Tangible assets |
Plant and machinery |
Office equipment |
Total |
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Cost |
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Additions |
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At 30 June 2023 |
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Depreciation |
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Charge for the |
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At 30 June 2023 |
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Carrying amount |
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At 30 June 2023 |
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Debtors |
30 June 2023 |
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Trade debtors |
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Other debtors |
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Prepayments |
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Creditors |
Note |
30 June 2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Social security and other taxes |
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Outstanding defined contribution pension costs |
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Accrued expenses |
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Note |
2023 |
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Due after one year |
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Loans and borrowings |
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Linkswood Equine Vets Limited
Notes to the Unaudited Financial Statements for the Period from 8 June 2022 to 30 June 2023
Deferred tax |
Deferred tax assets and liabilities
2023 |
Liability |
Difference between accumulated depreciated and amortisation and capital allowances |
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Losses and other deductions |
( |
Short term timing differences |
( |
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Loans and borrowings |
2023 |
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Current loans and borrowings |
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HP and finance lease liabilities |
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Other borrowings |
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2023 |
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Non-current loans and borrowings |
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HP and finance lease liabilities |
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Share capital |
Allotted, called up and fully paid shares
30 June 2023 |
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No. |
£ |
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100 |
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100 |
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200 |
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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
Related party transactions |
Summary of transactions with key management
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 |
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( |
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