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COMPANY REGISTRATION NUMBER: 04567491
Broadway Animal Clinic Limited
Filleted Unaudited Financial Statements
31 October 2023
Broadway Animal Clinic Limited
Financial Statements
Year ended 31 October 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Broadway Animal Clinic Limited
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
238,556
221,743
Current assets
Stocks
30,000
11,651
Debtors
7
58,370
35,541
Cash at bank and in hand
23,735
38,499
---------
--------
112,105
85,691
Creditors: amounts falling due within one year
8
232,784
226,591
---------
---------
Net current liabilities
120,679
140,900
---------
---------
Total assets less current liabilities
117,877
80,843
Creditors: amounts falling due after more than one year
9
80,714
202,105
Provisions
3,100
3,100
---------
---------
Net assets/(liabilities)
34,063
( 124,362)
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
33,963
( 124,462)
--------
---------
Shareholders funds/(deficit)
34,063
( 124,362)
--------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 October 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Broadway Animal Clinic Limited
Statement of Financial Position (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 4 March 2024 , and are signed on behalf of the board by:
Mr A P Green
Mrs S P Green
Director
Director
Company registration number: 04567491
Broadway Animal Clinic Limited
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Broadway Veterinary Group, Unit 1, The Links, Herne Business Park, Herne Bay, CT6 7FE, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property
-
25% reducing balance
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
25% reducing balance
Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 30 (2022: 29 ).
5. Intangible assets
Goodwill
£
Cost
At 1 November 2022 and 31 October 2023
47,000
--------
Amortisation
At 1 November 2022 and 31 October 2023
47,000
--------
Carrying amount
At 31 October 2023
--------
At 31 October 2022
--------
6. Tangible assets
Long leasehold property
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
£
Cost
At 1 November 2022
355,565
108,925
106,572
48,885
619,947
Additions
47,541
669
23,875
72,085
Disposals
( 315)
( 315)
---------
---------
---------
--------
---------
At 31 October 2023
355,565
156,151
107,241
72,760
691,717
---------
---------
---------
--------
---------
Depreciation
At 1 November 2022
218,929
67,604
71,107
40,564
398,204
Charge for the year
34,159
9,361
8,950
2,534
55,004
Disposals
( 47)
( 47)
---------
---------
---------
--------
---------
At 31 October 2023
253,088
76,918
80,057
43,098
453,161
---------
---------
---------
--------
---------
Carrying amount
At 31 October 2023
102,477
79,233
27,184
29,662
238,556
---------
---------
---------
--------
---------
At 31 October 2022
136,636
41,321
35,465
8,321
221,743
---------
---------
---------
--------
---------
7. Debtors
2023
2022
£
£
Trade debtors
41,940
35,541
Other debtors
16,430
--------
--------
58,370
35,541
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
11,100
Trade creditors
32,616
93,700
Corporation tax
6,000
Social security and other taxes
87,490
63,767
Other creditors
106,678
58,024
---------
---------
232,784
226,591
---------
---------
The company's bankers have a fixed and floating charge over the property and all undertakings of the company.
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
30,530
Other creditors
80,714
171,575
--------
---------
80,714
202,105
--------
---------
The company's bankers have a fixed and floating charge over the property and all undertakings of the company.
10. Related party transactions
At the year end the company owed a Director £140,714 (2022: £141,594), of which £80,714 is not due within 12 months.